topic Re: Will I get approved for pre-qualifed credit cards?? in Credit Card Applications

Will I get approved for pre-qualifed credit cards??

Anonymous — Tue, 02 Apr 2019 12:48:59 GMT

Ok My question is what are my chances of getting approved for pre-qualified credit cards.

Experian Fico Score - 715

Total Open Accounts-1

Re: Will I get approved for pre-qualifed credit cards??

Remedios — Tue, 02 Apr 2019 12:56:46 GMT

@Anonymous wrote:

Ok My question is what are my chances of getting approved for pre-qualified credit cards.

Experian Fico Score - 715

Open Credit Cards-1

Total Open Accounts-1
Accounts Ever Late-0
Collections Accounts-0
Time Since Negative-Never
Average Account Age- 7 Years 9 Months
Oldest Account- 15 Years 4 Months

I have 1 closed account on my report with Capital One Bank which is in good standing, paid on time for 7 years

My open credit is with Capital One and have 2 months payment history with $0 balance

I'm pre-qualified for Amex and Citi Double Cash. Will i get approved?

Thanks

Hi and welcome!

Probably, but if your only opened account has $0 balance, you lost 15-20 points when it reported that way

Do not apply till next statement is ready, allow card to report a balance (under 8.9% because your individual and aggregate utilization are same due to one card only), then apply.

I think that will increase your chances

Amex should be relatively easy for you. Citi tends to be a bit more unpredictable.

Good luck!

Re: Will I get approved for pre-qualifed credit cards??

Anonymous — Tue, 02 Apr 2019 13:02:43 GMT

Thanks for the info..

Re: Will I get approved for pre-qualifed credit cards??

Anonymous — Tue, 02 Apr 2019 13:14:45 GMT

What about for Chase freedom or Unlimited?

Any other cards you recommned to apply without waiting for another statement? Because I'm not planning on using the card

Re: Will I get approved for pre-qualifed credit cards??

Remedios — Tue, 02 Apr 2019 13:20:17 GMT

@Anonymous wrote:
What about for Chase freedom or Unlimited?
Any other cards you recommned to apply without waiting for another statement? Because I'm not planning on using the card

You can apply at any time, but keep in mind you're applying with non-optimal score

It may change the terms of the approval such as SL and APR (if apr is important to you)

Chase also have prequal page, so feel free to check it out Chase prequal

Are you needing new CC urgently for a specific reason?

Re: Will I get approved for pre-qualifed credit cards??

Anonymous — Tue, 02 Apr 2019 13:23:36 GMT

Well APR is not important and what does SL mean?

i just want to have 2 or 3 accounts on my file

Thanks

Re: Will I get approved for pre-qualifed credit cards??

Anonymous — Tue, 02 Apr 2019 14:00:45 GMT

SL is starting limit.

You can apply for the cards youre prequalified for now and have a good chance of getting approved. If you do what was said above and your score increases, your chance of approval might be better as well as getting a higher starting limit. If you just want the extra card or two for the sake of having them, what's the rush? But if you don't care about SL and just want the cards, go ahead and apply, youve probably got a good chance at getting them.

Re: Will I get approved for pre-qualifed credit cards??

xaximus — Tue, 02 Apr 2019 14:12:01 GMT

I would follow the advice above regarding letting your account report a small balance, leave like $25-50 on it, let the statement cut and then make a payment on the due date for the full amount. Once that happens, then apply for whichever card. AmEx/Discover will be easy cards to get. If you are looking into Chase, they have many cards but see what works best for you. Chase Freedom is a 5% quarterly category card while the Freedom UL is a 1.5% card.

Re: Will I get approved for pre-qualifed credit cards??

Remedios — Tue, 02 Apr 2019 14:18:34 GMT

@Anonymous wrote:
Well APR is not important and what does SL mean?

i just want to have 2 or 3 accounts on my file

Thanks

We dont know anything about your spending habits to be able to recommend appropriate cards. Dont apply for A card, try THE card.

What do you spend money on?

Do you travel?

Do you want cash back?

Income range etc

I am sure with that info, you'd get some great suggestions.

Here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Re: Will I get approved for pre-qualifed credit cards??

Anonymous — Tue, 02 Apr 2019 14:45:36 GMT

Yes i do travel and cash back would be good

income - 85k

Re: What are my chances???

hernaemm90 — Wed, 03 Apr 2019 07:54:22 GMT

I don't have a Citi card so I don't know about Citi but I would say you definitely qualify for Discover and Amex.

My First and oldest card is my Discover IT card that I got 9 months ago. I'm college student working part time so my income isn't even that high, between $15k - $20k.

As for Amex, it may depend on the card you're trying to get but I got approved for the Hilton Honors card last month, still in the previously mentioned income range.

Re: What are my chances???

CreditInspired — Wed, 03 Apr 2019 08:44:33 GMT

Hi and welcome

Going off the DPs you have provided with only 1 FICO score, I suggest applying for Discover and/or AmX in about 4 months (your C1 has aged to 6 mos). Having at least 3 CCs is good for max FICO scoring. Since you only have 1 CC, you are losing points for having a $0 balance. Use this card for 4 more months with a balance of at least 1-3% balance reporting.

Re: What are my chances???

Anonymous — Wed, 03 Apr 2019 09:45:29 GMT

Hi! Thanks for your input. My fico score is based off 2 CCs. Have 1 Capital One which closed in good standing for 7 years

Doesn't it count?

Re: What are my chances???

Anonymous — Wed, 03 Apr 2019 09:46:59 GMT

Thanks

I'm pre-approved for the Amex blue cash

What is your credit limit on the Amex Hilton Honors?

Re: What are my chances???

Priory_Man — Wed, 03 Apr 2019 11:28:19 GMT

Your score of 715 with a thick credit file would get you an approval more often than not, however, you have a very thin file at the moment.
As already suggested by @CreditInspired, wait a few more months then apply for either or both the cards you are approved for.
Spend limits given to you will most likely be low, don't let that discourage you, the new card companies have to get to know you a little first.
If you do have the itch right now however, Amex maybe your best bet but that is not a given. Good luck.

Re: What are my chances???

Anonymous — Wed, 03 Apr 2019 12:36:08 GMT

@Priory_Man wrote:
Your score of 715 with a thick credit file would get you an approval more often than not, however, you have a very thin file at the moment.

I don't believe that the OP has a thin file, although he didn't specifically state how many accounts are on his CR. He has one open CC, but presumably his file may be thick as his AAoA is ~7.x years and his AoOA double that at ~15.x years. If this credit card is the only account he's opened in the last 15 years (2 total accounts on his CR) then yes, it's a thin file. OP, how many total accounts do you have on your CR, both open and closed?

My next question to the OP comes down to utilization. Where does your reported utilization currently sit? 715 is a very low score for a clean file, especially given your age of accounts factors. Most people with just 1 account and 6-9 months of credit history debut with a FICO score greater than the one you provided.

Re: What are my chances???

Remedios — Wed, 03 Apr 2019 12:41:47 GMT

Unless that is really the only open revolving account reporting $0 balance, in which case they are losing around 15 points.

Re: What are my chances???

Remedios — Wed, 03 Apr 2019 12:44:09 GMT

Hate saying it, but I was right

OP, we went through this just a day ago. Nothing really changed

Re: What are my chances???

Anonymous — Wed, 03 Apr 2019 14:57:11 GMT

Total accounts on CR - 2

1 - OPEN

1- CLOSED

Both from Capital One

Utilization currently sit 0% since $0 balance on the open account

Re: What are my chances???

pinkandgrey — Wed, 03 Apr 2019 15:52:22 GMT

I’d start with Disco, and then try for Amex. Citi is hard to say. They may not like the thinness of your file.