CSP or Simplicity?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
7 posts
chasebofa
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Location: PA, US

CSP or Simplicity?

Postby chasebofa » Thu Jul 25, 2013 9:53 pm

All,

Before I jump right in, let me provide my credit background. Had Citi Platinum Select as my first card in 2005 and developed a bad history with Citi, paid late twice and ultimately Citi closed the account although I paid the balance in full. Had no job for 1 full year due economy downturn and my credit history got messed up during this period :(

Have a Chase card with $300 limit which was given during college (year 2005), later changed to slate. Currently I have the following-

College Credit Union - 6K
BofA cash rewards - 4.5K
BofA travel rewards - 9K
DiscoverIT - 7.5K
Chase slate - $300
CapitalOne - $800

Please don't laugh at the last 2 :)

My score is lingering around 710; banking relation has been with BofA all the while with around $35K in assets with them. CU varies between 35%-60%
Q to all folks is - if I apply for Citi Simplicity, would Citi be considering my application since the 7 year limit has passed? Or should I try Chase Sapphire Preferred?

Many thanks!
[font=Arial][size=80]CSP - $12K
Chase Freedom - $5K
Chase Slate - $300
Discover IT - $9K
BofA Travel Rewards Siggy - $10K
BofA Cash Rewards - $7.5K
Citi Simplicity - $3.9K
College CU - $6K
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Robrus1
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Postby Robrus1 » Sat Jul 27, 2013 12:33 pm

I can't answer the 7 year Citi app question, but I like Chase over Citi.
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

jojo
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Location: CA

Postby jojo » Sun Jul 28, 2013 3:46 pm

Citi Simplicity is a really basic card. It's only good for the intro 0% APR for 18 months if you're trying to pay down a balance.

In my experience with Citi, they take your past history with existing and closed credit lines into consideration when applying for new credit. Even though it's been 7 years and almost off your credit report, they might not forget about it. They hold grudges.

I like Chase a lot more than Citi. They're more generous with their credit limits and I've gotten a lot more out their rewards programs. IMHO, Chase > Citi.

Midori
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Postby Midori » Sun Jul 28, 2013 4:27 pm

Chase is better than Citi, but the CSP and the Simplicity are such different cards, I'm curious what you're looking for in a card that has brought you down to those two.

FWIW, I had a $21K Chase Freedom reporting, which I'd been an AU on for about 10 years, and a JU for 2 or so. I app'ed for a basic Citi ThankYou card as my next step up from a Capital One starter card, because I'd done a few investments with them in the past and had a 7-year-old checking account through Citi and I hoped that my length of time as a customer and the amounts we carried with them would help me.

They sent a letter asking me to prove my income, and if I couldn't, they totally understood. I sent them a letter from my accountant with the numbers they needed. It took about a month after the initial app, but they ultimately gave me $3k, which got upped to $4200 at the 6-month mark.

So the point of the story--- even if you're an awesome, reliable customer of theirs with no black marks, they're still rather suspicious and stingy.

chasebofa
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Postby chasebofa » Sun Dec 22, 2013 5:00 pm

Thank you guys for responding! My limits have increased as follows -

Discover - $1500 - total of 9K
BofA Cash - $3000 - total of 7.5K
BofA Travel Rewards - $1000 - total of 10K

Based on your responses, I will apply for CS instead of CSP. fingers crossed..will let you know the decision
[font=Arial][size=80]CSP - $12K

Chase Freedom - $5K

Chase Slate - $300

Discover IT - $9K

BofA Travel Rewards Siggy - $10K

BofA Cash Rewards - $7.5K

Citi Simplicity - $3.9K

College CU - $6K

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chasebofa
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Postby chasebofa » Fri Dec 27, 2013 10:36 am

Update - I read some more posts on this forum and instead of a CSP, I applied & got approved for Chase Freedom for 5K CL. I intend to rake up some points and then after gardening for around 6-8 months, I'd apply for a CSP. Hope that's a good move; else, please suggest what my next card should be.

Thank you!
[font=Arial][size=80]CSP - $12K

Chase Freedom - $5K

Chase Slate - $300

Discover IT - $9K

BofA Travel Rewards Siggy - $10K

BofA Cash Rewards - $7.5K

Citi Simplicity - $3.9K

College CU - $6K

[/size][/font]

thom02099
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Postby thom02099 » Sat Dec 28, 2013 6:54 am

chasebofa wrote:Update - I read some more posts on this forum and instead of a CSP, I applied & got approved for Chase Freedom for 5K CL. I intend to rake up some points and then after gardening for around 6-8 months, I'd apply for a CSP. Hope that's a good move; else, please suggest what my next card should be.

Thank you!


Sounds like you made the right decision for YOU!

Regarding Citi, I've read elsewhere that they have a LOOOOOONG memory on bad accounts. Even though 7 years have passed, they don't rely solely on your credit report/score. They, like many other issuers, also have their internal files that carry a lot of weight. Right now, I think I'd forget about Citi if I were in your shoes. Use your Freedom card, take advantage of Chase's generosity, and in approximately 9-12 months, revisit going for that CSP card.
Retired, and in the process of retiring cards!
EQ = 850 EX=849 TU = 850 as of 07/2017



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