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Strategy for getting to CSR from no history

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Strategy for getting to CSR from no history

Hi everyone,

 

I am new to the US. I am here on a J1 visa for two years, and I am not a citizen. I had no US credit history prior to arriving, and just got started with a BofA secured CC at a $500 CL, opened up late Nov 2018. So I guess that is the start of my credit history. I also have gotten my SSN, and I have connected that to the BofA account.

 

I read up on CC do's and dont's before I signed up for the card, and have been following advise and strategies from YouTube and forums from the day I got the card, in order to maximise my potential credit score, for when I can get that. I haven't drawn above 30% utilisation at any point, I pay off any balances above 10% utilisation immediately, and have, and aim to have, between 2-6% CL utilisation on my monthly statements. And, of course, I pay my statement balance off, in full. I dont't have neither Vanguard nor FICO score yet.

 

My goal is getting two cards: first the CF, and afterwards the CSR, if that is possible for me within my two years in the US. I have no debt and no loans. I have an annual gross income of $60.000. And I am aware of the 5/24.

 

My question is: when (if possible), could I reasonably apply for the CF, and for the CSR, and which actions (getting other cards, credit card behavior and so) should I take to get to the Chase cards fast. Note: I am not in need of credit, but I am interested in the travel perks of the CSR and a card with a CL of at least $5000 (for buying flights).

 

Thank you, I appreciate any comments, and I apologise if my situation has already been addressed in another post.

16 REPLIES 16
Super Contributor

Re: Strategy for getting to CSR from no history

You refer to a "Vanguard" score in your post.  You probably mean Vantage.  Vanguard is a place to invest your money -- they have nothing to do with credit scores.

 

I believe that the received wisdom here is that a person with a young credit file should wait until he has an account that is at least 13 months old before he applies for any Chase card.

 

In the meantime you could implement the Share Secured Loan Technque now (feel free to read up on that).  That would get you a roughly 30 point boost to your FICO score.

 

One possible timeline:

 

Jan 2019.  Implement SSL Technique.

 

Nov 2019.  Apply for Chase Freedom.

 

Dec 2020.  Apply for CSR.

 

There's an argument for adding a card in May 2019, which would give you three tradelines with positive history prior to the Freedom app (and four tradelines prior to the CSR app).  The downside is that it would involve an inquiry and would also lower your AAoA, but my (tentative) feeling is that it would serve you better than not doing it.  I don't have a strong opinion, however.

Message 2 of 17
Established Contributor

Re: Strategy for getting to CSR from no history

I do want to emphasize that waiting till your 13th month to apply for a Chase card will be helpful. Potentially helpful, but not definitively proven, suggestions include opening a checking/savings account with them (and depositing a meaningful sum of money) and a family member/relative with a good credit history add you as an AU. 

 

Also remember that the SL for the CSR is 10K, and most have agreed that Chase likes to see you have a CL of at least $10K on another card before approving you for the CSR. 



[2/2019]
Message 3 of 17
Super Contributor

Re: Strategy for getting to CSR from no history


@blaudorp wrote:

Hi everyone,

 

I am new to the US. I am here on a J1 visa for two years, and I am not a citizen. I had no US credit history prior to arriving, and just got started with a BofA secured CC at a $500 CL, opened up late Nov 2018. So I guess that is the start of my credit history. I also have gotten my SSN, and I have connected that to the BofA account.

 

I read up on CC do's and dont's before I signed up for the card, and have been following advise and strategies from YouTube and forums from the day I got the card, in order to maximise my potential credit score, for when I can get that. I haven't drawn above 30% utilisation at any point, I pay off any balances above 10% utilisation immediately, and have, and aim to have, between 2-6% CL utilisation on my monthly statements. And, of course, I pay my statement balance off, in full. I dont't have neither Vanguard nor FICO score yet.

 

My goal is getting two cards: first the CF, and afterwards the CSR, if that is possible for me within my two years in the US. I have no debt and no loans. I have an annual gross income of $60.000. And I am aware of the 5/24.

 

My question is: when (if possible), could I reasonably apply for the CF, and for the CSR, and which actions (getting other cards, credit card behavior and so) should I take to get to the Chase cards fast. Note: I am not in need of credit, but I am interested in the travel perks of the CSR and a card with a CL of at least $5000 (for buying flights).

 

Thank you, I appreciate any comments, and I apologise if my situation has already been addressed in another post.


You need to be realistic. Getting Chase cards "fast" is not being realistic. I would honestly say it will be over a year before Chase would even start to seriously consider you for a CSR. It is not a card for somebody with a thin file. You may not even be able to get the freedom card at this point. If you were doing all your banking with them maybe you could get the freedom. Right now all you have is a secured card. I would recommend looking around to see what lenders would consider giving out a revolver to a person with a very thin file. Ideally a lender who will do credit line increases without a HP. Since you are focused on Chase then as you already mentioned you need to stay under 5/24, so pick your card apps very very carefully.  In terms of Chase in particular I think you could go for the freedom card after six months of positive credit history. Then you could start looking at the CSR after a full year of positive credit history showing up.

 

For me I started out with no open credit cards and a bunch of lates showing on my credit report. My credit report was a mess. I had one closed out credit card showing that I had paid off. I applied for a CSP early on and was denied. My first credit card on my road back was a Cap One Venture card. They approved me for 5k. Then I got approved for a fredom card with a credit line of 3k (I think the only reason is because the one closed out credit card that was showing from years earlier was a chase card). After six months of history working with these cards I was able to get an Amex PRG charge card and a cash back amex card (this was all before 5/24). I did credit line increases on my new amex card and venture card. Then after a year I was easily approved for the CSP and Ink cards etc and can get 30k approvals, It just takes time and work. The important thing is to plan out your first steps carefully so you don't get set back later in your credit building. Too many people try to do too much too quickly and screw themselves over in the process. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 4 of 17
Mega Contributor

Re: Strategy for getting to CSR from no history


@CreditGuyInDixie wrote:

 

 

Dec 2020.  Apply for CSR.

 


The OP expects to be out of the US by then, so that's probably too late to apply.    The OP will have to calculate if a partial year (say getting it in Jan 2020) will give enough benefits to offset the AF.   (Although the card might be useful in the home country as there is no FTF and "foreign" dining is covered.)

Message 5 of 17
Established Contributor

Re: Strategy for getting to CSR from no history


@longtimelurker wrote:

@CreditGuyInDixie wrote:

 

 

Dec 2020.  Apply for CSR.

 


The OP expects to be out of the US by then, so that's probably too late to apply.    The OP will have to calculate if a partial year (say getting it in Jan 2020) will give enough benefits to offset the AF.   (Although the card might be useful in the home country as there is no FTF and "foreign" dining is covered.)


What would stop the OP from applying for the CSR from outside the country?



[2/2019]
Message 6 of 17
Established Member

Re: Strategy for getting to CSR from no history

Why not CSP first then product change to CSR?

You can waive annual fee for first year and get the same SUB.

CSP is much easier than CSR.

Message 7 of 17
New Contributor

Re: Strategy for getting to CSR from no history

As someone who has been in a similar situation, I can tell you, frankly, it could be a long time before you might get approved for the CSR. 

First, you should wait a few months to get a FICO score before you can apply for any unsecured card. At that point, your best options are Discover, AMEX or a bank that you've had a relationship with over the last two years. 

Chase has a prequalification website. You can try that in about 6 months or so. You might want to try applying in about a year if you don't mind the HP. I wouldn't do it any earlier, there's just no point.

In the end, if you don't get it, just move on. There are more important things in life than a great credit card. LOL

Good luck!

AMEX Gold: NPSL | TD Cash: 10K | RBC Rewards: 25K | Citi Premier: 9.3K | Discover It: 3.4K | BCE: 0.5K | BHG World MC: 11K
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EX: 730 | EQ: 738 | TU: 741

Message 8 of 17
Frequent Contributor

Re: Strategy for getting to CSR from no history

My history: moved to US in February 2013. Approved for Chase Freedom in January 2014. Before getting the Chase card I had three other card (HSBC Premier, Discover it and Amex BCE), but no other credit lines.

Message 9 of 17
Mega Contributor

Re: Strategy for getting to CSR from no history


@jdbkiang wrote:

@longtimelurker wrote:

@CreditGuyInDixie wrote:

 

 

Dec 2020.  Apply for CSR.

 


The OP expects to be out of the US by then, so that's probably too late to apply.    The OP will have to calculate if a partial year (say getting it in Jan 2020) will give enough benefits to offset the AF.   (Although the card might be useful in the home country as there is no FTF and "foreign" dining is covered.)


What would stop the OP from applying for the CSR from outside the country?


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Message 10 of 17
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