Thoughts on CSP?

[Anonymous]

Today I had a massive win, and I got a 77 point boost on my EXP to 725.  I think this is finally high enough for me to seriously consider applying for a CSP.  I have 3 new cards opened in the past 2 years, a utli of 9%, AoA of 2.4 years, and only 1 late (in Nov 2013).  Credit card lines are $1,550 C1 QS1, $5,000 Venture, $3,000 DC, and $8,000 Macy's (Though it's only reporting as $1k on my report atm).

1) If I apply, is my score high enough for me to have a reasonable chance of approval? (I can't check pre-qual because I'm opt-ed out)

2) Is there any chance that Chase will obtain an old report if I do apply? (My score today on CCT was 725 FICO, but was showing as 648 yesterday)

3) If I only spend $1,500 a month ($800-900 of that on dining) is it worth the annual fee after year 1?

4) As a side note, does anyone have any idea why my EQ is reporting so much lower?  Everything on the report is the same except the number of INQ's (EX has 4, EQ has 4, and TU has 2). 

I do want to travel a lot in the near future, and there are a lot of other cards that I'm also considering atm.  However since this is prob. going to be the last time I won't get auto-declined for the CSP/Freedom combo due to the 5 accounts rule, I'm seriously considering an application.  Thanks for all your help!

[Anonymous]

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@Anonymous wrote:

Today I had a massive win, and I got a 77 point boost on my EXP to 725.  I think this is finally high enough for me to seriously consider applying for a CSP.  I have 3 new cards opened in the past 2 years, a utli of 9%, AoA of 2.4 years, and only 1 late (in Nov 2013).  Credit card lines are $1,550 C1 QS1, $5,000 Venture, $3,000 DC, and $8,000 Macy's (Though it's only reporting as $1k on my report atm).

1) If I apply, is my score high enough for me to have a reasonable chance of approval? (I can't check pre-qual because I'm opt-ed out)

2) Is there any chance that Chase will obtain an old report if I do apply? (My score total on CCT was 725 FICO, but was showing as 648 yesterday)

3) If I only spend $1,500 a month ($800-900 of that on dining) is it worth the annual fee after year 1?

I do want to travel a lot in the near future, and there are a lot of other cards that I'm also considering atm.  However since this is prob. going to be the last time I won't get auto-declined for the CSP/Freedom combo due to the 5 accounts rule, I'm seriously considering an application.  Thanks for all your help!

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I let others answer 1 and 2, but on 3, I'm inclined to say "No"!    If you spend $1000 on dining per month, you will get 24K UR per year.   Then, as always, it depends on what redemptions you can get, but at that low level it will take some time to build up to the most profitable rewards.   You might be beter off with a free 2% card (or the Chase AARP for dining)

ETA:  Not saying it's not worth doing for the first year, providing you can meet the spend, it is!

[OmarGB9]

Scores seem high enough and UTIL is good. As far as spend, $800-$900 a month on dining will only net you $192-$216 back in URs. Subtract the $95 AF from that, and you're looking at about $97-$121 in rewards per year. Not very much IMO. But your call. And whatever your current report shows, that's what Chase will pull and see.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Today I had a massive win, and I got a 77 point boost on my EXP to 725.  I think this is finally high enough for me to seriously consider applying for a CSP.  I have 3 new cards opened in the past 2 years, a utli of 9%, AoA of 2.4 years, and only 1 late (in Nov 2013).  Credit card lines are $1,550 C1 QS1, $5,000 Venture, $3,000 DC, and $8,000 Macy's (Though it's only reporting as $1k on my report atm).

1) If I apply, is my score high enough for me to have a reasonable chance of approval? (I can't check pre-qual because I'm opt-ed out)

2) Is there any chance that Chase will obtain an old report if I do apply? (My score total on CCT was 725 FICO, but was showing as 648 yesterday)

3) If I only spend $1,500 a month ($800-900 of that on dining) is it worth the annual fee after year 1?

I do want to travel a lot in the near future, and there are a lot of other cards that I'm also considering atm.  However since this is prob. going to be the last time I won't get auto-declined for the CSP/Freedom combo due to the 5 accounts rule, I'm seriously considering an application.  Thanks for all your help!

---

I let others answer 1 and 2, but on 3, I'm inclined to say "No"!    If you spend $1000 on dining per month, you will get 24K UR per year.   Then, as always, it depends on what redemptions you can get, but at that low level it will take some time to build up to the most profitable rewards.   You might be beter off with a free 2% card (or the Chase AARP for dining)

ETA:  Not saying it's not worth doing for the first year, providing you can meet the spend, it is!

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Yeah, part of me was kind of worried about that.  I can def meet the spend because I have a few large purchases to pay for in the near future (I have the cash in my account to PIF). 

[Anonymous]

How do you plan to use the UR? I found out my mistake on this card when I learned how limited reward flights were in my area based on their transfer partners

[Anonymous]

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@Anonymous wrote:
How do you plan to use the UR? I found out my mistake on this card when I learned how limited reward flights were in my area based on their transfer partners

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Mostly for the Hyatt properties.  I'm based in Las Vegas, and I have flight benefits through Southwest Airlines so I'm pretty set domestically.  I was also thinking about the Citi TY Pref. for the Hilton benefits.

[kdm31091]

With that spend level it doesnt sound like CSP makes sense for you long term

[Anonymous]

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@kdm31091 wrote:
With that spend level it doesnt sound like CSP makes sense for you long term

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Around what level of spend would it be worth it in the long term?  I'm currently in my first job (just graduated college last year and wasn't employed during), and I'm hoping my earning potential will pick up fairly rapidly (Currently trying to get some work experience).

[Anonymous]

Unless you already were planning on renting a car for about a week when you travel. The benefit of the rental insurance could eat up the fee

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
How do you plan to use the UR? I found out my mistake on this card when I learned how limited reward flights were in my area based on their transfer partners

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Mostly for the Hyatt properties.  I'm based in Las Vegas, and I have flight benefits through Southwest Airlines so I'm pretty set domestically.  I was also thinking about the Citi TY Pref. for the Hilton benefits.

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Get the Hyatt card! Points are worth a lot and card looks nice.