CSR Approval Odds Advice

[ultimaterewardsguy357]

I have decided to travel more and have limited credit history. This topic appears to happening more and more and I feel like I have a unique situation. I have some baddies on my report that I didn’t even know were affected me and am working on those.

Currently I have a FICO of 633/632/671 via EX, EQ, and TU.

I have a low UTI across all my cards:

CapOne QS 0% ($1K CL) May 18
CapOne PL 0% ($201 CL) Sept 19
Discover 0% ($500 CL) Dec 19

I have a banking relationship with Chase for the past three months and looking to get into their ultimate rewards program. Salary of 70K+. Looking to put more spend with them and I love their customer service.

I plan on applying for the Freedom in the next 6 months or so. Thoughts? Advice?

[Anonymous]

Chances of getting approved for Chase Sapphire Reserve right now are extremely, extremely low.  

I would definitely not waste a hard-pull on it.  

CSR has minimum of $10,000 credit line.

You will need time just to get a Freedom.

[FinStar]

Unfortunately, the odds for CSR may not look favorable at this point.

Personally, I would focus on mitigating any current derogatory items and improving those scores to position your profile for CSR. That said, the CSR's minimum SL is $10K so you'd need some revolving account history with a track record that you can effectively manage those CLs (or similar).

The Freedom, on the other hand, looks as something you might be able to achieve once you address the negatives. On the plus side, your Chase banking relationship can be beneficial down the road.

[ultimaterewardsguy357]

Thanks so much for your advice! Would you advise I get added to a my older brother’s AU account and focus on deleting the baddies? How much more credit history would you advise I build on? Another year or so?

[FinStar]

Being added as AU is definitely an option to provide a boost in scores and/or history so as long as the CC you're being added on does not depress your scores due to spikes in utilization or if a late payment were to occur (hypothetical scenarios of course).

Conversely, some lenders exclude AU accounts from their UW algorithms and mainly focus on the primary applicant's history. But, it doesn't hurt to be added if it helps in your specific situation. Most definitely address the derogs and see how things look within 6+ months.

[ultimaterewardsguy357]

Thanks FinStar! I will make sure to address it all. Never to late to get educated on credit and the benefits of attaining good credit.

[FinStar]

Anytime! Feel free to ask any questions throughout your credit journey. We have a great community that can provide you with any guidance toward achieving your credit-related goals.

Stick around and welcome to the forums btw @ultimaterewardsguy357!

[randomguy1]

Honestly I don't think you should apply to either unless you have a preapproval on the website or in branch. 

Find out what is surpressing your scores and pay down any utilization for the best chance. I didn't want to touch a CSP app until I crossed 700 with a thick profile but some baddies (lates no collections or outstanding payments).