CSP Approval Odds

[Anonymous]

CSP Approval Odds

Current cards: (list cards, limits, opening date)
- AUTHORIZED USER Chase Disney Visa, $6000, 2017
- Discover IT Cashback, $500, Sept 2019
- Capital One Quicksilver, $1500, Mar 2020
- Chase Freedom Unlimited, $1900, June 2020
- Apple Credit Card, $3000, July 2020

FICO Score: 710 (Experian)

Oldest account age:
- 3 years AU Chase Disney Visa
- 1 year (DISCOVER IT)

Chase 5/24 status: 4/24

Income: $60000

Average monthly spend and categories:
- dining $200
- groceries: $600
- gas: $100
- travel: $0
- other: $100

Open to Business Cards: No

What's the purpose of your next card? *e.g. Building credit, Balance transfer, Travel, Cashback

- Cashback
- Travel: Looking forward to start building points for travel. Should be able to hit CSP’s $4000 in 3 months to pay for tuition and help my parents pay for expenses.

Do you have any cards you've been looking at?
- CFF / CSP

ADDITIONAL INFO:

- Checking and Savings account with Chase ($13,000) between accounts
- Currently have 3 inquiries in the past 6 months (9 total for year)
- Willing to wait a couple months if needed.
- Utilization: 17%. Majority of utilization is from 3 iphone installments / family phone bill on my Apple CC. Can pay it down if needed.

Thanks for any advice and opinions!

[Loquat]

Hi OP and welcome!

With your goals and spend in mind, I'd say if I were to be looking at a Chase product I would probably lean towards their Freedom product.  They have a really good offer on their Freedom Flex which is currently offering $200 back on $500 in spend PLUS 5% on grocery purchases up to $12k in the first year.  The CSP doesn't really shine all that well in dining or grocery which from your post is your biggest spend categories.

Your credit score isn't terrible but lenders tend to look at more than just scores. Do you by chance know your AAoA?   It looks from your list that most of your cards are fairly new.

You may want to age them a bit and it never hurts to pay down balances as you want to look as good as you can when applying for a new product.

None of that is to say that you can't get approved with your current situation, but again, the better you look the higher your probability of getting approved.

Wait for some others to chime in here but in my opinion, if you do decide on a Chase product, the CSP probably isn't the best for the categories you spend in the most.

Stick around here and ask as many questions as you need to in efforts to make an educated decision. Lots of knowledgable folks around these here parts who are always eager to help when they can.

[TSlop]

My opinion: I'd try for the Freedom Flex first. You have good grocery spend for the 5% cashback on the first year. You'd most likely get at least 1 rotating category for gas during the year. Your CFU now gets 3% dining, which is more than the CSP. The CSP also starts at a $5k CL. I don't know if Chase counts AU cards for CLs, but they like to see you have a card with at least $5k already. Have you tried a CLI with Discover yet?

I know the 80k SUB on the CSP is tempting, though. It's up to you if you want to try some HPs to see what Chase will do. I'd put the odds at 50/50, since you don't have your own $5k CL but have a banking relationship. If you go the Flex route, you could build up URs on the 2 Freedom cards for another 6+ months. Maybe the Flex would open above a $5k CL for you and allow greater odds at a CSP.

[coldfusion]

IMO you need to wait at least 3, preferably another 6 months for improved odds.  You have a young thin profile with 3 cards already in the last 6 months which includes another Chase card with lowish SL you picked up 3 months ago. 

Being an AU if the account is in good standing helps with FICO scoring but otherwise is discounted by underwriting because you have no responsibility for payment. 

[Anonymous]

Thanks for replying to my post, Loquat! I believe, currently, my average age of accounts is 1 year old. Yeah, I think my velocity is way too high at the moment, so ill probably just chill. That 80k SUB is very tempting, but I can wait to let my accounts age. If I decide to pull the trigger, I'd choose the CFF. Thanks a lot for your opinion and advice!

[Anonymous]

Hey, TSlop! Yeah, I think Freedom Flex is better for me as of now. About the Discover Card, an agent told me to wait until my next statement closes, so I will try in a week. Yeah, hopefully I get a high SL if I'm accepted for the CFF. Thanks for your advice!

[Anonymous]

Thanks for responding, the_old_curmudgeon. I'll wait a few more months till apply for the next card. I'd like to start with a higher SL for my next card, so I'll slow down.. Thanks for your opinion!