Pulled Experian - Score 764
Declined and called for Recon. Denied Recon for "lack of experience with high credit lines."
I have a fairly thin file so this application was probably a stretch.
Please be advised if you are applying for this card they want experience with higher credit lines and they place minimal weight on AU accounts.
The CSP has a minimum credit line of $5,000 that you must be approved for.
@Remedios wrote:
@tbann wrote:Pulled Experian - Score 764
Declined and called for Recon. Denied Recon for "lack of experience with high credit lines."
I have a fairly thin file so this application was probably a stretch.
Please be advised if you are applying for this card they want experience with higher credit lines and they place minimal weight on AU accounts.
Once your CR is obtained, Chase's internal algorithm will "ignore" AU accounts.
While they are useful for artificially inflating average age of credit, you're not responsible for payments, so there really nothing useful for lender there.
That part is more or less common knowledge.
If you want CSP, try again once you have a card with $5000.00 (or close to it) limit, and at least one year of credit history. Keep 5/24 in mind, if you are planning on trying again at a later time.
That's the plan now. I just picked up an Amex Hilton Surpass with a $7,800 limit in my name so I should be good for the CSP next year. I'm probably going to pick up something from NFCU also to build that relationship but I'll keep 5/24 in mind. My goal is to get solid accounts not a bunch of filler so I didn't plan on applying for many cards anyway. I just want to diversify a little in case of AA especially in light of the current economic climate. Thank you for the advice.
what your profile looked like at the moment of application ? whats the average age and how many accounts? what limits? This is my plan card, want to get it in October.
@MrPepperoni wrote:what your profile looked like at the moment of application ? whats the average age and how many accounts? what limits? This is my plan card, want to get it in October.
Score 764
Open
4 Student loans
2 Amex AUs not revolvers
1 Discover IT $1,000
Closed
1 CLOC $500
Average age about 6 years
They're looking for experience with credit limits roughly 5k and up. As pointed out by Remedios if you have a year or more with those type of limits you should be good to go assuming you have no other issues with your profile. A quick review of the cards in your signature leads me to believe that you'd have a better shot if you waited until Jan or Fed of 2021 but your existing relationship with Chase might get you in earlier. Maybe try the Chase prequalifier before you apply to see if you have an offer for the CSP.
@Meanmchine wrote:Sorry for your denial
It's all good. I knew it was kind of a stretch applying for the CSP with my profile as my file is pretty thin. In hindsight I probably should have waited but you miss all the shots you don't take. I should be in good shape for an easy approval next summer since I recently picked up a couple cards with the type of limits they want to see.