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CSP Approved with Bad Credit and bad recent history with Chase

dwightKshrute
New Member

CSP Approved with Bad Credit and bad recent history with Chase

I messed up my credit in 2018 with 32 missed payments and I started my rebuild journey in October 2019 with 40K+ in debt and all but one credit cards closed by grantor. It took me 9 months to pay all my debts which was my first step of rebuilding and As of August 1 2020 I was Debt-free. So I started my 2nd step of the rebuild, which was to apply for a couple of starter/secured cards and keep making full payments and raise my FICO score to 720+. In my plan applying for a Chase Travelcard was in late 2021. but chase came off with this limited time offer of 80K bonus and I couldn't resist, I applied thinking I am blacklisted(see below) but I was approved. So, this is my approval Story.

 

  1. Background 

Got my first card in Nov 2014 which was Discover IT.  So my oldest account is of 5 years 10 months. Got my first chase card (Chase Slate) on 04/2016. Got CFU on 04/2017. Turned out I was not that good at credit cards and in August 2018 I had 7 Credit Cards, 1 Store Card, almost 40K credit limit, all credit cards nearly maxed out and on top of that, I had been jobless for 3 months.

 

So, I started missing payments and they started closing my cards. Fast forward to Oct 2019, all of my credit cards were closed by the credit grantors and I had a total of 32 (2-90D, 4-60D)  missed payments in 6 Credit cards and 1 installment Loan.

 

Chase closed both of my cards in March 2019 and my most recent missed payment on chase cards was Oct 2019. Please note that even if my cards were closed, I was still making minimum payments whenever possible and bringing my payment status to current. None of the cards were charged off.

 

And then I got a good job, COVID happened, I saved some money and I decided to be debt-free and started paying debt around March 2020 and paid all outstanding amounts by July 2020. 

 

2. Current Status

 

I applied for an Apple card and Capital One Platinum in August and got approved for both. 

These are my current cards:

Apple Card - got on August 1st week - 3K limit (approved 2.5k, CLI after 45 days)

CapOne Platinum - got on August 1st week - 1K limit

Macy’s - 5 Years old - 1.1K limit (survived my credit apocalypse, but was CLDed to 100, got CLI in August)

 

Experian Fico Scores
Fico 8 - 628

Fico BankCard Score 2 - 672

Fico 3 - 658

Fico BankCard Score 8 - 647

 

3. Prior Chase Relationship

 

Slate (CLOSED) - open 04/2016 - closed by chase on 04/2019  - 5 missed payments(3-30D, 2-60D) , Paid in full on July 2020 (0% apr partial payment agreement on 11/2019), most recent missed payment - Oct 2019

 

CFU (CLOSED) - open 04/2017 - closed by chase on 04/2019 - 2 missed payments (2 - 30D), Paid in full on April 2020, most recent missed payment - Sep 2019 

 

Chase Checking account - Opened on Feb 2019 - direct deposit 500-1000 every month, used the debit card as an everyday driver until august while all my cc were closed

 

4. CSP Application

 

I was introduced to this forum, r/CreditCards, r/CRedit subreddits fairly recently, and I wanted to get back to the credit game right way this time to maximize rewards and was planning to apply for a Chase card in 2021. But these 80K bonus points were irresistible and I have huge spending coming up in October so I decided to bite the bullet this morning. 

 

Logged in to my chase account to apply and only had to enter current income, which is around 100k. Got “We need to review your request a little longer. We will let you know of our decision as soon as possible. Please do not resubmit this request" message.

 

Called the recon line immediately, First guy asked for identification details, kept in hold for like 5 minutes, provided me the reference number, and transferred to another department. The second lady reverified my identification details and kept in hold for another 5 minutes, she came back and asked for couple credit verification questions and said “you are approved and you will receive a welcome package in 7-10 days”, First of all, I could not believe it, I thought I was blacklisted, I had even prepared this huge sob story knowing they will deny me and mention prior cards as a reason but it was straight approval. I asked for expedited delivery, she transferred me to another department where the 3rd lady again asked for identification details and said that “Rush” Delivery has been processed and I should receive the card in 2 business day in unmarked UPS mail. I immediately logged in to the Chase account in disbelief and there it was a shiny new account of guess what … 9K credit limit.

 

I learned the hard way that credit card limits are not my money, I messed up big time in the past. My credit scores are trash, paid thousands in Interest, but most importantly I learned a valuable lesson of personal finance while young. Going forward I will only use credit cards for maximizing the rewards and this CSP card is my first step and I will continue this rebuilding process.

Message 1 of 26
25 REPLIES 25
M_Smart007
Legendary Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

Congratulations on your Chase Approval..

Message 2 of 26
fredzos
Regular Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

wow! great bounce back!

 

congrats on the approval and great sl!








6% Util
PERSONAL

BUSINESS




Gardening Start 9/18/2020
Message 3 of 26
Mayn
Regular Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase


   Nice work! I bet it feels good to recover like you have. Sounds like you'll keep it in check this time 👍🏼

Message 4 of 26
blindambition
Senior Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

Congrats!! That's amazing and quite surprising. 😳 

Continued success. One thing you've shown, you honor your debts. 👏🏻 

Message 5 of 26
xiocc
Regular Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

Congrats on the approval and BIG CONGRATS ON DEBT FREE STATUS!!!!!!!!!!







Message 6 of 26
AllZero
Mega Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

Congratulations on your approval! Very nicely done.
Message 7 of 26
Credit4Growth
Senior Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

You are approved.... Congratulations on your CSP!

 

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Message 8 of 26
Credit4Growth
Senior Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

P.s. @dwightKshrute 

Welcome to the forum!

Message 9 of 26
CS1974
Valued Contributor

Re: CSP Approved with Bad Credit and bad recent history with Chase

Congrats on your CSP approval!

July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 10 of 26
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