@Anonymous wrote:I wanted to throw some info out and get a general feel from those of you in the know. I'm wanting a CS card, but I'm unsure of which route to take. Obviously, if approval for either was a certainty, I'd wait until the official launch of the CSR and go that route. Being a VISA Infinite card rather than VISA Signature, I understand their approval bar is set just a bit higher, but for which specific factors I don't know.
Currently, my only account with Chase is a Freedom card with a $10k limit that I've had for at least 6 months, however my oldest active credit account is my mortgage at 7 years, but have a credit history expanding beyond 10 years. My current FICO EQ score is 704. My current credit utilization is 38% only because of a couple recent large purchases on my Freedom card for home improvement stuff, but this will be PIF by the end of the month, or at least paid down to drop my utilization to around 10% (currently still within my 0% APR promo), as it's the only card I actively use. I've heard the magic minimum income figures for VISA Infinite being $50k-$60k/annual, and if that's the case, I meet this requirement. I have 0 accounts in collections, 0 bankruptcies, and 0 foreclosures/repos.
My main concern is my FICO score. While not horrible, it could be better, and it is improving. I only came from a pretty rough credit background and have worked hard at making my credit work for me rather than me working for my credit, and I'd like to expand this power. My other concern is that I've heard positive feedback about the reliability of Chase's pre-qualified offer screen, where my only offer right now is the Slate, which is tempting only for the free FICO scores, but otherwise not on my list of goals. However, I understand that PQ offers are not guarantees of approval nor is the lack of an offer a guarantee of denial.
As someone who travels for pleasure multiple times a year, the $450 AF of the CSR would be offset by the $300 travel expense, bringing it in as an AF of only a little higher than the CSP, but with much greater benefits that would apply to me.
So, should I just try to get my foot in the CS door now with a CSP or do you think my odds are good for getting approved for a CSR once this goes live?
I apologize for the novel, but I appreciate everyone's time and wisdom!
1. The only real disadvantage to the Reserve is the high annual fee, but since you've got that figured out, it's not a disadavantage.
2. I have a hunch it will be easier to get approved for the CSR because (a) they're promoting it and want to get them out the door and (b) $450 is $450. Easy money.
