Reliability of Pre-quals?

[dsotm76]

Hi everyone!

I tell you, this board is FASCINATING!!  I'm really enjoying reading the threads.

So, since my first post (thank you all that replied), my profile has bettered itself.  Discover's FICO site with a pull from Experian gives me a 695.  My CK (FAKO) scores from TU and EQ are both reporting at 660.  My C1 (secured and CL capped) doesn't have a balance and I'm down to under 1400 with my Sony (which will go to around 900 after I pay off a deferred interest on Dec 1st's payday).

I've been having FUN doing the pre-quals on the various sites. 

Discover's offer hasn't updated yet with the new information so I'm holding off until the current offer expires.

C1 actually switched their pre-qual offer from a QS1 and Platinium to a QS (with an also suggest Venture and Savor).  I even marked "rebuilding" on there and got the QS offer.  

And just for giggles, I did Amex and got two pre-quals on Amex EveryDay and Blue Cash EveryDay, which SHOCKED me.

I tried both Citi and Chase and they don't have any offers for me at all.

My question is this, how reliable are the above offers? 

When I pull the trigger, I want to make sure I hit the target and not miss it altogether.  And are there any others that I should try for as well.  I'll be honest, I have an itch to scratch with a new card.  I've not had any inquiries at all in 2017 and the last one I had was 10/18/16 with TU.  EQ shows 4/16 for my last one, but a lot of them for when I was purchasing a card.  They need to fall off and fast!  :-)

Thanks in advance for more information.  I guess I'm just gunshy as the last time I tried, I got that unhappy "no" reply.  I've busted my tail to rebuild and I don't want to keep getting those.  I'm ready for a "YES!" (or two!).  

[Anonymous]

most prequals are pretty reliable.  Do the prequals give a apr range or a specific apr.  in the end it boils down to YMMV.  I say just go for it you'll definetly be approved for the amex because i got approved with experian being 660 years ago with baddies and a judgement 

[dsotm76]

Forgive my newness, what does YMMV mean?

Looking each of them over, they each have a specific APR.  They are a little high (high teens), but I also realize that I'm pretty new to the CC game and need to prove myself a bit more.  Plus, I never carry a balance and don't charge more than I can pay off each month.  I really just want to have something in case of an emergency.  Having a mere $500 on the C1 secured really isn't much and they refuse to up it at all no matter what level I talk to.  :-(

[Anonymous]

your mileage may vary meaning your experience may be different.  apply for the everyday card if you want to get into the points game

[Anonymous]

forgot to mention you might get a 1000 limit with amex but it grows quick after 61 day you can apply for a CLI that 3x your current limit

[dsotm76]

Thank you for explaining what that meant.  I'm able to figure out a lot of them, but that one threw me.

That brings up another question.  With CLIs, do they harm a score?  Are they a soft or hard pull?  I've thought about asking my Sony card (Synchrony) for a CLI for a Black Friday special, but I don't want to hurt my score just for a TV deal.  

I'm also trying to figure if I want to go with points or cashback.  Never had either of them.  I use a PayPal debit card that gives me 1% on everything and it adds up.

[Anonymous]

depends on the creditor, Amex does softpulls on cli's  they usually tell you before hand though if you do it over the phone

[dsotm76]

I appreciate all the feedback.  If I request one, I'll definitely give them a call.  They offer the FICO 8 score, but sadly it hasn't updated since the beginning of the month and it's now almost 75 points higher.  

[Anonymous]

I think when shopping for a new card, you also have to think about how the card will benefit you. Ask yourself, what type of a spender are you? Where do you normally use your cards? Do you travel a lot? Do you eat out a lot? Is most of your spending allocated for Groceries and home expenses. If you are qualified for cards like the Amex BCE which earns you Cashback, I'd say pick the Cashback card opposed to the AMEX Everyday unless you prefer to earn rewards points to redeem for travel. I'd say start off with what's more important to you, I think when we are able to get in with a specific lender, it's important to show them that we are not only able to handle the credit limit, but more so, we optimize the benefits and the value of the credit card we were approved for. After such time, you can diversify either with the same lender or another company of your preference, once you have established a good history of usage and payments. 

[Anonymous]

If there is any chance you are on Amex blacklist, those pre-quals will mean nothing. I recently had them appear for me but denied when app'd. But....if you are on the blacklist a denial won't result in a HP (big bonus!)