topic Re: Pre Qual Strength in Credit Card Applications

Pre Qual Strength

Anonymous — Mon, 24 Jun 2019 03:40:42 GMT

So here is a question I have not seen asked...

If you have "firm rate" prequal from a few different finance companies would it be logical that those that gave a "firm rate", the lower the rate the stronger the pre-qual and possible indicater of a larger SL?

Is that kinda logic demonstrated in known lender behavior

Re: Pre Qual Strength

mikesonthemend — Mon, 24 Jun 2019 03:57:05 GMT

@Anonymous wrote:
So here is a question I have not seen asked...

If you have "firm rate" prequal from a few different finance companies would it be logical that those that gave a "firm rate", the lower the rate the stronger the pre-qual and possible indicater of a larger SL?

Is that kinda logic demonstrated in known lender behavior

When you say finance companies, what are you referring to?

If you mean credit card issuers your logic is sound. Perhaps it is just me, but "finance companies" is a term often associated with preditory lenders. These types of lenders can often lower your credit scores as they portray desperation, rightly or wrongly.

Many of the installment lenders marketed by various "free credit score" websites will fall into this category, perhaps unfairly. There is a great deal of information available via web searches.

Edit: SL should have clued me in.

Re: Pre Qual Strength

Anonymous — Mon, 24 Jun 2019 04:29:04 GMT

My bad...

Yes Credit Card Lenders...

CITI 15 & 16% rates quoted - 3 cards listed. Rewards, Simplicity, Double Cash (Despite HomeDepot IIB)

Cap One 25% rates quoted - ALL Savor, Venture, QS

Disco 20% rates quoted - All Miles, CashBack, one other

CHase - NADA --- Had the WAMU Card IIB

BOA - NADA --- Took a beating in BK w/ MBNA

Re: Pre Qual Strength

mikesonthemend — Mon, 24 Jun 2019 04:13:11 GMT

@Anonymous wrote:
Yes Credit Card Lenders...
CITI 15 & 16% rates quoted
Cap One 25% rates quoted
Disco 20% rates quoted

Everyone around here says if it is not a range, but a specific rate, it is solid.

Re: Pre Qual Strength

Anonymous — Mon, 24 Jun 2019 04:31:22 GMT

Here is the DATA:

DATA:

Jun 2019 - FICO8 740+ - 16% Util ( 9K of 58K) DTI: 16% 3 CC < 49% + 1 Store Card < 22% - 6 CC's= 0 Bal - 2 Installs - 1student/1Prosper

Lates: NONE - NO BK Reporting

AAoA 5 yrs

Old - 15yrs

2 TU - 0EX - 0EQ

2 TU Inq were: Prosper opened April 1 / NFCU CC opened May 2nd

2/6 - 0/12 - 0/24

FNBO 0/5250

Discover 0/3900

Cabelas 0/1500 (willl not go above 1500 w/BK showing, HP CLI) eligible now for CLI

PPMC 0/1900 (never an CLI - converted SmartConnect Line --> PPMC 321Rewards)

QS1 0/2750

Mercury 3300/6600 (Former Barclay Rewards)

Merrick 1750/3600

Amz (Sync) 1000/4500

Venture1 1450/3000

NFCU 0/25000

Closing after TBD is open

Waiting for 91/3 NFCU Plat app date: Aug 3

Re: Pre Qual Strength

mikesonthemend — Mon, 24 Jun 2019 04:39:01 GMT

@Anonymous wrote:
Here is the DATA:

DATA:
Jun 2019 - FICO8 740+ - 16% Util ( 9K of 58K) DTI: 16% 3 CC < 49% + 1 Store Card < 22% - 6 CC's= 0 Bal - 2 Installs - 1student/1Prosper

Lates: NONE - NO BK Reporting
AAoA 5 yrs
Old - 15yrs
2 TU - 0EX - 0EQ

2 TU Inq were: Prosper opened April 1 / NFCU CC opened May 2nd
2/6 - 0/12 - 0/24

FNBO 0/5250
Discover 0/3900
Cabelas    0/1500 (willl not go above 1500 w/BK showing, HP CLI) eligible now for CLI
PPMC 0/1900 (never an CLI - converted SmartConnect Line --> PPMC 321Rewards)
QS1 0/2750
Mercury 3300/6600 (Former Barclay Rewards)
Merrick   1750/3600
Amz (Sync) 1000/4500
Venture1   1450/3000
NFCU 0/25000

Closing after TBD is open
Waiting for 91/3 NFCU Plat app date: Aug 3

BT all of your balances (unless they are 0%) to NFCU. That gets you AZEO, and under 30% with NCFU.

Wait a month for them to all report. I bet your offers will improve.

You still need to worry about all the new accounts. It is going to catch up.

Re: Pre Qual Strength

Anonymous — Mon, 24 Jun 2019 04:47:46 GMT

"You still need to worry about all the new accounts. It is going to catch up."

I only have 2 new accounts - Prosper Install & NFCU (I believe installs dont count 5/24)

The rest are all from 2013 (1) 2014 (5) 2016 (2)-Paypal Smartconnect converted to PPMC

2 TU - 0EX - 0EQ

2 TU Inq were: Prosper opened April 1 / NFCU CC opened May 2nd

2/6 - 0/12 - 0/24

Re: Pre Qual Strength

mikesonthemend — Mon, 24 Jun 2019 04:52:43 GMT

I'm sorry! Mixed you up with another post. My bad.

Re: Pre Qual Strength

Anonymous — Mon, 24 Jun 2019 05:23:59 GMT

No worries, I just wasnt sure if you were referring to my total new AFTER the (CITI or Chase) + AMEX + NFCU Plat