CSP and Gardening with the 5/24 Rule

[JuliusC]

Hi all, 

I've recently been studying up on the forums and received great advice while applying for cards. October was a very successful month for me as I got approved for Discover It for $5500, Chase FU for $4000, WF Cash Wise for $1500 and an Amex Delta Gold Skymiles for $1600. I am at the 5/24 rule since I did apply for the BCE this year in April and my bank credit card reaches it's two year term in August of 2018. My Amex is $2500 and my local bank is $2000. I know Chase is strict with its 5/24 rule and I need to garden a bit more to let them age as my AAoA is approx 1.5 years. What would be a good time to chase the CSP? 

[Anonymous]

How do your FICO scores look currently?

Once your AAoA is > 2 years and you are < 5/24, you're probably all set to app for the CSP.

Although I know you didn't mean it this way, referring to obtaining multiple new revolvers as "profitable" probably isn't the best delivery.  I know you just meant that you had some good success with obtaining new cards with decent limits, but it's important not to confuse anyone into thinking that a spree equates to profits.

[JuliusC]

I can see how profitable can be misinterpreted. I definitely didn't mean it that way. I've adjusted the wording on it. EQ is 704, TU is 697 and EX is 723. I have zero baddies on my account and my utilization is less then 12%. 

[marty56]

Unless you need to, I would garden for at least a year to get your AAoA up and those INQs to stop counting.  2 years would be better.  The only thing holding your scores back now is time.  Evey time you app you are just extending your timeline out into the future, a moving target if you will. 

[Anonymous]

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@JuliusC wrote:

I can see how profitable can be misinterpreted. I definitely didn't mean it that way. I've adjusted the wording on it. EQ is 704, TU is 697 and EX is 723. I have zero baddies on my account and my utilization is less then 12%. 

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If your aggregate utilization is > 8.9%, which it sounds like it is by a little bit, you're probably leaving 20-30 points on the table with respect to the utilization sector of the FICO pie.  Add 20-30 points to each of those scores you listed and you can see how much more appealing they are... both to you and to a potential lender like Chase.  I otherwise agree with Marty that time is the only factor that will improve your score.  Definitely get your utilization down into the top scoring tier though! 

I'd say app in 6 months.  This way your AAoA will be > 2 years, your AoYA will be > 6 months and your inquiries will be > 6 months.  Those factors combined will probably yield you another 10-20 points.  Combine that with taking your utilization down to a single-digit value and you're sitting on scores that are all in the 730-770 range 6 months from now.

[Anonymous]

Since you're in with Chase due to the one credit card, you have two options for getting around 5/24: online "Your Offers" section, or go into any branch once a month and ask for personal preapprovals with any personal banker.

Either of these may/should get you the CSP without worry about 5/24.

[JuliusC]

Awesome, thanks for the advice. I will definitely give it a good year. I definitely will be bringing my utilization down to single digits. I will go for the SP CLI whenever I get a chance and hope for some love.

[EAJuggalo]

Just watch the My Offers section of the Chase website.  I got a CSP in May of this year being at 11/24 with Utilization over 50% and scores at around 650.

[Anonymous]

Correct that the 5/24 "rule" isn't the be all end all.  There have been people on this forum that were > 30/24 that have been approved for Chase products.  Pre-quals are always a great thing. 

[Anonymous]

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@Anonymous wrote:

Correct that the 5/24 "rule" isn't the be all end all.  There have been people on this forum that were > 30/24 that have been approved for Chase products.  Pre-quals are always a great thing. 

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I'm one of those 30/24, probably a little more than that.

I waited for the green check mark in my Chase offers. CSP showed up(3 months ago)+, Presto! Instant approval for $18900!