Should I app for/Would I get approved for threads...

[Anonymous]

I've found myself replying to these threads a lot lately and my advice is always the same, so I figured starting a thread for it was appropriate. 

9 times out of 10, if someone is starting an "Approval chances.." or "Should I apply for...?" or "Would I get approved for...?" thread, the answer is WAIT.  My answer is WAIT anyway.  6 months.  Then reconsider.  

Why?  Here's my take on it.  If one is starting one of these threads, 9 times out of 10 their scores are "on the cusp" and they know this, which is the reason why they started the thread in the first place.  My personal opinion is that anyone "on the cusp" shouldn't app; simply wait 6 months until you aren't on the cusp and THEN apply.  Anyone that is on the cusp risks denial > someone that isn't on the cusp.  And, in the event of approval, the chances of a decent SL are slim to none.  Just about anyone with X credit score that's "on the cusp" can increase their score (and sometimes considerably) in 6 months time by making on time payments, keeping utilization low and naturally letting any negatives, inquiries and AAoA age another 6 months.  This could mean 10 more points or it could mean 50; obviously this is profile-dependent.  I can assure everyone one thing, though - that individuals chances of approval and/or approval with a decent limit will be increased by waiting.

I say 9 out of 10 because maybe 1 out of 10 times someone starts one of these threads that most certainly would be approved for such and such card with a nice limit.  For everyone, though, I strongly suggest checking out the credit pulls database so you can see who has been approved and who has been denied for the card that you're interested in, and how their score/profile compares to yours.

Just my opinion here, and I'm only trying to offer a helpful/insightful perspective to those that consider starting one of these threads.

[Anonymous]

One other thing, I started a thread last month about the credit pulls database which again is something I strongly suggest people research prior to apping.  Here's a link to that thread for those that are interested:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Credit-Pulls-Database-before-you-app/td-p/4...

[austinguy907]

The only caveat to this is the new to credit person.  Sometimes they just don't know and need some input.  However I agree with the should I / will I threads.  Chances are if you're under 700 and can't find something on credit boards / who gave me credit type sites that confirm approvals with similar circumstances you should just lay low and work on your personal profile a bit more to get to that point.  As we all know there no fast and hard rule on what constitutes an approval from any lender.  It's never just a score alone that results in an approval but more of a guideline as to what others were able to achieve.  

In the credit game on time payments and time usually work for any approval.  Just sit back and relax while waiting things out.  

[Anonymous]

I agree with your point above, but I see very few "new to credit" people starting these types of threads, generally speaking.  The majority are those that have several cards already and know their score is very borderline for approval for X card and are solicting opinions.  Which is fine, don't get me wrong... but I think when the dust settles the overall advice for this majority should be the advice I posted from the start of this thread.  There are definitely exceptions, though and I appreciate you mentioning one of them.

[Anonymous]

Should I app for the Amex Platinum now or is there a major overhaul coming to it early 2017 (rumors)?

[joltdude]

Then theres folks who have a great score and cant decide quite which would be a better fit for what they need....

I.E Blispay vs DC (for me)......

And then theres folks who havent actively seeked credit/new credit/used credit cards in some time and don't know the pros and cons of their options...

I know im indecisive of which cards I want... and i could see this problem with someone who wants a AF travel card because theyd use it.. but they arent high income or heavy hitters.. but yet it might still be avantageous if they are eligible and the numbers make sense for them... (some of those cards have steep income requirements)...

Yeah theres a lot of iffy/borderline asking should I's... but also if they have baddies. and want to move up.. eventually they have to apply for bigger fish....

And sometimes the right answer is to app their way out of subprime land where even a borderline approval can make a big difference between CreditOne and CapOne.... or Matrix/Verve and First Premier..... vs a Secured Option.... we *want* these borderline folks to take a minimal risk to get out of Subprime land...

Theres something to be said about dipping your toe into the water before taking the plunge.. or look before you leap.. even if it may seem redundant .... plus it gives them time for someone to go.. Hey not a good idea..... 

Asking for help, and listening to and reacting on it are two different things entirely.. But at least you can give a warning....

Im still very dissapointed and curious as to the outcome of someone who asked for help... but ignored it....  They didnt want to listen to reason because they were invincible and know best.... but at least we tried to warn them of impending doom...  Unfortunately it ended up being a drive-by member... wanted advice but didn't want to hear that it wasnt good news and that they were doing the wrong thing even though many folks stepped in to give rationale reasons and tried to explain....

Still think that member re-appeared and dissapeared again... Its a shame because we still may have been able to help her out of her own self destruction..

-J

-J

[Anonymous]

I see nothing wrong with someone trying to gauge their approval odds by gathering data points here. That's the point of this forum. Whether someone is borderline for an approval or not doesn't really matter.

[Anonymous]

I agree with Dave on this. Although I believe that anyone who is looking for a new card should do their research first, I don't see anything wrong with getting advice from the community on it. We're not required to answer or even read all these threads. I come back because I enjoy it and have learned a lot. I am betting sometime in the next 6 months, I'll be seeking the wise community as to what my approval odds are on something. Still building my profile up and like and appreciate the advice.

[Anonymous]

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@Anonymous wrote:
I see nothing wrong with someone trying to gauge their approval odds by gathering data points here. That's the point of this forum. Whether someone is borderline for an approval or not doesn't really matter.

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If someone wants data points, they can get far more from the credit pulls database.  If someone starts a "would I get approved for" thread, if they get 20 replies in their thread I would say at MOST they will receive maybe 3 data points from others that actually applied for the same card where the other 17 replies will be opinions from people that may or may not even have the card in question.  The credit pulls database, however, is 100% data points and dozens of them from people who went for the same card in question along with tidbits about their profile which may or may not parallel those of the person considering apping.

Regardless, if someone is "borderline for an approval" IMO they shouldn't app.  As I stated originally, those that are borderline obviously are of greater risk of denial and in the event of approval will likely be given a very small limit, and one that is possibly difficult to grow. 

[Anonymous]

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@joltdude wrote:

Yeah theres a lot of iffy/borderline asking should I's... but also if they have baddies. and want to move up.. eventually they have to apply for bigger fish....

And sometimes the right answer is to app their way out of subprime land where even a borderline approval can make a big difference between CreditOne and CapOne.... or Matrix/Verve and First Premier..... vs a Secured Option.... we *want* these borderline folks to take a minimal risk to get out of Subprime land...

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But the point is that risk is lower if they wait another 6 months [assuming healthy credit behavior over that period].  Yes they may get approved now, but if they get denied it's another setback that will likely result in 6 months of gardening again anyway.