Approval Odds for CSP

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Barack Obama
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Approval Odds for CSP

Postby Barack Obama » Sun Jun 23, 2013 7:54 pm

Hey guys, could I get your opinion and advice with regards to applying for the CSP?

Here are the important details:

  • I'm 20, still a college student.
  • I'm pretty sure I have 8 inquiries right now.
  • TU Fico is 725, EX Fico is 719, EQ Fico is 693.
  • Reported income will now be 45k.
  • Overall utilization when I apply will be about 1% and only the Freedom will report a balance.

Cards and age:

  • Wells Fargo, $800 - 1 year 9 months
  • Discover It. $3000 - 10 months
  • Chase Freedom, $3000 - 8 months
  • Amex BCE, $6000 - 4 months
  • Citi Div Plat Select, $1200 - 3 months
  • Amazon Visa, $2000 - bit less than 1 month

AAoA according to Credit Karma - 9 months

No derogatory marks and perfect payment history. What do you think are my odds? Should I just wait a little longer?

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djrez4
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Postby djrez4 » Sun Jun 23, 2013 8:04 pm

Barack Obama wrote:Reported income will now be 45k.


I thought the President's salary was $400,000.
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MemberSince99
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Postby MemberSince99 » Sun Jun 23, 2013 9:11 pm

Borderline could go either way. I would guess you would have a great chance to recon with them. You have what they like to see, over a year of history, a limit over 5k, and a relationship with them already and a decent income.

If you want it, you should give it a shot. Recon if you have to.

Bksuper
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Postby Bksuper » Mon Jun 24, 2013 9:43 am

True, but he also already has 2 accounts with them and one of them is less than a month old. They may be uncomfortable giving him another card with a $5k+ limit when they just gave him a card with only $2k less than a month ago and already have $5k of exposure with him on a $45k income. Also, OP having 3 cards (and inquiries) less than 6 months old could be problematic as well, along with having 8 total inquiries. If I were you, I'd wait for your Amazon visa with them to age to at least 6 months old before app'ing for the CSP.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

MemberSince99
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Postby MemberSince99 » Mon Jun 24, 2013 10:07 am

I've spent most of the last 18 months having far more than 8 inquiries and 3 new accounts and it hasn't caused me a single issue yet. Granted it's always YMMV.

It doesn't look to me like he's going totally nuts like some do though.

I guess I would say try, if they turn you down they are as good with recons as anyone out there. They may be willing to transfer some of the limits on your other cards to the CSP so you could hit the 5k without extending you 5k more if that's an issue as well.

Clearly it's borderline, but due to my personal experience with their analysts, if you have a chance with any bank, Chase is probably it, they are about as recon friendly as I've seen.



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