Really want the CSP! When will be best for me to apply?

[ftomasze]

Hey all! Input needed! I want to apply for the CSP in the coming months but want sone input as to when I should apply. Here's what my profile looks like.

Credit Cards (high to low limit):

Total Rewards Visa -- $8200 -- 01/2014

Chase Disney Visa -- $4000 -- 01/2014

Chase Freedom -- $4000 -- 03/2014

Macys Store Card -- $2000 -- 09/2006

Citi Forward -- $1410 -- 10/2006

Cap 1 QS -- $1250 -- 08/2006

Discover IT -- $1000 --  11/2006

Wells Fargo -- $1000 -- 02/2014

AAoA: 3 years 2 months

Oldest Acct: 7 years 7 months

Myfico EQ: 666

CK: 663

Citi Iden Monitor: EQ 663 -- EX 657 -- TU 680

2 Collections

Old cell phone bill $643 unpaid -- 2008

Medical $1000 unpaid -- 2010

Inqs: About 6-7 on each CRA.

Overall util: 25%

FWIW I did open a chase checking and funded with the minimal direct deposit for the fee waiver ($500/mo) to get the extra 10% bonus with my freedom card. I am currently putting heavy use on my freedom card and will PIF after the statement cuts. Any advice on when I should app for the CSP?!

[eagle2013]

Your FICO maybe a bit on the lower side for CSP. Plus, you have a fair number of recent accounts especially the Freedom. I would recommend waiting until the Freedom is at least 3 months old (3rd statement) to get your internal scoring up with Chase. On the other hand there seems to be some variablity with CSP AF should you decide it is something you want to keep past 1 year. So if you have an inq to burn it maybe worth a short to lock in the $95 AF for sure. I still think the new accounts will ding your chances though.

[enharu]

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@ftomasze wrote:

Hey all! Input needed! I want to apply for the CSP in the coming months but want sone input as to when I should apply. Here's what my profile looks like.

Credit Cards (high to low limit):

Total Rewards Visa -- $8200 -- 01/2014

Chase Disney Visa -- $4000 -- 01/2014

Chase Freedom -- $4000 -- 03/2014

Macys Store Card -- $2000 -- 09/2006

Citi Forward -- $1410 -- 10/2006

Cap 1 QS -- $1250 -- 08/2006

Discover IT -- $1000 --  11/2006

Wells Fargo -- $1000 -- 02/2014

AAoA: 3 years 2 months

Oldest Acct: 7 years 7 months

Myfico EQ: 666

CK: 663

Citi Iden Monitor: EQ 663 -- EX 657 -- TU 680

2 Collections

Old cell phone bill $643 unpaid -- 2008

Medical $1000 unpaid -- 2010

Inqs: About 6-7 on each CRA.

Overall util: 25%

FWIW I did open a chase checking and funded with the minimal direct deposit for the fee waiver ($500/mo) to get the extra 10% bonus with my freedom card. I am currently putting heavy use on my freedom card and will PIF after the statement cuts. Any advice on when I should app for the CSP?!

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My suggestion is to wait until next year.

You just opened 2 credit cards with Chase in the past 3 months, and also added 2 other accounts.

Your scores are also on the lower end.

utilization is also somewhat high.

On the plus side, one of your derogs account will also fall off next year.

[ftomasze]

Thanks for replying so quickly. I figured after the 3rd statement for the Freedom would be pretty good. I read a bunch of posts on here that Chase likes heavy use and the statement to be cut with the heavy use. My plan is to let my first 2 statements cut with a balance and then PIF then PIF prior to the 3rd statement cut. All the while working on my overall util, looking to get below 10% overall.

[ftomasze]

Ugh next year! LOL!

[09Lexie]

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@enharu wrote:

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@ftomasze wrote:

Hey all! Input needed! I want to apply for the CSP in the coming months but want sone input as to when I should apply. Here's what my profile looks like.

Credit Cards (high to low limit):

Total Rewards Visa -- $8200 -- 01/2014

Chase Disney Visa -- $4000 -- 01/2014

Chase Freedom -- $4000 -- 03/2014

Macys Store Card -- $2000 -- 09/2006

Citi Forward -- $1410 -- 10/2006

Cap 1 QS -- $1250 -- 08/2006

Discover IT -- $1000 --  11/2006

Wells Fargo -- $1000 -- 02/2014

AAoA: 3 years 2 months

Oldest Acct: 7 years 7 months

Myfico EQ: 666

CK: 663

Citi Iden Monitor: EQ 663 -- EX 657 -- TU 680

2 Collections

Old cell phone bill $643 unpaid -- 2008

Medical $1000 unpaid -- 2010

Inqs: About 6-7 on each CRA.

Overall util: 25%

FWIW I did open a chase checking and funded with the minimal direct deposit for the fee waiver ($500/mo) to get the extra 10% bonus with my freedom card. I am currently putting heavy use on my freedom card and will PIF after the statement cuts. Any advice on when I should app for the CSP?!

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My suggestion is to wait until next year.

You just opened 2 credit cards with Chase in the past 3 months, and also added 2 other accounts.

Your scores are also on the lower end.

utilization is also somewhat high.

On the plus side, one of your derogs account will also fall off next year.

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Have to agree with enharu.  The thing that sticks out besides the new TLs are the two unpaid CAs. 

[eagle2013]

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@ftomasze wrote:

Thanks for replying so quickly. I figured after the 3rd statement for the Freedom would be pretty good. I read a bunch of posts on here that Chase likes heavy use and the statement to be cut with the heavy use. My plan is to let my first 2 statements cut with a balance and then PIF then PIF prior to the 3rd statement cut. All the while working on my overall util, looking to get below 10% overall.

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Yes I think this is a good plan. By then your "newest" accounts will be aroung 5-6 months old with the exception of the Freedom. I wouldn't worry too much about the collections - they are fairly old and if you were able to get in w/ Chase twice with decent starting limits then they must not have mattered too much. I also suspect that your established history (four 8-year old CC tradelines) helped you out that regard. In the meantime, try to see if you can get some sp clis on Discover and Cap1.

[ftomasze]

I'm going to work on them, those are two hard nuts to crack though! I recently made the change from using my debit card for everything to using my credit card(s) for everything and PIF, for the points / cash back of course. I may wait until after the 6th freedom statement, unless I get some auto love from them In the mean time...

[enharu]

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@ftomasze wrote:

Thanks for replying so quickly. I figured after the 3rd statement for the Freedom would be pretty good. I read a bunch of posts on here that Chase likes heavy use and the statement to be cut with the heavy use. My plan is to let my first 2 statements cut with a balance and then PIF then PIF prior to the 3rd statement cut. All the while working on my overall util, looking to get below 10% overall.

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I understand what you mean. I felt the same way too. I kinda went overboard with my Chase apps and that resulted in my Chase accounts getting closed. It did take quite a number of calls to have my accounts restored, but if I had known what was coming, I probably wouldn't have applied then to avoid all that trouble and time spent to have my accounts reinstated. As such, I am somewhat conservative now after going through that mess.

You could check if you are pre-approved in 3 months. If you are, then go for it. Otherwise, it's probably a better idea to continue waiting. Heavy usage does help, but it's not enough for a lender to overlook lower scores and/or derogs on CRs.

[lg8302ch]

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@ftomasze wrote:

Ugh next year! LOL!

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Yes I know but I also vote for this plan. ....or at least 6 months with your Chase cards