Should I app or wait it out a bit longer?

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Snowman
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Should I app or wait it out a bit longer?

Postby Snowman » Sat Sep 05, 2015 2:14 pm

Hi All! It's been a while since I've been on the forum and even apped for a card. I'm thinking about apping again and looking for some Advice.



Cards I want to app for: CSP, Citi AA Plat, Citi DC, C1 Venture One, And the Fidelity Visa/ Amex. Not in any order, Just gonna app for 2 ATM.



Scores: EQ: 721 EX: 716 TU: 716

AAOA: 2 years

Income: 20,000 (I live at home, so no mortgage, Still a student too).

Inquiries: None since January of last year.

However I do owe 2,700 on my SW card and 2,100 on my Forward card. All my other cards are paid off/ Constantly getting paid off. I should have all my debt gone within the next 3 months. So my question is, can I app for any of the cards, or should I 0 out my cards before even thinking about apping again?



Thank you!
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.


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CarefulBuilder14
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Re: Should I app or wait it out a bit longer?

Postby CarefulBuilder14 » Sat Sep 05, 2015 5:12 pm

Be aware that Chase has recently put a policy in place of declining people with a lot of new accounts for certain cards, including CSP.

To my limited understanding of this policy, if you've opened 5 new credit accounts of any kind (CCs, car loans, etc.) in the last 2 years, they will decline you for Freedom, CSP, and Slate.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

Vermonster
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Re: Should I app or wait it out a bit longer?

Postby Vermonster » Sat Sep 05, 2015 7:50 pm

I think CSP is going to have to wait. I apped with $35k income and a 714 Ex plus 2 years of perfect history with Chase and I was initially declined after a phone call (I learned that day that i could count my wife's income.) Their statement was too high debt to income ratio. If you really want to app for it I would do it last so the HP doesn't potentially cause issues with other apps. You should also app for Cap One last as they will be easiest, and they pull all 3.

You MIGHT be able to go for both Citi cards with one HP, but I'm not sure on that. DC is known to give low ICL, just so you know. I apped for a DC with about 50% Util and a 714 EX, but much higher income and was given a $2.7k limit.

I would app for DC first, than ask about AA with the same HP, then Cap One, then CSP if you are feeling lucky.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Whatamuji
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Re: Should I app or wait it out a bit longer?

Postby Whatamuji » Sat Sep 05, 2015 8:12 pm

CarefulBuilder14 wrote:Be aware that Chase has recently put a policy in place of declining people with a lot of new accounts for certain cards, including CSP.

To my limited understanding of this policy, if you've opened 5 new credit accounts of any kind (CCs, car loans, etc.) in the last 2 years, they will decline you for Freedom, CSP, and Slate.


Hmm...that's odd because when I opened my Freedom card I already had 6 credit accounts opened within the last 2 years.
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, Chase Freedom Unlimited: 3.2k, AMEX HHonors 5k

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CarefulBuilder14
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Re: Should I app or wait it out a bit longer?

Postby CarefulBuilder14 » Sat Sep 05, 2015 9:39 pm

Whatamuji wrote:Hmm...that's odd because when I opened my Freedom card I already had 6 credit accounts opened within the last 2 years.

Maybe Chase didn't see the new accounts. The other issuers might not have started reporting them at the time of the Freedom HP.

Or Chase might have made an exception for some reason. Maybe their computers were only interested in higher-CL cards as part of the policy - which tend to be the premium cards ones that bonus-hunters go for.

It's all based on anecdotes - certainly not clear, detailed information from Chase.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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Snowman
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Re: Should I app or wait it out a bit longer?

Postby Snowman » Sun Sep 06, 2015 11:08 am

Careful- Have they really put that policy? I wonder why. I haven't opened anything since December 2013 though I last apped for a Marriott CC in January of last year, but they declined me for it.
Vermonster- I can wait for it (CSP), it's really not a card I need right now. My reports are clean, minus the high bit of utilization. I have 4 pretty old inquiries on EX and none on the other two (everyone pulls EX out here). I mean I'll take the low CL and work my way up. Citi has generally been good to me. I don't mind the pulls, I just don't want to waste them, and get a card instead of it, if that makes any sense. That and I don't want any AA out of it. I'm only looking to open 2-3 anyways. I just want my chances as close to 100% as I can get lol..
Whatmuji- I think you got lucky!
Last edited by Snowman on Sun Sep 06, 2015 1:35 pm, edited 1 time in total.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

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CarefulBuilder14
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Re: Should I app or wait it out a bit longer?

Postby CarefulBuilder14 » Sun Sep 06, 2015 11:47 am

Snowman wrote:Careful- Have they really put that policy? I wonder why. I haven't opened anything since December 2013 though I last apped for a Marriott CC in January of last year, but they declined me for it.

Why? Presumably to fend off some bonus hunters who don't intend to keep the card. I wasn't sure what your installment loan situation was, or when you might want to add more cards after this "mini spree", and just wanted to let you know that it was something you should do further research on it connection with possibly getting CSP.

And Venture One? Unless you use Uber a lot, it seems of limited value.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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Snowman
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Re: Should I app or wait it out a bit longer?

Postby Snowman » Sun Sep 06, 2015 1:34 pm

After this "mini-spree" I probably won't app till like summer of next year, cuz I'll have my cards paid off by then and If I get approved for any of the cards I mentioned It''l give them a chance to age a bit. As for installment loans, I don't plan on getting a car for another 3 years or so, or a house for a while lol. So I don't have any of those types of loans.

I want the venture, but the minimum line that they give is 5k on that, so I want to upgrade to it later, hence the reason for the Ventureone. I do happen to use Uber, just not that often lol.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

Vermonster
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Re: Should I app or wait it out a bit longer?

Postby Vermonster » Sun Sep 06, 2015 4:41 pm

Snowman wrote:Vermonster- I can wait for it (CSP), it's really not a card I need right now. My reports are clean, minus the high bit of utilization. I have 4 pretty old inquiries on EX and none on the other two (everyone pulls EX out here). I mean I'll take the low CL and work my way up. Citi has generally been good to me.


The lowest limit you can have on a CSP is $5k. Generally Chase wants to see another account with a $5k limit, but they can look past that if you have a good history with them. It looks like you have a decent limit Freedom like I had so I think the only issue you would have with the CSP is the income. But again it might be worth taking a chance after you get what you want. :P
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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Snowman
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Re: Should I app or wait it out a bit longer?

Postby Snowman » Sun Sep 06, 2015 4:53 pm

I took the plunge and apped for the regular venture, and they granted me a 10k line! Cap one is definitely my new go to card lol. My Jaw dropped seeing this, called in and the lady wasn't kidding when she congratulated me. Easily crushed the limits on my other cards. Also apped for the AAdvantage Plat, got a 4k limit. She wanted me to move my limit around on my Forward card, but I'll pay it off and the move it to make it 5k. I think I'm done apping for a little while now lol.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.



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