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I've been a fan of the card since they first announced the ridiculous sign-up bonus (which I know has since been reduced) and have been trying to rebuild and improve my credit to finally be eligible.
A bit of background - I'm 25 and had been an authorized user under my parents' credit cards which they have defaulted on a couple, lowering my credit score to a measley <500. I've been able to remove all the charge offs / collections related to their credit history and have slowly been rebuilding my credit over the past year as I've gained true financial independence. See below for my details:
Income: $150,000 - $175,000 a year
Capital One Platinum Mastercard: $3,000 limit (opened 2.5 years ago)
Capital One Quicksilver One Card: $300 limit (opened 4 months ago, should be increasing limit next month)
Student Loan: $6,500 balance
One Checking Account with Chase: $36,000 balance
Transunion CK Score: 658
Equifax CK Score: 655
Keep my utilization very low (<5%) as I never charge anything I can't immediately pay and I naturally have to keep paying down my quicksilver card due to its low limit
To summarize, I'm a big fan of the CSR but understand if I should express patience and wait to build up more months of responsible payment under my belt and get my score north of ~700 or so before applying for something like the CSR. I'd eventually also want to pair it with the Freedom Unlimited, though unsure if it may help if I apply for the FU first even though I'd want to start collecting points on the CSR sooner rather than later. Any and all advice would be helpful!
First thing I would do is get your FICO 08 scores and see what's reporting on it to see where you stand. Go to CreditCheckTotal (CCT) and get their $1 trial to get your three credit bureaus reports and cancel it once you do so you don't get charged for the monthly membership. Because assuming you got rid of all the negatives from your report dunno why your score it so low even for FAKO scores. Will let us see where you stand better and what you can do to improve your odds.
CK scores are useless, stop looking at them or reporting them. Get your free FICO8 score from creditscorecard.com (EX, monthly) or get all 3 FICO8s from CCT with the $1 trial.
If you bank with Chase just go into a branch today and ask a personal banker if you have any preapprovals.
@Anonymous wrote:If you bank with Chase just go into a branch today and ask a personal banker if you have any preapprovals.
I would check your online banking to see if you have offers on there too if the branch option isn't feasible.
Thanks all for the quick replies. Just signed up for CCT and my scores were as follows:
FICO 8
EX - 595
TU - 585
EQ - 623
I now see that there all 3 credit bureaus are still reporting a negative account with a bad debt balance of $683 on a C/O account from BoA. Credit Karma didn't report this as a negative account so I'm glad I checked on CCT. If I negotiate with BoA and pay this balance off / get it removed, should I see a decent improvement in my score? Negative factors being cited right now are delinquent accounts (this one) and poor payment history (of which a majority would be attributed to this account)
Also checked online for pre-approvals and went to a Chase banker about a week ago but both have confirmed there are none at this time.
Thanks in advance!
@Anonymous wrote:Thanks all for the quick replies. Just signed up for CCT and my scores were as follows:
FICO 8
EX - 595
TU - 585
EQ - 623
I now see that there all 3 credit bureaus are still reporting a negative account with a bad debt balance of $683 on a C/O account from BoA. Credit Karma didn't report this as a negative account so I'm glad I checked on CCT. If I negotiate with BoA and pay this balance off / get it removed, should I see a decent improvement in my score? Negative factors being cited right now are delinquent accounts (this one) and poor payment history (of which a majority would be attributed to this account)
Also checked online for pre-approvals and went to a Chase banker about a week ago but both have confirmed there are none at this time.
Thanks in advance!
Yeah, I would try to PFD (Pay For Deletion) on that collection from BoA. Do that and you should see a significant score increase. With that it was no surprise you would see no preapprovals even with a banking realationship with Chase. So take care of that first before anything else.