Odds for CSP?

[Anonymous]

Hello all, long time browser but just signed up today.

I am 19 and have been eyeing the CSP ever since I could apply. I'd like the card to be my "go to" along with my Amex, but after applying ~2 months ago I got the 7-10 day message, and was denied due to 5 open accounts in 24 months.

As you can imagine, being 18 it was a very exciting time with the Quickesilver being my first approved credit card. Never missed a payment, and raised the $250 limit to $5,000. Since then I have applied (haven't been denied..till now):

Quicksilver - $5,000 - oldest card, so it will always stay open no matter what

Target $1,000 - closed (5% discount on everything sounded good..at the time, cancelled 2 months ago.)

J. Crew - $10,000 limit - actually use this a lot

Best Buy, not the Citi one - $10,000 limit - use a lot

PayPal Credit - $4,000 - used for two purchases

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

I spend on average $2,000 monthly on the Amex (I use it for everything unless Amex isn't taken unless it's BB, Jcrew, and sometimes I use Quicksilver to keep them happy), have a 3% utilization rate currently with a credit score of 748 with transunion and 725 with equifax. Never missed a payment, etc. I actually thought I had a shot with CSP, probably could have saved a HP if I did research on the 5 card in 24 months bugger...

Now that it's been 3 months or so since my last CSP application, and only four cards report as open (which is what it should be), would it be worth a shot to try to app again? What you guys do?

[Anonymous]

Welcome to Myfico.  What was the first reason for denial?

[ddemari]

your credit score is good but i assume you still have 5 cards open in the past 24 months? then its going to be a no go. 

[Anonymous]

Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.

[Anonymous]

Yep, didn't know how deep they go into that. This is gonna be a long two years if so!

[Anonymous]

Sorry mate, if you were denied for 5/24 (5 card/24 month) then closing card won't help. A closed card will still appear in your report for 10 years and Chase will still know that you openned it in the last 24 months. You will need to wait a bit longer...

[Anonymous]

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@Anonymous wrote:
Sorry mate, if you were denied for 5/24 (5 card/24 month) then closing card won't help. A closed card will still appear in your report for 10 years and Chase will still know that you openned it in the last 24 months. You will need to wait a bit longer...

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That's what I thought, except the rep made it sound like it was because I had so many active at once, not in general. Maybe he didn't get it ether. lol

[Anonymous]

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@Anonymous wrote:

Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.

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Don't apply if that was the reason given - see red. Sorry..

[Anonymous]

Eek, not the news I wanted to read. Anything similar to CSP you would recommend?

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@Anonymous wrote:

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@Anonymous wrote:

Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.

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Don't apply if that was the reason given - see red. Sorry..

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[ddemari]

Agreed, its not one of those things where chance is going to let you in. since they are strict on their in house cards.