CSP, CSR, CFU, CF odds of approval

[Anonymous]

Hey guys,

So i really wanted to get my foot in the door with chase with the ultimate goal of getting the CSR, here are my stats as follows

EX: 714, TU: 720

Credit history - 1yr

4/24

BofA 1 - 1.7k

BofA 2 - 1.2k

Amex Gold - last approved purchase of 5k

Uber Visa - 1k

I also have a biz card with Amex which isnt reported with a limit of 8k. All my cards are PIF on the statement date and utilisation is under 5%. 

Considering I have no prior history with Chase and ive applied with them multiple times earlier (CSP, CF, CIP, >5mo ago) only to get denied. Should I go ahead and pull the trigger on any of their cards now that i finally have a year of credit history? and then PC after a year to CSR? Or should i wait more before i apply again? I'd like to get CSR before May/Aug 2020.

[Anonymous]

Chase can sometimes be hard to predict, but I'd think your profile would support an approval for a Freedom or Freedom Unlimited, but probably not either Sapphire. The CSP has a $5k minimum limit and the CSR has a $10k minimum, so you generally need to have at least one existing card above the threshold of the card you're applying for to have a good shot at approval. You could try to get a CLI on one or both of your BOA cards, since they do soft pull CLIs.

Have you tried Chase's prequalification tool on their website? It's usually pretty solid, though nothing popping up there also doesn't mean a cold app will be denied.

Editing to add: You may find applying for a Freedom variant then PCing to a Sapphire next year to be challenging due to that minimum limit issue. An approval right now would likely have a limit in line with your other cards and Chase isn't known to be particularly generous with CLIs. Since you're already at 4/24, opening another card and merging the limit also wouldn't be an option, so you may very well find yourself with a <$5k card in your goal timeframe. You might be best off just gardening and trying to grow those BOA limits for awhile in preparation to directly apply for the CSP/CSR.

[Anonymous]

Right, Thats understandable, but considering that amex has approved me for a 5k charge on the gold, does that have any value?

My concern is once i apply for CF/CFU, id be stuck with a low credit limit, leaving me no way to PC to CSR. And I wont be able to get another card either due to 5/24.

I did the BofA CLI, they gave me the 7-10 business day message aound 2 days ago, the second card doesnt have the option for CLI.

Yeap I've tried their prequalified page, no offers available. The only time ive ever got a prequalified offer from Chase was in the mail for the United card.

EDIT: Lol sorry i just saw your edit after my reply. But yeah i guess gardening it is. How long do you think i should wait in terms of credit history? Ill be applying for the BofA CLI's as they come.

Also when you mentioned the 5/10k CLs, would Chase want to see that from one card? or one issuer before they would approve?

[Anonymous]

AmEx doesn't report their soft "limits" on NPSL cards to credit bureaus, so I don't think Chase's algorithm would factor that into a limit calculation. It's probably best to garden for now and try to directly apply for a Sapphire once you can get at least one of your other limits up to (at least close to) the minimum threshold.

Edit: we seem to be making a habit of this lol. I don't think it's a time factor so much as a limit factor, so I'd say wait until at least one other card is at $5k/$10k, let that limit report, then think about giving it a shot.

[CreditInspired]

Hi OP and welcome

First, are those FICO scores? If yes, what is the EQ score? If no, we can’t make a determination based on Vantage scores.

Second, is the 1 year history AAOA or AOOA? Either way, it’s a thin file and needs time to age where the AoYA is 1 year.

Since, the Gold is a charge card and CL is not set, being able to make a $5K purchase is not the same as a revolving line with a $5K CL.

IMHO, I suggest waiting until your accounts age to 2 years before applying to Chase because if you are approved, it will probably be between $1K - $1.5K SL.

[Anonymous]

OP, what is your reported income?

First actions I would take on the short term:
- Walk to a Chase branch and open an account there, if you can direct deposit your income there even better
- Be sure to be registered for Credit Journey, which usually provides you with prequals after a relatively short time (a few months)

I was in a similar situation a year ago approximately. 1 y history, no prior relationship with Chase, and relatively low limits on my other cards (5k total across the board or so). I was still approved for a CSR at 10k, that did grow to 50k within a year with Auto CLIs. I also got a 18k auto-approved CFU 6 months later. Reported income was quite high though.

Depending on your situation, I might think of applying for the CF or CFU (whichever works best for you). After a few months using the card responsibly, I think you will have a good shot for the CSR within your timeframe with a reasonably high initial CL, assuming no hiccups and a good DTI ratio.

One of my colleagues was approved for the CFU straight, without *any* credit history or any other card, for a 2k limit — although going through recon — having only a bank account with them opened at the same time. It did grow to 16k within 6 months.

My impression is that Chase can be pretty welcoming to thin files if your overall profile suits their algorithms — as far as I can tell, the common thing between all of this is having a banking relationship with them (even literally a day old), and an income around 100k at a minimum.

[Remedios]

---

@Anonymous wrote:

Hey guys,

So i really wanted to get my foot in the door with chase with the ultimate goal of getting the CSR, here are my stats as follows

EX: 714, TU: 720

Credit history - 1yr

4/24

BofA 1 - 1.7k

BofA 2 - 1.2k

Amex Gold - last approved purchase of 5k

Uber Visa - 1k

I also have a biz card with Amex which isnt reported with a limit of 8k. All my cards are PIF on the statement date and utilisation is under 5%. 

Considering I have no prior history with Chase and ive applied with them multiple times earlier (CSP, CF, CIP, >5mo ago) only to get denied. Should I go ahead and pull the trigger on any of their cards now that i finally have a year of credit history? and then PC after a year to CSR? Or should i wait more before i apply again? I'd like to get CSR before May/Aug 2020.

---

You can try prequalification page and see if anything pops up for you 

Lack of prequal is does not mean you'd get denied. 

If you must apply now, I would forget about CSP/CSR. Go for either one of freedom cards, build some history with Chase, then it will be time for those

Because you're already at 4/24, next card will take last available spot for at least a year, so pick carefully. 

If this was me, would skip applying at this time, see if you can get the limits up on your other cards, then try Chase.

I think the young age of your credit combined with low(ish) limits will not result in greatest approval if you get one. 

I've been wrong once or twice, so anything is possible 

Good luck!