Hey guys, first post but long time lurker. Copied and posted most of this from my post on the credit card subreddit so my apologies to anyone that sees it twice, but I wanted to post here as well since it was an old post from a MyFico member that was in a similar situation that led me to apply for the CSP with only a 660 FICO. Hopefully this may help someone in the future. I was going to wait a while to apply, but when I read the CSP sign up bonus was possibly coming to an end I took the plunge and applied the day before it was set to end.
Starting credit limit: 10,900 - I am absolutely stunned by this. I thought I would get the bare minimum 5k and I thought I had about a 10% chance of getting approved for the 5k.
Credit bureau pulled: Experian
My FICO 8 score when they pulled it: 660 Experian
Approximate income: 55k
Number of new cards in the past 6/12/24 months: 1/6, 2/12, 3/24
Other cards:
Local Credit Union Card - Opened 6/20 - $500 limit
Capital One Platinum Card - Opened 1/21 - $3300 limit
Synchrony Amazon Store Card - Opened 7/21 - $2000 limit
Utilization: I think about $40 was reported across my 3 cards leading up to the pull.
Average Age of Accounts: 3 years, 5 months (mostly from a student loan, Avg Age of Credit Cards is much less)
Note #1: I do have an old loan charge off on my credit report that is set to fall off next September. Chase actually rejected me for their version of the Amazon card last November and listed the charge off as the main reason for the rejection.
Note #2: I opened a Chase bank account around February 2021. I believe what pushed me over the edge is I very rarely use that account for purchases, maybe $100-200 month on average with a few 1k-2k transfers to other banks along the way, but it almost always has over 5k in it. When I applied it had about 7k in it. I've also been pushing 1-2k a week into the account from 3 other banks for the last few weeks in anticipation of this application.
Note #3: A little over a month ago I got a preapproval email for the Chase Freedom Flex. When I logged in the app I was pre-approved (green star with set APR) for almost every card Chase offers, including the CSP and the CSR. The email said I had 2 weeks to respond so I wanted to transfer more money into my bank account before I applied, but within 7 days of the initial email all the offers were removed and my "Just for You" section was blank. I had no offers when I applied.
Note #4: The original email after my application just said "We've received your application", no mention of 7-10 or 30 days. For the last few days I've been calling and it was giving me the "We'll let you know in 30 days" and when I called today it said "You've been approved, you'll get your card in 7-10 days". When I checked Chase's website it showed the card and my starting limit.
Note #5: I don't plan to carry a balance but I did get a 19.99% APR, which is another surprise since I expected the maximum.
