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Apply for CSR now or wait?

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Valued Contributor

Re: Apply for CSR now or wait?


@rlx01 wrote:
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.

So what came first? The chicken or the egg?? 

 

Utilization is a large component of one's Fico score. The lower his utilization, the higher his score. The higher his utilization, the lower his score. DTI is a correlation of his score without having to bring income into the equation, which would be considered income bias through out the masses.

 

What came first, the chicken or the egg?


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 11 of 28
Valued Contributor

Re: Apply for CSR now or wait?


@grillandwinemaster wrote:

So what came first? The chicken or the egg?? 

 

Utilization is a large component of one's Fico score. The lower his utilization, the higher his score. The higher his utilization, the lower his score. DTI is a correlation of his score without having to bring income into the equation, which would be considered income bias through out the masses.

 

What came first, the chicken or the egg?


Yes. Even the income is not so clear. Some people include his/her SO/Spouse income, some do not. Some youngsters include their parent's income as their own (they have no income in college).  Even the income itself can be the gross wage/salary, after IRA etc. And CC companies can't actually verify the income. 

 

But the CC companised can clearly see the total CL and total debt. So the total utilization. Personally I do not think it makes any difference if it is below 10% utilization. But I do not work for a CC company.

Message 12 of 28
New Member

Re: Apply for CSR now or wait?

I applied for the CSR(4th Chase card) with a 9% utilization and 50k income. Fico score of 785 and 2 inquiries. I applied last week Friday and the website said it would verify my account. I thought I got denied and decided not to call. Today I checked my account online and saw the CSR account under my accounts. They lowered the credit limit from my CSP to 12k and gave me 15k limit on the CSR. Perhaps lower the utilization as others have said, it can only improve the odds right? 

Message 13 of 28
Established Contributor

Re: Apply for CSR now or wait?

I'm unclear what's being argued at this point. OP specifically asked about util. It has very little to do with percentages and everything to do with amounts owed.

The picture is very different if someone has 15k reported balances with an income of 50k than it is for someone with 185k.
Message 14 of 28
Moderator Emeritus

Re: Apply for CSR now or wait?


@BronzeTrader wrote:

@grillandwinemaster wrote:

So what came first? The chicken or the egg?? 

 

Utilization is a large component of one's Fico score. The lower his utilization, the higher his score. The higher his utilization, the lower his score. DTI is a correlation of his score without having to bring income into the equation, which would be considered income bias through out the masses.

 

What came first, the chicken or the egg?


Yes. Even the income is not so clear. Some people include his/her SO/Spouse income, some do not. Some youngsters include their parent's income as their own (they have no income in college).  Even the income itself can be the gross wage/salary, after IRA etc. And CC companies can't actually verify the income. 

 

But the CC companised can clearly see the total CL and total debt. So the total utilization. Personally I do not think it makes any difference if it is below 10% utilization. But I do not work for a CC company.


Sure they can if they think it's an issue.  There's multiple 3rd party income verification sources and they can always simply ask for paystubs or tax returns.

 

Also, if we're talking small CL's you're probably right, but if there's someone with 49/50K in aggregate utilization (98%), what would any rational risk modelling say about the use case for this newly applied card?  At some point for anyone who isn't absurdly wealthy (the majority of us) there's a limit where beyond that we're going to default via BK or similar, banks will at least try to avoid that if possible, they aren't big fans of losing money to be sure.

 

Compared to my trivial utilization, where it's just not likely I'm going to run up the balance and default and if I do change my behavior, they're going to to know way in advance before it gets that far and have the opportunity to deny charges too along the way.  Sure, if someone is making 185K as someone else suggested and has a cheap living situation, then 50K is solvable in under a year, but that's more than I make and I do OK on national consumer averages as far as income goes.

 

That said, I sorta doubt the 25% would kick you out from a CSR with that income, but I also think the Chase bonuses would've already gone away if they were killing it in January.  I think Chase is still in wait and see mode, which is unfortunately different from my use case where I'm looking at 9 months for 5/24 and would do better on a good travel card right now.




        
Message 15 of 28
Established Contributor

Re: Apply for CSR now or wait?

TPG is claiming the bonus drops down to 50k on 1/12. So if OPs new lower balances aren't going to be reflected by then, they should apply now.

If they decline, you can always recon and say balances are now zero (since you have 30 days) and still get the 100k bonus if approved.
Message 16 of 28
Moderator Emeritus

Re: Apply for CSR now or wait?


@rlx01 wrote:
TPG is claiming the bonus drops down to 50k on 1/12. So if OPs new lower balances aren't going to be reflected by then, they should apply now.

If they decline, you can always recon and say balances are now zero (since you have 30 days) and still get the 100k bonus if approved.

Ah hadn't read that today, maybe not so much in wait and see mode after Q4 hehe.




        
Message 17 of 28
Super Contributor

Re: Apply for CSR now or wait?

As far as CSR 100k offer being cut to 50k Jan 12, 2017 it is also being reported that the 100k offer will still be available in branch offices until March 11, 2017 

TBD

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 18 of 28
Established Contributor

Re: Apply for CSR now or wait?


@myjourney wrote:

As far as CSR 100k offer being cut to 50k Jan 12, 2017 it is also being reported that the 100k offer will still be available in branch offices until March 11, 2017 

TBD


That's not confirmed though. This is:

 

IMG_4911.PNG

Message 19 of 28
Super Contributor

Re: Apply for CSR now or wait?


@rlx01 wrote:

@myjourney wrote:

As far as CSR 100k offer being cut to 50k Jan 12, 2017 it is also being reported that the 100k offer will still be available in branch offices until March 11, 2017 

TBD


That's not confirmed though. This is:

 

IMG_4911.PNG


Yeah I saw that but they never confirm in branch offers 

Ink cards 70k offer went on for years while online 70k was rarely seen (example)

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 20 of 28
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