cancel
Showing results for 
Search instead for 
Did you mean: 

Schwab card - Increasing Chances of Approval

tag
Anonymous
Not applicable

Schwab card - Increasing Chances of Approval

 

Message Edited by CalBear8 on 07-12-2009 05:06 PM
Message Edited by CalBear8 on 07-12-2009 05:07 PM
Message Edited by CalBear8 on 07-12-2009 05:12 PM
Message Edited by CalBear8 on 07-12-2009 05:16 PM
Message Edited by CalBear8 on 07-13-2009 02:31 AM
Message 1 of 7
6 REPLIES 6
DI
Super Contributor

Re: Schwab card - Increasing Chances of Approval

You can ask Experian to send your credit report to any creditor or employer who pulled your credit report during the last 6 months.
Message 2 of 7
GomerPyle
Regular Contributor

Re: Schwab card - Increasing Chances of Approval



  • What other factors increase your chances of getting approved for a Schwab card?  Should I go ahead and open a ck and brokerage account before making my 2nd request? 

 

 

Thanks.

Message Edited by CalBear8 on 07-12-2009 05:06 PM
Message Edited by CalBear8 on 07-12-2009 05:07 PM
Message Edited by CalBear8 on 07-12-2009 05:12 PM
Message Edited by CalBear8 on 07-12-2009 05:16 PM

 I applied for and received two Schwab cards before I opened the brokerage account. The folks on the credit card side do not seem to care whether or not you have the Schwab One account. I am convinced this card is issued solely on CR status. You will however need the brokerage account to receive the 2% rewards. If I were you I would call them directly and apply over the phone with a supervisor and personally explain all of the details. I think you will receive this card and I would say with your 760 score you should have a nice CL. I really like this card and my cash rewards are really adding up. It is dropped from the brokerage account into a 1.75% savings account which is a great rate. I am not much for trading stocks so I simply have a $100/month draft going in each month which satisfies the continuation of the brokerage account. I will leave stock trading to the more courageous among us.Good Luck.

Message 3 of 7
Anonymous
Not applicable

Re: Schwab card - Increasing Chances of Approval

So it's better that I ask Experian to send Schwab a credit report, rather than waiting for Schwab to make another hard inquiry? Does Schwab request a 2nd credit report if they're in doubt... I know AMEX does this.  Anything else that will help me get approved for a Schwab card?
Message 4 of 7
Anonymous
Not applicable

Re: Schwab card - Increasing Chances of Approval


@Anonymous wrote:

 

Message Edited by CalBear8 on 07-12-2009 05:06 PM
Message Edited by CalBear8 on 07-12-2009 05:07 PM
Message Edited by CalBear8 on 07-12-2009 05:12 PM
Message Edited by CalBear8 on 07-12-2009 05:16 PM
Message Edited by CalBear8 on 07-13-2009 02:31 AM

 

What happend to your OP?

 

To increase your chances of approval:

On your CR:

overall utilization should be 5%-9%, individual utilization 9% or less

you should have balances on less than 40% of tradelines on your CR, but at least 1

no new accounts within the last 6 months

as few inquiries on EX and TU as possible (they pulled both for me)

no baddies

Message 5 of 7
Anonymous
Not applicable

Re: Schwab card - Increasing Chances of Approval


@Anonymous wrote:
Anything else that will help me get approved for a Schwab card?

Not sure if you still have this question, as you have edited out your original post, but if you do:

I called them up rather than letting them contact me.  Wait a day or two after you apply, and you will get the chance to speak with a credit analyst about it - so if they have any problems, or tell you "no", you can explain your CR.

 

Message 6 of 7
jaybird201
Established Contributor

Re: Schwab card - Increasing Chances of Approval


@Anonymous wrote:

@Anonymous wrote:
Anything else that will help me get approved for a Schwab card?

Not sure if you still have this question, as you have edited out your original post, but if you do:

I called them up rather than letting them contact me.  Wait a day or two after you apply, and you will get the chance to speak with a credit analyst about it - so if they have any problems, or tell you "no", you can explain your CR.

 


^ 100% correct. I called, they asked about my high number of inquiries, asked how much I have in liquid savings, how much I make, and approved me for $10k.

 

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.