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Established Contributor
CashOnDelivery
Posts: 502
Registered: ‎04-17-2013

Re: "chances of approval"


webhopper wrote:
I think there is definitely a learning curve where you realize that having 20 subprime or store cards is way worse than having 2 really good cards...

I think folks are just so busy trying to get accounts to report something positive to dilute out the negative that they genuinely do not see the forest for the trees... I've seen a lot of these folks come to this realization and then start closing out the excess...

It's all a learning opportunity and we are all at different stages of learning. I certainly am not at the point where I know everything and I think these posters that you refer to may be a little lower on the learning curve...

Hopefully they will listen to the folks that have been around a while and they will get that lightbulb moment when they finally "get it"

Well said!


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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Senior Contributor
Open123
Posts: 3,987
Registered: ‎02-23-2011

Re: "chances of approval"

While a certain level of self awareness on where one is on the credit spectrum allows for more prudent applications, there’s still much to be said for Patton’s adage that a good plan implemented with vigor now is better than a perfect plan 30 minutes later.

Case in point, in the PC gaming industry, if a firm waited until a game was “perfect,” it would never be released, because it’ll never be perfect—there’s always something to add or improve upon.  The ideal way to release games is when it’s “serviceable” and fix the inevitable issues with patches.

 

In my view, one should apply as follows:  (1) understand where he is on the credit spectrum; (2) understand the reason for the applications, i.e., sign up rewards, bonus spending, rebuilding, etc; (3) and, while it’s never wise to be foolhardy, resist the temptation of being too timid during rebuilding.

 

An application and an inquiry or two every 6 months is inconsequential.  It’s worth the risk to be approved and accelerate the rebuilding or rewards harvesting process.  Like every endeavor, action is always better than inaction—plan too long and everything will pass you by with new cards, new CRA procedures and new rules.

 

Don’t fall into the trap of always fighting the current war with the rules of the last one.  :smileywink:

New Contributor
kblatt
Posts: 68
Registered: ‎05-23-2013

Re: "chances of approval"

Chances of approval aren't always so clean cut.  I'm an excellent candidate for credit right now, and have been declined with 710+ scores and no major baddies on my record.  The most often reason cited is lack of history with large limit cards.

 

So to get this straight, their reasoning is: to get a large limit card you need a large limit card already. This is what I've heard from a few CC companies in the past week.

 

Then, there have been other prime creditors that are happy to grant me credit with large limits.

 

It varies from case to case, and in my experience just in the last 30 days there's no such thing as a "lock" unless you've been gardening for a while with perfect credit.

| $8k | | $8k | | $6.5k | | $4k | | $2k | | $500 |

Baseline (5/1/2013) - EX 580 | TU 599 | EQ 599 * Goals - EX 750 | TU 750 | EQ 750
Current (6/10/2013) - EX 719 | TU 722 | EQ 737
Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013

Re: "chances of approval"

Education peppered with moderation and a little common sense regarding when to take acceptable risk is what I've learned here. There's always a chance your not going to be approved but IMHO it's important to take a chance on occasion. For some it's going to be a longer journey but if you truly learn the steps, follow protocol and stay with a good game plan it's amazing how quickly things can happen. Ex: journey began 2 years ago with $300 Kohl's CL lots of baddies, judgment, lates etc...Fast forward 2 years...great CL's on all starter cards and dream cards achieved. 2 Chase Visa Signature cards, Freedom and Sapphire, and as of yesterday AMEX PRG.

Your station in life is not so much determined by you intelligence as your discipline. In other words, you don't have to be that smart but if you work hard the world is yours. The flip side, you can be the smartest IQ in the room and without concerted focus achieve nothing of note.

Above all I believe the following to be true...hope is the greatest of things. Thank you Steven King for that one!
Valued Contributor
parakleet
Posts: 1,135
Registered: ‎04-13-2013

Re: "chances of approval"


kblatt wrote:

Chances of approval aren't always so clean cut.  I'm an excellent candidate for credit right now, and have been declined with 710+ scores and no major baddies on my record.  The most often reason cited is lack of history with large limit cards.

 

So to get this straight, their reasoning is: to get a large limit card you need a large limit card already. This is what I've heard from a few CC companies in the past week.

 

Then, there have been other prime creditors that are happy to grant me credit with large limits.

 

It varies from case to case, and in my experience just in the last 30 days there's no such thing as a "lock" unless you've been gardening for a while with perfect credit.


I agree that there are cards that are difficult to get if you don't already have a CC with a decent CL. It's kind of a chicken or the egg situation. However, I think that you can build the cards that you have to get to a higher CL, which in turn will better position yourself for approval of that "difficult to get" card. In my case, I didn't start out with 5k CCs from the beginning. Most of my cards were at 2-3k CL and over time, one of my citi cards gave me auto cli to 6k. That then allowed me to be approved for more cards with higher initial CLs. So when people complain about not being able to get in instantly with already higher CLs due to their lower limit cards, it's kind of like....


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
New Contributor
kblatt
Posts: 68
Registered: ‎05-23-2013

Re: "chances of approval"


parakleet wrote:

kblatt wrote:

Chances of approval aren't always so clean cut.  I'm an excellent candidate for credit right now, and have been declined with 710+ scores and no major baddies on my record.  The most often reason cited is lack of history with large limit cards.

 

So to get this straight, their reasoning is: to get a large limit card you need a large limit card already. This is what I've heard from a few CC companies in the past week.

 

Then, there have been other prime creditors that are happy to grant me credit with large limits.

 

It varies from case to case, and in my experience just in the last 30 days there's no such thing as a "lock" unless you've been gardening for a while with perfect credit.


I agree that there are cards that are difficult to get if you don't already have a CC with a decent CL. It's kind of a chicken or the egg situation. However, I think that you can build the cards that you have to get to a higher CL, which in turn will better position yourself for approval of that "difficult to get" card. In my case, I didn't start out with 5k CCs from the beginning. Most of my cards were at 2-3k CL and over time, one of my citi cards gave me auto cli to 6k. That then allowed me to be approved for more cards with higher initial CLs. So when people complain about not being able to get in instantly with already higher CLs due to their lower limit cards, it's kind of like....


Unfortunately that situation doesn't apply to everyone.  My only previous cards were with CapitalOne, HSBC, and my bank (BofA).

 

CapitalOne has kept the same CL on my card for over a decade without an increase.

 

Everyone knows how conservative some lenders are compared to others.  Not everyone has the luxury of being bumped up every X period of time by their lender, even with great credit.

| $8k | | $8k | | $6.5k | | $4k | | $2k | | $500 |

Baseline (5/1/2013) - EX 580 | TU 599 | EQ 599 * Goals - EX 750 | TU 750 | EQ 750
Current (6/10/2013) - EX 719 | TU 722 | EQ 737
Valued Member
sperrin
Posts: 42
Registered: ‎10-17-2012

Re: "chances of approval"

It seems from your starting scores, that you have been in the rebuilding phase yourself.  Often when people post "chances of approval," its for an approval to help boost their scores, add another TL or just prove to themselves that they've been making progress without being denied and wasting an inquiry.  Also, who is to say those posting messages haven't already cleaned up their reports to the best of their ability? 

Valued Contributor
parakleet
Posts: 1,135
Registered: ‎04-13-2013

Re: "chances of approval"

Just for clarification - I had my citi amex card for SIX years at 2k until they auto cli'd to 6k. I probably could have gone for a cli much sooner had I known what I know now as a result of reading the myfico forum. I'm sure there are people who can build their CLs much faster than that so I am in no way advocating that you need to wait for 6 yrs for a CCC to auto cli you. Also, I am in no way disparaging every poster who ask about their chances of approval.   


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: "chances of approval"


nvrgvupnvrsrndr wrote:
Education peppered with moderation and a little common sense regarding when to take acceptable risk is what I've learned here. There's always a chance your not going to be approved but IMHO it's important to take a chance on occasion. For some it's going to be a longer journey but if you truly learn the steps, follow protocol and stay with a good game plan it's amazing how quickly things can happen. Ex: journey began 2 years ago with $300 Kohl's CL lots of baddies, judgment, lates etc...Fast forward 2 years...great CL's on all starter cards and dream cards achieved. 2 Chase Visa Signature cards, Freedom and Sapphire, and as of yesterday AMEX PRG.

Your station in life is not so much determined by you intelligence as your discipline. In other words, you don't have to be that smart but if you work hard the world is yours. The flip side, you can be the smartest IQ in the room and without concerted focus achieve nothing of note.

Above all I believe the following to be true...hope is the greatest of things. Thank you Steven King for that one!

And that is exactly what you should learn here, WTG! :smileyhappy:




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
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: "chances of approval"


sperrin wrote:

It seems from your starting scores, that you have been in the rebuilding phase yourself.  Often when people post "chances of approval," its for an approval to help boost their scores, add another TL or just prove to themselves that they've been making progress without being denied and wasting an inquiry.  Also, who is to say those posting messages haven't already cleaned up their reports to the best of their ability? 


OK, most people on this forum have been in a rebuilding phase so what is your point on that??

 

Also if you read most of these kind of posts here the people asking these questions are not ready to be apping, they are in a hurry to gain prime cards with average or low reports. I'm not saying everyone is like this just a good bit of these posts are.

 

 




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

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