@bk510 wrote:
@PlasticOrPlastic wrote:
@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.
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
I agree I told myself I'd garden until fall...that lasted about 2 weeks lol. I was literally shocked about the BB store card, I know its not a great card but the 0% options are very nice! The best part for me was going from a $500 dollar MC with $59 AF to a no AF store card with $2000 especially since CITI gave it to me.
As far as Chase, I mentioned my banking relationship with them on all of my recons. I even asked if it would be possible to get a $500 starting limit just to prove myself, which I thought was reasonable...no way to that one. I said I have over 10k in my savings account with you guys what is $500 going to hurt honestly? At least I know I'll never go back down the path that got me to BK in the first place...just wish those stupid algorithms would understand that 
@takeshi74 wrote:
@ACG23 wrote:I'lve been curious about this, and found hints, but no adequate answer.
Of course not -- creditors don't disclose this information. Criteria vary by creditor so there isn't just one simple formula as you're assuming.
@ACG23 wrote: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.
The only general info available is get your credit in the best shape possible in the allocated timframe. Consider the usual factors at play and address your issues as needed, tackling the biggest slices first:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
You can refer to anecdotal evidence and try to piece together information but we can't give you any creditor's specific approval criteria. It's also not just a matter of approved/denied but approved for specific tiers and the associated limits and rates. The criteria can also change. Chase, for example, used to instantly deny on BK but they seem to be accepting some with reporting BK's now.
That's great advice, thanks. It's exactly what I've been doing, too, I'm glad to say. I've waited for a year to elapse since my last missed payment, which just happened, and got a major CLI from my one credit cart provider (Capital One). The latter makes me think lenders might finally be willing to take a look at me. Now I'm waiting for my Cap1 statement date to hit and report its <20% utilization, and the new CLI.... and then the applications start .
Gardening since May 2015