CSP Chances?

[Anonymous]

After reading several posts here in the past, I decided  to join this forum. I've found it to be very informative. 

I was wondering what you think my chances would be for approval for a CSP card. 

I understand that I have a rather thin file but may just give it a shot anyway, since I do not have many inquiries on my report. 

Cards: 

Chase Freedom - $800 limit, $15 currently utilized. Opened November, 2012. I run a good amount of transactions through each month, and pay off weekly so that my balance doesn't get too high and have done so since I got the card. 

BOA Cash Rewards - $2,500 limit, $220 currently utilized. Opened August, 2012. 

Authorized User, GM Capitol One World Mastercard - $15,000 limit, no more than a few hundred utilized. Added as a user in roughly 2003

Authorized User, Chase Ink - $15,000 limit, no idea what the balance is. 

Gross income: $45,000. No loans, no other debt. Perfect payment history. 

I also have a Chase Savings Account, opened two months ago for whatever that's worth. 

Alternatively, I could ask BOA for a CLI to $5k and let that sit for a few months before applying. Thoughts? 

[Anonymous]

Should also mention my credit score: 764 from Credit Karma and 766 from Credit Sesame 

[daybreakgonesXe]

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@Anonymous wrote:

After reading several posts here in the past, I decided  to join this forum. I've found it to be very informative. 

I was wondering what you think my chances would be for approval for a CSP card. 

I understand that I have a rather thin file but may just give it a shot anyway, since I do not have many inquiries on my report. 

Cards: 

Chase Freedom - $800 limit, $15 currently utilized. Opened November, 2012. I run a good amount of transactions through each month, and pay off weekly so that my balance doesn't get too high and have done so since I got the card. 

BOA Cash Rewards - $2,500 limit, $220 currently utilized. Opened August, 2012. 

Authorized User, GM Capitol One World Mastercard - $15,000 limit, no more than a few hundred utilized. Added as a user in roughly 2003

Authorized User, Chase Ink - $15,000 limit, no idea what the balance is. 

Gross income: $45,000. No loans, no other debt. Perfect payment history. 

I also have a Chase Savings Account, opened two months ago for whatever that's worth. 

Alternatively, I could ask BOA for a CLI to $5k and let that sit for a few months before applying. Thoughts? 

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I highly recommend getting that BOA up, and waiting until August 2013. Therefore, you're oldest individual account will be a year old, your Chase card has a bit more history, and you'll be more in line for an instant approval or strong recon success.

Good luck, and all the best!

[09Lexie]

Welcome to the forum!

If you are able to get a CLI on BoA IMO that would be best. It has been said that Chase does not look at AU's on credit apps. Also based on the toy CL I would be surprised if they give you a $5k CL without at least showing some kind of CLI on your Freedom.

Im not sure if the Chase Ink may help.

[09Lexie]

You need your real FICO cs and pull your CR's. CK and CS are FAKOs

[jaraico]

i say just go for it. you probably will have to recon but its only an inquiry and if u fail by august that inquiry wont matter

[09Lexie]

@jaraico

What do you mean 'if you fail by August that inquiry won't matter'?

[FinStar]

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@jaraico wrote:

i say just go for it. you probably will have to recon but its only an inquiry and if u fail by august that inquiry wont matter

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Sorry, but this is not a well-thought out strategy.  The OP's chances for getting approved the CSP, even via the reconsideration route, are slim to none.  So, why waste a HP when the OP has a better opportunity to apply or be considered in the future?

[improvingmycredit]

+1 @ 09Lexie!
Inqs matter for a year and with regards to FICO and stay on the report for 2 years. Though depending on the profile, the inq may make little effect, if the card app goes to manual review- all inqs matter to the underwriters.
A note on AUs. While it is true that in manual review- Chase underwriters don't take into account these accounts, there is proof that being a AU may get you through the instant approval requirements and this bypass manual review.
Like the others have recommended- try and get one of your other CLs up to 5K and you will likely have an excellent chance at instant approval.
Also to Lexie's point- the Ink account likely doesn't help or hurt you because it is a business account and typically they don't report on personal CRs as AU.

[myjourney]

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@09Lexie wrote:
Welcome to the forum!

If you are able to get a CLI on BoA IMO that would be best. It has been said that Chase does not look at AU's on credit apps. Also based on the toy CL I would be surprised if they give you a $5k CL without at least showing some kind of CLI on your Freedom.

Im not sure if the Chase Ink may help.

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+1 welcome to the forum

Chase like to see other cards with a 5k limit so take that into consideration