CSP application realistic without previous high CL?

[Anonymous]

Looking for advice on CSP application. Interested in the card as I travel quite often (weekly basis) for work and would easily hit the minimum spend for sign-up bonuses. 

Already have a Chase Freedom card at $3k open about six months (highest limit card). Have used the card quite a bit and paid down the balance each month. Total CL is $9k across four cards with AoA just under 3 years. After paying down a few of my cards (including the Freedom) utilization should be around 12% at the end of the month from 45% last month. EX score is 691.  Should go up when lower balances are reported (Experian's simiulator says it will be 736 but not sure how accurate that is). Other factors... one late payment (30 days) in September '14. About $10k in student loans. Income is about $85k a year. One inquiry in past 12 months per Experian. 

From researching the card a bit, it seems like Chase is warry of credit profiles without other high limit cards. Do you think I have a realistic shot at this or would it be better to request a CLI on the Freedom, wait a little bit, and then apply? FWIW I would be willing to move credit from the Freedom to the CSP or even give up the Freedom, given my high weekly spend on travel. Not sure if this is something they would consider.

Also considering the Citi Aadvantage Mastercard. Fly with AA often and received a couple of their offers in the mail. Maybe this is a more realistic travel rewards card at this point? Any advice is greatly appreciated!

[FinStar]

Realistically?  Well, without any other TLs within the $5K range, it's going to be hit or miss at this point unless you can wait.  Some individuals have been approved absent that criteria but there are a lot of other factors that come into play.  Check and see if the Chase prequalification tool displays any offers for CSP.  The negative item (30-day) may stick out, just FYI.

What kind of offer did you receive for the AAdvantage card?  Was it a 50K promo for the AAdvanatage Platinum Select?

[Anonymous]

FinStar... thanks for the response, yeah exactly. I'm assuming this is just promo material tied to my AA number. My understanding is this card generally has lower requirements. It really would be a good fit as I fly almost exclusively with American. But CSP comes highly recommended from friends/co-workers and online and I've been looking into it for a while.

Waiting is always an option, though not ideal. I'd be fairly comfortable explaining to a credit analyst why the card is a good fit but if this is really a long shot its probably not worth taking a hit. 

[FinStar]

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@Anonymous wrote:

FinStar... thanks for the response, yeah exactly. I'm assuming this is just promo material tied to my AA number. My understanding is this card generally has lower requirements. It really would be a good fit as I fly almost exclusively with American. But CSP comes highly recommended from friends/co-workers and online and I've been looking into it for a while.

Waiting is always an option, though not ideal. I'd be fairly comfortable explaining to a credit analyst why the card is a good fit but if this is really a long shot its probably not worth taking a hit. 

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If you received a targetted 50K AAdvantage miles offer for the personal version, then that is always an option to consider since the current public offer is 30K.

What does the Chase prequalification tool say?  Does it show CSP?  The only thing that may set things back (if at all) would be the non-presence of other higher TLs in your CRs since the minimum CL for CSP is $5K.  I mean, you can always try and if denied you could try to appeal the decision.  Just depends on your approach.

[Josh2942]

If you have a bank account with Chase it may be an easier approval for the CSP

[Anonymous]

DW approved for CSP with $8k limit, and highest previous limit was freedom with $3k and 3 month of age. Her score was around ~720 at time of app, and no lates/collections.

edit: She was not offered CSP in prequal BTW. YMMV of course.

[Anonymous]

Chase prequal shows slate but not csp.

Don't have a chase bank account unfortunately. Could open one and move some money over but I'm guessing that is only really helpful for longer term customers?

[OmarGB9]

Opening and maintaining a checking/savings account won't really help much unless you bring over substantial assets (six figures+) into their bank.

[Anonymous]

Update... applied this evening and got a 7-10 days pending message.  Called the status line a couple of hours later and was approved for $8k. 

Assuming they pulled Experian, which was 733 as of this morning.  Thanks for the help everybody. 

[trnl2016]

Congrats on the approval! Very nice.