Looking to get a CSP.

[Anonymous]

@K-in-Boston @Remedios 

Got the letter in less than 24hrs

1) Total Available credit on cards

2) Insufficient loan information 

3) Number of accounts opened in past 6 months compared to total accounts

4) number of requests for new accounts in the last 12 months.

So because my personal CC CL is $5,000 ($10,000 for business). Because I've obtained a vehicle and one business card in the last year and because those 2 items are my only requests in the last year I got denied? Ugh...

I get the personal CL but how am I supposed to overcome that when capital one is being stingy about upping my limit? Should I have not went for a sapphire branded card? Can they approve a different type of card since they already have my inquiry and then I can apply for CSP/CSR later? 

Are these reasons to start calling and what should I work on for a script? 

Also how many days do I have to work with this inquiry and request?

[coldfusion]

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@Anonymous wrote:

@K-in-Boston @Remedios 

Got the letter in less than 24hrs

1) Total Available credit on cards

2) Insufficient loan information 

3) Number of accounts opened in past 6 months compared to total accounts

4) number of requests for new accounts in the last 12 months.

So because my personal CC CL is $5,000 ($10,000 for business). Because I've obtained a vehicle and one business card in the last year and because those 2 items are my only requests in the last year I got denied? Ugh...

I get the personal CL but how am I supposed to overcome that when capital one is being stingy about upping my limit? Should I have not went for a sapphire branded card? Can they approve a different type of card since they already have my inquiry and then I can apply for CSP/CSR later? 

Are these reasons to start calling and what should I work on for a script? 

Also how many days do I have to work with this inquiry and request?

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Call tomorrow during EDT business hours and as your opening ask if they need any additional information in order to process the application.

If I were you I would be prepared with talking points that focus on

a) you have an Ink card that you put all your business spend through 

b) because you've had such a universally very positive experience with Chase ever since you had it you really want to get another Chase card so that you can also use them for your typical $1-2K/month of personal spend

c) You understand the need to not place personal spend on a business card, so you applied for the CSP because you want to play by the rules and you think it's a good choice for you because it's such a versatile card

BTW given your income and relatively thin/new profile I agree with your choice of the CSP over the CSR.   They tend to find extending an aggregate CL of 30% yearly gross income palatable, but given the mininum $10K SL of the CSR and current conditions in the credit market 40% of gross right now is likely a tougher sell.

[Jetiquette]

I would've thought you would have had strong approval odds. I was approved for the CSP with worse scores than you at the time of application. 

[Anonymous]

@Jetiquette @coldfusion @K-in-Boston @Remedios 

And just to let everyone know I applied for CSR not CSP. This is probably the reason. :/

[Remedios]

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@Anonymous wrote:

@Jetiquette @coldfusion @K-in-Boston @Remedios 

And just to let everyone know I applied for CSR not CSP. This is probably the reason. :/

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Most likely that's the biggest reason. 

Despite of the myth "Chase doesn't want to give you highest limit", that happens often enough, but these tales just won't die.

CSP had a much better chance for approval.

Sadly, you aren't close to CSR requirements, and it can be pretty tempting when you read breakdowns on how great CSR, except those are generalized statements. It is a great card, but your profile isn't there yet. 

You should try recon, you already took a HP, but I don't see Chase budging on approving CSR. 

Maybe the lesson here is two fold, one for our members to look at individual profile before singing odes  to cards that are out of the reach, and for you to stay within more realistic goals when planning applications. 

Try the recon. If it doesn't work, look elsewhere. Chase has some great cards, but so do other lenders, sans minimum SL requirement.

If you elaborate more on your spending patterns and what you're looking for in a card, I'm sure there will be other options for you. 

I'm truly sorry about your denial. 

[Anonymous]

@Remedios Is there any way to turn this credit check into another card/product or will it result in another HP?

[coldfusion]

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@Anonymous wrote:

@Jetiquette @coldfusion @K-in-Boston @Remedios 

And just to let everyone know I applied for CSR not CSP. This is probably the reason. :/

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You should still call in and ask for a reconsideration and if the underwriter reviews and still comes back with a denial go ahead and ask if you could be considered for the CSP instead, at that point you have nothing to lose by asking. 

An underwriter will be able to see the amount of spend you place through your business card and Chase is quite touchy about placing personal spend on business cards so from a usage standpoint you can make a good case for getting a card.  I suspect the real sticking points are related to you not having any cards from other issuers with anywhere near a $10K CL and the potential aggregate exposure with Chase vs. income combined with your short credit history so approval on recon would be based on an underwriter's ability to make a leap of faith. 

[Remedios]

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@Anonymous wrote:

@Remedios Is there any way to turn this credit check into another card/product or will it result in another HP?

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Unfortunately, no. 

If you were to apply for a different Chase card, there would be another HP (or two) and probably a denial, regardless of which card.  

Once you get a denial from them, it's best to leave them alone because you don't want to appear desperate and bring unwanted attention to the card you already have with them.

[Anonymous]

@Remedios Lesson learned, don't

listen to others and if you do... do the research on what their suggesting before making a move. Just sucks that since I only apply for new products every 6 months now it will be a whole year total before I get a new card. :/

[Remedios]

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@Anonymous wrote:

@Remedios Lesson learned, don't

listen to others and if you do... do the research on what their suggesting before making a move. Just sucks that since I only apply for new products every 6 months now it will be a whole year total before I get a new card. :/

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Which CRA did they pull?

You haven't opened any cards this year, Disco and US bank might be an option for you if they have cards that would fit your spending.