Just Received CSP: How Long to Wait for Freedom?

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malletor
 
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Just Received CSP: How Long to Wait for Freedom?

Postby malletor » Thu Jul 17, 2014 9:45 pm

A week ago I received my Chase Sapphire Preferred card. I'm only 22 years old so its only my second card but I've had the other card (basic wells fargo credit card) for 4 years now and have a ~760 credit score. I was instantly approved for a $24,000 credit access limit with the CSP which shocked me to be honest as my current credit limit is only $3,000.

I would like to open up a chase freedom card to utilize the 5% reward categories but I don't know how long I should wait to apply for it since I just received my CSP. I want to maintain as high of a credit score as possible since I will be buying a house in the next year or so how long do y'all think I should wait to apply for the freedom card? Now? 3 months? 6 months? A year?

Thanks for all the help!!


MemberSince99
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Postby MemberSince99 » Fri Jul 18, 2014 3:44 pm

Personally I'd wait at least 6 months, if not a year. Reason being with a huge limit like that (congrats by the way) you may have maxxed out what they are willing to loan you right now.


If you really want Freedom you can app and if denied or get a tiny limit can call recon and ask to transfer some limit from the CSP. If you really don't need it I'd wait. But I would not be shocked if you could get the Freedom if you move some limit at least.

wiivile
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Postby wiivile » Fri Jul 18, 2014 4:36 pm

$24,000 at the age of 22? And people call Chase a conservative lender?? What is your income?

BY THE WAY, the CSP is only worth it if you will be transferring lots of points to airline partners and traveling often. Are you going to be doing that...?
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL

MemberSince99
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Postby MemberSince99 » Fri Jul 18, 2014 4:52 pm

That's the thing you just never know which lenders are going to open the doors wide for you and welcome your business, and which won't, until you give them a shot. Which is why I'm in favor of testing the waters with as many of them as possible. Find the ones you like and who like you and they mesh with your style and use, and go with those lenders. The rest didn't want or just didn't much care about your business so no loss. It truly is always YMMV.

malletor
 
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Postby malletor » Sat Jul 19, 2014 3:21 am

Honestly I was shocked with my credit limit. My income is around 120k which is high for my age but I was just hoping I got accepted for the card. I tried calling Chase and seeing if they could just transfer some of my limit over to a freedom card without doing another hard pull but they checked into it and said it wasn't possible. It doesnt make sense to me though because it seems like they aren't taking on any additional risk since my overall credit limit with them is staying the same.

MemberSince99
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Postby MemberSince99 » Sat Jul 19, 2014 12:38 pm

I don't know of any lender that will give you another card without a pull. I mean there might be a couple of oddball exceptions, but in general if you want a card it will cost you a hard pull (or more). It's just how they do it. I do see your argument and I don't know what their rationale for it is, only that this is how they do it.

takeshi
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Postby takeshi » Sat Jul 19, 2014 8:42 pm

malletor wrote:I want to maintain as high of a credit score as possible since I will be buying a house in the next year or so how long do y'all think I should wait to apply for the freedom card? Now? 3 months? 6 months? A year?

If you're buying a house within a year (i.e. could be less than a year) then after the mortgage is finalized.

wiivile wrote:And people call Chase a conservative lender??

People say all sorts of stuff so you always have to consider the source. Many seem to assume that their credit is better than it actually is and think a creditor is "conservative" because they were not issued a high credit limit.

Plus, it's all relative. Chase is more conservative than some.



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