Planning to close my CSP

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wiivile
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Postby wiivile » Wed Jan 15, 2014 9:13 am

takeshi wrote:
Are they paying you to market that card? Or are you hoping they'll give you one for spreading the word? ;)


I just think it's a really underrated card, and also a unique card. I don't know of any other cards that explicitly allow you profit off the areas you spend the most in. For me, it's restaurants. For others, it might be hotels. But with no annual fee, it's the best cash back card.
    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 » Wed Jan 15, 2014 6:19 pm

Best is truly subjective though. You can't pick groceries as one of the 5% categories so someone with heavy spend there might find the Sallie Mae or BCP better. And 5% fast food is all but useless. Who eats enough fast food to make that worthwhile? (And if you do I shudder for your health).


I wish they would bring back the 5% on billpay now THEN we'd really be talking and it could be a "best" card, as long as you have something better for gas and groceries already.


I will say for US Bank they gave me my highest limit card at the time. I was just very disappointed they nuked the 5% on billpay.

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Z06Biker
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Postby Z06Biker » Wed Jan 15, 2014 6:19 pm

Member, your current CSP limit is $5K. What makes you think you won't get to $10K within this year? Sometimes, it's not continued high spend that grants you a higher credit line, but just being a customer for an increasing period of time.
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 » Wed Jan 15, 2014 6:27 pm

I burned Chase in the past. For a LOT. I requested a CLI on the card and despite two hard pulls it was flat out declined. They cited my prior delinquency.


We all know they aren't big on auto CLIs - it happens but it's not that common. If you burn them, it's a lot less likely would be my guess. Thus I'm not thinking that is likely, nor am I EVER willing to take two hard pulls again to hear sorry no increase you burned us. I want my inquiries to count and have a chance and I'm never wasting them asking Chase again. No bitterness at them here, just that I was dumb enough to try it when I should have known better.


That's what makes me think it won't. I'm not asking, and they aren't likely to give. I've reduced spending on the card to one small recurring monthly payment, which is a total waste of a fee card. If you can't run real spend through it, it's probably not worth it. I'd prefer to focus the spend on lenders who will grow with me. Thus it makes sense to give Barclays and Citi some business and see if I can't get the Arrival up to 15k or so in the next year and the Dividend in the 10k range. Entirely possible so I'd be foolish to put the spend on the CSP when that has very little chance of growing.


As stated I considered a PC to Freedom, but just find I don't have much interest in cards without any growth potential. Just my feeling and my take and what I want as a customer. Everyone has their preferences, those are mine. I'm more focused on building multiple healthy tradelines now than I am on maximizing every single penny of rewards. Call me nuts, but it's still my life to run the way I want to, and that's what I want. I'll worry about maximizing rewards when I have my cards set and built to what I want. And yes, they may give a CLI just over time, but they may not, and given I burned them, if I were a betting man, my money would be on not.

chas0039
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Postby chas0039 » Wed Jan 15, 2014 7:50 pm

Clarify a few things for me. I am guessing that when you say "grow" you are talking about credit limits, yes? Remember, for new users here your terms and acronyms are not part of everyday language.

Assuming that, I have routinely hit upper limits that the card company said were in place. In other words, I hit the max available, regardless of credit worthiness. Oddly, when I hit Citi's limit about 20 years back, I found they were perfectly happy to issue another card.

I don't need that now, but I am curious.

Do Chase, Citi, and others still have a limit per card? Are some companies higher than others? Does Amex have different "no pre-set limits" depending on whether you are Green, Gold, or Platinum or do they go by spending and ability for everyone? I did notice they were one of the only companies I have found that inquired as to my liquid net worth, something I have promoted for years as equally as important as income.

Thanks

wiivile
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Postby wiivile » Wed Jan 15, 2014 8:15 pm

If your biggest issue with the CSP is the credit limit, you may need to apply for another one of their products and eventually transfer the credit limit over to the CSP. Chase is: a) stingy with their CLI's and b) stingy with credit limits for new customers, but if you've been an established customer and apply for a new card, they'll give you big CL's. Just my experience.

I've had the Freedom for over 4 years. It started at $1,000 credit limit and is now just $3,200 four years later. But when I got the CSP a couple months ago I was instantly approved for $12,000. When I asked them about the discrepancy between the CL's of the two cards, they just shrugged.
    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 » Wed Jan 15, 2014 8:38 pm

Yes by growth I mean limit in this case.


I'm not sure if that is true once you've burned them though. Good point, I'm just not sure it would apply to me. I suspect I have a very low internal limit since they flat out refused me a CLI on the card but I don't know. They won't tell me that of course.


I will give that consideration. Good points.


And I think with Chase and Amex, yes you do have a limit per card but also an overall total amount that they are willing to lend you across all cards with Chase. But with Amex charge cards, a Green can have a higher internal limit than a Plat it just depends on the holder.

MemberSince99
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Postby MemberSince99 » Wed Jan 15, 2014 8:41 pm

Ok so I just checked if I have any pre-approved offers from Chase and the screen came up and said "Your eligible offer" and showed the Freedom, is that a pre-approval or just what they "suggest" I might like? I suspect it's a pre-approval since I tried it before and never got anything it just said they had nothing for me in the past.


I'm tempted but it's two hard pulls and I want to buy a place later this year. Don't hit that submit button...stay in the garden...ERT on the way.


It's gotta be a pre-approval, it's saying I get 13.99% after the intro which is their lowest rate on it.


Where is 09Lexie when you really need her....


This is crazy but I hit submit. Oh man I went back here to edit this I am worried I just torched my score. But I did it to myself so I gotta man up and live with it.


Well so much for pre-approval got the "decision pending" message and email. Oh well can't win em all. That just cost me two hard pulls. Lesson learned I hope! I take responsibility I did it. It was dumb I knew I shouldn't have checked that thing....almost wish it hadn't had offers. But if I'm dumb enough to jump at the worm on a hook I deserve to be dinner!


Just confirmed using Credit Secure - two hard pulls as expected EX and TU.


God I could just slap myself into tomorrow I really should. What the hell was I thinking. That was so dumb. Even if they approve, what an idiotic stunt on my part. I'll drop my scores for sure with that either way. Dumb, just totally dumb. What a numbnuts I am. On that note I think I'm gonna call it a night.

samhradh
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Postby samhradh » Wed Jan 15, 2014 9:46 pm

:beat:

Goodness gracious. Well, get on that recon line!
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

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djrez4
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Postby djrez4 » Wed Jan 15, 2014 9:47 pm

That was existential!

Am I in an alternate reality?
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]



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