CSP was denied, how to increase my credit score ?

[shokeen]

Hi.

(Edit - I meant to have subject as - "CSP was denied, how to increase my credit history ?")

I applied for Chase Sapphire Preferred and it was denied with "too few card" and "too less duration".  I have Costso branded Citi card as authorized user for 5+ years (probably they consider authorized user), Bilt card for 1.3 years (it deducts directly from bank account) and Alaska/bofa card since 9.5 months. I would want to try applying CSP (Chase Sapphire Preferred) again before that 100k points offer ends and before that I want to do some expense, if that matters. 

Statement generation date of Alaska card is 7th may. If I pay the amount now and do additional expense, will it increase the chance or do something good to my history or it does not matter ?

Please advice.

Thanks.

[AndySoCal]

A couple of things the authorized user account is not going to carry that much weight. With authorized user accounts the authorized user not responsible for the payment history. The credit history that you are responsible for is less that two years which not that long. Secondly, I would wait until you have 5 years of credit history on each of those cards. You may want to consider adding a third card at some point. Limited or no apps for more credit amd allowing the accounts to mature will help your score

[shokeen]

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@AndySoCal wrote:

A couple of things the authorized user account is not going to carry that much weight. With authorized user accounts the authorized user not responsible for the payment history. The credit history that you are responsible for is less that two years which not that long. Secondly, I would wait until you have 5 years of credit history on each of those cards. You may want to consider adding a third card at some point. Limited or no apps for more credit amd allowing the accounts to mature will help your score

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I was planning to add Chase Sapphire Preferred as my third card :-)
But it looks like, I need to stay with Alaska and Bilt card for couple of more years before I can apply again for such rewards card.

[citymunky]

You have what we call a "thin" credit file.  Only two credit lines are yours and your credit age is low. You need to build your credit with opening a few more accounts to show good payment history, but you also need to improve your credit age with time. 

Chase will have another CSP elevated offer most likely next year during the Spring and the year after that. 

[shokeen]

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@citymunky wrote:

You have what we call a "thin" credit file.  Only two credit lines are yours and your credit age is low. You need to build your credit with opening a few more accounts to show good payment history, but you also need to improve your credit age with time. 

Chase will have another CSP elevated offer most likely next year during the Spring and the year after that. 

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Would you suggest, not to take a chance and apply again next month ?
Should I keep using my Alaska and Bilt card for various purchase, or add one more card and then apply next year when we see 100k again ?

[Patient957]

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@shokeen wrote:

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@citymunky wrote:

You have what we call a "thin" credit file.  Only two credit lines are yours and your credit age is low. You need to build your credit with opening a few more accounts to show good payment history, but you also need to improve your credit age with time. 

Chase will have another CSP elevated offer most likely next year during the Spring and the year after that. 

---

Would you suggest, not to take a chance and apply again next month ?
Should I keep using my Alaska and Bilt card for various purchase, or add one more card and then apply next year when we see 100k again ?

---

IMO, applying for the CSP again next month would just be burning a HP for nothing.  Your profile needs thickness and most importantly age, and neither of those two things is going to change in one month.

What are the CLs of your BILT and Alaska cards? 

I wouldn't try applying for CSP again until at least a year and you have bulit at least one limit on another card to $5K+ (not an AU card).

For now, I think you can look to add a third credit card to thicken your file, but you need to go for something that is possible with your profile.  Depending on what your scores look like, you might try for one of the Chase Freedom cards.  

I would also check your preapproval staus for Capital One.

[shokeen]

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@Patient957 wrote:

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@shokeen wrote:

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@citymunky wrote:

You have what we call a "thin" credit file.  Only two credit lines are yours and your credit age is low. You need to build your credit with opening a few more accounts to show good payment history, but you also need to improve your credit age with time. 

Chase will have another CSP elevated offer most likely next year during the Spring and the year after that. 

---

Would you suggest, not to take a chance and apply again next month ?
Should I keep using my Alaska and Bilt card for various purchase, or add one more card and then apply next year when we see 100k again ?

---

IMO, applying for the CSP again next month would just be burning a HP for nothing.  Your profile needs thickness and most importantly age, and neither of those two things is going to change in one month.

What are the CLs of your BILT and Alaska cards? 

I wouldn't try applying for CSP again until at least a year and you have bulit at least one limit on another card to $5K+ (not an AU card).

For now, I think you can look to add a third credit card to thicken your file, but you need to go for something that is possible with your profile.  Depending on what your scores look like, you might try for one of the Chase Freedom cards.  

I would also check your preapproval staus for Capital One.

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Credit Limit on Bilt is $3000, and on Alaska it is $7000.

I can apply for any Chase Freedom out of below, if that is suggested to add third card to build more history -
Chase Freedom Rise
Chase Freedom Flex
Chase Freedom Unlimited

I have been getting paper invitation for Chase Sapphire Preferred since few months, so I became hopeful for that :-)

FicoScore on Bank of America via TransUnion shows 835, experian shows 752

[CreditCuriosity]

I would call the reconsideriation #.  It does't hurt and a decent change of it getting overturned depending on factors but doesn't rurt.

[shokeen]

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@CreditCuriosity wrote:

I would call the reconsideriation #.  It does't hurt and a decent change of it getting overturned depending on factors but doesn't rurt.

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Tried that as well two times. They said, as of now you are not eligible for reconsideration based on your history.

That is why I was thinking to re-apply again aftar a month, by that time my Alaska card will have some activity to show. But it looks like, it won't do much and I should wait for next year to build better history.

[Patient957]

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@shokeen wrote:

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@Patient957 wrote:

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@shokeen wrote:

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@citymunky wrote:

You have what we call a "thin" credit file.  Only two credit lines are yours and your credit age is low. You need to build your credit with opening a few more accounts to show good payment history, but you also need to improve your credit age with time. 

Chase will have another CSP elevated offer most likely next year during the Spring and the year after that. 

---

Would you suggest, not to take a chance and apply again next month ?
Should I keep using my Alaska and Bilt card for various purchase, or add one more card and then apply next year when we see 100k again ?

---

IMO, applying for the CSP again next month would just be burning a HP for nothing.  Your profile needs thickness and most importantly age, and neither of those two things is going to change in one month.

What are the CLs of your BILT and Alaska cards? 

I wouldn't try applying for CSP again until at least a year and you have bulit at least one limit on another card to $5K+ (not an AU card).

For now, I think you can look to add a third credit card to thicken your file, but you need to go for something that is possible with your profile.  Depending on what your scores look like, you might try for one of the Chase Freedom cards.  

I would also check your preapproval staus for Capital One.

---

Credit Limit on Bilt is $3000, and on Alaska it is $7000.

I can apply for any Chase Freedom out of below, if that is suggested to add third card to build more history -
Chase Freedom Rise
Chase Freedom Flex
Chase Freedom Unlimited

I have been getting paper invitation for Chase Sapphire Preferred since few months, so I became hopeful for that :-)

FicoScore on Bank of America via TransUnion shows 835, experian shows 752

---

You're profile is stronger than I thought. 

I would pick either the CFF or CFU.  Use it for a year, get as many CLIs on all 3 cards as you can, then reapply for CSP in a year.   Maybe 6 months, whenever the SUB is elevated again.

I know it sucks to miss this SUB, but if they denied you without even recon ability, then nothing is likely to change in a month, IMO.