Chances of CSP

[Anonymous]

That balance is really high. It would be best to wait until you can get it down below 30%, but if you could at least wait until after the payment you made today clears and posts to your account (and reports to the bureaus) you'll be in a better position than if you were to app right now. Even the most lenient lenders tend to dislike maxed out cards, so keep that in mind when you're app'ing, and I think any balance over 80% would be considered maxed out and you're sitting at over 75% right now. Wait until either your recent payment reports or until you get your balance down under 30% - your choice.

[Anonymous]

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@ojefferyo wrote:

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@Anonymous wrote:

I saw another thread that was basically done so I didn't want to highjack it. 

In short, I want the CSP and Freedom. I've been rebuilding. My two worst baddies are two charge offs, which are both CCs. One was paid for less than owed and one never paid. They both fall off this time next year. My scores are in sig. I've had the three cards in my sig for about 5 months now, PIF..utilization below 9% total.

My question is do you guys think I stand a chance at the CSP? Do I really have to wait for my two charge offs to fall of 12 months from now to stand a chance? I'm not pre qualified by their site. I was denied for the Discover IT yesterday after responding to a mailer invite.

I'd hate to wait b/c I have a lot of travel coming up and wanting to maximize points. Should I give it a shot? Thanks in advance for any advice. 

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I would just hold off a bit and try to get your score up, EX and EQ since they tend to pull these for the CSP. Most approvals that I have seen are in the mid 700 range and some in the higher 600s. Check the prequal site and see if anything comes up. 

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I've checked pre qual and have received nothing. Probably because I accepted an offer for the Amazon Chase Visa 5 months ago. My EQ was just bumped to 690 today and EXP is 684, I'd say that's high 600s, no? I believe my chances of denial are higher than approval...but it's just one HP to give. and If I'm denied I'll know to sit tight for another 6 months rather than waiting and wondering. 

[Anonymous]

Also, if you get that balance down under 30% (and all your other cards under 30%) you'll see a jump in your Fico scores. I had a balance report over 60% util on one card and I lost 15 points (even though my overall util was under 10%). High util (even on just one card) can kill your score, maxing a card out is even worse.

[Anonymous]

I agree. I accidentally had this card report 500/2000 last month. This month it'll report zero. But that means I'd have to wait until the 19th for it to report. Think if I paid it down to zero before the 19th that Chase would overlook my last statement balance? I've never let a maxed out amount report to the bureaus before. Last month's 500/2000 was a blip on my part.

[Anonymous]

I'll sit tight until the most balance is cleared later this month. 

[Anonymous]

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@Anonymous wrote:
I agree. I accidentally had this card report 500/2000 last month. This month it'll report zero. But that means I'd have to wait until the 19th for it to report. Think if I paid it down to zero before the 19th that Chase would overlook my last statement balance? I've never let a maxed out amount report to the bureaus before. Last month's 500/2000 was a blip on my part.

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Wait, so the last time the card reported it reported only $500 out of $2000? Heck if that's the case don't worry about waiting for it to report cause 500/2000 is under 30%. Believe it or not, a balance under 30% reporting at time of app can be a good thing - it shows lenders that you actually use the credit extended to you.  Just app now, worse case scenario they deny you, then just wait a few months and try again.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
I agree. I accidentally had this card report 500/2000 last month. This month it'll report zero. But that means I'd have to wait until the 19th for it to report. Think if I paid it down to zero before the 19th that Chase would overlook my last statement balance? I've never let a maxed out amount report to the bureaus before. Last month's 500/2000 was a blip on my part.

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Wait, so the last time the card reported it reported only $500 out of $2000? Heck if that's the case don't worry about waiting for it to report cause 500/2000 is under 30%. Believe it or not, a balance under 30% reporting at time of app can be a good thing - it shows lenders that you actually use the credit extended to you.  Just app now, worse case scenario they deny you, then just wait a few months and try again.

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That's correct. Last time it reported July 2015 it was 500/2000. It's just my current interim balance (between statements) is high. But I pay it off before every statement. Think I'ma go for it. I rather know a denial than sit here and wait unknowingly. 

[Anonymous]

I should also add I've put $10,000+ through my current Chase card in less than 3 months. That has to look good in some kind of sense. lol.

[CreditCuriosity]

Agree with Justme... Get your balance down, that is a sure way for a denial applying when close to max... <30% or even better <10% then apply if you choose to.  Make sure your Credit reports reflect this as well.

[Anonymous]

Just go for it and report back. If denied you can always try to recon.