topic Re: How long do I need to wait before I see any prequal in Credit Card Applications

How long do I need to wait before I see any prequal

Anonymous — Thu, 23 Nov 2017 01:18:56 GMT

Currently my scores are 659, 673, and 648. I logged to all banks that have prequal feature yet I can’t get any. I understand my inquiries are a bit on the high side, 28 24, 17 to be exact along with 1 collection with PRA that is scheduled to drop off at the end of 2018. Around 10 inquiries in the past 6 months in each report. My question is exactly what are these prequal sites looking for when prequaling someone? I’m not really looking for cc right now. Just want to gauge my current status with the big banks. Thank you in advance.

Re: How long do I need to wait before I see any prequal

MrDisco99 — Thu, 23 Nov 2017 01:57:34 GMT

My guess would be they're looking for fewer inquiries.

Re: How long do I need to wait before I see any prequal

marty56 — Thu, 23 Nov 2017 11:11:23 GMT

If you don't need new credit, I would wait at least a year till all those current INQs stop counting. 2 years would be better.

Re: How long do I need to wait before I see any prequal

bettercreditguy1 — Thu, 23 Nov 2017 11:52:45 GMT

That many inquiries are yelling "red flags". Are you hurting for credit, etc? It would be best to let your current inquiries a ge off before applying for anything. Should you get an approval at this time, your terms will not be the most favorable.

Re: How long do I need to wait before I see any prequal

Anonymous — Thu, 23 Nov 2017 16:03:41 GMT

Thank you for the reply. I’m planning to garden at least a year before I join Penfed to get a good starting SL anyway. What bugs me is the my UTI is only around 15% of 16k total limit. I know that limit is small compares to some other members limit here but it doesn’t make sense to me somehow.

Re: How long do I need to wait before I see any prequal

Anonymous — Thu, 23 Nov 2017 16:19:36 GMT

15% aggregate utilization is too high, get it under 8%.

Also what’s your highest utilization on any one card?

Do you have an installment loan open and reporting?

Re: How long do I need to wait before I see any prequal

Anonymous — Thu, 23 Nov 2017 17:01:07 GMT

@Anonymous wrote:
15% aggregate utilization is too high, get it under 8%.

Also what’s your highest utilization on any one card?

Do you have an installment loan open and reporting?

My highest single card uti is 26%. I opened an installment loan with Golden 1 Cu since I bank with them. Alliant denied me for being on chexsystems even though the negative balance was paid off to US Bank awhile back.

Re: How long do I need to wait before I see any prequal

Anonymous — Fri, 24 Nov 2017 22:52:07 GMT

Have you tried the capital one prequal tool? My scores are similar to your lower ones (although granted I have barely any inquiries, either 1 or 2 depending on the CRA) and since I've had a fico score capital one has consistently prequalified me for the low tier cards (platinum and QS1), in fact until recently (and again now that my score dropped due to a reissued card that hasn't resumed reporting yet) they were the only ones to prequal me for anything at all (the only other place I got a hit was us bank, for some shockingly prime cards that I was very skeptical of my chances on in spite of the solid APRs - however since the aforementioned score drop they no longer have any results for me which leads me to believe their offers were in fact legit - if you've burned them in the past it might affect things but I've seen a lot of these us bank prequals lately so maybe they're worth a try too if you haven't already). Out of all the places with prequalification tools I think capital one has cards available with the lowest requirements so if you haven't tried them yet I'd say they'd be the ones to experiment with, if you do try and don't get any results (or if you already have) I'd double check to make sure you aren't opted out (although you're automatically opted in so you would've had to specifically opt out for that to be the case)

Either way I wish you luck, and if you aren't opted out and you're still not getting anything I know you will eventually ❤

Re: How long do I need to wait before I see any prequal

Anonymous — Sun, 26 Nov 2017 00:09:47 GMT

Thank you for the kind words Kitty. I gave Penfed a try couple of days ago before entering the garden but of course, and was denied due to age of credit and numbers of accounts recently opened. I need to age some of my recent accounts and get some inquiries off my report.

Re: How long do I need to wait before I see any prequal

Anonymous — Sun, 26 Nov 2017 02:20:20 GMT

Are any of your credit files "locked"/ on ice? If so you won't get any prequal that way. Also if you have "opted out" in the past. Search for opt out on the forum and you can opt yourself back in if so.

Re: How long do I need to wait before I see any prequal

Anonymous — Sun, 26 Nov 2017 03:20:02 GMT

Inquiries and new accounts disqualify me even with FICO Scores in the low 700s. We got some gardening to do. Banks are weird though. I got an mail offer to apply for a Home Depot card and Citibank usually declines apps because of inquiries but this time I was approved. Look out for offers in the mail. Hopefully you’re opted in for pre-screened offers.

Re: How long do I need to wait before I see any prequal

Anonymous — Sun, 26 Nov 2017 03:49:27 GMT

What's your AAoA and how may accounts have been opened in the last 6 months/12 months?

@Anonymous wrote:
@Anonymous wrote:
15% aggregate utilization is too high, get it under 8%.

Also what’s your highest utilization on any one card?

Do you have an installment loan open and reporting?

My highest single card uti is 26%. I opened an installment loan with Golden 1 Cu since I bank with them. Alliant denied me for being on chexsystems even though the negative balance was paid off to US Bank awhile back.

Re: How long do I need to wait before I see any prequal

rprisco — Sun, 26 Nov 2017 23:48:26 GMT

Op, I also have never received prequal, I've unlocked all bureaus and will see what happens after few days of thawing. I wonder if having a locked sagestream or innovis effect prequals? If so is yours locked?

Re: How long do I need to wait before I see any prequal

Anonymous — Mon, 27 Nov 2017 01:50:21 GMT

@Anonymous wrote:
What's your AAoA and how may accounts have been opened in the last 6 months/12 months?
@Anonymous wrote:
@Anonymous wrote:
15% aggregate utilization is too high, get it under 8%.

Also what’s your highest utilization on any one card?

Do you have an installment loan open and reporting?

My highest single card uti is 26%. I opened an installment loan with Golden 1 Cu since I bank with them. Alliant denied me for being on chexsystems even though the negative balance was paid off to US Bank awhile back.

My AAOA is around 8 months. It's the inquiries and recent account that are preventing me from getting new cards. I currently have around 8 inquiries and 5 new accouts opened in last 3 months. Thought I could get a Penfed card before gardening to age the new accounts but was not denied. The question I have is how long do I need to garden though? If I garden for four months to raise my AAOA to 12 months, that would still leave most of the inquiries within the 6 months period. Do I need to wait for at least a year then to have half of my inquiries dropped off? In most of my denials, it's either too many recent inquiries or too many recent accounts opened. I do not have any freeze put on my credit report, and I also made sure I'm opted in but I guess these big name lenders just don't like my file enough to extend any pre-approval. To be honest, the reason why I want to see some pre-approvals is to prove that all my works past couple of months trying to repair my credit are not being wasted. It gives me a sense of accomplishment. Something to look forward to at the end.