Recent card activity - got approved for CSP today

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MemberSince99
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Recent card activity - got approved for CSP today

Postby MemberSince99 » Thu May 16, 2013 1:39 pm

Just wanted to update the folks here who may find it interesting on getting the CSP. I never thought I could get that card, given that I burned Chase (badly) 11 years ago.
First, I closed my Target card. I called and of course they asked why, and I said I'm getting rid of all cards with an under a 5k limit that's all. And she proceeded to tell me I may be able to get 5k and I said you're taffing me, you don't give out many with a 1k limit like I have let alone 5k. She insisted they do, which I didn't really believe. I closed it really just on the basis I truly don't want anything under 5k at this point (you can disagree with me, and that's fine you do it your way and I'll do it mine and everyone is happy).

So I got a pre-approval in the mail from FNBO for their Amex card. I've dealt with them in the past, all American CS, reputation for being conservative but SP CLIs are possible every 4 months. That and the reasonable rewards if not outstanding made me see it as a long term card. I went online and filled out the app, and as you may know about them they manually review every application but by noon the next day it was approved for my highest limit - 100 over my current high card at the time. To me that says we want your business, and I was happy to oblige as I've swiped it a lot since I got it.
At that point I had 5 cards, and I was thinking I'd ideally like 6 of them. Just enough to fill needs but not enough to be overwhelming, plus letting them age would be a really good idea. So I was thinking hummm who should I go with. I had closed my Discover card due to the 4500 limit that never grew despite running plenty through it, but I thought maybe with my new 13.6 limit card they will loosen up the strings enough to get me over 5k, if really lucky maybe a little more, and they have good rewards and CS. So I checked pre-approvals with them, none but app'd and got the 5-7 message. I've gotten that before from them that's not necessarily a decline so I called them up and spoke with their underwriting. She came back with I'm pleased to welcome you to the Discover family, with a 3000 limit. I was like well that's great about the approval but I really was hoping for a bit more than that. She pointed out the cards I had with lower limits but I mentioned they were closed and all open cards are higher most MUCH higher (and 2 of those have a year or more of history). So then she said well we are a conservative bank, we need to see your history with us. I said you already have I had a More card last year, then an IT this year both with much higher limits, high use and perfect payment history, this is a ridiculous argument. And she said well I can't give you any higher a limit, use the card for 6 months and then go for a CLI. I said I already tried that and it didn't work that's why I closed the accounts, you can go ahead and close this one too I don't even want it.

So that is closed and I don't see myself applying with them again for quite some time, if ever.
Then I applied for the US Bank Flexperks Travel card. I figured with my past and current history with them (Elan cards with Associated) I could get a high limit, which at this point is my main goal. I applied, and called at noon the next day to find I was declined. I called underwriting when I got out of work, and was told she could not even manually review it, some third party had a problem with me. I was like what do you mean I don't have a collection I checked my report. She said no you don't understand, it's with a third party security company, about verification on your information, you'll get a letter explaining how to correct that and you can apply again.
I hung up and realized what the issue was, they don't like my address, as the application had complained about it, so I have no doubt it's related to that.

At this point, I still wanted one more card after striking out twice. (You can't win em all, technically Discover was a win but in my eyes it's a loss). And the only one I really craved is the CSP. Off limits, in my view but then I got to thinking what do I have to lose but an inquiry?
I went to the site and they have a great 40,000 point bonus if you spend either 2500 or 3000 (forget which one) in the first 3 months. I was like wow nice bonus. So I filled out the app, and at the end, almost didn't do it, but then I thought no guts no glory, and hit submit. Got the expected message of additional review needed (an instant would have been completely unexpected). So as I figured, I needed to call them up, so I got the number for their underwriters and when I went to lunch I gave them a call. Talked with a guy who asked to put me on hold for a few while he checked my app, and when he came back what he said was it looks like I can go ahead and approve you for a 5k limit today, can you please hold a few while I get a verification specialist on the line so they can verify your information? And I was like sure no problem at all. He got an information specialist and she asked me to verify a few items in my report, and then said I can confirm you are approved for a 5k limit for the Chase Sapphire Preferred congratulations and welcome to Chase we hope you will do a lot of business with us. And I said you can bet on that, that's the plan. She says great is there anything else I can assist you with today? And I asked would it be possible to expedite the card and she said sure we can get that expedited for you, you should receive it in 2 to 3 business days.
So I can tell you that is one awesome feeling. They did not bring up the past accounts at all so maybe after more than 10 years they no longer consider those. It may also be a case of YMMV but in my case they did not bring them up. I was prepared to be grilled but it was never mentioned.
That to me is kind of the holy grail of credit, in terms of what I can realistically get, as I don't have a huge income and massive assets that would qualify me for the upper tier products.
I currently have no interest in anything else. I was thinking after a year I might like to add a Freedom card, I know you can't get the trifecta anymore, but it seems like it would be a nice fit with the CSP for the 5% categories. What a great feeling it would be after a year with the CSP to get an instant approval on that. Otherwise, I really have no other plans than to let what I have hopefully grow.
I hope this is of use to some of you who may be looking to get a CSP or have had issues in the past and are wanting to rebuild things with Chase. If you have any questions please post and I'll answer them the best I can for you.


Robrus1
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Postby Robrus1 » Thu May 16, 2013 2:32 pm

I don't have any questions, but congats on getting approved for a CSP! I have had mine for about 7 months now and it is a great card and their CS has been outstanding. I plan on having/enjoying mine for a long time, and I hope you do too.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

MemberSince99
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Postby MemberSince99 » Thu May 16, 2013 2:47 pm

Thanks Robrus1. I do plan on keeping this long term.

I had expected some might take offense to my having shot Discover down, pointing out how some people would give their first born to get in with them. I understand that, but I took offense honestly to the fact I'd had a 4500 CL just a couple of months earlier that they had solid use on, and full on time payments every month, and still gave me a CL 50% lower than I'd just had based on not having any history. Uh, hello, is this Cap One or Discover I'm talking with?

Honestly it was very plain they really did not much care about my business so I decided to do them and myself (myself especially) a favor and look elsewhere. I did mention I'd rather have been declined than get a 3k limit as it would save me having to close the account. I know that will ruffle some feathers but honestly that's just where that stands with me.

Anyway the real news is the CSP. That really is the holy grail to me personally. And it shows that again YMMV but it IS possible to get back in with Chase, though I certainly don't recommend needing to do that....really excited about the approval!

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Z06Biker
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Postby Z06Biker » Thu May 16, 2013 7:06 pm

Great story, MemberSince99. A lot of detail, a lot of suspense, a lot of nail-biting and then a final cathartic payoff. Good stuff.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

MemberSince99
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Postby MemberSince99 » Thu May 16, 2013 7:10 pm

Thanks Z06. I guess the moral of the story is, go for your dreams, if you don't give it a shot you just never know. Worst they can do is say no. Still hasn't really sunk in yet.

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Z06Biker
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Postby Z06Biker » Thu May 16, 2013 7:19 pm

I got started with the regular Sapphire at $8K. A year later, I upgraded to the Preferred with a bump to $15K. I'm sure you will experience the same, though you could consider asking for a CLI sooner than I did!
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

MemberSince99
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Postby MemberSince99 » Thu May 16, 2013 7:40 pm

Thanks for that info too did they do a hard pull for the bump or did they include that with the upgrade for you?

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Snowman
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Postby Snowman » Thu May 16, 2013 7:44 pm

99- Congrats my friend, It looks like Chase finally decides not to remind you of the previous events, and grants you, IMO, their best card. I myself recently got approved for the Freedom, and I think they would be willing to grant you one since you got the CSP. Maybe I just noticed or realized this, but I saw that Chase typically grants you 20% of your gross income, if all the other factors lead to an approval. So say if you made 120k gross, they'll typically grant you about 24k max that they can offer. I'm sure most of you realize that, but I didn't realize it until I got my approval...lol. But again, congrats and good luck on getting any other cards that you might go for.
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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Z06Biker
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Postby Z06Biker » Thu May 16, 2013 7:46 pm

MemberSince99 wrote:Thanks for that info too did they do a hard pull for the bump or did they include that with the upgrade for you?


It was a hard pull on Experian, unfortunately.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

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Z06Biker
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Postby Z06Biker » Thu May 16, 2013 7:47 pm

Snowman wrote:99- Congrats my friend, It looks like Chase finally decides not to remind you of the previous events, and grants you, IMO, their best card. I myself recently got approved for the Freedom, and I think they would be willing to grant you one since you got the CSP. Maybe I just noticed or realized this, but I saw that Chase typically grants you 20% of your gross income, if all the other factors lead to an approval. So say if you made 120k gross, they'll typically grant you about 24k max that they can offer. I'm sure most of you realize that, but I didn't realize it until I got my approval...lol. But again, congrats and good luck on getting any other cards that you might go for.


That would make sense, though it wasn't the case with me, personally. Both the initial $8K limit I was granted, and then the bump to $15K, are still below 20% of my net annual income...
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard



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