Looking to apply for CSR - Thoughts on my odds?

[Anonymous]

Hi all,

I'm looking to apply for the CSR and want to get some feedback on my approval odds. 

Details:

EX: 743

EQ: 754

TU: 720

Accounts (balance/limit):
Chase Marriott Premier (old version): 6,142/20,100 (limit raised by chase in October by 7,000)
Chase Amazon: 1,233/5,000
Discover: 3,187/11,100
TD Aeroplan: 2,387/9,000
Citi Double Cash: 1,322/5,100

CapOne Savor: 1,312/5,000

Citi Diamond Preferred: 311/1,350

Other info: 

3/24 (Edited to clarify: this number INCLUDES my AmEx PRG which has yet to report and was approved without a pull)
100% on time payment history

AAoA: 4 years 6 months

No derogatory marks

Income: $67k
No preapprovals showing on Chase site.

I would also be interested in opening the Freedom Unlimited to maximize my reward earning (and because they're offering a $200 bonus), but I've seen conflicting reports about being able to open 2 chase accounts on the same day or if it would be too risky in my case. Let me know what you think, and thanks in advance!

[Anonymous]

You may want to pay off some cards to show zero balance and reduce utilization a little bit, since you have all your accounts showing balance. That should not be causing much of a problem, although sometimes lenders may deny credit because of all accounts having balance.

I would not take the risk to open two Chase cards on the same day, especially when there's going to be another new account (Amex) reporting soon, but that's just my personal opinion. Freedom/Freedom Unlimited should offer the $200 bonus or better in the coming years.

[Anonymous]

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@Anonymous wrote:

Hi all,

I'm looking to apply for the CSR and want to get some feedback on my approval odds. 

Details:

EX: 743

EQ: 754

TU: 720

Accounts (balance/limit):
Chase Marriott Premier (old version): 6,142/20,100 (limit raised by chase in October by 7,000)
Chase Amazon: 1,233/5,000
Discover: 3,187/11,100
TD Aeroplan: 2,387/9,000
Citi Double Cash: 1,322/5,100

CapOne Savor: 1,312/5,000

Citi Diamond Preferred: 311/1,350

Other info: 

3/24 (though my AmEx PRG has yet to report and was approved without a pull)
100% on time payment history

AAoA: 4 years 6 months

No derogatory marks

Income: $67k
No preapprovals showing on Chase site.

I would also be interested in opening the Freedom Unlimited to maximize my reward earning (and because they're offering a $200 bonus), but I've seen conflicting reports about being able to open 2 chase accounts on the same day or if it would be too risky in my case. Let me know what you think, and thanks in advance!

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By my quick calculation you are at approximately 28% aggregate utilization.  I would say you chances are 50/50 and you can increase them considerably by paying down some of your balances before applying.  From just a FICO scoring perspective you are at or near the aggregate utilization threshold of 28.9% where you start getting penalized for carrying high balances.

Just paying down balances will increase your FICO score and put you in a better position.  Ideally you want your aggregate utilization to be at 8.9% or below in order to maximize your FICO scores.  Buf it you must, feel free to apply ... the worst you can hear is no and you can recon the decision.

I wouldn't rock the boat by applying for two Chase cards in the same day; especially when you know your Amex card will report soon.  That's too much risk of adverse action.  I have a Chase Freedom card and just last weekend I was approved for a CSR with a $35,000 limit and there's no way I'd go back and apply for the Freedom Unlimited until a few months have elapsed.

[xaximus]

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@Anonymous wrote: 

By my quick calculation you are at approximately 28% aggregate utilization.  I would say you chances are 50/50 and you can increase them considerably by paying down some of your balances before applying.  From just a FICO scoring perspective you are at or near the aggregate utilization threshold of 28.9% where you start getting penalized for carrying high balances.

Just paying down balances will increase your FICO score and put you in a better position.  Ideally you want your aggregate utilization to be at 8.9% or below in order to maximize your FICO scores.  Buf it you must, feel free to apply ... the worst you can hear is no and you can recon the decision.

I wouldn't rock the boat by applying for two Chase cards in the same day; especially when you know your Amex card will report soon.  That's too much risk of adverse action.  I have a Chase Freedom card and just last weekend I was approved for a CSR with a $35,000 limit and there's no way I'd go back and apply for the Freedom Unlimited until a few months have elapsed.

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I second what @Anonymous said. Your balance in relation to your TCL is a bit high. I would definitely bring that down before apping with Chase. I would atleast pay off the low balances so that only 1-2 cards show with a balance. Also - once you do that and the UTI comes down under 8%, that should give you a point boost as well. 

[Anonymous]

Thanks for the responses all, definitely working on getting the util down on all cards (haven't created any new debt in 5 months). The only reason I'm thinking of doing it now is due to some upcoming travel that would help me hit the minimum spend on the card. I wonder if I might not be better off going for the CSP for now and doing a PC in a year or so to CSR? Are the underwriting requirements varied enough between the two products to make this a safer bet?

[FinStar]

The UW criteria is fairly similar, the only difference is the qualification for an assigned SL. CSP has a minimum of $5K while CSR is $10K.

That being said, income/DTI, inquiries, new accounts, overall history, AAoA, etc., will all still be factored with CSP as with CSR.