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Apply for CSR now or wait?

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New Member

Apply for CSR now or wait?

I've decided to apply for the CSR either this month or next.  Here's an idea of current stats:

 

Scores:  722 EQ/733TU/739EX

AAoA:  7y11mo

Utilization:  approx 25% (will be at or near 0% in the next few weeks) 

Inquiries: 4

Income:  $185k

 

No concerns about 5/24.

 

Should I wait for my utilization to show zero next month?  The MyFico simulator says that my scores should be in 760s or 770s after the update to the utlization.

 

Thanks in advance!  Really enjoying learning more and more about playing the FICO game to win!

Message 1 of 28
27 REPLIES 27
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Established Contributor

Re: Apply for CSR now or wait?

What's the utilization in $ terms?
Message 2 of 28
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Valued Contributor

Re: Apply for CSR now or wait?


@justrelax wrote:

I've decided to apply for the CSR either this month or next.  Here's an idea of current stats:

 

Scores:  722 EQ/733TU/739EX

AAoA:  7y11mo

Utilization:  approx 25% (will be at or near 0% in the next few weeks) 

Inquiries: 4

Income:  $185k

 

No concerns about 5/24.

 

Should I wait for my utilization to show zero next month?  The MyFico simulator says that my scores should be in 760s or 770s after the update to the utlization.

 

Thanks in advance!  Really enjoying learning more and more about playing the FICO game to win!


You don't want zero utilization. This will actually cost you Fico points.  You want all your credit cards to report zero, with 1 credit card between 1% and 9% utilization in order to maximize your scores. 

 

You will more than likely be approved now AND/OR later. IMHO, the extra points You will gain by maximizing your Fico score could possibly get you a larger starting limit. 

 

 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 3 of 28
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Established Contributor

Re: Apply for CSR now or wait?

Limit is determined by income and DTI, not really by score.

S/he would most likely get a 35k line. Just need to know how much $ 25% represents.
Message 4 of 28
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New Member

Re: Apply for CSR now or wait?

$15,000/$60,000

Message 5 of 28
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Valued Contributor

Re: Apply for CSR now or wait?

I remember a previous thread on someone guessing his own CSR CL. It took about 5 whole pages or longer. It was pretty funny IMO. 

 

Do not remember how much he got, but I think in low $20k range, much below his expectation.....

 

Message 6 of 28
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Senior Contributor

Re: Apply for CSR now or wait?


@BronzeTrader wrote:

I remember a previous thread on someone guessing his own CSR CL. It took about 5 whole pages or longer. It was pretty funny IMO. 

 

Do not remember how much he got, but I think in low $20k range, much below his expectation.....

 


Isn't that what the whole forum does? Is speculate? What is so funny about that?

EQ 730, TU 730, EX 720. INQs EQ-1, TU-9, EX-7 AAOA 4yrs Util 6% Inspiration: Themanwhocan's Cash Back Charts
Message 7 of 28
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Established Contributor

Re: Apply for CSR now or wait?

OP: do you bank with Chase or have any other Chase cards?

If it were me, I'd wait until my util was lower. Then again I applied with 11k/169k on my reports and was approved for 35k. Similar story for the wife.

Income a little north of 200k, and we're CPC.
Message 8 of 28
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Established Contributor

Re: Apply for CSR now or wait?

Oh, I forgot to add. If 15/60 is typical for you then I'd go for it. I don't mess around with micro-optimizing FICO by decreasing reported util because I like interest free 55 day loans, but I'm always between 9-11k/month.
Message 9 of 28
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Valued Contributor

Re: Apply for CSR now or wait?


@jfriend33 wrote:

@BronzeTrader wrote:

I remember a previous thread on someone guessing his own CSR CL. It took about 5 whole pages or longer. It was pretty funny IMO. 

 

Do not remember how much he got, but I think in low $20k range, much below his expectation.....

 


Isn't that what the whole forum does? Is speculate? What is so funny about that?


What is so important of a starting CL? $40K makes him a big shot? And $10K CL makes him poor? Not at all. 

 

He can certainly applies first, then report back about his CL. To share about the experience....

 

Message 10 of 28
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