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CSP strategy

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Contributor

Re: CSP strategy

Chase is basically throwing this card at people. I actually think you have a chance as-is.
| Amex BCP | BoA Cash Rewards | Cap1 QS | Cap1 SavorOne | Chase Freedom | Chase Sapphire Preferred | Citi DC | Citi Simplicity | Discover It Cash Back | JCrew | USB Cash+ | Target (AU) |
Message 11 of 16
Frequent Contributor

Re: CSP strategy


@hagsaeng wrote:

I personally would say that with your scores, you may want to wait a little longer until you can push your utility down further. Chase is really easily scared of risk with a new customer and I've seen that if your utility is north of 15%, they don't really like it unless you have really substantial income. 


+1

 

Not to say you CAN'T get it as stated, but with higher UTL, I had to wait for the denial letter, recon, and sweet-talk a back-end credit analyst after waiting a week for them to call me back after requesting recon.  I got it (well, the CSR, but same UW), but it wasn't easy.  CSx cards are awesome, so if you can wait just a bit longer, you will do yourself a great favor...

 

Good luck!

  
(Sigh, farewell dear CSR. Though we only were together briefly, you'll be missed....)

  
  

Formerly GrowOrDie
Message 12 of 16
Contributor

Re: CSP strategy

I’d suggest dropping your utilization down some(25%-30%), wait about a month for the Change to effect your report then apply. Check the Pre-qualifications but you may have a good chance now honestly. As long as they’ll approve you for 5k or more, you’re fine. You never know with chase
Starting Score: 640
Current Score: 697
Goal Score: 750


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Message 13 of 16
Established Member

Re: CSP strategy

thanks everyone for the kind advice. I pulled the trigger today and was approved for in branch instantly for $5900.

 

I brought my total util down to 15%, cleared my chase freedom balance first even though the apr was 0%. I will probably BT my now $2400 discover balance to the freedom during this 0% apr offer. I debated for a while to wait out the CSP app until the fall but I realistically do not expect to spend much around that time. Me and my family and friends are going on vacation soon and this would be the perfect time to hit the SUB, they are all going to pay me for the flights and all that so the SUB will be hit quickly. My bills and essentials just do not come near $4k in 3 months so right now was the best time for be the grab the card. Only thing that sucks was the starting CL Hopefully they show me love with the auto-cli this year.

Message 14 of 16
Contributor

Re: CSP strategy

Congrats on the approval but, chasing a bonus doesn't make sense if you're paying interest or BT fees to shuffle things around.  

 

If you end up paying 3-4% BT Fee upfront to move $2400 you're wasting $72-$96 of it right away.  If you're going to need to do the same again with the 4K you're planning on spending for vacationing it's another $120-$160 down the drain.  If you take the cash from the 50K points you're net is under $300.

 

Now if you picked up an Amex ED/EDP with $0/$0 fees to move things around you could pull off less fees but, you'll still end up with over $6K in debt with Amex.

 

Just a thought.

500K+ TCL / 800+ FCOs
Message 15 of 16
Moderator

Re: CSP strategy

Congrats on the approval @RutgersGrad15 .

 

Locking this thread as you have been approved.  Feel free to start a new approval thread in the Approvals forum if you would like to do so.

Message 16 of 16