help! preparing for CSP app and auto cli

[ibebarrett]

Hey everybody! Over the last couple years I have finally managed to get my credit in a good place and want to start taking advantage of benefits cards, so I need some help! I currently have 2 goals I'm working toward:

1. Receive an auto-CLI from Chase on my FU

2. Apply for CSP

I recently was upgraded from C1 Platinum to QS with 1950CL(first rewards card ever)! Shortly after(~4/12/19) I was approved for Chase FU for 2800CL, and Costco Citi for 5500CL. I got arrogant and applied for CSP ~4/25/19 for some silly reason and was denied(I know it was stupid, but I travel back home frequently and it seems like the best fit for me). Unfortunately due to car troubles, I had to max out my FU(I have 0% apr right now), but already have it down to 2k, 1st statement hasn't cut yet though and I'll probably make one more payment before it does. My Citi's 1st statement will report about $150 but will be PIF every month. My QS will end up reporting ~500 this month, but will be PIF. My old secured card has a 350CL, reports 0 every month. Opened CareCredit in January to finance $600 of pet surgery(6 month no interest), but paid down to 200 right now with a 2400CL(it will be PIF 1 month early). 12k in student loans. ~60k gross income. AAoA will be about 2y10mo once 2 new accounts report, oldest account is 7y6mo. only 3 new accounts in last 24 months.

According to myfico: EQ 643, TU 681, EX660(fico8); 658EQ, 683TU, 677EX(bankcard 8), oddly enough my bankcard 8 seems to be about 20 points below Chase's internal system, and they seem to always pull both EX and EQ for me

What can I do to increase odds of auto CLI on FU? should I pay off the balance over a few months to take advantage of 0% interest, or PIF on first statement and start aggressively using it and PIF? Its the highest cashback I have at 3%, so I'm leaning towards PIF and aggressive use.

What can I do to increase odds of CSP approval and how long should I wait until reapplying?

[NRB525]

Congrats on the new cards, that is quite a list of new accounts.

With the bonus earning structure on the Freedom Unlimited, for your regular spend that will out-earn the CSP for the near future, for Domestic spending, so I would not worry about applying for CSP until 2020. Since this seems to be your first Chase account, your best action is to use the CFU regularly, pay it to keep under the credit limit, and of course, pay all accounts with at least the minimum payment by the payment due date. Using it heavily will build up a stash of UR points which you can add to later, with the CSP bonus, and then look at travel redemptions off the CSP.

The recent denial for the CSP is an indication you need to wait, to build up your internal score before applying again.

For an auto-increase on the CFU, consult your Magic-8-Ball. There is no rhyme or reason to the timing of these CLI, so best of luck in getting one.

Are there any lates at any point anywhere in your past?

[ibebarrett]

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@NRB525 wrote:

Congrats on the new cards, that is quite a list of new accounts.

With the bonus earning structure on the Freedom Unlimited, for your regular spend that will out-earn the CSP for the near future, for Domestic spending, so I would not worry about applying for CSP until 2020. Since this seems to be your first Chase account, your best action is to use the CFU regularly, pay it to keep under the credit limit, and of course, pay all accounts with at least the minimum payment by the payment due date. Using it heavily will build up a stash of UR points which you can add to later, with the CSP bonus, and then look at travel redemptions off the CSP.

The recent denial for the CSP is an indication you need to wait, to build up your internal score before applying again.

For an auto-increase on the CFU, consult your Magic-8-Ball. There is no rhyme or reason to the timing of these CLI, so best of luck in getting one.

Are there any lates at any point anywhere in your past?

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@NRB525

There are late payments from around 16 months ago now. Long story short a miscommunication with Nelnet led to about 28 late payments total across my 5 total loans. That being said I'm still at 90% on time and rising, and never a single late payment on a revolving credit account. It seems that chase cares less once its past the 2 year mark, so I'm definitely close! I was honestly surprised when i was approved for Costco Citi, I didn't feel the most confident, but I went for it. not sure why I applied for CSP, it was late, I was exhausted and high and I felt the same way I did before the Costco app, so I figured maybe the anxiety was uncalled for, I was wrong.

Also I do have a recently opened Chase Checking/Savings and about to transition by business accounts over from Wells Fargo as well, I've thought about getting one of the business cards, but I'm holding off on that one for a bit. Ultimately I'm working toward a solid Chase relationship for when I get a mortgage in the next 2-3 years, so I'm trying to get some cards open with them that are beneficial for me then just garden until the mortgage.

[ibebarrett]

@NRB525

Update, I randomly decided to approach Synchrony for a CLI, I was at $2400CL, requested $8000(I didn't want to be to greedy), but that actually approved me for $9600! I'm wondering how that would have faired if I waited for the CFU and Citi Costco to be on my report, but now I feel really confident that some patience and time will lead to a CSP!

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[MrPSS]

Congrats on those recent approvals and welcome to the Chase Club!! You’ll get that CSP! It’s a wonderful card. For now, stack those URs - they’re valuable!

[ibebarrett]

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@MrPSS wrote:
Congrats on those recent approvals and welcome to the Chase Club!! You’ll get that CSP! It’s a wonderful card. For now, stack those URs - they’re valuable!

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I was hoping to get the CSP sooner and utilize the points sooner rather than later, we have 2 trips this fall that I was hoping to use points toward, but looks like I'll just be racking up points for next years trips!