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Laying groundwork for CSR

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Established Contributor

Laying groundwork for CSR

I wouldn't be approved for most "normal" or "good" credit cards right now and I'm over 5/24 until 2021 anyway, but, never too early to plan for the future, so with that in mind, I'm interested in maximizing my odds for CSR in 2021. I have a specific question and a general question.

 

1 - Would opening a Chase savings account and letting it sit there help, hurt or neither? I do not currently have a Chase bank account and I do not live in a state with Chase branches, so it would strictly be to "build a relationship with Chase". Also, I have read some older references to bypassing 5/24 if you visit a branch; is that still true, and would it apply to a smallish savings account? (Probably talking hundreds or single-digit thousands of dollars.)

2 - Or, is there an easier or better way to prepare for this? Or maybe it's not even necessary and with two good years, qualifying for a CSR wouldn't be particularly difficult?

 

Thanks!



But, I wouldn't actually qualify for a lot of stuff right now. Everything listed is new to my profile since April 2019, except the Exxon card. The AU card hasn't reached TU, so no FICO score on TU yet. I have a ton of hard inquiries March-July 2019. No derogs. Numbers shown are FICO 8, but other FICO variants can be a lot different (for example, Experian Bankcard 2 is 642).
Keepers:

Will be closed by March 2020:

Authorized user / Corporate

Closed but still on reports:

Short-term goal: My stuff is in too much of a state of flux to have one that matters ...
Long-term goal: Legit, meaningful 770s across the board.
Message 1 of 7
6 REPLIES 6
Community Leader
Senior Contributor

Re: Laying groundwork for CSR


@KJinNC wrote:

I wouldn't be approved for most "normal" or "good" credit cards right now and I'm over 5/24 until 2021 anyway, but, never too early to plan for the future, so with that in mind, I'm interested in maximizing my odds for CSR in 2021. I have a specific question and a general question.

 

1 - Would opening a Chase savings account and letting it sit there help, hurt or neither? I do not currently have a Chase bank account and I do not live in a state with Chase branches, so it would strictly be to "build a relationship with Chase". Also, I have read some older references to bypassing 5/24 if you visit a branch; is that still true, and would it apply to a smallish savings account? (Probably talking hundreds or single-digit thousands of dollars.)

2 - Or, is there an easier or better way to prepare for this? Or maybe it's not even necessary and with two good years, qualifying for a CSR wouldn't be particularly difficult?

 

Thanks!


1. When I opened my Chase FU and Slate in 2016 (now closed), I had no banking relationship with Chase

 

2. At the present time, yes, going in branch with a 5+/24 is definitely preferable, but no one knows what it will be like in 2021. The rules are always changing.

 

3. Preparing for the CSR: definitely less than 5/24, UT <8.9%, low inquiries, and nothing negative on your credit profile.

 

4. Have one CC with a $5K+ CL

GOALS: Garden til APR 2020 and 800 Club

GIRL WILLPOWER ("No Thanks" to Apple $7.5K, 12.99% Approval)


JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 7
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Established Contributor

Re: Laying groundwork for CSR

1. it can swing either way, some have had it help with pushing an approval through but, generally I advise against parking cash with a lender... there have been cases where it actually hurt more than helped 

 

2. 2 years of gardening would look great to any lender.... the hurdle you need to overcome is hitting a card over 1 year and 10K CL 

 

You might get an offer to pop up under their Creidt Journey CMS product that's free to sign up for.  The likely hood of an approval through there is less than an in branch pre-approval which would require at least something under #1.  When the dust settles from the recent app attempts it might be possible to sneak in with a more vanilla card like CF/U as the UW req's are easier in comparison with the flagship Sapphire series.

500K+ TCL / 800+ FCOs
Message 3 of 7
Moderator

Re: Laying groundwork for CSR


@KJinNC wrote:

I wouldn't be approved for most "normal" or "good" credit cards right now and I'm over 5/24 until 2021 anyway, but, never too early to plan for the future, so with that in mind, I'm interested in maximizing my odds for CSR in 2021. I have a specific question and a general question.

 

1 - Would opening a Chase savings account and letting it sit there help, hurt or neither? I do not currently have a Chase bank account and I do not live in a state with Chase branches, so it would strictly be to "build a relationship with Chase". Also, I have read some older references to bypassing 5/24 if you visit a branch; is that still true, and would it apply to a smallish savings account? (Probably talking hundreds or single-digit thousands of dollars.)

2 - Or, is there an easier or better way to prepare for this? Or maybe it's not even necessary and with two good years, qualifying for a CSR wouldn't be particularly difficult?

 

Thanks!


Based on your present activities, if you're willing to hold out for a couple of years, then it may not matter at all.  Though, keep in mind that it's anyone's guess what lender policies might be in place at that point, whether restrictive or otherwise.

 

Optionally, the depository relationship can't hurt, but leaving something parked without activity like a rock in a punch bowl may also not play in your favor. In-branch pre-approvals tend to bypass the 5/24 restriction in most cases these days, but who knows how that would look 2 years from now.

 

Just like 5/24 evolved to all Chase CCs over time, the same applied with SUB timeframe restrictions for CSP and CSR.  So, in short, to maximize your odds for CSR, don't apply for any tradelines that would push your goal further out and try to grow some tradelines that can leverage the minimum SL for CSR. .

Message 4 of 7
Established Contributor

Re: Laying groundwork for CSR

Thanks - Citi will hit 1 year on April 2, 2020 ... but no way credit limit will be $10,000 on that card any time soon. Coastal Visa will hit 1 year in June 2020 and is currently at $5,000, so it's plausible it can be $10,000 sometime in 2020 (not sure how rapidly Coastal increases credit limits, but me and Coastal seem to have a lot of mutual love). Otherwise, I think a $10k card would need to be a card I don't have yet, assuming Amazon Store Card won't count. I would love to get a CFU next year but will still be over 5/24 all of next year.



But, I wouldn't actually qualify for a lot of stuff right now. Everything listed is new to my profile since April 2019, except the Exxon card. The AU card hasn't reached TU, so no FICO score on TU yet. I have a ton of hard inquiries March-July 2019. No derogs. Numbers shown are FICO 8, but other FICO variants can be a lot different (for example, Experian Bankcard 2 is 642).
Keepers:

Will be closed by March 2020:

Authorized user / Corporate

Closed but still on reports:

Short-term goal: My stuff is in too much of a state of flux to have one that matters ...
Long-term goal: Legit, meaningful 770s across the board.
Message 5 of 7
Moderator

Re: Laying groundwork for CSR

Well, you're already at $5K with Coastal which is a plus. And, definitely grow the Amazon store CC through Credit Solutions for better results. Overall, absent of an actual $10K tradeline, you should be fine. Make sure you are letting some decent balances report (and PIF) especially on the larger CL CC.

All things considered, you should be able to get a bump on your Discover upon graduation and then you can go for the [SP] CLIs.
Message 6 of 7
Valued Contributor

Re: Laying groundwork for CSR

Over the course of the next year/2, I would - like clockwork - go for any and all SP CLIs on each and every card. Remember, once you've had Disco for a year, you can apply for another card. Also, CSR's UW is pretty tight, I would recommend going for the CSP or another Chase card that can be converted up. It may be an easier path.

Just my 2 cents.


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 7 of 7
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