CSP Approval Chances

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jmon117
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CSP Approval Chances

Postby jmon117 » Sun Feb 07, 2016 9:02 pm

I'm pretty new to the credit card game, and I applied this morning. Sadly I didn't get an instant approval, but they said they would consider it, so what are my odds?

FICO Scores
705 Experian
720 Transunion
725 Equifax

Oldest Account: 11 months

Credit I already have...

Amex Blue Cash Preferred: 8k (don't know how that happened, I haven't even asked for the 3x CLI!)
Chase Freedom: 2.2k
Citi: 2k
Capital One 1.3k

2 student loan accounts totaling about 12k, but I pay well over the minimum monthly

What do you guys think?


kdm31091
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Re: CSP Approval Chances

Postby kdm31091 » Sun Feb 07, 2016 9:53 pm

jmon117 wrote:I'm pretty new to the credit card game, and I applied this morning. Sadly I didn't get an instant approval, but they said they would consider it, so what are my odds?

FICO Scores
705 Experian
720 Transunion
725 Equifax

Oldest Account: 11 months

Credit I already have...

Amex Blue Cash Preferred: 8k (don't know how that happened, I haven't even asked for the 3x CLI!)
Chase Freedom: 2.2k
Citi: 2k
Capital One 1.3k

2 student loan accounts totaling about 12k, but I pay well over the minimum monthly

What do you guys think?


You have 4 accounts all of which are under a year old, and only one of them is at or above the CSP's minimum limit of 5k. You are also right on the cusp of running into Chase's "no more than 5 new accounts in 24 months" policy, and if those student loans are new enough, you may be toast on that factor alone.

Assuming the 5 in 24 won't apply, I'd say your chances are fair but not great. I'm not an underwriter but you have a young history and some lower limit cards at the moment, so a 5k+ premium card may be a stretch. You probably would have had a better chance for a Freedom to give some history with Chase and then go for CSP later. Alas, I hope I'm wrong!

Tubpbs
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Re: CSP Approval Chances

Postby Tubpbs » Sun Feb 07, 2016 9:55 pm

kdm31091 wrote:
jmon117 wrote:I'm pretty new to the credit card game, and I applied this morning. Sadly I didn't get an instant approval, but they said they would consider it, so what are my odds?

FICO Scores
705 Experian
720 Transunion
725 Equifax

Oldest Account: 11 months

Credit I already have...

Amex Blue Cash Preferred: 8k (don't know how that happened, I haven't even asked for the 3x CLI!)
Chase Freedom: 2.2k
Citi: 2k
Capital One 1.3k

2 student loan accounts totaling about 12k, but I pay well over the minimum monthly

What do you guys think?


You have 4 accounts all of which are under a year old, and only one of them is at or above the CSP's minimum limit of 5k. You are also right on the cusp of running into Chase's "no more than 5 new accounts in 24 months" policy, and if those student loans are new enough, you may be toast on that factor alone.

Assuming the 5 in 24 won't apply, I'd say your chances are fair but not great. I'm not an underwriter but you have a young history and some lower limit cards at the moment, so a 5k+ premium card may be a stretch. You probably would have had a better chance for a Freedom to give some history with Chase and then go for CSP later. Alas, I hope I'm wrong!


The post says the OP has a Freedom with 2.2K
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

kdm31091
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Location: Claymont, DE

Re: CSP Approval Chances

Postby kdm31091 » Sun Feb 07, 2016 9:59 pm

Oh, I missed that. Ok.

In any case, I don't see a huge chance for approval here, but again, I'm no underwriter :). Hopefully I'm wrong, and maybe the history with Freedom will help, but 11 months history is very short in the CC world

ingramjuan
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Re: CSP Approval Chances

Postby ingramjuan » Sun Feb 07, 2016 11:39 pm

[quote="jOldest Account: 11
Amex Blue Cash Preferred: 8k (don't know how that happened, I haven't even asked for the 3x CLI!)
Chase Freedom: 2.2k
Citi: 2k
Capital One 1.3k
[/quote]


4 cards in 11 months is impressive.. I would say chances are 50/50, but on the lower side. Hope you post the results.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

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CarefulBuilder14
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Re: CSP Approval Chances

Postby CarefulBuilder14 » Mon Feb 08, 2016 12:36 am

Is the Amex is reporting already?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

jmon117
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Re: CSP Approval Chances

Postby jmon117 » Mon Feb 08, 2016 6:55 am

The Amex is reporting already. I figured my chances weren't that great, but I'm not too concerned with new inquiries at the moment and that sign on bonus is exciting. The student loans are 6 and 7 months I believe, but in that time they've been paid from 10k to 5k, then another disbursement for the new semester brought them to 15k, I have them paid to 12k already.

takeshi
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Re: CSP Approval Chances

Postby takeshi » Mon Feb 08, 2016 9:46 am

We can't tell you your odds. As stated above, we're not Chase underwriters. That said, that many new accounts in 11 months does seem like a lot of activity. You'll find out for certain shortly.

Kevin86475391
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Re: CSP Approval Chances

Postby Kevin86475391 » Mon Feb 08, 2016 1:50 pm

Welcome to the forum!

It sounds like you're doing great with your overall credit journey so far. However, to be completely honest I don't think the chances of approval right now for the CSP are that great. LOL, I'm not secretly a Chase underwriter or anything either, but I'd be more surprised if you got it than if you didn't.

BUT, if you do get a decline, it's definitely worth a shot to call the recon line and plead your case with a live analyst. If that doesn't work out, my advice would be to just sit tight for about a year, let your accounts and history age up and the inquiries become less relevant, and then try again if you still want the card.

Good luck either way!

Vermonster
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Re: CSP Approval Chances

Postby Vermonster » Mon Feb 08, 2016 3:26 pm

From my experience, if you are on the edge (which I think you are), it will all come down to your DTI. Take your monthly expenses and divide by monthly income. Expenses will include what you put for rent/mortgage on the app, and any minimum payments on your credit report (generally loans and other credit cards). Anything above 0.5 DTI will make it harder to be approved, though not impossible.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k



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