Do you think I'll be able to get the CSR? [Consolidated]
Jun 5, 2019, 2:41 am
#1
Original Poster
Join Date: Jun 2019
Posts: 8
Do you think I'll be able to get the CSR? [Consolidated]
Before anyone assumes I am new to credit cards, I am not. I am 22 and have been an authorized user on my uncle's credit cards since I was 12 or 13. He taught me how to properly use credit and I have never paid a dime in interest. Unfortunately we have different last names/addresses so I have virtually no credit history.
This is what my credit history looks like, per Experian
March 2019
April 2019 (start)
April 2019 (middle of month)
May 2019
For my secured Discover card, I am spending about $300 a month on it but paying it off as soon as the transaction posts. I leave about $5 unpaid for it show up on my statement and then pay it off immediately after the statement is generated. (I read 1-5% utilization is better than 0%).
I opened a Chase checking account sometime in March as I read that some people have had luck obtaining Chase credit cards with no/little credit history by having a Chase checking/savings account.
I would like to obtain the Chase Sapphire Reserve as soon as possible. I know that income will play a factor. I currently make 30k but will receive a raise to 70-80k towards the end of the year.
What kind of timeframe am I looking at before I have a decent chance of approval for the CSR?
This is what my credit history looks like, per Experian
March 2019
- No FICO Score
- 0 Open Accounts
- 1 Closed Account - BOA Credit Card (AU), $0 balance, $12k limit, Opened Apr 2005
- 1 Account in Collections - $30, Jul 2018
- 2 Hard Inquiries
April 2019 (start)
- 704 FICO Score
- 1 Open Account - Discover Secured Card - $200 limit, Opened Mar 2019
- 1 Closed Account - BOA Credit Card (AU), $0 balance, $12k limit, Opened Apr 2005
- 0 Accounts in Collections
- 2 Hard Inquiries
April 2019 (middle of month)
- 676 FICO Score
- 1 Open Account - Discover Secured Card - $200 limit, Opened Mar 2019
- 1 Closed Account - BOA Credit Card (AU), $0 balance, $12k limit, Opened Apr 2005
- 0 Accounts in Collections
- 5 Inquiries
May 2019
- No FICO Score
- 1 Open Account - Discover Secured Card - $200 limit, Opened Mar 2019
- 0 Accounts in Collections
- 7 Inquiries
For my secured Discover card, I am spending about $300 a month on it but paying it off as soon as the transaction posts. I leave about $5 unpaid for it show up on my statement and then pay it off immediately after the statement is generated. (I read 1-5% utilization is better than 0%).
I opened a Chase checking account sometime in March as I read that some people have had luck obtaining Chase credit cards with no/little credit history by having a Chase checking/savings account.
I would like to obtain the Chase Sapphire Reserve as soon as possible. I know that income will play a factor. I currently make 30k but will receive a raise to 70-80k towards the end of the year.
What kind of timeframe am I looking at before I have a decent chance of approval for the CSR?
Jun 5, 2019, 9:58 am
#2
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,953
Jun 5, 2019, 10:31 am
#3
Join Date: Dec 2017
Posts: 1,107
Not to be a debbie downer, but the CSR is one of the top level reward cards. Typically you need some history length, and at least a 740+ score. It isn’t something you can go from having a secured card for a few months to having the CSR.
When it comes to establishing and then building credit, patience is a virtue. It takes time to do it right, and benefit from that work and perseverance.
Your number of inquiries vice number of accounts suggests you’ve been shopping for credit, and in turn getting denied.
Stick with that secured account for this year. I’m not sure how discover does it, but maybe after 12-18 months they will change it to an unsecured card. In the interim they may bump your limit up after 6 months of good behavior, but maybe not.
One thing you definitely want to do is get that $30 collection wiped off. That makes it appear even worse.
After that, you definitely want to wait out the time for most of those inquiries to drop off.
Another note on the CSR is it requires a minimum of a $10k credit limit. Going from a secured card with a $200 limit just isn’t going to happen overnight. You also have to have the income to support a credit limit like that.
At the very least, don’t apply for another card this year. Give it at least 12 reported months on your report for the secured card, and then try an entry level unsecured card.
When it comes to establishing and then building credit, patience is a virtue. It takes time to do it right, and benefit from that work and perseverance.
Your number of inquiries vice number of accounts suggests you’ve been shopping for credit, and in turn getting denied.
Stick with that secured account for this year. I’m not sure how discover does it, but maybe after 12-18 months they will change it to an unsecured card. In the interim they may bump your limit up after 6 months of good behavior, but maybe not.
One thing you definitely want to do is get that $30 collection wiped off. That makes it appear even worse.
After that, you definitely want to wait out the time for most of those inquiries to drop off.
Another note on the CSR is it requires a minimum of a $10k credit limit. Going from a secured card with a $200 limit just isn’t going to happen overnight. You also have to have the income to support a credit limit like that.
At the very least, don’t apply for another card this year. Give it at least 12 reported months on your report for the secured card, and then try an entry level unsecured card.
Jun 5, 2019, 11:05 am
#4
Original Poster
Join Date: Jun 2019
Posts: 8
I am checking my score on Experian.
I fly internationally twice a year (for leisure) and want to take advantage of the CSR's travel benefits.
My employer does not do Direct Deposit so I deposit paychecks in branch. I use the Chase checking account to pay my Discover card.
Most people say Discover graduates secured to unsecured in 7 months. The $30 collection was taken care of the second I saw it, it is no longer present on any reports.
I fly internationally twice a year (for leisure) and want to take advantage of the CSR's travel benefits.
Not to be a debbie downer, but the CSR is one of the top level reward cards. Typically you need some history length, and at least a 740+ score. It isn’t something you can go from having a secured card for a few months to having the CSR.
When it comes to establishing and then building credit, patience is a virtue. It takes time to do it right, and benefit from that work and perseverance.
Your number of inquiries vice number of accounts suggests you’ve been shopping for credit, and in turn getting denied.
Stick with that secured account for this year. I’m not sure how discover does it, but maybe after 12-18 months they will change it to an unsecured card. In the interim they may bump your limit up after 6 months of good behavior, but maybe not.
One thing you definitely want to do is get that $30 collection wiped off. That makes it appear even worse.
After that, you definitely want to wait out the time for most of those inquiries to drop off.
Another note on the CSR is it requires a minimum of a $10k credit limit. Going from a secured card with a $200 limit just isn’t going to happen overnight. You also have to have the income to support a credit limit like that.
At the very least, don’t apply for another card this year. Give it at least 12 reported months on your report for the secured card, and then try an entry level unsecured card.
When it comes to establishing and then building credit, patience is a virtue. It takes time to do it right, and benefit from that work and perseverance.
Your number of inquiries vice number of accounts suggests you’ve been shopping for credit, and in turn getting denied.
Stick with that secured account for this year. I’m not sure how discover does it, but maybe after 12-18 months they will change it to an unsecured card. In the interim they may bump your limit up after 6 months of good behavior, but maybe not.
One thing you definitely want to do is get that $30 collection wiped off. That makes it appear even worse.
After that, you definitely want to wait out the time for most of those inquiries to drop off.
Another note on the CSR is it requires a minimum of a $10k credit limit. Going from a secured card with a $200 limit just isn’t going to happen overnight. You also have to have the income to support a credit limit like that.
At the very least, don’t apply for another card this year. Give it at least 12 reported months on your report for the secured card, and then try an entry level unsecured card.
Jun 5, 2019, 11:19 am
#5
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,953
Do you mean the rewards (3 points per dollar on travel spend) or something else? Most of the features of the Sapphire Reserve are available elsewhere, and we might be able to suggest a strategy that would allow you to have some of the benefits while you build your credit file to the point where it is realistic to apply for Sapphire Reserve.
Jun 5, 2019, 11:54 am
#6
Join Date: Dec 2017
Posts: 1,107
Sometimes that perception isn’t fully clear, but it is what it is.
Unfortunately the best recommendation for probably this year,
next year, and until you can build and work your way up the card chain is to buy travel insurance for any trip you feel it is necessary.
Jun 5, 2019, 2:43 pm
#7
Original Poster
Join Date: Jun 2019
Posts: 8
Do you mean the rewards (3 points per dollar on travel spend) or something else? Most of the features of the Sapphire Reserve are available elsewhere, and we might be able to suggest a strategy that would allow you to have some of the benefits while you build your credit file to the point where it is realistic to apply for Sapphire Reserve.
The other benefits like no foreign exchange rate, Priority Pass, and GE credit are all really nice too.
That’s good, but my advice above still stands firm. It doesn’t matter how responsible and knowledgeable that you think you are. What does matter is how potential creditors perceive how responsible you by looking at your credit report.
Sometimes that perception isn’t fully clear, but it is what it is.
Unfortunately the best recommendation for probably this year,
next year, and until you can build and work your way up the card chain is to buy travel insurance for any trip you feel it is necessary.
Sometimes that perception isn’t fully clear, but it is what it is.
Unfortunately the best recommendation for probably this year,
next year, and until you can build and work your way up the card chain is to buy travel insurance for any trip you feel it is necessary.
Jun 5, 2019, 5:19 pm
#8
Join Date: Dec 2017
Posts: 1,107
Chase is not the easiest issuer to get a card from, especially with your lack of history.
It will be a few years before you can get into the Chase ecosystem, IMO based on lots of research. You can rush it and suffer the damage, but that will take longer to recover from than employing a smart, balanced approach. Having little to no history is many times worse than a tarnished history or even bad. With no history the lender doesn’t know what they are getting into. With a bad history, they have a pretty good idea of the risk. Some take that risk and extend credit at a ridiculous rate, others deny the application.
I would advise to learn how how scores are calculated, and what makes for a strong overall report.
Keep doing good with your little secured card, and let it mature. After you’ve had it for 12-18 months and it has been unsecured, look for an unsecured starter card. These are going to be entry level cards, most likely a basic cash back card. Use it wisely, always pay in full, and never miss a payment. Don’t let anything negative hit your report. $30, $250, $5000... nothing.
It may seem like a long row to hoe, but if you want to get into the top of the line cards then you have to put in the effort. Don’t fill out a bunch of applications, open easy store cards, etc. You need to build history, but you need to be smart about doing so. With your history it is very, very easy to muck it up with too many junk accounts, inquiries, bogus loans, etc. As tempting as it may be, stay the course. Your 30yr old self will thank you for doing it right.
You will read about people here applying for cards on schedules, and doing what you want to try and do. The difference is they have put in the time, have long solid histories, and a fee cards here and there doesn’t impact their overall credit picture to near the extent.
Also, don’t be tempted by crap cards with an annual fee (AF) that give you nothing and are from low-end lenders. When it is time, you want to start with good cards that have no AF. You want to use them at least every two months, if not every month. These are the kind of cards that you keep for a very, very long time. These are the ones that you build a very long history with, that will in time allow you to get a card here and there with much less impact.
It’s not what you want to hear, but it’s the honest truth. It sounds like you’re starting out alright, but don’t go and ruin it before you’ve really begun.
It will be a few years before you can get into the Chase ecosystem, IMO based on lots of research. You can rush it and suffer the damage, but that will take longer to recover from than employing a smart, balanced approach. Having little to no history is many times worse than a tarnished history or even bad. With no history the lender doesn’t know what they are getting into. With a bad history, they have a pretty good idea of the risk. Some take that risk and extend credit at a ridiculous rate, others deny the application.
I would advise to learn how how scores are calculated, and what makes for a strong overall report.
Keep doing good with your little secured card, and let it mature. After you’ve had it for 12-18 months and it has been unsecured, look for an unsecured starter card. These are going to be entry level cards, most likely a basic cash back card. Use it wisely, always pay in full, and never miss a payment. Don’t let anything negative hit your report. $30, $250, $5000... nothing.
It may seem like a long row to hoe, but if you want to get into the top of the line cards then you have to put in the effort. Don’t fill out a bunch of applications, open easy store cards, etc. You need to build history, but you need to be smart about doing so. With your history it is very, very easy to muck it up with too many junk accounts, inquiries, bogus loans, etc. As tempting as it may be, stay the course. Your 30yr old self will thank you for doing it right.
You will read about people here applying for cards on schedules, and doing what you want to try and do. The difference is they have put in the time, have long solid histories, and a fee cards here and there doesn’t impact their overall credit picture to near the extent.
Also, don’t be tempted by crap cards with an annual fee (AF) that give you nothing and are from low-end lenders. When it is time, you want to start with good cards that have no AF. You want to use them at least every two months, if not every month. These are the kind of cards that you keep for a very, very long time. These are the ones that you build a very long history with, that will in time allow you to get a card here and there with much less impact.
It’s not what you want to hear, but it’s the honest truth. It sounds like you’re starting out alright, but don’t go and ruin it before you’ve really begun.
Jun 5, 2019, 8:52 pm
#9
Join Date: Mar 2017
Posts: 120
Not to be a debbie downer, but the CSR is one of the top level reward cards. Typically you need some history length, and at least a 740+ score. It isn’t something you can go from having a secured card for a few months to having the CSR.
When it comes to establishing and then building credit, patience is a virtue. It takes time to do it right, and benefit from that work and perseverance.
Your number of inquiries vice number of accounts suggests you’ve been shopping for credit, and in turn getting denied.
Stick with that secured account for this year. I’m not sure how discover does it, but maybe after 12-18 months they will change it to an unsecured card. In the interim they may bump your limit up after 6 months of good behavior, but maybe not.
One thing you definitely want to do is get that $30 collection wiped off. That makes it appear even worse.
After that, you definitely want to wait out the time for most of those inquiries to drop off.
Another note on the CSR is it requires a minimum of a $10k credit limit. Going from a secured card with a $200 limit just isn’t going to happen overnight. You also have to have the income to support a credit limit like that.
At the very least, don’t apply for another card this year. Give it at least 12 reported months on your report for the secured card, and then try an entry level unsecured card.
When it comes to establishing and then building credit, patience is a virtue. It takes time to do it right, and benefit from that work and perseverance.
Your number of inquiries vice number of accounts suggests you’ve been shopping for credit, and in turn getting denied.
Stick with that secured account for this year. I’m not sure how discover does it, but maybe after 12-18 months they will change it to an unsecured card. In the interim they may bump your limit up after 6 months of good behavior, but maybe not.
One thing you definitely want to do is get that $30 collection wiped off. That makes it appear even worse.
After that, you definitely want to wait out the time for most of those inquiries to drop off.
Another note on the CSR is it requires a minimum of a $10k credit limit. Going from a secured card with a $200 limit just isn’t going to happen overnight. You also have to have the income to support a credit limit like that.
At the very least, don’t apply for another card this year. Give it at least 12 reported months on your report for the secured card, and then try an entry level unsecured card.
Jun 6, 2019, 1:04 am
#10
Original Poster
Join Date: Jun 2019
Posts: 8
Chase is not the easiest issuer to get a card from, especially with your lack of history.
It will be a few years before you can get into the Chase ecosystem, IMO based on lots of research. You can rush it and suffer the damage, but that will take longer to recover from than employing a smart, balanced approach. Having little to no history is many times worse than a tarnished history or even bad. With no history the lender doesn’t know what they are getting into. With a bad history, they have a pretty good idea of the risk. Some take that risk and extend credit at a ridiculous rate, others deny the application.
I would advise to learn how how scores are calculated, and what makes for a strong overall report.
Keep doing good with your little secured card, and let it mature. After you’ve had it for 12-18 months and it has been unsecured, look for an unsecured starter card. These are going to be entry level cards, most likely a basic cash back card. Use it wisely, always pay in full, and never miss a payment. Don’t let anything negative hit your report. $30, $250, $5000... nothing.
It may seem like a long row to hoe, but if you want to get into the top of the line cards then you have to put in the effort. Don’t fill out a bunch of applications, open easy store cards, etc. You need to build history, but you need to be smart about doing so. With your history it is very, very easy to muck it up with too many junk accounts, inquiries, bogus loans, etc. As tempting as it may be, stay the course. Your 30yr old self will thank you for doing it right.
You will read about people here applying for cards on schedules, and doing what you want to try and do. The difference is they have put in the time, have long solid histories, and a fee cards here and there doesn’t impact their overall credit picture to near the extent.
Also, don’t be tempted by crap cards with an annual fee (AF) that give you nothing and are from low-end lenders. When it is time, you want to start with good cards that have no AF. You want to use them at least every two months, if not every month. These are the kind of cards that you keep for a very, very long time. These are the ones that you build a very long history with, that will in time allow you to get a card here and there with much less impact.
It’s not what you want to hear, but it’s the honest truth. It sounds like you’re starting out alright, but don’t go and ruin it before you’ve really begun.
It will be a few years before you can get into the Chase ecosystem, IMO based on lots of research. You can rush it and suffer the damage, but that will take longer to recover from than employing a smart, balanced approach. Having little to no history is many times worse than a tarnished history or even bad. With no history the lender doesn’t know what they are getting into. With a bad history, they have a pretty good idea of the risk. Some take that risk and extend credit at a ridiculous rate, others deny the application.
I would advise to learn how how scores are calculated, and what makes for a strong overall report.
Keep doing good with your little secured card, and let it mature. After you’ve had it for 12-18 months and it has been unsecured, look for an unsecured starter card. These are going to be entry level cards, most likely a basic cash back card. Use it wisely, always pay in full, and never miss a payment. Don’t let anything negative hit your report. $30, $250, $5000... nothing.
It may seem like a long row to hoe, but if you want to get into the top of the line cards then you have to put in the effort. Don’t fill out a bunch of applications, open easy store cards, etc. You need to build history, but you need to be smart about doing so. With your history it is very, very easy to muck it up with too many junk accounts, inquiries, bogus loans, etc. As tempting as it may be, stay the course. Your 30yr old self will thank you for doing it right.
You will read about people here applying for cards on schedules, and doing what you want to try and do. The difference is they have put in the time, have long solid histories, and a fee cards here and there doesn’t impact their overall credit picture to near the extent.
Also, don’t be tempted by crap cards with an annual fee (AF) that give you nothing and are from low-end lenders. When it is time, you want to start with good cards that have no AF. You want to use them at least every two months, if not every month. These are the kind of cards that you keep for a very, very long time. These are the ones that you build a very long history with, that will in time allow you to get a card here and there with much less impact.
It’s not what you want to hear, but it’s the honest truth. It sounds like you’re starting out alright, but don’t go and ruin it before you’ve really begun.
Is there anything I can do (apart from waiting) that would help mitigate my fresh credit? i.e. Keeping money (over a specific amount) in my Chase checking account
Jun 6, 2019, 4:33 am
#11
Join Date: Oct 2009
Location: TPA International
Programs: Priority Club Pl, Marriot Gold, Delta PM, National EE, Hertz PC, TSA Pre✓
Posts: 66
I think that AskSebby on Youtube gives good advice to those who are young and want to get credit cards. He lays out his suggestions on a path to CSR and AmEx Platinum.
Jun 6, 2019, 6:34 am
#12
Join Date: Dec 2017
Posts: 1,107
I have no interest in store cards or cards with an annual fee (with the exception of the CSR). I realize getting the CSR as my "first" unsecured card will be impossible, but I'd like to get it within 2 or 3 years if possible.
Is there anything I can do (apart from waiting) that would help mitigate my fresh credit? i.e. Keeping money (over a specific amount) in my Chase checking account
Is there anything I can do (apart from waiting) that would help mitigate my fresh credit? i.e. Keeping money (over a specific amount) in my Chase checking account
There isn’t any magic cure to give you stellar enough of a history to get a CSR any time soon.
I get it. You have a need today that you can’t realistically meet in a short timespan. You may read of tricks and gimmicks, but they really aren’t the path to instant CSR salvation as they will lead you to believe.
You have a lifetime of credit and point opportunities ahead of you, but you really, really need to build that foundation in order to take advantage of it. CSR, AMEX Plat, etc are the top cards of the game. You have to play your cards right in order to get there. If you do that, as suggested above, you will build that solid foundation and in turn you will be able to get cards at will (within reason, rules etc) in a few years.
Jun 7, 2019, 1:29 am
#13
Original Poster
Join Date: Jun 2019
Posts: 8
Applying for the CSR in 3, maybe 4 years is certainly possible. It all depends on what you do between now and then. Over eager, and you’ll wait longer.
There isn’t any magic cure to give you stellar enough of a history to get a CSR any time soon.
I get it. You have a need today that you can’t realistically meet in a short timespan. You may read of tricks and gimmicks, but they really aren’t the path to instant CSR salvation as they will lead you to believe.
You have a lifetime of credit and point opportunities ahead of you, but you really, really need to build that foundation in order to take advantage of it. CSR, AMEX Plat, etc are the top cards of the game. You have to play your cards right in order to get there. If you do that, as suggested above, you will build that solid foundation and in turn you will be able to get cards at will (within reason, rules etc) in a few years.
There isn’t any magic cure to give you stellar enough of a history to get a CSR any time soon.
I get it. You have a need today that you can’t realistically meet in a short timespan. You may read of tricks and gimmicks, but they really aren’t the path to instant CSR salvation as they will lead you to believe.
You have a lifetime of credit and point opportunities ahead of you, but you really, really need to build that foundation in order to take advantage of it. CSR, AMEX Plat, etc are the top cards of the game. You have to play your cards right in order to get there. If you do that, as suggested above, you will build that solid foundation and in turn you will be able to get cards at will (within reason, rules etc) in a few years.
Funny enough, I am prequalified for the AMEX Platinum if I use my uncle's address. I guess I do have some credit history, it is just not tied to my address?
Jun 7, 2019, 8:49 am
#14
Join Date: Mar 2017
Posts: 120
I have no interest in store cards or cards with an annual fee (with the exception of the CSR). I realize getting the CSR as my "first" unsecured card will be impossible, but I'd like to get it within 2 or 3 years if possible.
Is there anything I can do (apart from waiting) that would help mitigate my fresh credit? i.e. Keeping money (over a specific amount) in my Chase checking account
Is there anything I can do (apart from waiting) that would help mitigate my fresh credit? i.e. Keeping money (over a specific amount) in my Chase checking account
Jun 7, 2019, 7:52 pm
#15
FlyerTalk Evangelist
Join Date: Jul 2008
Location: IAH
Programs: DL DM, Hyatt Ist-iest, Stariott Platinum, Hilton Diamond
Posts: 12,787
I realize my goal is unrealistic. I just wanted to see if there were any cases of thin/new credit files being approved for top of the line cards based on "extra" factors (authorized user history, relationship with bank, etc).
Funny enough, I am prequalified for the AMEX Platinum if I use my uncle's address. I guess I do have some credit history, it is just not tied to my address?
Funny enough, I am prequalified for the AMEX Platinum if I use my uncle's address. I guess I do have some credit history, it is just not tied to my address?
My advice? Don't apply for anything for the rest of the year. Use your Discover card, pay it off in full every statement, and April of next year after you have 12 months of history go for the CSR.
It's somewhat counterintuitive, Amex will issue charge cards like candy because they aren't credit cards per se and you have to pay the balance in full each statement. The minimum payment is the balance. So they know very quickly if you can't pay it off.