Potential CSP application

[Mailak]

I'm considering a CSP application based on my last thread in which I asked about possible new cards to get. I am thinking about closing the Amex Green which I got in May 2012 and replacing it with CSP. Partly the reason for Green was accumulate points to transfer to travel programs - CSP would provide that and in addition have wider acceptability as a VISA and have no forex fee. And I have been thinking about a new bank account anyway - Chase would fit the bill (the only other bank I was thinking about was US Bank, both of which have branches here).

Now, I just expended a Score Power report to see what was up with EQ since I hadn't seen that report in a long, long time. The EQ FICO is at 758 (it would have been 765 had I let Green report a zero, but oh well). So anyway, it lists my three May 2012 accounts as 11 months and lists that as a negative. And then in its advice says, don't open new accounts. It lists average ages as 1 year but I think that's rounded down. It should be somewhat under 2 years by my estimation accounting for my 5.5 year old Cap1.

My EX still has a 15 year old Citi MC account that is dated 1997 (which should drop off ANY moment now). So, AAoA there should be higher. Not sure which one Chase pulls - I think it's usually EX based on what I have read here and seen on other reporting sites out there.

Is this a good time to apply for CSP? Should I wait till all the May 2012 accounts have aged to 1+ year?

Why I'm thinking of doing it now rather than later:

If I need to travel in May, I need that new card now and I could throw international plane tickets on the CSP to help with spend minimums, although I've thought about putting 2 months rent, $3k and change, on it, at  cost of $25 fee that I would get charged for using a CC. Although, since I have been consistently spending at least a grand a month anyway, it doesn't seem to me I need to come up with ways to spend that money - it should fit my regular spending patterns naturally.

Opinions and recommendations?

EDITED to add scores:

TU FICO (from MyFico in January): 761
EQ FICO (from MyFico on April 7): 758

Utilization (on April 7): $1200ish total balance ~ 1% (not counting $900/$1200 on Green charge card, other $300 is on other CC).

[FocusedAndDetermined]

Perhaps this will provide some insight:

http://ficoforums.myfico.com/t5/Credit-Cards/Question-for-those-who-have-CSP/m-p/2030205#M563093

Understand why you would wnat it for you May travel.  Your scores seem solid - not sure how the AAoA will be factored in.  Good luck whatever you decide.

[CribDuchess]

Do you have any current cards with Chase, such as the Freedom?  Well, even if you don't, I think you have a great chance of approval for the CSP.  Although, I would hold off on opening a bank account with them until after you get the CSP.  I say this because they will most likely tempt you to open a checking account and give you $200 for doing so.  I recently took advantage of this offer from Chase.  I love free money.

I don't think it's necessary to wait until May, but if you do wait another 3 weeks until May, you can request to have the CSP sent overnight so that you can book your travel plans ASAP.

Good luck on whatever you decide.

[Mailak]

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@CribDuchess wrote:

Do you have any current cards with Chase, such as the Freedom?  Well, even if you don't, I think you have a great chance of approval for the CSP.  Although, I would hold off on opening a bank account with them until after you get the CSP.  I say this because they will most likely tempt you to open a checking account and give you $200 for doing so.  I recently took advantage of this offer from Chase.  I love free money.

I don't think it's necessary to wait until May, but if you do wait another 3 weeks until May, you can request to have the CSP sent overnight so that you can book your travel plans ASAP.

Good luck on whatever you decide.

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Nope. No relationship with Chase in any form, ever. I will wait for the bank accounts since I have been advised of the $200 offer that will come later. Although, normally, no one can entice me with $200, ha. I will be doing it because I was shopping around to open a second set of bank accounts anyway :-) Might as well pocket their $200 in that case, ha.

[Mailak]

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@CribDuchess wrote:

Do you have any current cards with Chase, such as the Freedom?  Well, even if you don't, I think you have a great chance of approval for the CSP.  Although, I would hold off on opening a bank account with them until after you get the CSP.  I say this because they will most likely tempt you to open a checking account and give you $200 for doing so.  I recently took advantage of this offer from Chase.  I love free money.

I don't think it's necessary to wait until May, but if you do wait another 3 weeks until May, you can request to have the CSP sent overnight so that you can book your travel plans ASAP.

Good luck on whatever you decide.

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It won't be start of May unless they automatically count it as May 1. Two Amex cards were opened in the second week and Discover was opened in week 3. These flight prices keep going up, so I wouldn't want to buy my tickets in May (that probably would see me spend $2500 in one go, ha!)

[Mailak]

Any wise sages want to say "Don't do it!"?

As far as I can see, it will cost me some FICO points, an inquiry, and slightly lower AAoA. It would thus entail that I should not apply for credit for another year. I've managed to do that easily since May 2012. I am not easily tempted, so I should be fine in the future. For this current case, I am exercising as much caution as I can in evaluating if I truly, really need to apply. It seems to me if I am traveling, then I should unless I want to carry around traveler's checks and operate on cash while I'm out of the country for the entire summer. I do not expect any AA from Amex or Discover resutling from an additional account since I pay in full every month and maintain very low utilization anyway.

Stop me if it's not the good thing to do!