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

Established Member

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

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. Smiley Very Happy

 

 

 

Message 1 of 16
15 REPLIES
Valued Contributor

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

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

gardening since 5/21/2016
Message 2 of 16
Established Member

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


dodgerslv wrote:

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


Thanks.

Message 3 of 16
Super Contributor

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

Congrats

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 16
Mega Contributor

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. Smiley Very Happy

 

 

 


CONGRATS!!!!

 




EQ FICO 548 3/3/16
Message 5 of 16
Senior Contributor

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| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 6 of 16
Established Contributor

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. |
Message 7 of 16
New Contributor

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
Message 8 of 16
Blogger

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! Smiley LOL

 

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

 

Message 9 of 16
Member

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

That was definitely a great success. Congrats!

BOA Secured (12/12) Cap One Secured (01/13)... Projected date FICO score will be generated (06/13)
Message 10 of 16