Odds of getting approved for CSP?

[Anonymous]

I've read through a few similar posts and you guys seem pretty knowledgeable on the topic, though I do want to apologize for adding another one of these posts to this forum.

Bearing with me, I'm interested in the Chase Duo consisting of a Freedom and, most importantly, the CSP.  According to my current Credit Karma login, my scores are as follows.

TU: 734
Equifax: 721 (-21).  

The reason for the Equifax drop is due to the timing of the update, which just so happened when I had to use my current credit union credit card for a purchase intended for my credit union check card.  However, my check card is at the end of its life (in every way possible) and the strip just wouldn't register in the automated checkout.  So instead of wasting more time, I swiped my credit card.  This brought the utilization of this particular card up to 95%.  This particular payment has since been paid and with an upcoming payment, this card's utilization will be closer to 35%.

Other than that, I have 2 other cards with a total limit of $3,500, but both other cards carry a $0 balance.  I've only kept them open because of their age.  Unfortunately, they're store cards for very specific purchases, so using them just to keep some activity cycling through just isn't realistic.  For example, one is for an appliance store.  One can only buy so many refrigerators, you know?

Current credit card info according to Credit Karma:

$3,500 $950 (27% utilization) Good Equifax

$4,000 $858 (21% utilization) Good TransUnion

I'm 33 and when I first started using credit, I did so in a typical, idiotic teenager sort of way.  I filed for bankrupcy at the age of 21/22, which included a debt for an auto repossession from Chase the year prior.  I was just stupid.  After that, I've worked hard to rebuild my credit.  I'm now financially stable with perfect credit payment history and an overall debt to income ratio around 30-35%.

According to Chase's Pre-Qualified offers, I am, and have been, offered the Freedom, but not the CSP.  I've heard before that if you don't see the card as a pre-qualified offered there, then odds are you really won't qualify.  However, Credit Karma provides an offer for the CSP with an approval chance of "Very good".  How accurate is Credit Karma's guess at approval?

I have 3 recent credit checks, the latest being for an auto loan from April 2015. 

So, what do you think my odds of approval are for the CSP?   Any other info I can provide to help you provide a better answer?

[Anonymous]

Not for nothing, but i had a 750 experian when i got approved and i got the minimum (5k)

[myjourney]

Now had you said southside Whitesox fan I'd say you stood a chance but a northside cub fan .....You have a better chance of winning the pennant (none) Lol jk

Welcome to the forum 

1st you need to pull real Fico scores to even gage where you truly are CK scores mean absolutely nothing or their recommendations

Your scores could be +/- 50-100 points compared to CK 

2nd if your seeing pre-approval for freedom that's a pretty good sign that Chase doesn't exactly hate you or that you're blacklisted...

However you have 2 CC's with a total CL of $3500 and for CSP Chase likes to see history of using 5k limits 

[Kevin86475391]

Sounds like you've made a lot of progress over the years, way to go!

I don't use CK, but I've heard their offers aren't especially accurate. My advice would be to go ahead and apply for the Freedom, use it regularly and responsibly for 6-12 months, then apply for the CSP. But yeah, I think in this case just a little more time is your best bet.

[Anonymous]

The utilization percentage compared to your limits is pretty high, that might be the only thing that could hurt you a little with Chase.

They also like to see you have a card already with at least a 5k limit.

Although I personally think you would be approved for the card.

I know Chase also do look at income a little more than their other products with the CSP, so I will just presume you're working a full time job making at least $30k.

And the rest of your profile sounds good.

I was 21 when I was approved for the card, with lower scores than you at the time, and only one other credit card I had had for just over a year.

If I was instantly approved for $10k (moved $2k to my Freedom)... your chances are pretty high.

Bite the bullet and let us know what happens.

[Anonymous]

Thanks, yes. I imagined income had to do with the approval process, but I am making well over that.

I think I'll pull a FICO report. If I apply for the CSP and get denied and even calling their reconsideration line doesn't work, could I ask them to apply that check towards the Freedom without them doing another hard credit check?

[myjourney]

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@Anonymous wrote:
Thanks, yes. I imagined income had to do with the approval process, but I am making well over that.

I think I'll pull a FICO report. If I apply for the CSP and get denied and even calling their reconsideration line doesn't work, could I ask them to apply that check towards the Freedom without them doing another hard credit check?

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No the HP will be applied to the card you apply for 

[Anonymous]

Thanks guys.

In order to avoid the potential for a deniel/rejection under my belt, I went ahead and applied for the Freedom for now, which is on its way.  I'll work on this card, establishing a great relationship with Chase, and apply for the CSP in the future.  I'll probably wait 6 months and apply then.  I'll at least wait that long and check my Chase pre-qualified offers and see if it ever pops up there. 

[Anonymous]

I was approved for the CSP last year with scores in the 680 range. The SL was $18k, income around the time was $78k. I did have the Amazon Visa thru Chase already so that may have helped.

[mccallb]

I had about a 720 fico (across all 3) when I applied, and I got 16K

I think my income was a factor