CSP approval odds and other fun stuff.

[Anonymous]

Hello all,
I hope I'm posting this in the correct place.
I started my credit journey on March 2018 with the Cap1 Secured Mastercard. $49 deposit got me 200 limit then raised to 500 after 5 on time payments. Never paid interest or carried a balance, I'm kinda upset they've never graduated me. I'm still sitting on 500 limit.
On September 2018 I was approved for Discover It 2k limit.
I got the Amex everyday on Jul 3 2019 because I read amex was generous with CL. And that was not my case, 500 limit, tried the 3x increase before the 61 day mark and it didn't work. (So a bad move by me, I regret getting this card). The card is so new though that is still not showing on my reports.
I'm currently at 721 Exp and I would assume EQ and TU are also 700+ it hasn't updated on CK. I just recently got my utilization to 1% so my Exp went from 654 to 721 and the other 2 were very close to 700 before the utilization change.
Anyways sorry for the long post, just looking for an experienced opinion on my odds for the CSP as my first Chase card. I work for an airline so I travel a lot and don't spend that much on air fare. My biggest expenses everyday is food and food and hotels when I travel. Cards that would really benefit me would be Amex Gold and Cap One Venture but I'd get myself over 5/24 and couldn't get any chase cards till next year. Not sure what to decide? Any input is more than welcome.
Income: around 36k or 50 I'f I count my fiancees.

[Anonymous]

Honestly I'd hold off on the CSP for now, until you can get some accounts with higher CL. The minimum CL for the Sapphire Preferred is $5000, and Chase likes to see that you have at least one other card with that range of CL before approving you for one of their premium cards.

It could be helpful to start out with the Freedom to establish a relationship with them and snag the 15,000 UR points (or Freedom Unlimited if you prefer). Once you're a consistent customer with them and shown a good history, you should improve your odds a lot. I'd also try the Amex 3X CLI again (after waiting the appropriate number of days) since it seems like doing it before 61 days might've messed it up.

Best of luck, and good call on playing around 5/24! You'll probably never get the opportunity again, so it's great that you're trying to take advantage of it now.

[AllZero]

Agreed with the above.

I've read that with Chase, you can use household income depending on your state.

[CreditInspired]

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@Anonymous wrote:
Hello all,
I hope I'm posting this in the correct place.
I started my credit journey on March 2018 with the Cap1 Secured Mastercard. $49 deposit got me 200 limit then raised to 500 after 5 on time payments. Never paid interest or carried a balance, I'm kinda upset they've never graduated me. I'm still sitting on 500 limit.
On September 2018 I was approved for Discover It 2k limit.
I got the Amex everyday on Jul 3 2019 because I read amex was generous with CL. And that was not my case, 500 limit, tried the 3x increase before the 61 day mark and it didn't work. (So a bad move by me, I regret getting this card). The card is so new though that is still not showing on my reports.
I'm currently at 721 Exp and I would assume EQ and TU are also 700+ it hasn't updated on CK. I just recently got my utilization to 1% so my Exp went from 654 to 721 and the other 2 were very close to 700 before the utilization change.
Anyways sorry for the long post, just looking for an experienced opinion on my odds for the CSP as my first Chase card. I work for an airline so I travel a lot and don't spend that much on air fare. My biggest expenses everyday is food and food and hotels when I travel. Cards that would really benefit me would be Amex Gold and Cap One Venture but I'd get myself over 5/24 and couldn't get any chase cards till next year. Not sure what to decide? Any input is more than welcome.
Income: around 36k or 50 I'f I count my fiancees.

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Hi and welcome to MyFICO

Nope, can't assume scores and can't use CK. So, as soon as you can, get your FICO scores. 

What is happening is you're living in toy-limit land. So, you applied too early for your 3X CLI. No problem. Soon as you reach 61 days, just apply for it again. The same thing happened to me.

Since your history is new and your CLs are low, I don't think Chase is the right card to apply for at this moment in time. I say, don't regret your AmX and just try for the 3X again. 

Let us know your results and GL2U

[FinStar]

Hello @Anonymous and welcome to the forums.

Sounds like you've made progress on your credit journey so far. Unfortunately, based on the information you have shared, it appears that your profile is relatively new/thin so the CSP would be out of range at the moment. For one, the minimum SL is $5K and there's a variety of factors that play into getting approved, one of those is established history with similar CLs (not a hard-and-fast rule but based on reported DPs).

As far as Capital One goes, as of this post, secured cards are not able to be unsecured. Hopefully that might change in the future, but so far that's the latest on that piece.

Also, AmEx likely gave you the lowest SL based on your overall profile which sometimes is an indicator on some items that may need some work to position you to the next credit milestone.

As far as your EX scores, where are you obtaining them from?

[Anonymous]

The Experian website, I hacve the free trial for the Scores that updates daily and it changed today from 654 to 721 with the 0% utilization.
Thanks everyone for your reply, I agree I'm too new for CSP. The only thing I'm worried is that If I use the last 2 slots before 5/24 on freedom and freedom u. By the time all 3 show up on my report( the 2 chase and the amex). I might not be eligible for amex gold or venture which are cards that actually benefit me right now.
I did the preapproval for cap one and I got the Venture card. I Also did the Amex prequalify and got the gold a delta and the everyday preferred showing an "special offer for you" not sure I'd that means I'm prequalified.

[Anonymous]

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@Anonymous wrote:
The Experian website, I hacve the free trial for the Scores that updates daily and it changed today from 654 to 721 with the 0% utilization.
Thanks everyone for your reply, I agree I'm too new for CSP. The only thing I'm worried is that If I use the last 2 slots before 5/24 on freedom and freedom u. By the time all 3 show up on my report( the 2 chase and the amex). I might not be eligible for amex gold or venture which are cards that actually benefit me right now.
I did the preapproval for cap one and I got the Venture card. I Also did the Amex prequalify and got the gold a delta and the everyday preferred showing an "special offer for you" not sure I'd that means I'm prequalified.

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You're right, you definitely don't want to burn both your 4th and 5th slots on the Freedom and Freedom Unlimited. I would personally recommend:

1) Open a checking account with Chase (if possible)

2) Freedom or FU as 4th card (you might be preapproved when you open your checking account)

3) CSP as 5th card.

That way you get the big $600+ Sapphire sign-up bonus that you'll never be able to get again (probably, given 5/24), and have two cards out of Chase's four main cards (Freedom, FU, CSP, CSR) that you can product change around within those four as you wish. This plan is what I ended up doing when I was 3/24 and struggling to get the CSP.

As for the Amex Gold and C1 Venture, both of those are easier to get than the CSP, and you can get them at any time since there aren't any hard rules for Amex and CapitalOne.