CSP chances Stats included

[pats23]

OK few questions, hope somepeople have the time for input.

CSP is my goal card right now

  Stats cap1 card 300 limit 5 years                    $0 balance

            orchard bank 300 limit 1 year                 $0 balance

awful cards 

           Discover more card $2000 limit              $0 balane    this card will hit 6 months next month

           Chase Freedom       $3,500 limit           Use this card for everything have put close to 10k in last 7 months on it, always PIF and they gave me a $500 auto CLI at 6 month mark.

Car loan 23k 389/month hits 6 month mark next month

Car loan for 8k on CR paid off early

student loan for 9k

Income 70k

EQ score on this site 707 before paying off 1000 balance on discover so will prob rise a few points. not really sure on other CB scores but I know all three of my reports are identical so most likely similar, no lates ever, nothing bad what so ever.

inquaries 8 in the last year....5 from my car loan at dealership 1 from capone 2 from chase.....

0 inquaries in the last 6 months(been in the garden)

So now the question is I have heard CSP is impossible to get without previous card with5k limit? true not true? what do you think my chances of getting this card if I apply next month? should I wait another 6 months? and if I need a 5k limit what would be the best way to get it? AMEX then 3x CLI? 

All input is appreciated, sorry for the layout and typos

[Voodard]

I think your EQ score is borderline for the CSP and your credit file is too thin.  You have a bunch of installment loans, but those don't mean as much as revolving trade lines.  Are you trying to avoid a inquiry hit on your credit?  If you want the CSP card that bad, go ahead and apply.  If Chase declines, call the recon line and ask them to move your Freedom card to the CSP.  They may be willing to work with that.  Good luck!

[Cdnewmanpac]

Honestly, you will be a much stronger candidate in 5 months. Chase weighs your history with them quite a bit and your freedom will be a year old by then. Your inquiries will be minimal or gone, your newest card will be almost a year old. I wouldn't app for an Amex just for the credit limit. You CAN get a csp without another 5 k card, it's just harder.

[pats23]

what path would you suggest to strengthen my credit file?

[LS2982]

I agree that you should wait until your freedom hits the 1 year mark, youll be in a better position for it.

[pats23]

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@LS2982 wrote:
I agree that you should wait until your freedom hits the 1 year mark, youll be in a better position for it.

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should i do anything in the mean time? apply for a amex or a different card or SP a jcrew card just to get more credit. or am I better letting HP fall off and accounts I have age?

[Anonymous]

My highest limit was 1.7k when I was approved for the 5k CSP. My score was 732 though with a long AAoA and multiple lines/recently paid off car. I agree with letting your Freedom age a bit. 

[Anonymous]

@OP

Don't apply for anything in the meantime. This will allow your current trade lines to age thus putting you in a better position once you apply for the CSP. If you apply for new credit, you will look to lenders as in pursuit of new credit, which is regarded as risky to lenders.

So as others have stated, sit tight and once your 12th statement cuts for your Freedom card take a shot at it.

Also I would try increasing that Capital One credit limit as well. Search the forums, there's help on how to get it increased via EO Capital One Office if a regular CLI request isn't working through Customer Service. Good luck.

[pats23]

Figured I would update you guys, I couldn't resist and Appd for the CSP card and was give the 10 day message and called recon. She told me the only reason I was declined was due to my lack of history with credit. just not enough history. She was very nice. I then asked about rolling my 3.5k freedom into getting CSP card and she said that is deffinetly a possibilty but I have a small balance on my chase freedom from everyday purchases, so she said pay it off wait for it to post then call back and they can see what they can do. she said she put a note on my account that this was discussed so hopefully it works out in a few days!!! really want this card as I am going to europe for 3 months in june and this would be an Ideal travel card!

[09Lexie]

Good luck. Hopefully it works out.