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Established Member
NewYorkGuy
Posts: 106
Registered: ‎04-07-2011
0

Premature but Wildly Successful App Spree After Car Loan Pre-approval

[ Edited ]

I was pre-approved by Toyota Financial for a car loan so I was pushed into doing my app spree earlier than planned. The logic behind it is that when the car loan reports (after I close on it) my score is likely to take a hit due to the new installment debt so I wanted to get a few cards in before the loan shows up. I was planning to apply for the auto loan in April to coincide with my app spree, but Toyota has a 1.9% promo apr going on for used cars that expires April 1st so I wanted to get in before the expiration as I am unsure if they will extend the promo period.

 

Anyways I ended up applying for Chase Sapphire Preffered, Citi Diamond Preffered, Bank of America Better Balance Rewards, and USAA Platinum Mastercard. I received the pending message on all the applications. However all of them were approved today. I got Chase, Citi, and BOA approved through the backdoors with their respective credit analysts. USAA was approved on its own after a couple hours in pending status... they don't seem to have a backdoor.

 

Here are the limits on the cards:

 

Bank of America Better Balance Rewards - $ 7, 500 ~ initially approved for 5K but reconned with analyst to 7.5K for balance transfer

Citi Diamond Preferred - $7, 000

USAA Platinum Mastercard - $6, 000

Chase Sapphire Preferred - $5, 000

 

Notes:

All creditors pulled Experian except for USAA who pulled Equifax. BOA recon was suprisingly easy. Had 15 inquiries showing on experian over last 2 years - including 9 over last 12 months, but analyst didn't mention one thing about the inquiries; she instead focused on my history with BOA and complimented me for been a good customer with them (I already have a personal and 2 business cards with them).

 

Chase analyst probed why I had so many inquiries and new accounts, but I successfuly explained my way out of it (I already have Chase checking and savings plus personal and business card).

 

I got a nice Citi analyst from South Dakota. She actually asked me what credit limit I needed. I told her $10, 000 she placed me on hold, reviewed my file and then came back with $7, 000 (I already have two Citi cards). As you would expect I gladly took it.

 

This continues my legendary luck with the big banks. :smileyvery-happy:

 

 

 

Valued Contributor
dodgerslv
Posts: 1,841
Registered: ‎06-16-2012
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval

A BIG congrats on all your approvals and limits!!!


Cards: (Citi- 82.7k) (Chase- 65k)) (US Bank- 18k) (Amex- 22.5k) (Barclays-40k) (BofA- 68k) (Cap1- 49.5K) (WF- 11k) (Penfed- 22.5k) (Discover- 8k) (Sync/GE- 15.7k) (NASA- 30k) (Diners- 15k)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





Established Member
NewYorkGuy
Posts: 106
Registered: ‎04-07-2011
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval


dodgerslv wrote:

A BIG congrats on all your approvals and limits!!!


Thanks.

Community Leader
Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval

Congrats

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval


NewYorkGuy wrote:

I was pre-approved by Toyota Financial for a car loan so I was pushed into doing my app spree earlier than planned. The logic behind it is that when the car loan reports (after I close on it) my score is likely to take a hit due to the new installment debt so I wanted to get a few cards in before the loan shows up. I was planning to apply for the auto loan in April to coincide with my app spree, but Toyota has a 1.9% promo apr going on for used cars that expires April 1st so I wanted to get in before the expiration as I am unsure if they will extend the promo period.

 

Anyways I ended up applying for Chase Sapphire Preffered, Citi Diamond Preffered, Bank of America Better Balance Rewards, and USAA Platinum Mastercard. I received the pending message on all the applications. However all of them were approved today. I got Chase, Citi, and BOA approved through the backdoors with their respective credit analysts. USAA was approved on its own after a couple hours in pending status... they don't seem to have a backdoor.

 

Here are the limits on the cards:

 

Bank of America Better Balance Rewards - $ 7, 500 ~ initially approved for 5K but reconned with analyst to 7.5K for balance transfer

Citi Diamond Preferred - $7, 000

USAA Platinum Mastercard - $6, 000

Chase Sapphire Preferred - $5, 000

 

Notes:

All creditors pulled Experian except for USAA who pulled Equifax. BOA recon was suprisingly easy. Had 15 inquiries showing on experian over last 2 years - including 9 over last 12 months, but analyst didn't mention one thing about the inquiries; she instead focused on my history with BOA and complimented me for been a good customer with them (I already have a personal and 2 business cards with them).

 

Chase analyst probed why I had so many inquiries and new accounts, but I successfuly explained my way out of it (I already have Chase checking and savings plus personal and business card).

 

I got a nice Citi analyst from South Dakota. She actually asked me what credit limit I needed. I told her $10, 000 she placed me on hold, reviewed my file and then came back with $7, 000 (I already have two Citi cards). As you would expect I gladly took it.

 

This continues my legendary luck with the big banks. :smileyvery-happy:

 

 

 


CONGRATS!!!!

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval

Right!!! Goood job!! Lol Citi and BOA are tooouuughhhh cookies to crack lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Contributor
ObeyJohnny12
Posts: 591
Registered: ‎05-05-2012
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval

Wow! Congrats!
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
New Contributor
ednajen
Posts: 55
Registered: ‎12-16-2010
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval

Congrats! Awesome cards!
Go to cards: Amex BCE , CSP, Discover IT, Amex Gold NPSL
Blogger
HiLine
Posts: 3,162
Registered: ‎10-19-2012
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval

Awesome plan! Both the 4 new cards and the 1.9% APR car loan sound like killer deals to me! :smileylol:

 

Just wondering though, do you know why they didn't approve you instantly? Do you have something not completely favorable on your reports? :robothappy:

 

Member
therealjojo
Posts: 13
Registered: ‎03-05-2013
0

Re: Premature but Wildly Successful App Spree After Car Loan Pre-approval

That was definitely a great success. Congrats!

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