Should I apply for the CSP or wait?

[Hansenmol]

So I know this has probably been discussed numerous times. However, being new to the forums I would assume that the answer to this question would obviously depend on individual circumstances. Here are mine:

I'm currently a college student. I am finishing my senior year of undergraduate studies. After graduation I will be taking a break/applying to graduate school. I'm 22 years old and I got my first credit card on my 18th birthday. 

My income is limited: ~30k/year (a lot of help from parents too). I also don't spend a lot on plastic (~$1,000/month). So the question of whether or not the CSP is even worth it to me is questionable to justify the AF. However, I do have a lot of UR points accumulated from all the purchaes I've made with my Chase Freedom card that I got back in August 2013. So I have maintained a lengthy relationship with chase as well (that'll help with approval chances right?) 

My future plans within the next few years will be to purchase a car and to apply for student loans for graduate school. Will additional hard inqueries be something I should consider? I currently have 4 on TransUnion, however, 2 of them will be expiring soon. 

So really, I know I don't need this card, it's all about WANTING, and wanting that flexibility with my UR points. But I also don't want to have a card where I don't spend enough to justify the AF after the first year. Also, I don't have additional inqueries to hurt my score when I'll be applying for an auto loan and student loans in the next few years.

I have no baddies on my credit report.

I have paid everything on time and my utilization is 11%.

FICO Score: 730

TransUnion: 746

EQ: 746

AAoA: 1.9 Years

Oldest Account: 4.5 Years

Any thoughts? Should I apply or wait a few more years? Thanks!

[creditFiend]

Based on your profile, I say you'll be approved. In the end, it will be your decision if you should apply or not. Keep in mind the spending requirement is $4,000 spend in 3 mos. Don't know if that's a concern based on your current spending.
Otherwise, if you've got that part covered, go for it. You can also try the Chase pre-qual site. It's usually accurate for approval chances.
GL in what you decide..

[creditFiend]

Where are my manners!
Welcome to the forum😃

[ray8806]

Welcome!!

I'm sure you'll get approved. That's probbaly not an issue.

The spend for the bonus is definitely something you'll need to consider. But mostly, the CSP is good for travel. If you're not going to be traveling at least a little, the card isn't going to be useful. But, if you do travel, it's fantastic and definitely worth the $95 AF

[newhis]

Welcome, I think you will get approved no problem.

One question, I see that you have an Amex since 2013 at 3K, have you tried to increase that limit? You can see many threads in the forum about the 3X CLI for Amex. I got my ED at 2K last month and it is already at 6K. With your income I think you can get it over 10K. Maybe that will help with future approvals or CLI requests for the cards you already have.

[Anonymous]

Welcome to the forums!  I will echo the sentiment that you'll likely get approved.  

Whether you decide to go after the card or not is another issue.  With your take-home pay and corresponding spending habits, you likely will have a difficult time meeting the minimum spending requirements for the signup bonus (a huge reason to hold this card).  Depending on your spend, it may be more justifiable to sign up for a few cards in its place.  

If you value 1 UR point at $0.02, the general spending would be equal to a Citi Double Cash or Fidelity Amex.  The Amex has a $50 signup bonus at the moment I believe.

Your 2 UR points per dollar at restaurants and travel is difficult to beat.  The 3% you get at restaurants with Chase AARP is a good start and the 3% AARP travel card could work for you as well. 

It is up to you to decide whether the 1% on restaurants and travel is worth the $95 AF.  The math is pretty simple on that, if you spend $9,500 or more combined on restaurants and travel, the card is worth it.

Personally I would wait until I have a big purchase coming along to ensure that I receive my 40k UR points bonus.  By then, my spend may justify the AF, it may not, but you have a year to figure that out.

[skigirl916]

Your profile is fine, but your income isn't great. If there's a reason for a denial, that would be it, given the $5K starting limit.

Let us know how it goes!

[Hansenmol]

Thank you for your replies. I have checked the chase prequalify website, Slate and CSP are both on there.

As far as the $4k requirement, I'm not too worried about that. I'll have some tuition payments coming up for a class and I have the option of putting it on plastic. Also, I'll be traveling to Seattle this spring break to look at UoW, which I'll surely run into some food and travel related expenses.

Newhis - I have not tried that nor was I even aware of this. Thank you for bringing it to my attention. I'll look into that, however, if it requires a hard pull on my credit, I'll likely not pursue it. Also, I barely use my AMEX BCE anymore since getting the Sallie Mae rewards card. So I understand having a higher CL is beneficial to my credit score, it won't be really any use to me. But if it helps my chances at CSP, we'll see? Thank you.

[Anonymous]

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@Hansenmol wrote:

Thank you for your replies. I have checked the chase prequalify website, Slate and CSP are both on there.

As far as the $4k requirement, I'm not too worried about that. I'll have some tuition payments coming up for a class and I have the option of putting it on plastic. Also, I'll be traveling to Seattle this spring break to look at UoW, which I'll surely run into some food and travel related expenses.

Newhis - I have not tried that nor was I even aware of this. Thank you for bringing it to my attention. I'll look into that, however, if it requires a hard pull on my credit, I'll likely not pursue it. Also, I barely use my AMEX BCE anymore since getting the Sallie Mae rewards card. So I understand having a higher CL is beneficial to my credit score, it won't be really any use to me. But if it helps my chances at CSP, we'll see? Thank you.

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I'm in your same position as well. I'm a student finishing up and I've been planning on applying for the CSP as I've had my Chase Freedom for almost 5 years. I've been putting it off until I can afford the sign-up bonus.

Anyway, the 3x CLI for Amex does not require a hard pull. It uses their last soft pull so you really have nothing to lose. Definitely look into that thread, but basically you can request a CLI of up to 3x your limit so $9,000 for you. It might not be entirely useful since you don't use the card much, but it's always good to have a card with a high limit around in case of any emergencies where you need to put a big purchase on a card to be be paid back later. Also, the Sallie Mae has pretty small caps so as you get older and your expenses on groceries and gas go up, it might be good to have a BCE with a big limit as a back up card once you meet the $250 caps.

[ccb2115]

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@Hansenmol wrote:

Thank you for your replies. I have checked the chase prequalify website, Slate and CSP are both on there.

As far as the $4k requirement, I'm not too worried about that. I'll have some tuition payments coming up for a class and I have the option of putting it on plastic. Also, I'll be traveling to Seattle this spring break to look at UoW, which I'll surely run into some food and travel related expenses.

Newhis - I have not tried that nor was I even aware of this. Thank you for bringing it to my attention. I'll look into that, however, if it requires a hard pull on my credit, I'll likely not pursue it. Also, I barely use my AMEX BCE anymore since getting the Sallie Mae rewards card. So I understand having a higher CL is beneficial to my credit score, it won't be really any use to me. But if it helps my chances at CSP, we'll see? Thank you.

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Well, it seems like you will be approved. I've read that the Chase prequal website is golden. I think the only question is....whether or not you want it/will put enough spend on it to justify having the card and paying the AF after the first year. Choice is yours. Good luck if you do decide to app