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Pre-Approval Run Questions

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Anonymous
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Pre-Approval Run Questions

I'm planning my spree for next month.  After some calculations on potentioal cash back and rewards, i have changed my strategy up a bit.

 

I went from a spree of Cap1 VISA, BCP, PRG, Disc IT, to a now spree of BCP, CSP, Freedom, Disc IT.  Basically after running the potential savings against my usual spending.  The PRG did not make sense for me (expecially factoring in the AF), and I can get more out of the CSP in points than the Cap1 VISA at 1.5%, especially combining it with the Freedom.

 

So i made a pre-approval run yesterday at Chase, AMEX, and DIsc., and it looks like I prequalify for all of my target CCs, exept the BCP.  Amex did not like me at all, it stated that it did not find any prequalified offers for me.  Should be worried about the AMEX, and skip the BCP when the time comes for my spree?  How solid are pre-approvals as indicators of an approved app anways?

 

I have so many newbie questions, so my apologies, and thank you for helping a newbie out in advanced...

Message 1 of 18
17 REPLIES 17
Anonymous
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Re: Pre-Approval Run Questions

AMEX pre-approvals are an indicator if you have a decent chance or borderline case.

 

If you did not get any pre-approval, it means you are borderline and may have to recon.  It does not mean a NO as there are plenty of people who got BCP even without pre-approval.  And my mom experienced a "You are qualified for BCP" and then got denied.

 

Do you have any derogatories and how recent?

How many Experian inquiries?

How many new credit cards?

Did you garden?

 

AMEX doesn't really like new accounts and inquiries.  Not as bad as Barclays but still you must garden unless you have a thick credit history

 

PRG has first year AF waived and 50,000 bonus points.  If you've had an AMEX before, it would actually help your credit just to get it and it's only 1 HP if gotten at the same time as BCP.  If it's your first time with AMEX, it might not be worth it for the ding on AAoA

 

Remember that BCP, PRG, CSP and Freedom have signup bonuses, are you able to meet the spend comfortably?  Do you even care for signup bonus?  If you do you may wish to stagger out your bonus cards so you can take advantage of signup bonuses without stretching yourself.

Message 2 of 18
Anonymous
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Re: Pre-Approval Run Questions


@Anonymous wrote:

AMEX pre-approvals are an indicator if you have a decent chance or borderline case.

 

If you did not get any pre-approval, it means you are borderline and may have to recon.  It does not mean a NO as there are plenty of people who got BCP even without pre-approval.  And my mom experienced a "You are qualified for BCP" and then got denied.

 

Do you have any derogatories and how recent?

How many Experian inquiries?

How many new credit cards?

Did you garden?

 

AMEX doesn't really like new accounts and inquiries.  Not as bad as Barclays but still you must garden unless you have a thick credit history

 

PRG has first year AF waived and 50,000 bonus points.  If you've had an AMEX before, it would actually help your credit just to get it and it's only 1 HP if gotten at the same time as BCP.  If it's your first time with AMEX, it might not be worth it for the ding on AAoA

 

Remember that BCP, PRG, CSP and Freedom have signup bonuses, are you able to meet the spend comfortably?  Do you even care for signup bonus?  If you do you may wish to stagger out your bonus cards so you can take advantage of signup bonuses without stretching yourself.


My credit history is my biggest weakness honestly.  It took years to get my credit right after some irresponsible adolecent years, almost 10 years ago.  I only have a bank CC now, and it has less than a year history.  What makes me feel optimistic about a spree is my credit score, which is at 750 accross the board, and no baddies.  Just looking to get some good CCs under my belt, and get them working for me.  I feel like such a chump everything i use my bank CC for no cashback or points.  Smiley Tongue

 

What kind of a chance do I have on getting the BCP, CSP, Freedom, & Disc IT (or any for that matter)?  I honestly don't know how much my short history will be held against me.

 

Regarding the bonuses, i feel good about meeting the Freedom & CSP spending requirements, the BCP might be pushing it though.



Message 3 of 18
Anonymous
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Re: Pre-Approval Run Questions

First, you can ignore the Discover Pre-Qual. The same thing comes up for everyone. Second, there were no Pre-Quals for me from Amex, but they approved me earlier this month. Small limit of $2K, but it's an approval. Are your scores of 750 actual Fico's, or are you getting them somewhere else?

Message 4 of 18
Anonymous
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Re: Pre-Approval Run Questions


@Anonymous wrote:

First, you can ignore the Discover Pre-Qual. The same thing comes up for everyone. Second, there were no Pre-Quals for me from Amex, but they approved me earlier this month. Small limit of $2K, but it's an approval. Are your scores of 750 actual Fico's, or are you getting them somewhere else?


I made sure to buy my credit reports from this website just last week, that was my first step, as i have read that CK scores are quite skewed.  CK actually has my scores about 25-30 points lower than the real FICO scores, curious.

 

I don't expect high CLs, but i would be happy with even 2K to start really.

Message 5 of 18
Anonymous
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Re: Pre-Approval Run Questions

The question then comes down to how old is your bank CC?

 

Do you have any old positive accounts still showing (even though closed)?  

 

And another option, can anybody add you as an AU on their older cards to boost your history?

 

If your Bank CC is at least 6 months old, I'd say you have a good chance at all 4 cards BCP, CSP,Freedom, Discover.  You should be able to get Freedom and Discover with your eyes closed.  CSP and BCP may be possible denials so app for them first.

 

I would even add in a Barclay Sallie Mae or Ring too as you have EX, EQ and possibly TU (Discover) covered but not for sure.  Barclay will almost definitely pull your TU

 

I'm also assuming you have 0 or very few inquiries.

 

 

Message 6 of 18
Anonymous
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Re: Pre-Approval Run Questions


@Anonymous wrote:

@Anonymous wrote:

First, you can ignore the Discover Pre-Qual. The same thing comes up for everyone. Second, there were no Pre-Quals for me from Amex, but they approved me earlier this month. Small limit of $2K, but it's an approval. Are your scores of 750 actual Fico's, or are you getting them somewhere else?


I made sure to buy my credit reports from this website just last week, that was my first step, as i have read that CK scores are quite skewed.  CK actually has my scores about 25-30 points lower than the real FICO scores, curious.

 

I don't expect high CLs, but i would be happy with even 2K to start really.


Clean but thin files, scores in the 750 range. I think Amex will like you.

Message 7 of 18
Anonymous
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Re: Pre-Approval Run Questions


@Anonymous wrote:

The question then comes down to how old is your bank CC?

 

Do you have any old positive accounts still showing (even though closed)?  

 

And another option, can anybody add you as an AU on their older cards to boost your history?

 

If your Bank CC is at least 6 months old, I'd say you have a good chance at all 4 cards BCP, CSP,Freedom, Discover.  You should be able to get Freedom and Discover with your eyes closed.  CSP and BCP may be possible denials so app for them first.

 

I would even add in a Barclay Sallie Mae or Ring too as you have EX, EQ and possibly TU (Discover) covered but not for sure.  Barclay will almost definitely pull your TU

 

I'm also assuming you have 0 or very few inquiries.

 

 


I mispoke, my credit history is actyally 10yrs.  I have a closed bank account with BOA from 2003, closed in good standings.  My student loan, also closed in good standing.

 

Only active account is my bank CC at 7 months now.  My bank made 2 inquiries when giving me their CC for some reason, but those are all the inquiries i have.

Message 8 of 18
Anonymous
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Re: Pre-Approval Run Questions

If I were you, I'd jump on the Amex right now. If you get an instant approval, then work your way thru the others.

Message 9 of 18
Anonymous
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Re: Pre-Approval Run Questions


@Anonymous wrote:

If I were you, I'd jump on the Amex right now. If you get an instant approval, then work your way thru the others.


Don't tempt me, i'm trying to be patient and get one more month of CC history and credit boost under my belt.  Feeling better about my spree chances though, so thanks everyone.

Message 10 of 18
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