CSP vs. AMEX

[ztnjpv]

clui78 says:

I think I'm leaning towards CSP as well. Is this too soon to apply though? 

I'm about 6-8 months history with 2 credit cards. EX 740. Income >50k. Current CL 6.4k. Bills paid every month. 

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Might be too soon. What else is on your report? just the two cards? So your entire credit history is 8 months old with two TLs?

Is one of the cards with a $5k limit by itself? That helps. 

You can always check the pre qualify link at chase too

[Anonymous]

Yea that's all that's on my report. Haha feels like I might be rushing it. Yeah I have a boa with 5.4k.

No luck with the prequalify link sadly

[navajomyst2003]

I was approved for CSP with EX of right around 740.  Great card.

[ztnjpv]

clui78,

Yeah, 2 total accounts is pushing it for now. I would look for better ways to broaden your credit file first. A small, 1 year personal loan that you don't need that you can just put in an account and use to make the payments is good addition to your thin credit file.

Beyond that, there are easier cards to get that would be more worthwhile for you at this point. Seeing that you have a Chase and BoA, I would suspect (but I could be wrong) that your EXP report took a hard pull for each card and your TU probably got one too for the Chase card. IOW, your EQ may be clean or less inquired. Discover is easier on light credit files and they pull EQ. I would try them. 

[j_casteel]

Chase pulled EQ for me. They double pulled EX and TU a week earlier for the Freedom.

[Anonymous]

Yeah I'm definitely still on the fence about this. Good idea about the getting a personal loan as well. Will go speak with a banker about that on Monday. 

I know for sure that EX was pulled by both BOA and Chase, not sure about EQ and TU as I haven't got reports from them yet. 

[parakleet]

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@ztnjpv wrote:

clui78,

Yeah, 2 total accounts is pushing it for now. I would look for better ways to broaden your credit file first. A small, 1 year personal loan that you don't need that you can just put in an account and use to make the payments is good addition to your thin credit file.

Beyond that, there are easier cards to get that would be more worthwhile for you at this point. Seeing that you have a Chase and BoA, I would suspect (but I could be wrong) that your EXP report took a hard pull for each card and your TU probably got one too for the Chase card. IOW, your EQ may be clean or less inquired. Discover is easier on light credit files and they pull EQ. I would try them. 

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I think this is a mistake. Yes, the OP has a thin file but I think OP has a decent chance for the CSP right how. However, if op wants to increase his/her chances, I would say just wait another 6-12mos and build good history with his current cards and the OP would be fine. I do not think it's necessary to take out a loan and pay unnecessary interest just for the sake of building up a credit profile.

[eagle2013]

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@parakleet wrote:

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@ztnjpv wrote:

clui78,

Yeah, 2 total accounts is pushing it for now. I would look for better ways to broaden your credit file first. A small, 1 year personal loan that you don't need that you can just put in an account and use to make the payments is good addition to your thin credit file.

Beyond that, there are easier cards to get that would be more worthwhile for you at this point. Seeing that you have a Chase and BoA, I would suspect (but I could be wrong) that your EXP report took a hard pull for each card and your TU probably got one too for the Chase card. IOW, your EQ may be clean or less inquired. Discover is easier on light credit files and they pull EQ. I would try them. 

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I think this is a mistake. Yes, the OP has a thin file but I think OP has a decent chance for the CSP right how. However, if op wants to increase his/her chances, I would say just wait another 6-12mos and build good history with his current cards and the OP would be fine. I do not think it's necessary to take out a loan and pay unnecessary interest just for the sake of building up a credit profile.

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+1 I agree with all of this. OP just has a short credit history, no baddies. Personal and/or secured loans are good for those rebuilding credit as additions of positive tradelines. Also think the CSP is in reach now as well, but the chances would increase after 6 months. 

[ayeecorreia]

I say keep using your freedom, build up those rewards and transfer them in 4-6 months time. Keeping up the good credit history, and you should be golden. CSP is next on my list, but i'm in the garden for a while now. 

[gh17]

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@Anonymous wrote:

I think I'm leaning towards CSP as well. Is this too soon to apply though? 

I'm about 6-8 months history with 2 credit cards. EX 740. Income >50k. Current CL 6.4k. Bills paid every month. 

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How much spending will you be putting on the card per year, approximately?  And how much spending do you put on Chase?

To give a good answer, we need your spending level as well as how much you would be able to value a Chase UR point at.

Here's a chart someone gave me in another thread:

Redeemed for cash = 1:1

Travel through UR = 1:1.2

Southwest = 1:1.4

United domestic = 1:1.4 - 1.8

Hyatt = 1:1.8

I don't know the details about other airlines.  But it really depends on your spending.  As a made-up simple example, let's say you charge 18,000 a year (seems relatively reasonable at 50k income).  4000 is in Freedom 5x categories, 4000 is on travel, and 10,000 is on everything else.  And let's say you could value these points at 1.4 points per cent.

With the CSP and Freedom, you get 4000*.05*1.4+4000*.02*1.4+10,000*1.4-95=437.  With the Freedom and a Fidelity Amex, you'd get 4000*.05+14,000*.02=480.

But you might be at higher spending than that.  Or the Fidelity Amex might charge a foreign transaction fee, and I don't know how much you'd spend abroad.  Or you might be able to value the UR points a lot higher.