topic Re: Credit Pulls Database before you app! in Credit Card Applications

Credit Pulls Database before you app!

Anonymous — Sat, 08 Oct 2016 18:26:25 GMT

I find myself giving this recommendation quite often in threads, especially lately, so think it's a thread-worthy topic to revisit.

For those that aren't aware, the Credit Pulls Database contains data points of others that have applied for whatever card you are considering. You can break it down to just your state or see the country wide results. You can see which bureaus are pulled, what their credit score was and whether they were approved or denied. In addition there's a section where additional data points can be entered such as inquiries, AAoA, baddies, etc. whatever the person being approved or denied decides to enter in.

You can visit the Credit Pulls Database by typing "Credit Pulls Database" into a search engine.

Researching the Credit Pulls Database will arm the potential applicant with a ton of data points which will allow them to make the wisest decision. In the amount of time it takes to start a "what are my approval odds for X" thread, one can read real world data and obtain far more concrete information than can be attained from random people "shooting from the hip" and offering advice from their gut in your thread.

For example, I just looked at the CPD for a commonly discussed card on here, Discover. Using data from the last year (you can go back much farther than that) we see that 105 people have reported applying. 90 were approved, 15 were denied. Looking at the 15 denials, their scores ranged from a low of 554 to a high of 740. The 740 denial appears to be an outlier as the next closest score denied was 705. The average denial score is 646.

It's also a good thing to look at the percentage of people that were approved with greater than your score and the percentage of people approved with less than your score. As an example, let's take a nice round score of 700. Of the 90 reported approvals, 57 possessed a score of 700 or less while 33 held a score of greater than 700. If 2/3 of the people reporting approval have lower scores than you do and only 1/3 have higher scores, it gives you a greater sense that your chances are likely very good for approval. Should you find that 70-80% of the people being approved have scores higher than you do, and your score falls near the average score of where people are typically being denied, perhaps it isn't a wise move to apply yet.

Hopefully this information can be useful to people in the future that aren't sure if they should app or not for a specific card.

Re: Credit Pulls Database before you app!

Aduke1122 — Sat, 08 Oct 2016 17:59:50 GMT

Great post OP , I often see ppl that didn't know about the Credit pulls database , it's a great resource to have to weigh your chances of approval.

Re: Credit Pulls Database before you app!

myjourney — Sat, 08 Oct 2016 18:20:46 GMT

Great tool yes

Posting of the link here .....No

Sorry but link will be removed

Re: Credit Pulls Database before you app!

Anonymous — Sat, 08 Oct 2016 18:27:06 GMT

I wasn't aware that you couldn't post a link. I edited my original post.

Re: Credit Pulls Database before you app!

myjourney — Sat, 08 Oct 2016 18:31:03 GMT

@Anonymous wrote:
I wasn't aware that you couldn't post a link. I edited my original post.

Links to certain sites are allowed

CB tho is not

Thanks for understanding and removing the link

Re: Credit Pulls Database before you app!

Anonymous — Sat, 08 Oct 2016 20:40:00 GMT

Another thing I recommend is analyzing why those that got denied for the card you're considering apping for outside of just score. For example, you may see several higher scores that got denied, then in reading the comments see something like "BK" or "too many new accounts" repeated several times. Whatever that piece of data is, you then know that the creditor you're considering clearly has an issue with whatever that data point is outside of sheer score. At that point you can take a look in the mirror and see whether or not you possess any of those sort of "deal breaker" qualities relative to that specific creditor which could then influence your decision as to whether or not apping is the right move.

Re: Credit Pulls Database before you app!

Anonymous — Mon, 10 Oct 2016 16:12:41 GMT

The approvals will always have BK next to them. Denials will have charge off.

Re: Credit Pulls Database before you app!

Anonymous — Sat, 15 Oct 2016 03:25:13 GMT

Thanks for this info Brutal! Very helpful as always!!

Chapter 7: Discharged November 2015
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07/16 Fico 8: EQ-703, TU-695, EX- 660
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Garden until September 2018 (I'll be in the pumpkin patch)!

Re: Credit Pulls Database before you app!

Anonymous — Sat, 15 Oct 2016 08:26:08 GMT

Any time. I think this data set is extremely useful to anyone that is considering apping. Even when I have no desire at all to app, I still look up these data points on cards that I think I may want to potentially app for at some point, or just to educate myself on what different creditors typically are looking for (or looking to avoid).

Re: Credit Pulls Database before you app!

Anonymous — Sat, 15 Oct 2016 16:25:57 GMT

I think the denials are more educational than the approvals. I myself have built myself quite a large pyramid. To move forward 50k available in mostly bank cards looks better than 125k all over the place. Tough to compare everyone with a round 700 score, you can only read what people have typed in the fields. I'm pursuing credit union business so debt pyramid angle cuts deep when they say no.