Chase Sapphire Preferred and/or AMEX Platinum

[bribro]

I don't know much about Capital One, but you might want to consider trying for a CLI on your existing card first before applying for anything else. Assuming you get the CLI approved, ideally to a CL over $1k, I would aim for the Chase Freedom or AmEx Green (again) to get your foot in the door with those companies, then try for the Plat or CSP 6-12 months later.

I find it highly unlikely that you'd get approved for either an AmEx Plat or CSP when your only credit card has a $300 limit and the only other thing showing on your report is student loan debt and derogatories.

[lonewolf210]

So I just got approved for the CSP yesterday and the Amex Plat about two weeks ago.

Previously I only had a armed forces visa with a $1000 cl and then a 35k loan. My credit karma score was only 715.

Now I have no black marks on my credit like you do but I also make signifcantly less then you do. So to me your not totally outside the realm of possibility.

That being said I'm not sure if the fact that I am military makes a difference since should I ever become deliquient they could go to my commander who can dock my pay to give to the ccc

[jgbishop]

I would like to note that I had another credit card opened 5 years ago that I kept for 3 years during college. This is the one that had the 30 day late unfortunately. It had a 1000 CL. It might help my chances that I did have a larger CL card but the benefit is probably cancelled out by the LP. Currently in the process of GW letters to try to get that one payment removed/adjusted since that is the only occurance in a 5 year history. The answer I keep recieving over the phone is they don't GW adjust but that I can (inferred should) dispute. I'm going to try a few more times call and a couple months of letters to try to get it changed. We shall see.

[unc0mm0n1]

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@emptypockets wrote:

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@jgbishop wrote:

I know this is a topic that has beaten the poverbial dead horse. I wanted to get some experiences applying for these two cards. I am considering both but don't know if my odds of getting approved for either are too good. Credit profile is as follows:

TU(myFICO): 718-758*

EQ(myFICO): 680-720*

EX(PlusScore): 706

*based on simulation. Currently available report does not reflect lower credit utilization from current billing cycle yet which is currently 7%. I'll refresh Thursday when the new reports are available

6 student loans carrying balances totaling less than 10K

1 revolving credit card from Capital One ($300 CL)

1 open credit on bank account (OD protection: $500 limit)

One deliquency 2 years ago (30 days) reflected in TU and EQ but not EX.

My income is over 97,000 per year but I have a short history (Total of 4 years but AAoC is 2 years)

Do I have a chance on getting approval for either one of these cards?

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I would think you would more likely be approved for AMEX Plat than CSP. AMEX charge cards seem to be approved at lower (680-700) scores. The CSP is probably a no go, due to the fairly recent (2 yrs ago)  30 day lates, your short history, and your limited credit history (only 1 CC open). Chas also has been doing alot of double pulls (EX/TU) lately, so the fact that something appears on one bureau and not another may not help alot in this case.

I will also say that depending on FAKO scores is probably not the best thing to do when trying to decide where to apply. It is always better to have a real FICO in hand before making a decision.

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I disagree with this. This board is very quick to call everything a FAKO, but some of it is very useful. Not sure about the CSP but I know when I was rejected for the United Explorer Card they didn't use a Fico score in the decision. They actually used an internal application score (which is a score based on the 990 scale). To me a FAKO is any score the lender doesn't use to make a credit decision. Just make sure your credit report is in the best shape possible and then your scores will be better no matter what score they use.

[jsucool76]

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@unc0mm0n1 wrote:

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@emptypockets wrote:

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@jgbishop wrote:

I know this is a topic that has beaten the poverbial dead horse. I wanted to get some experiences applying for these two cards. I am considering both but don't know if my odds of getting approved for either are too good. Credit profile is as follows:

TU(myFICO): 718-758*

EQ(myFICO): 680-720*

EX(PlusScore): 706

*based on simulation. Currently available report does not reflect lower credit utilization from current billing cycle yet which is currently 7%. I'll refresh Thursday when the new reports are available

6 student loans carrying balances totaling less than 10K

1 revolving credit card from Capital One ($300 CL)

1 open credit on bank account (OD protection: $500 limit)

One deliquency 2 years ago (30 days) reflected in TU and EQ but not EX.

My income is over 97,000 per year but I have a short history (Total of 4 years but AAoC is 2 years)

Do I have a chance on getting approval for either one of these cards?

---

I would think you would more likely be approved for AMEX Plat than CSP. AMEX charge cards seem to be approved at lower (680-700) scores. The CSP is probably a no go, due to the fairly recent (2 yrs ago)  30 day lates, your short history, and your limited credit history (only 1 CC open). Chas also has been doing alot of double pulls (EX/TU) lately, so the fact that something appears on one bureau and not another may not help alot in this case.

I will also say that depending on FAKO scores is probably not the best thing to do when trying to decide where to apply. It is always better to have a real FICO in hand before making a decision.

---

I disagree with this. This board is very quick to call everything a FAKO, but some of it is very useful. Not sure about the CSP but I know when I was rejected for the United Explorer Card they didn't use a Fico score in the decision. They actually used an internal application score (which is a score based on the 990 scale). To me a FAKO is any score the lender doesn't use to make a credit decision. Just make sure your credit report is in the best shape possible and then your scores will be better no matter what score they use.

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That is a vantage score. It is NOT a FAKO and is given for free from creditkarma, but I think chase is one of the only lenders to use it. But things like transrisk and EX+ or anything are straight up FAKO. 

As far as my 2 cents on this topic, I would say your chances of being approved for the CSP or the plat are slim to none. I wouldn't go and apply for a different charge card though, the UW criteria for all the charge cards are basically identical, maybe some different income requirements but that is about it. 

I WOULD app for the freedom, it has no AF, great rewards structure, and if you haven't, maybe open a checking/savings with chase and drop a little bit of money in there. maybe 6 months or so down, app for the CSP, and your plat, see what happens. 

Credit isn't something that moves at the speed of light, and having one card with a $300 limit won't make you readily available to be approved for some of chase's top tier cards. You really should be looking into some other companies and seeing if you can get cards with them, or like someone else said, get a cap1 secured card (which reports as unsecured) and drop a nice 3k deposit in there. 

[kilj0y]

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@lonewolf210 wrote:

So I just got approved for the CSP yesterday and the Amex Plat about two weeks ago.

Previously I only had a armed forces visa with a $1000 cl and then a 35k loan. My credit karma score was only 715.

Now I have no black marks on my credit like you do but I also make signifcantly less then you do. So to me your not totally outside the realm of possibility.

That being said I'm not sure if the fact that I am military makes a difference since should I ever become deliquient they could go to my commander who can dock my pay to give to the ccc

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Actually they are not allowed to call/go to your CC if you are ever delinquent the only company that can do that is Military Star Card. 

[Laugh]

You should email Capital One's EO for a credit limit increase to 10k. They will counter offer. After you get the increase, wait 1 month and let it report.

And then after it reports, if you have the cash, open a chase checking account. Deposit a 5 figure amount and then apply for the CSP in the branch. You'll have to recon, but your chances will increase by having the banker at your side and the newly open checking account. 

If you don't have the money, go for the AMEX Platinum right now. Your AAOA, income, and score is more than enough for both of these cards. Just a heads up, AMEX may verify your income. Use the Platinum for 6 months and then apply for the CSP.