How does credit card approval work? (instant or otherwise)

[ACG23]

Hi all, 

I'lve been curious about this, and found hints, but no adequate answer. Please forgive me if I missed a thorough discussion on some other thread. 

Basically, I'm wondering what happens during an "instant approval" check and beyond. For instant internet approvals, is your score checked, or is it more in depth? Can it be represented as something like "IF(score>700) AND (bankruptcy=no) AND (latest derog > one year) THEN approve"? If it is formulaic, like that, what are the application killers? 

Is it different for CLIs? In that case, I imagine they're also checking an internal score? 

Lastly, what happens afterwards, if an instant approval isn't obtained? Is the account then automatically scrutinized for other factors, and if found, denied; and if not, referred for manual review?

If it helps, though the topic is more general, I'm thinking about these issues as I position myself to apply for Chase Freedom & Discover IT. I'm curious to hear your experiences. 

[PlasticOrPlastic]

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@ACG23 wrote:

Hi all, 

I'lve been curious about this, and found hints, but no adequate answer. Please forgive me if I missed a thorough discussion on some other thread. 

Basically, I'm wondering what happens during an "instant approval" check and beyond. For instant internet approvals, is your score checked, or is it more in depth? Can it be represented as something like "IF(score>700) AND (bankruptcy=no) AND (latest derog > one year) THEN approve"? If it is formulaic, like that, what are the application killers? 

Is it different for CLIs? In that case, I imagine they're also checking an internal score? 

Lastly, what happens afterwards, if an instant approval isn't obtained? Is the account then automatically scrutinized for other factors, and if found, denied; and if not, referred for manual review?

If it helps, though the topic is more general, I'm thinking about these issues as I position myself to apply for Chase Freedom & Discover IT. I'm curious to hear your experiences. 

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I promise you the algorithm is much more complex.  Nobody really knows this information as its closely guarded.  Lots of people speculate but an exact answer is not known.  It's clearly different for each card though because I cant get a CITI card, but yet I was instantly approved for a CITI backed Best Buy card with no AF and a starting limit of 2K.  I guess CITI feels that with my past I wont go to Best Buy and max that card then not pay, but I will with say their Diamond Prefered card?  Hard to say and I think everybody here would love the answer!

As for positioning yourself for Discover and Chase heres what I can contribute.  I was instantly approved for Discover IT with a BK at 2.75 years old credit score approx 640-650 no baddies since BK.  Chase I can not get a card with no matter what.  They basically told me wait until the 7 years out of BK mark and try again. 

[ACG23]

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@PlasticOrPlastic wrote:

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@ACG23 wrote:

Hi all, 

I'lve been curious about this, and found hints, but no adequate answer. Please forgive me if I missed a thorough discussion on some other thread. 

Basically, I'm wondering what happens during an "instant approval" check and beyond. For instant internet approvals, is your score checked, or is it more in depth? Can it be represented as something like "IF(score>700) AND (bankruptcy=no) AND (latest derog > one year) THEN approve"? If it is formulaic, like that, what are the application killers? 

Is it different for CLIs? In that case, I imagine they're also checking an internal score? 

Lastly, what happens afterwards, if an instant approval isn't obtained? Is the account then automatically scrutinized for other factors, and if found, denied; and if not, referred for manual review?

If it helps, though the topic is more general, I'm thinking about these issues as I position myself to apply for Chase Freedom & Discover IT. I'm curious to hear your experiences. 

---

I promise you the algorithm is much more complex.  Nobody really knows this information as its closely guarded.  Lots of people speculate but an exact answer is not known.  It's clearly different for each card though because I cant get a CITI card, but yet I was instantly approved for a CITI backed Best Buy card with no AF and a starting limit of 2K.  I guess CITI feels that with my past I wont go to Best Buy and max that card then not pay, but I will with say their Diamond Prefered card?  Hard to say and I think everybody here would love the answer!

As for positioning yourself for Discover and Chase heres what I can contribute.  I was instantly approved for Discover IT with a BK at 2.75 years old credit score approx 640-650 no baddies since BK.  Chase I can not get a card with no matter what.  They basically told me wait until the 7 years out of BK mark and try again. 

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Excellent answer, thanks very much. It's ridiculous that you can get Discover, and Cap1 Quicksilver, but not Chase. I'll keep that in mind if my own application goes poorly . 

[PlasticOrPlastic]

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@ACG23 wrote:

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@PlasticOrPlastic wrote:

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@ACG23 wrote:

Hi all, 

I'lve been curious about this, and found hints, but no adequate answer. Please forgive me if I missed a thorough discussion on some other thread. 

Basically, I'm wondering what happens during an "instant approval" check and beyond. For instant internet approvals, is your score checked, or is it more in depth? Can it be represented as something like "IF(score>700) AND (bankruptcy=no) AND (latest derog > one year) THEN approve"? If it is formulaic, like that, what are the application killers? 

Is it different for CLIs? In that case, I imagine they're also checking an internal score? 

Lastly, what happens afterwards, if an instant approval isn't obtained? Is the account then automatically scrutinized for other factors, and if found, denied; and if not, referred for manual review?

If it helps, though the topic is more general, I'm thinking about these issues as I position myself to apply for Chase Freedom & Discover IT. I'm curious to hear your experiences. 

---

I promise you the algorithm is much more complex.  Nobody really knows this information as its closely guarded.  Lots of people speculate but an exact answer is not known.  It's clearly different for each card though because I cant get a CITI card, but yet I was instantly approved for a CITI backed Best Buy card with no AF and a starting limit of 2K.  I guess CITI feels that with my past I wont go to Best Buy and max that card then not pay, but I will with say their Diamond Prefered card?  Hard to say and I think everybody here would love the answer!

As for positioning yourself for Discover and Chase heres what I can contribute.  I was instantly approved for Discover IT with a BK at 2.75 years old credit score approx 640-650 no baddies since BK.  Chase I can not get a card with no matter what.  They basically told me wait until the 7 years out of BK mark and try again. 

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Excellent answer, thanks very much. It's ridiculous that you can get Discover, and Cap1 Quicksilver, but not Chase. I'll keep that in mind if my own application goes poorly . 

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I agree, I even moved all my banking accounts to Chase with some crazy idea that would help my cause...not even close!  Good luck with your application(s)!

[B335is]

Keep in mind this is one person's experience with Discover.  In my case, Discover refused to give me a card until my reports were spotless - and the only negative was a 6 year old paid charge-off cited for both prior denials.  Chase, on the other hand gave me a chance with Amazon and United Mileage Plus Explorer.  I also had a long banking relationship with Chase which I'm sure helped, but Discover certainly wasn't an easy one in my experience.

[PlasticOrPlastic]

Of course his experience will differ as always, I was just saying what happened with my situation and my outcome.  Either way good luck OP

[jim44]

I agree, excellent answer PlasticorPlastic.  I've had almost the exact same experiences that you've had with Citi.  Can't remember back in 2004 who backed the Best Buy Card but even with a FICO of 745, BB wouldn't touch me.  I even tried the back door number.  So it's obvious the formulas have changed since then for the instant approvals.  

[user5387]

Presumably the answer to this question varies widely, and involves a complex formula, of which your score is only one part.

Some lenders like Penfed are extremely conservative, and others like First Premier seem to thrive by aiming at an entirely different market segment.

So there's no one formula that every CC company applies.

[bk510]

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@PlasticOrPlastic wrote:

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@ACG23 wrote:

Hi all, 

I'lve been curious about this, and found hints, but no adequate answer. Please forgive me if I missed a thorough discussion on some other thread. 

Basically, I'm wondering what happens during an "instant approval" check and beyond. For instant internet approvals, is your score checked, or is it more in depth? Can it be represented as something like "IF(score>700) AND (bankruptcy=no) AND (latest derog > one year) THEN approve"? If it is formulaic, like that, what are the application killers? 

Is it different for CLIs? In that case, I imagine they're also checking an internal score? 

Lastly, what happens afterwards, if an instant approval isn't obtained? Is the account then automatically scrutinized for other factors, and if found, denied; and if not, referred for manual review?

If it helps, though the topic is more general, I'm thinking about these issues as I position myself to apply for Chase Freedom & Discover IT. I'm curious to hear your experiences. 

---

I promise you the algorithm is much more complex.  Nobody really knows this information as its closely guarded.  Lots of people speculate but an exact answer is not known.  It's clearly different for each card though because I cant get a CITI card, but yet I was instantly approved for a CITI backed Best Buy card with no AF and a starting limit of 2K.  I guess CITI feels that with my past I wont go to Best Buy and max that card then not pay, but I will with say their Diamond Prefered card?  Hard to say and I think everybody here would love the answer!

As for positioning yourself for Discover and Chase heres what I can contribute.  I was instantly approved for Discover IT with a BK at 2.75 years old credit score approx 640-650 no baddies since BK.  Chase I can not get a card with no matter what.  They basically told me wait until the 7 years out of BK mark and try again. 

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I got mine at 22 months post discharge...... I burned citi and best buy store card was included in my BK, but seeing u got their store card, it gives me little hope, I just might pull the trigger on BB card.

Whew, boy I tell ya, its HARD to garden, lol

Its like going to a AA meetings 5 days a week

[bk510]

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@PlasticOrPlastic wrote:

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@ACG23 wrote:

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@PlasticOrPlastic wrote:

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@ACG23 wrote:

Hi all, 

I'lve been curious about this, and found hints, but no adequate answer. Please forgive me if I missed a thorough discussion on some other thread. 

Basically, I'm wondering what happens during an "instant approval" check and beyond. For instant internet approvals, is your score checked, or is it more in depth? Can it be represented as something like "IF(score>700) AND (bankruptcy=no) AND (latest derog > one year) THEN approve"? If it is formulaic, like that, what are the application killers? 

Is it different for CLIs? In that case, I imagine they're also checking an internal score? 

Lastly, what happens afterwards, if an instant approval isn't obtained? Is the account then automatically scrutinized for other factors, and if found, denied; and if not, referred for manual review?

If it helps, though the topic is more general, I'm thinking about these issues as I position myself to apply for Chase Freedom & Discover IT. I'm curious to hear your experiences. 

---

I promise you the algorithm is much more complex.  Nobody really knows this information as its closely guarded.  Lots of people speculate but an exact answer is not known.  It's clearly different for each card though because I cant get a CITI card, but yet I was instantly approved for a CITI backed Best Buy card with no AF and a starting limit of 2K.  I guess CITI feels that with my past I wont go to Best Buy and max that card then not pay, but I will with say their Diamond Prefered card?  Hard to say and I think everybody here would love the answer!

As for positioning yourself for Discover and Chase heres what I can contribute.  I was instantly approved for Discover IT with a BK at 2.75 years old credit score approx 640-650 no baddies since BK.  Chase I can not get a card with no matter what.  They basically told me wait until the 7 years out of BK mark and try again. 

---

Excellent answer, thanks very much. It's ridiculous that you can get Discover, and Cap1 Quicksilver, but not Chase. I'll keep that in mind if my own application goes poorly . 

---

I agree, I even moved all my banking accounts to Chase with some crazy idea that would help my cause...not even close!  Good luck with your application(s)!

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This is xcatly what i was going to do.....in order to get back in good graces with them....but I think I just lost my faith.