My Plan for the Chase Perfecta... With Questions

[kshurika]

Well, I can't go back and quote the various points brought up since my last post. But, I asked for illustrations of people getting CSPs or CSRs without previously having had a 5k or 10K CL and I got them, so thanks for that. Adding to the discussion, I was also told at the same Chase branch by a CSR that I could always check two of my FICO scores on Credit Karma. When I told her that those scores were not accurate and weren't even from FICO, she expressed surprise. "I thought Credit Karma was sponsored by the government." Remember, this is a Chase employee. Also, as I've described elsewhere, prior to my apping for the CSP my highest CL was 6K, one of which I got only through sweet-talking. I got 16.7K out of the gate. Similarly, here on the Forums, it's been stated frequently that Chase doesn't like granting the prime cards to people with a less than one year AAoA. I was told emphatically, almost angrily, by a Chase phone CSR that that was not the case and was patently ridiculous. This is why I've learned to never believe one single source of information, but to try to get info from all sides. And, this is yet another valuable asset of the Forums. Some things are rumors that never come to fruition,; some are urban legends; some are patent fake news and some are the truth.

[longtimelurker]

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@kshurika wrote:
Well, I can't go back and quote the various points brought up since my last post. But, I asked for illustrations of people getting CSPs or CSRs without previously having had a 5k or 10K CL and I got them, so thanks for that. Adding to the discussion, I was also told at the same Chase branch by a CSR that I could always check two of my FICO scores on Credit Karma. When I told her that those scores were not accurate and weren't even from FICO, she expressed surprise. "I thought Credit Karma was sponsored by the government." Remember, this is a Chase employee. Also, as I've described elsewhere, prior to my apping for the CSP my highest CL was 6K, one of which I got only through sweet-talking. I got 16.7K out of the gate. Similarly, here on the Forums, it's been stated frequently that Chase doesn't like granting the prime cards to people with a less than one year AAoA. I was told emphatically, almost angrily, by a Chase phone CSR that that was not the case and was patently ridiculous. This is why I've learned to never believe one single source of information, but to try to get info from all sides. And, this is yet another valuable asset of the Forums. Some things are rumors that never come to fruition,; some are urban legends; some are patent fake news and some are the truth.

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This is all good, except that you were very firm in telling the OP that it was impossible to get the card without having an existing $5k/$10K card!  And you supported that assertion using what you had be told by a  Chase CSR,  whereas clearly from the above you are aware how often they can be wrong.

So my message would be always consider multiple sources, but, more importantly, on a forum where the aim to be helpful, don't assert things as fact unless you have (near-)certain knowledgge that it is indeed a fact.

[HeavenOhio]

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@kshurika wrote:
Similarly, here on the Forums, it's been stated frequently that Chase doesn't like granting the prime cards to people with a less than one year AAoA.

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Actually, what's been stated frequently is that Chase doesn't like granting cards to people whose oldest card is less than a year old. AAoA can be under a year.

[Malcono]

I was recently approved for a CSP where my oldest card is 7 months old, and my average age is ~3 months.  

I have a checking and savings account with them though, so I'm sure that helped a bit.

[Time2letgo]

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@kshurika wrote:
Well, I'd seen those points bandied around this forum quite often. So, as an employee of my Chase branch was filling out my app for the CSP, I asked her about the 5K limit on another card to qualify for CSP and the 10K limit for CSR. She replied, "You didn't hear it from me, but, yes, that's how it is".

Now, my question is, has anyone here gotten a CSP or CSR without meeting those minimums on other cards beforehand?

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Yes, I do know that it’s possible. My son got a CSP with a $5000 limit a few months ago. That is his only card. He was at the time of the app an AU on my CSR but I don’t think that had any weight to his approval. His score was 760 at the time. It was not an instant approval because he has a credit freeze on his account and didn’t remove it before the app, so he had to go in branch to submit his ID and a utility bill.

[kshurika]

Well, as I've already stated, the Chase employees at my branch are Fountains of Wisdom - most of it wrong. The manager of the branch, who seems pretty sharp, told me that annual income, stable employment or stable income source, good FICOs and just general clean history (i.e. no baddies) are what matter most. I think those other arcane formulations (that I admit I've fallen for, too) have less to do with whether or not you're successful. Immediately before I apped for the CSP and the BCP my FICOs were clean.

[Anonymous]

@kshurika it's simple man: most rules can be validated by searching google and youtube and finding information from trustworthy sources, and a lot of times you can even search the small print of the card's terms for answers. just download the pdf, hit ctrl + f on your keyboard, and type "roadside assistance" or whatever without quotes. if these methods don't turn results, you can call the card or bank 800 number and ask a rep the specific question, then hang up and do that 2-4 more times. if all of the reps give you the same answer, then it's probably true, if you still doubt it call 5 more times. if they're uncertain, ask to talk to their supervisors/managers. might even have to do that on more than one call for the same question. if all of this still gives you different answers, then it's uncertain. but most things can be found out this way, and besides first-hand experience, that process is generally how i have learned as much as i have. either you or someone who made a post that you read misconstrued the original rule that i wrote about of the minimum spending limits for the CSP/CSR being $5k/$10k. Somehow that got twisted into "you have to have a card that has at least $5k/$10k before you apply". But reading it off hand on a forum without verifying it isn't the same as verifying it. Just as i asked you, you have to be able to verify your sources before you go saying things - while it's not wise to blindly take advice off of a forum, some people may take advice like what you gave out and end up putting themselves out for no reason. not the end of the world, but the point of this forum in the first place is to help people optimize their credit situation.

@heavenohio in november i was approved for an ink preferred having opened 2 cards (one from chase) in july, and then in january i opened a CSP after opening another card with another institution in december - but i also applied for the amazon card at the same time as the CSP and was denied for that - too many recent requests for credit lol. not 5/24 cuz it's not a 5/24 card, and not about inquiries cuz the CSP was the same number of inquiries so - i do think that's related to what you're talking about. they don't *like* to see new accounts, but they have a tolerance for it. then again, i have another card with them from 2014, another from 2011, and a checking and savings account since 2011 so that should let you gauge their tolerance of someone with an established relationship with them - never any late payments, accounts always in good standing etc.

[Anonymous]

Update:

I was approved for a $1500 CLI bringing my Discover limit to $4500. I spoke with Discover and asked if they would push out my latest CL so the CRAs had the updated information. EQ and EX have both posted my most recent statement balance showing utilization @ 1%. TU has not updated the utilization. Have not been able to confirm if the new CL is posted with CRAs.

I think I’m going to app for the CSP tomorrow and hold off on the FU. I have a $4K expense this week which is why I want to move forward with the CSP now.

Here are my data points:

(All scores FICO 8)

EQ - 729

TU - 719

EX - 725

$48K income

2, 30-day late from 5+ years ago

Utilization is under 30% for EQ & EX. 65% with TU due to lack of updating.

Total of 4 cards and 1 auto loan (Chase). No Chase cards in many years. Total CL is $9800 with highest at $4500. Next highest is $3300.

AAoA is either 7y5m or 6y5m depending on CRA.

Thoughts?

Edit: Added AAoA