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Started Credit Repair 10 mos ago...Chase Sapphire Approval?

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Started Credit Repair 10 mos ago...Chase Sapphire Approval?

Hi all,

 

Sorry this is long but I would really appreciate any help.

 

I'm 23 years old and began my credit repair about 10 months ago and started seeking out repair help (skyblue) and paying down balances more aggressively about 6 months ago. I was in the 700's about 3-4 years ago because my dad listed me as an AU on some of his cards to help build my credit file (I didn't use it). When I got to college, I had very little credit knowledge and began to apply in a time of young, dumb need. Applied for BoA with a $500 CL, Discover with a $500 CL, Chase Slate with a $1000 (CLI to $2000), CreditOne with a $300CL, and Cap1 with a $1000 CL. My credit report shows close to 7 months of missed payments, some up to 120 days late as I was making the min payment whenver I cared to (rarely). I had dropped to the low 500's by the time I was out of college, and Chase, Credit1 & BoA closed my cards. I currently have $30,000ish of student loans and have not missed any payments. My avg credit history is 3 years, I believe my oldest and first card was BoA.

 

Currently showing 5 inquiries that should fall off in the next 6 months - Have not had any hard CC pulls since 12/15, with the exception of applying for an apt a few days ago. In August 2016, I finally got my first steady income ($50,000) and opened the curtains to the mess I made in the past year and a half. I now have about 10 months of on-time payments on my Discover & Cap1 card, have been climbing up to 680's CK and just made one large payment to bring both open cards down to a 10% utilization (hopefully that'll help me jump another 20-30 points). <mod edit> I have been consistently paying the minimum on the three closed cards, finally paid off BoA a few months ago but still have $300 on the Credit1 and $1600 on Chase (they're still charging interest even though it's closed?). I've been focusing primarily on getting my open cards back on track and am excited to hopefully hit 700 soon.

 

I know I still have a long way to go and I have been hesitant to apply for any CC credit boosters (unsecured etc) as I want to save any inquiries for a premium rewards card. Definitely drinking the kool-aid and really want the CSR or CSP as I am planning a big trip soon. How are my chances once I get to the 700's with my poor Chase history? Does anybody have any experience with CSR approvals with a history of closed-by-creditor Chase card? Should I wait until I can pay off my closed Chase card before applying or does that not make a huge difference? Should I start by banking with Chase? I just got a job offer and my salary should be increasing to 60-70K.

 

 

Any help would be greatly appreciated!!!

 

 

Mod note:  It's taboo on myFICO to promote disputing accurate credit bureau information.  

Message 1 of 9
8 REPLIES 8
Established Member

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?


@ficohelp1 wrote:

Hi all,

 

Sorry this is long but I would really appreciate any help.

 

I'm 23 years old and began my credit repair about 10 months ago and started seeking out repair help (skyblue) and paying down balances more aggressively about 6 months ago. I was in the 700's about 3-4 years ago because my dad listed me as an AU on some of his cards to help build my credit file (I didn't use it). When I got to college, I had very little credit knowledge and began to apply in a time of young, dumb need. Applied for BoA with a $500 CL, Discover with a $500 CL, Chase Slate with a $1000 (CLI to $2000), CreditOne with a $300CL, and Cap1 with a $1000 CL. My credit report shows close to 7 months of missed payments, some up to 120 days late as I was making the min payment whenver I cared to (rarely). I had dropped to the low 500's by the time I was out of college, and Chase, Credit1 & BoA closed my cards. I currently have $30,000ish of student loans and have not missed any payments. My avg credit history is 3 years, I believe my oldest and first card was BoA.

 

Currently showing 5 inquiries that should fall off in the next 6 months - Have not had any hard CC pulls since 12/15, with the exception of applying for an apt a few days ago. In August 2016, I finally got my first steady income ($50,000) and opened the curtains to the mess I made in the past year and a half. I now have about 10 months of on-time payments on my Discover & Cap1 card, have been climbing up to 680's CK and just made one large payment to bring both open cards down to a 10% utilization (hopefully that'll help me jump another 20-30 points). Skyblue has helped a ton by disputing some late payments and inquiries but have not disputed any of the 7 missed payments from Cap1 as they said it may cause a bigger mess. I have been consistently paying the minimum on the three closed cards, finally paid off BoA a few months ago but still have $300 on the Credit1 and $1600 on Chase (they're still charging interest even though it's closed?). I've been focusing primarily on getting my open cards back on track and am excited to hopefully hit 700 soon.

 

I know I still have a long way to go and I have been hesitant to apply for any CC credit boosters (unsecured etc) as I want to save any inquiries for a premium rewards card. Definitely drinking the kool-aid and really want the CSR or CSP as I am planning a big trip soon. How are my chances once I get to the 700's with my poor Chase history? Does anybody have any experience with CSR approvals with a history of closed-by-creditor Chase card? Should I wait until I can pay off my closed Chase card before applying or does that not make a huge difference? Should I start by banking with Chase? I just got a job offer and my salary should be increasing to 60-70K.

 

 

Any help would be greatly appreciated!!!

 

 

 

 

 

 

 

 


I'd say your odds are slim to none, especially with an outstanding closed account balance with them. Personally I don't think it would be wise to go on any trips before you pay off all of those baddies...I believe chase does indeed hold long grudges...so

 

AFTER you pay off those baddies I'd say Amex plat/prg, capital one venture, and citi prestige would be your best bets....trying again with chase in the next 5+ years will be useless imo.

Message 2 of 9
Established Contributor

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?

I think op mentioned those scores are CK. Op, what are your FICO scores? I also do think you just might not be ready for that CSP just yet. If you had a clean slate, even if it was thin, you would have had a much better shot. When I got the CSP a couple of years ago, my file was thin but I had no negatives. I dont know Chase like that so each situation is different. You have to remove those negatives and get your FICO scores. CK scores will not do you any good.



|| TU08: 762 || EQ08: 775 || EX08: 772 ||



Message 3 of 9
New Visitor

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?

Thank you for the responses!!

 

I'm at a 615 FICO but imagine it'll jump up a little bit from bringing my utilization from 75% to 10%. I also have been an authorized user on 2 chase accounts for 2 & 4 years, both in good standing and at 0% utilization - I'm not sure if that makes any difference at all!

 

What steps should I take to strengthen my credit file after removing negatives? Can I begin building my relationship with Chase by banking and then trying the Freedom card etc or just cut my losses?

 

Again, thanks for the insight!

 

 

Message 4 of 9
Established Member

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?

Being an AU doesn't really matter tbh because the primary account holder is the person who is mailed the bill and pays it and just because they are good customers doesn't mean you will be one at all. Banking with chase generally has no positive effect either, and occasionally can actually have a negative effect (with BoA it does help to bank with them though). I would just forget about chase for awhile, you could have 800+ scores but since you burned them before I feel like you will be wasting time applying for anything with them. I'd wait until you get a pre approval from them and try then. First off though seriously before you spend an extra $$$ on anything non essential to living. Pay off those baddies.

 

Like I said after baddies are gone try to get an amex travel card paired with the ED, a capital one Venture, or citi prestige. After you garden whichever you choose for awhile then i'd suggest banking and putting some money into a BoA account and trying to get in with them again. After all of that and a few years pass then I would try again with chase if you have a preapproval from them. That's exactly what I'd do in your shoes.

Message 5 of 9
Senior Contributor

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?

Almost a zero chance getting the CSP in the near or distant future. You are going to have a very hard time obtaining any prime reward cards for quite sometime. Get the baddies paid.

Your baddies are too recent.

Message 6 of 9
Senior Contributor

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?

They should be charging you interest on your balance on the closed Chase account.

Why would you think they wouldn't?

They should charge you late fees as well.
Message 7 of 9
Moderator

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?

Welcome to myFICO!  welcome.gif

 

Hi @ficohelp1, your second thread was in the spam quarantine; I've restored/merged it with your duplicate and moved it to the 'Rebuilding Your Credit' forum for additional exposure and feedback.

 

--UncleB

myFICO Moderator

Message 8 of 9
Established Member

Re: Started Credit Repair 10 mos ago...Chase Sapphire Approval?

I agree - get those baddies cleared up! Chase also likes to see a history of managing limits over 5K well, as I believe that's the minimum credit limit for the CSP. If your limits are under that, try starting with an Amex as even if they give you a low starting limit you can take advantage of the 3x CLI. It will take some time. Also, realise that the AF for the CR is $450, so it's worth having a year or two to look at your spending habits to decide if it's worth it for you.
Message 9 of 9
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