Looking to add CSP to my portfolio, do I even qualify?

[mongstradamus]

I think shop discover with discover cards Is really under rated. If you do any online shopping at all you can some major cash back imo 

[fargobzn]

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@mongstradamus wrote:

I think shop discover with discover cards Is really under rated. If you do any online shopping at all you can some major cash back imo 

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Agreed, especially when you can stack shop discover with the 5% for shopping online in quarter four.

[nhl1508]

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@Youngcredit23 wrote:

I'm approaching 7 months of my credit journey, and so far I have two cards, the American Express Blue Cash Everyday($2,300CL) and the Chase Freedom($500CL). I was looking to add one more card to my portfolio for a total of three cards, until I'm finished with college, on with my real career, and making decent money.

I was looking to add the Chase Shappire Preferred, but through some research, looks like I won't be qualified for this card where I stand now.

-I'm 18, working part time and going to school so my yearly salary with taxes taken out is $6,100.

-I have two revolving accounts, the Chase Freedom that's been open for 6 months and the Amex BCE that's been open for 1 month.

-EXP Fico of 730, Utilization is 0% at the moment, 2 inquiries.

What do you guys think? Any other info you guys need from me to better address the question?

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I also don't think you would be able to get a CSP now. It is a prime card, and I actually had a hard time to even dare to app for it until I got a pre-approved offer at the branch. 

I would say you should try to app for the Sallie Mae. it is an excellent card that can help you a lot during college with 5% on gas, grocery and Amazon purchase. 

[MrCollector]

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@Youngcredit23 wrote:

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@Creditaddict wrote:

you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.

I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.

For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.

Consider adding the Discover it now.

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When the ask for income on applications, are they asking for pre-tax? I've assumed on both applications for the Freedom and BCE that they were asking for post-tax income.

I'm also hesitant to ask for the 3X CLI on my BCE. I recently just read on a thread that Amex revolvers like to cap of at 40% of your given income. If that's the case, my current $2,300 CL is pretty close to 40% of my income.

No prequalifieds on the Chase right now so looks like I need to be patient. Thanks!

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Ask for the 3x CLI, the worst that will happen is they will counter. If they deny you, that means you wouldn't have gotten a CLI at any number.

[Anonymous]

Also, why the CSP at this point with that income.   Getting it for the year for the bonus is fine (if 2k/3K spend in three months isn't an issue) but this is a card that only makes sense with a lot of spend.   The value proposition is based on the transferability of UR points to partner programs, and to do this you need a fair number of points, and thus a lot spend (after the initial bonus).   You will be paying a $95AF and not getting comparable benefits.

[Josh2942]

Deffinteyl wait. I'm 19 with one year history and chase told me they want two years or one year with their card. Plus a 5k or more limit. Some people think it's a myth but credit recon people tell me they want a 5k line. I just got a boost from Barclay to 7,310 so after a year of the freedom I will be apping for the CSP or Hyatt

[Youngcredit23]

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@MrCollector wrote:

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@Youngcredit23 wrote:

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@Creditaddict wrote:

you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.

I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.

For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.

Consider adding the Discover it now.

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When the ask for income on applications, are they asking for pre-tax? I've assumed on both applications for the Freedom and BCE that they were asking for post-tax income.

I'm also hesitant to ask for the 3X CLI on my BCE. I recently just read on a thread that Amex revolvers like to cap of at 40% of your given income. If that's the case, my current $2,300 CL is pretty close to 40% of my income.

No prequalifieds on the Chase right now so looks like I need to be patient. Thanks!

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Ask for the 3x CLI, the worst that will happen is they will counter. If they deny you, that means you wouldn't have gotten a CLI at any number.

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Will do. The only one other thiing I am considering with the 3X CLI is if I do hit Amex's internal limit, would that stop me from being able to apply for other cards of theirs.

Should I update the post-tax income I gave them and give them my gross income instead?

[Youngcredit23]

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@Anonymous wrote:

Also, why the CSP at this point with that income.   Getting it for the year for the bonus is fine (if 2k/3K spend in three months isn't an issue) but this is a card that only makes sense with a lot of spend.   The value proposition is based on the transferability of UR points to partner programs, and to do this you need a fair number of points, and thus a lot spend (after the initial bonus).   You will be paying a $95AF and not getting comparable benefits.

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I guess I was considering the CSP because of the 2X points on dining, and to be honest, I do spend a lot on dining. I do understand your point though that to fully maximize the benefits of this card that I would need a larger income to support the spending I would need to do to make this card useful since it does in fact have an anual fee.

[mongstradamus]

another question i would ask if you are looking at CSP , can you hit the 3000 spending limit to accrrue the 40k points ? 

[Youngcredit23]

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@Josh2942 wrote:
Deffinteyl wait. I'm 19 with one year history and chase told me they want two years or one year with their card. Plus a 5k or more limit. Some people think it's a myth but credit recon people tell me they want a 5k line. I just got a boost from Barclay to 7,310 so after a year of the freedom I will be apping for the CSP or Hyatt

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Thanks for the heads up. When they said they want 5k or more limit, is that with one of their own cards, or just another 5k tradeline in general?

Btw, nice line of cards with one year of history. I'm slacking lol.