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CSP Chances?

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Valued Contributor

Re: CSP Chances?


@TammyTwo wrote:

That’s true, and I would make sure to never carry a balance. My plan for the SUB was to pay rent with the card for a few months. My husband and I share the cost so it wouldn’t put me out of my comfort zone of spending. Carrying a balance completely negates all the rewards, IMO. Come to think of it my husband has stellar credit and significantly more income. Maybe we should apply together. 


Be aware, if you applied for the freedom card and did a PC for the CSP, you would not qualify for the CSP SUB. At least that has been my experience, unless you are offered a bonus to do a PC. I have had that offer for a PC from the Amex BCE to the Amex BCP card with an annual fee and offered a 200 dollar bonus as well as 6% cash back on grocery stores vs 3% on the BCE.

TU fico08=823 10/28/19
EX fico08=813 10/16/19
EQ fico08=823 10/04/19
EX fico09=810 10/02/19
EQ fico bankcard08=844 09/24/19
Message 11 of 23
Senior Contributor

Re: CSP Chances?


@sarge12 wrote:

I hope someone reading this can answer this question. I just opened my Chase card site again to read the prior commented on secure message. When I opened the page, there was a banner saying Important information about your upcoming mortgage service transfer. My issue with this is that I have no mortgage with Chase. Is this just a generic message that is at the top of everybodies accounts page, or should I be concerned? Usually the info at the top concerns only my accounts, and in the linked FAQ it does not answer that question. I hope someone else with only chase credit cards can tell me if it is at the top on their accounts page as well.


 

Screen Shot 2019-05-16 at 5.51.27 AM.png

 

Its a generic notice to Chase mortgage customers; if you don't have a mortgage with Chase you can safely ignore it.





Message 12 of 23
Community Leader
Senior Contributor

Re: CSP Chances?


@TammyTwo wrote:

That’s true, and I would make sure to never carry a balance. My plan for the SUB was to pay rent with the card for a few months. My husband and I share the cost so it wouldn’t put me out of my comfort zone of spending. Carrying a balance completely negates all the rewards, IMO. Come to think of it my husband has stellar credit and significantly more income. Maybe we should apply together. 


And since it's household income that you have access to (hopefully Smiley Very Happy), you can use that income in your application. 

 

On another note. It would be a good idea for you to know your 3 FICO scores. You can find them by going to Credit Check Total for a $1 membership for 7 days. Make sure to cancel so you wont be charged a monthly fee.

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 13 of 23
Community Leader
Senior Contributor

Re: CSP Chances?


@MaizeandBlue wrote:

@TammyTwo wrote:

That’s true, and I would make sure to never carry a balance. My plan for the SUB was to pay rent with the card for a few months. My husband and I share the cost so it wouldn’t put me out of my comfort zone of spending. Carrying a balance completely negates all the rewards, IMO. Come to think of it my husband has stellar credit and significantly more income. Maybe we should apply together. 


You are allowed to use combined household income when applying for Chase; so there's no need to make a joint application if you don't need to.  Regulation Z issued by the CFPB states that spouses/partners can combine incomes for which they have "a reasonable expectation of access."  Given what you've stated about your credit profile I don't see why you wouldn't be approved if you combined incomes.


You beat me to it Smiley Very Happy

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 14 of 23
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Established Contributor

Re: CSP Chances?


@TammyTwo wrote:

That’s true, and I would make sure to never carry a balance. My plan for the SUB was to pay rent with the card for a few months. My husband and I share the cost so it wouldn’t put me out of my comfort zone of spending. Carrying a balance completely negates all the rewards, IMO. Come to think of it my husband has stellar credit and significantly more income. Maybe we should apply together. 


You leave Ron out of this, Tammy Two! (Sorry, I couldn't resist)

 

Good luck with the app! 

Bourbon and bow ties.
Current Cards:


Immediate Goals:
7/19: 3x CLI for Hilton Aspire (SUCCESS!)
8/19: App for Chase Ink Cash (APPROVED!)
12/19: One bureau FICO 8 at 750 (currently 726 EXP; 714 TU)


2020 Goal: Garden Forever
Message 15 of 23
New Member

Re: CSP Chances?

I had hoped someone would know what my username meant! 🤣 Thank you!
Message 16 of 23
Frequent Contributor

Re: CSP Chances?


@MaizeandBlue wrote:

 

You are allowed to use combined household income when applying for Chase; so there's no need to make a joint application if you don't need to.  Regulation Z issued by the CFPB states that spouses/partners can combine incomes for which they have "a reasonable expectation of access."  Given what you've stated about your credit profile I don't see why you wouldn't be approved if you combined incomes.

That's why I love these boards.  I learn something new all the time.  Is Chase the only lender that allows this?  I think I'll update my income on my Chase accounts.


Chase CSP $10,000 | AMEX Gold | CFU $17,900 | Citi Costco Visa $17,500 | Chase Disney Premier $4,000 | Cap1 QS Visa $11,000 | Cap1 QS WEMC $11,000 | AMEX BCE $24,000 | AMEX HH $1,500 | CU Rewards Visa $3,500 | PayPal 2% MC $10,000 |
Message 17 of 23
Senior Contributor

Re: CSP Chances?


@2GreenThumbs wrote:

@MaizeandBlue wrote:

 

You are allowed to use combined household income when applying for Chase; so there's no need to make a joint application if you don't need to.  Regulation Z issued by the CFPB states that spouses/partners can combine incomes for which they have "a reasonable expectation of access."  Given what you've stated about your credit profile I don't see why you wouldn't be approved if you combined incomes.

That's why I love these boards.  I learn something new all the time.  Is Chase the only lender that allows this?  I think I'll update my income on my Chase accounts.


It does not only apply to Chase.  Most, if not all, of the major lenders allow you to combine incomes.  You simply have to read the fine print of what each lender considers to be an applicant's income.  The only exception I've found is credit unions.  Since credit unions are membership-based institutions they will only accept the income of the member applying for the credit product.  If both spouses/partners are members of the CU, they are allowed to combine incomes but they will also have to make a joint credit application.

 

Unfortunately, I've also seen the "reasonable expectation of access" exception abused.  It is intended for adults over the age of 21 who share a household, e.g. spouses or domestic partners.  But I've also seen on these boards college students and children still living at home, both minor and adult, state that they claim all or part of their parents' income on applications.  However, the law assumes that children/students do not have "a reasonable expectation of access" to their parents' incomes.

 

You can read how this exception came about in this press release from the CFPB: 

 

 The CFPB Amends Card Act Rule to Make it Easier for Stay-at-Home Spouses and Partners to Get Credit ...

 

"For credit card applicants who are 21 or older, the Bureau’s revision allows card issuers to consider third-party income if the applicant has a reasonable expectation of access to it. Although today’s rule applies to all such applicants regardless of marital status, the Bureau expects that it will ease access to credit particularly for stay-at-home spouses or partners who have access to a working spouse or partner’s income."





Message 18 of 23
New Member

Re: CSP Chances?

Well, it turns out our apartment complex won’t accept credit cards for rent. I’m trying to figure out a workaround but if not I don’t think I’ll be trying for CSP until we have a significant expense that comes up. Bummer!
Message 19 of 23
Senior Contributor

Re: CSP Chances?


@TammyTwo wrote:
Well, it turns out our apartment complex won’t accept credit cards for rent. I’m trying to figure out a workaround but if not I don’t think I’ll be trying for CSP until we have a significant expense that comes up. Bummer!

 

Plastiq

 

Obviously you wouldn't be able to pay several months rent in advance but you can certainly pay utilities in advance several months at a time to negate the 2.5% fee.





Message 20 of 23
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