Should I apply for CSP?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
2 posts
Barack Obama
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Posts: 11
Joined: Tue Feb 26, 2013 6:50 pm
Location: United States

Should I apply for CSP?

Postby Barack Obama » Thu Mar 07, 2013 3:53 pm

Hey guys, I'm looking to apply for the CSP because the rewards seem really nice and I travel abroad every summer so the travel benefits would be nice to have.

Here are the important details:

  • I'm 19, currently a college student
  • CK FAKO of 736
  • CS FAKO of 710
  • 5 or 6 inquiries overall
  • Oldest line of credit is 1.6 years
  • Reported income (scholarships + wages) will be around $32k/year
  • Overall utilization is really low. I have like $300 across all my cards which is like 3 or 4%.

I have these cards:

  • Wells Fargo card that I never use, $800 CL
  • Chase Freedom, $3000 CL
  • Discover, $2500 CL
  • Amex BCE, $2000 CL (Just got last week)

I also have $4400 in student loans, but they're deferred till 2015 or 2016. I thought it might be a good idea to wait 61 days and attempt that CLI on the Amex card because I heard somewhere Chase doesn't like giving someone their highest limit and the rumored minimum for the CSP is $5000. What do you guys think I should do? Any advice or input is appreciated.

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Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Thu Mar 07, 2013 5:48 pm

Welcome to the forum. First, you have a really good start on your credit at just 19 years old. You've got some great quality cards already. That being said, I think Chase would still turn you down for the CSP right now. First, you're 19 and only have an AAoA of 1.6 years. That and only 32k of income is pretty low for them to consider. The other thing is that most of the CLs I see for the CSP are at least $5K and over. None of your existing cards have that much CL.

There was a guy on myfico last month who was 19 and got a CSP. Unlike you, he had a family member sign a joint account agreement with their existing Freedom card which had a $13.5K limit and had been opened since 1996. All that history went in his favor toward approval.

That being said, you do have a Freedom card with a good limit. Grow what you are currently doing and I'm sure you will get a CSP sooner rather than later.
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

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