CSP approval odds

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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NightFury
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CSP approval odds

Postby NightFury » Wed Mar 04, 2015 5:09 pm

Hi all first time posting...I would like to app for the CSP card to take advantage of the travel rewards. My scores are currently in the 650 range but should shoot up once my CC UTL comes down in 2 weeks. My current reported UTL is ~65% and will be 9% in 2 weeks. Hopefully that'll put my scores back in the 680 range, hopefully higher.

My Amex BCE is my highest CL at 2500, and the other 6 CCs are 1k-1.5k. Oldest account is 10 years and AAoA is 5+yrs. Ive had the freedom for over 6 months so maybe Chase will consider that. Also income is $115k/yr.

Also have 4 old derogs, 2 of which might fall off in the next 2 weeks.

Considering all of this, would I have a reasonable shot in 2 weeks for this card? Thanks


NightFury
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Postby NightFury » Sun Mar 15, 2015 3:11 pm

Anyone have any feedback??

Battery111
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Postby Battery111 » Sun Mar 15, 2015 6:40 pm

We would have better advice once you report back in two weeks. There's just too many moving pieces to estimate what your profile will look like then. Also, remember your score/report doesn't update instantly once you pay balances. It won't change until the next time the statement cuts on the cards you've paid. Likely similar situation with the derogs. May take a month after they expire to actually disappear. Keep an eye on your report with something free like credit karma. Even though the score is to be taken with a grain of salt, the report contents should be accurate. Once you see all of these items change on the reports, that would be when to apply.

If all of the things change like you believe they will, I would think it's worth a shot. When I first applied for my CSP I wasn't auper confident about my odds, but was pleasantly surprised. At that time I was around a 680. Now I'm closer to 760.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

CC Deville
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Postby CC Deville » Sun Mar 15, 2015 6:48 pm

Chase has the option to determine if you are preapproved for credit. It is a soft inquiry so it would be a good idea to check that to see if CSP comes up as an offer. Note that preapproval is not a guarantee of a credit offer. I will include the link; if the moderator removes this, their pre qualifier pops up on the main page with a picture of the CSP, Freedom and Slate grouped together:

https://creditcards.chase.com/prequalified-offers?CELL=64QW&jp_aid_a=62153011&jp_aid_p=col_uk_home/trip3

They like to pull EX; I would wait the two weeks (keeping in mind that the creditors in question may wait until the account's cycle date or beginning of the month to update to the bureaus), pull your EX to see if everything is looking good and go for it. Many have posted that Chase does not like to be your first $5K + issuer (CSP is Visa Signature and requires a minimum $5K limit); others will disagree but that has been the general consensus. You may want to take advantage of the Amex 3x CLI benefit; try to increase your Amex to $7,500 and, if approved, let that report to the bureaus before applying for CSP. Just my advice.

Also, make sure you will have $4K spend in the next 90 days to qualify for the sign up bonus.

NightFury
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Postby NightFury » Sun Mar 15, 2015 8:56 pm

@battery.....I posted this question 3/4/15 and have a few updates as of today. 1 derog has fallen off of Experian so far. 3 of 7 cards are reporting the most current info. The other 4 should post to Experian by 3/18/15. When this happens, I'll be sitting at 6% UTIL. Also, I received a CLI of $1.3k on one of my cards, making the new CL $2.3k and 2 other cards got a bump up to 1.5k during this time.

I've been monitoring EX report w/ a report number so I'm able to see updated info. Will pull again on the 19th.

All the dust should settle by 3/18, and when it does I expect to be ~675 EX and ~685 EQ. Thanks for the response!

NightFury
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Postby NightFury » Sun Mar 15, 2015 9:11 pm

Hey CC...I have checked the pre qual sites like crazy over the last year and a half, and I never ever never never never ever have had anything come back with an offer. Well cap1 QS1 came up but I don't count that.

As mentioned above, everything will be updated at the bureaus on or about 3/18. You mention the Amex 3x CLI...my plan was to try after 3/18 when everything updates. If the CLI is approved, it may be best to wait for that new CL to report. If I'm not approved, I think I'm gonna app for CSP.

The 4k spend shouldn't be a problem. I run at least $2k/mo on normal spending, gas, etc.

My main concern is the old paid derogs. Maybe the decent income, history with Chase and somewhat thick file will help compensate? Either way, thanks for the advice and I'll update on 3/19. We shall see!!

Battery111
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Postby Battery111 » Mon Mar 16, 2015 5:50 am

I
NightFury wrote:Hey CC...I have checked the pre qual sites like crazy over the last year and a half, and I never ever never never never ever have had anything come back with an offer. Well cap1 QS1 came up but I don't count that.

As mentioned above, everything will be updated at the bureaus on or about 3/18. You mention the Amex 3x CLI...my plan was to try after 3/18 when everything updates. If the CLI is approved, it may be best to wait for that new CL to report. If I'm not approved, I think I'm gonna app for CSP.

The 4k spend shouldn't be a problem. I run at least $2k/mo on normal spending, gas, etc.

My main concern is the old paid derogs. Maybe the decent income, history with Chase and somewhat thick file will help compensate? Either way, thanks for the advice and I'll update on 3/19. We shall see!!


How old are the derogs that are still on there?
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

NightFury
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Postby NightFury » Mon Mar 16, 2015 6:18 am

Derogs are 5 yrs old

NightFury
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Postby NightFury » Wed Mar 25, 2015 12:37 pm

Approved. 5k. In case anyone ever comes across this thread.

jcarte29
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Postby jcarte29 » Wed Mar 25, 2015 2:51 pm

NightFury wrote:Approved. 5k. In case anyone ever comes across this thread.


I'm sittin on 5k with my CSP. Had it since last July. Would love higher limit, but it is a nice card. -JAC
Portfolio:
CITI Diamond Preferred $10,500 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,950 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $4,600[4-10]



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