CSR? Should I attempt

Anonymous · ‎04-06-2018

45 days ago my util rate was at 98%, since then I have paid down most of my CC's to 29% Util and as of this Sunday it will drop to 7%.

My scores have risen from 635 to 700, as stated above the last account will update on Sunday and I expect a 15-20 point swing (myFico sim has it jumping 40 points up but I doubt it) that will place me in the 720's.

Currently, I have 6 accounts an AAoA of 3y10m and a max CL of 2300 with Cap one QS. Oldest card 10y 8m.

I am looking to eliminate the subprimes and wanted to know if you guys think a swing as CSR would be worth the HP?

Current income 75k

Ideally, I would like to get the CSR then attempt for a second with Chase so I only get one HP, jump to Amex and attempt a charge card and a BCE on the same day.

What do you guys suggest? any tips?

Anonymous · ‎04-07-2018

Do you travel a lot? The fairly high AF of the CSR is what turned me off to it. I ended up getting a CSP and have been satisfied. It meets my travel needs and the AF isn't as bad.

Anonymous · ‎04-07-2018

Thx for the reply, currently not to worried about AF as my work set up would justify it. I have also looked at Amex vs CSR, do you know which one might be fair to get by any chance?

simplynoir · ‎04-07-2018

Your lack of experience with $10k+ limits will probably prevent you from getting approved for the CSR off the bat. If the CSR is your end goal I would wait and probably go AMEX first once your scores recover to get some bigger limits cards under your belt. App for the BCE and depending on the SL can grow that pretty quickly to 3X in 61 days. From there let it sit for a month or two then try for the CSR then.

@Anonymous wrote:
Thx for the reply, currently not to worried about AF as my work set up would justify it. I have also looked at Amex vs CSR, do you know which one might be fair to get by any chance?

Do you mean the AMEX Platinum?

Anonymous · ‎04-07-2018

Simply, thank you so much for your comment. Amex Platinum would be the most comparable in Rewards. That plan sounds great, would the new Amex cards that I get be affected if I close out those Credit One cards that are just killing me with their hidden fees?

simplynoir · ‎04-07-2018

@Anonymous wrote:
Simply, thank you so much for your comment. Amex Platinum would be the most comparable in Rewards. That plan sounds great, would the new Amex cards that I get be affected if I close out those Credit One cards that are just killing me with their hidden fees?

What's your card portfolio look like? And in general closing cards won't affect your credit since closed accounts will keep reporting to your reports for up to 10 years. So definitely close those Credit One cards one shouldn't have to deal with cards like that with your scores.

For AMEX Platinum card it's defiinitely a card to have if it makes sense for your travel spend? Are you planning to use a lot of the benefits to offset the AF on the card such as the Uber and travel credits? Who you fly with also will help; if you fly Delta I think this is the best earner out there for miles. Hotel upgrades also help with Marriott/SPG/Hilton gold statues automatic once you link your hotel accounts to the card.

Anonymous · ‎04-07-2018

This year I plan on charging approx 5k in flight apart from hotels and other vacation expenses. Uber is def something I use. Main airlines are AA and SouthWest

My current portfolio includes the following

Capital One QS 6y old card -2300 CL
Capital One Preferred Secured MC 2 Yr old- 750 CL
Credit One - 4 y 1850 CL
Credit One - 3y 1200 CL
Chase Amazon 1.8y- 1000 CL
Barclays Priceline - 2 yr - 500 CL

When they HP do they see trends or only what we see ? My cards were at a high UTil not too long ago.

simplynoir · ‎04-07-2018

@Anonymous wrote:
This year I plan on charging approx 5k in flight apart from hotels and other vacation expenses. Uber is def something I use. Main airlines are AA and SouthWest

My current portfolio includes the following

Capital One QS 6y old card -2300 CL
Capital One Preferred Secured MC 2 Yr old- 750 CL
Credit One - 4 y 1850 CL
Credit One - 3y 1200 CL
Chase Amazon 1.8y- 1000 CL
Barclays Priceline - 2 yr - 500 CL

When they HP do they see trends or only what we see ? My cards were at a high UTil not too long ago.

Yeah, drop those two Credit One you don't need those cards anymore. For HPs they see recently updated data so if you're planning to app wait for those new balances to report first before applying for anything.

Anonymous · ‎04-07-2018

Ahhh ok , I was looking to apply this week once the last card reports PIF and my UTil is at 7. You recommend I wait and close them , then apply? And that would be a better start for the Amex charge and BCE ?

simplynoir · ‎04-07-2018

@Anonymous wrote:
Ahhh ok , I was looking to apply this week once the last card reports PIF and my UTil is at 7. You recommend I wait and close them , then apply? And that would be a better start for the Amex charge and BCE ?

You can go ahead and apply this week if that's your plan. You canceling the Credit One cards will have no affect on your application with AMEX for your two target cards. Just make sure that those balances are updated first on your credit report - specifically Experian since AMEX mainly pulls from them - before applying to maximize your chances.