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Approved for Paypal MC...with disappointing SL

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Approved for Paypal MC...with disappointing SL

So I was just approved for the card, after being in the garden for 18 months & alot of back & forth decided to take the plunge. Temp SL 200, permanent limit 800. Like seriously!? APR 22.24, which I'm guessing is the lowest APR available. Even though I'm relieved @, the approval, I'm disappointed @ the SL, looks like I'll be calling credit solutions in the next week or so when the card arrives, was really hoping for @ least 4k to match my discover limit.

There are my stats:
AAoA: 23 months
AOoA: 2 yrs & 2 months
AoYA: 18 months
Inquiries: TU: 2 (over a year old) 750 @ the time of pull
EQ: 0 741
EX: 1 (also over a year old) 747
No derogs
2 credit cards, Cap 1 QS (4/17) & Discover it (11/17)
No other accounts/installment loans
Income: 30k
Util: 9%
DTI 2%

Discover: $4800
Cap One QS: $1811
CFU: $3400
PPMC: $4700
AAOA: 14 mos
Experian (fico 8) 750
Transunion (fico 8) 749
Equifax (fico 8) 756
Message 1 of 29
28 REPLIES 28
Community Leader
Mega Contributor

Re: Approved for Paypal MC...with disappointing SL

Congrats on your approval 

EX 759 EQ 774 TU 753


Message 2 of 29
Valued Contributor

Re: Approved for Paypal MC...with disappointing SL

Might as well go pull the trigger on Chase like you originally wanted to do.  PP isn't known for earth shaking limits.

500K+ TCL / 800+ FCOs
Message 3 of 29
Community Leader
Senior Contributor

Re: Approved for Paypal MC...with disappointing SL

Congrats.

 

PP will grow.  My DH started at 500SL it now sits at10K at the 1.5 year mark.

EXP 753 TU 781 EQ 733
Message 4 of 29
Senior Contributor

Re: Approved for Paypal MC...with disappointing SL

Congrats & sorry for your low SL, at least it was'nt a denial.

Message 5 of 29
Community Leader
Valued Contributor

Re: Approved for Paypal MC...with disappointing SL

That limit is kind of low considering your DPs. Congrats all the same! I’ve seen some nice CLIs on this card so don’t worry!
Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 6 of 29
Valued Contributor

Re: Approved for Paypal MC...with disappointing SL

Congrats on your approval!  With use, it will grow fast. 

Message 7 of 29
Contributor

Re: Approved for Paypal MC...with disappointing SL


@Obscure-Expert wrote:

Might as well go pull the trigger on Chase like you originally wanted to do.  PP isn't known for earth shaking limits.


 

Ironically enough I convinced myself to put chase on the back-burnerfor @ least a year because I was worried about the SL if I applied for the FU (my goal card @ the time) & I thought I would have had a better chance with Synch. Then I changed my mind & thought whenever I was going to app for chase might as well go for the CSP & @ least I wouldn't get less than 5k with that card. I've been weighing the pros & cons.

 

Pro: If I applied & approved I would be in the garden for a long time as no other card catches my interest & the PPMC & CSP could age together

Con: No pre-quals currently on my chase account unless I go in branch or cold app

Pro: Even though I don't currently travel, it's good investment a few yrs from now if I ever changed my mind while racking up the points along the way.

Con: Don't know if I could meet the bonus of 4k/3 months in time as I have no big purchases ahead, unless I could figure out a way to pay rent through my rental company using plastiq if accepted that is. That would make up @ least 60% of my purchase in getting the sub.

 

With my stats what are my chances of really getting the CSP without having to jump through hoops if denied?

Discover: $4800
Cap One QS: $1811
CFU: $3400
PPMC: $4700
AAOA: 14 mos
Experian (fico 8) 750
Transunion (fico 8) 749
Equifax (fico 8) 756
Message 8 of 29
Valued Contributor

Re: Approved for Paypal MC...with disappointing SL

I think you have the scores to get the ball moving with Chase but, the limit of $5K might be an issue w/o one reporting already.  You can still collect points w/ CFU @ 3% $0AF for the first year and then upgrade later on to CSP or App for CSP for whatever bonus they're offering at the time.

 

CSP spend is a bit high and if you don't have it organically then waiting for the right time is more important.  I usually knock out the bigger spend requirements by simply waiting for a Tax payment being due for property taxes.  You mentioned rent through Plastiq which is an option but, the 2.5% fee cuts into the profit significantly.  Not to mention the CSP doesn't come with a 0% period currently which means you also would need to be able to PIF for it to be profitable as well.

500K+ TCL / 800+ FCOs
Message 9 of 29
Contributor

Re: Approved for Paypal MC...with disappointing SL


@Obscure-Expert wrote:

I think you have the scores to get the ball moving with Chase but, the limit of $5K might be an issue w/o one reporting already.  You can still collect points w/ CFU @ 3% $0AF for the first year and then upgrade later on to CSP or App for CSP for whatever bonus they're offering at the time.

 

CSP spend is a bit high and if you don't have it organically then waiting for the right time is more important.  I usually knock out the bigger spend requirements by simply waiting for a Tax payment being due for property taxes.  You mentioned rent through Plastiq which is an option but, the 2.5% fee cuts into the profit significantly.  Not to mention the CSP doesn't come with a 0% period currently which means you also would need to be able to PIF for it to be profitable as well.


I would prefer a card 0% promo unless I can get a BT offer on my discover card & as I usually make large payments 5-10x the amount if I can't PIF. I would have to put about 80% of my spend on the CSP if approved to meet the sub. Also it would likely take me the full 3 months as well. With the CFU I'm afriad I would put more adequate spend with the 3% vs. the Paypal @ 2%. @  least for the first yr

 

Not having a 5k amount on my cards already is a concern. I tried requesting a cli on my discover about 3 days ago but was shot down. I was hoping to grow the PPMC to have a better chance @ the CSP.

Discover: $4800
Cap One QS: $1811
CFU: $3400
PPMC: $4700
AAOA: 14 mos
Experian (fico 8) 750
Transunion (fico 8) 749
Equifax (fico 8) 756
Message 10 of 29
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