topic Re: Credit card prequals in Credit Card Applications

Credit card prequals

Zeno — Tue, 17 Dec 2019 04:19:14 GMT

My fico scores are Ex:717 EQ: 734 TU: 721 there aren’t any negatives on my credit. I currently only have two credit cards. Walmart store card and Citi double cash card. I do not use the Walmart card much anymore i last used it couple months ago and its paid off. I tried CLI but denied because it said something about not qualified for increase at this time due to type of account. I received email from Citi about applying for Citi Simplicity card. I also filled out prequel for discover and qualify for discover it. I tried the Amex prequalify as well and the results were Blue cash every day, Amex everyday, cash magnet, sky miles card but I do not travel a lot. I like cash back cards but trying to get feedback on these cards. I was thinking of going with discover.

Re: Credit card prequals

M_Smart007 — Tue, 17 Dec 2019 02:44:50 GMT

My guess is Discover would yield the highest limit .. but again, just a guess.

Re: Credit card prequals

Zeno — Tue, 17 Dec 2019 16:36:14 GMT

I also receive emails from PayPal for their cash back mastercard. I used prequal for capital one and results showed Savor and quicksilver cards.

Re: Credit card prequals

OmarGB9 — Tue, 17 Dec 2019 16:36:57 GMT

Sounds like you have a pretty good shot at discover or Amex or both.

Re: Credit card prequals

Anonymous — Tue, 17 Dec 2019 19:16:34 GMT

Firstly, I'm not sure why Walmart Card isn't eligible for a CLI. My old Wally's Store Cards got a couple be fore it upgrade to the MC.

Secondly, most of the time these mailers are advertising, and for the card they want to push. IMO the Simplicity is Citi's worst card.

However, your score may be only eligible for certain cards. If you don't travel and prefer CB, i'd just stick with the DC and try other Leneders.

Discover: I feel you can't go wrong, especially in the first year of cash back match. And it has potential to grow, if you get a low initial CL.

Amex: If you qualify for BCE, I would try for the BCP instead. Much higher earning potential if it codes correct where you shop for food. Also on streaming, and transit. I'd wait for the best SUB on it though, as it will cover the $95 AF. I just don't know if there is a higher score requirement for the BCP versus BCE. Though I feel Amex would rather you go for the AF version.

PayPal MC: No experience with this one though they keep hounding me to app, I've been pre-approved for months. And often get the 4% for 3 months offer. So I'd definitely wait for something similar. It's issued by SYNCH, who also issued you old Walmart card(if you had it prior to September). So depending on your past usage they could treat you well on initial CL, or not. others might haev more insight on this one.

Re: Credit card prequals

pinkandgrey — Tue, 17 Dec 2019 20:23:12 GMT

@M_Smart007 wrote:
My guess is Discover would yield the highest limit .. but again, just a guess.

I would guess the same. Everybody should have a Disco!

Re: Credit card prequals

JNA1 — Tue, 17 Dec 2019 20:45:09 GMT

I have the Discover It, the Blue Cash Preferred, and PayPal Mastercard. For the first year, you’ll probably end up with more Cash back on the Discover than any of them because of the Cashback match. We funneled over $45,000 through mine, and we ended up $1402 cash back for the first calendar year. I won’t lie, I’m going to miss the simplicity of using that one card for the whole year. Last month, I got the BCP, the BBVA, the PNC and the PPMC cards to fill the void of losing the cash back match on my Discover card. As my wife’s profile grows, we are going to get her a Discover It cash back card and followed by us both getting a a Discover Miles (3% flat cash back for the first year) in the coming years. I really wish Discover had a flat 2% card. It would be my daily driver from now on if they did.

Re: Credit card prequals

recoveringfrombk7 — Tue, 17 Dec 2019 23:27:44 GMT

Is there a reason you don't want to apply for a second discover card, for the second year of cash back match and then later merge them? I just did this and am riding the love train again haha.

Re: Credit card prequals

Zeno — Wed, 18 Dec 2019 02:26:13 GMT

So discover offers cash back every year at the end on same card?

Re: Credit card prequals

recoveringfrombk7 — Wed, 18 Dec 2019 03:02:45 GMT

Discover offers a SUB of cash back match for whatever you earned in the first year. So for my first Discover, which is secured, I earned around $300 this year. The value is so low because my limit was low due to a small starting security deposit and because the secured cards default to a chrome. Through these forums I found out I could change it to a 5% cash back card which has rotating categories and so for the last 3-4 months I earned a lot more due to that change plus increasing the limit on the card to $2500. When my statement cuts in January, Discover will give me my December cashback and also whatever my match/total cashback is for the year. Since I've been with them a year, I just checked prequalify and got an unsecured card SL of 14,500, this time starting as the 5% card. Whatever I earn this year I'll get matched in January next year since this is a new card with it's own SUB. Once the card is out of the first year you still get the cash back, just no match on your total earnings.

Re: Credit card prequals

randomguy1 — Wed, 18 Dec 2019 03:02:41 GMT

@Zeno wrote:
So discover offers cash back every year at the end on same card?

The matching? First year.

Re: Credit card prequals

Anonymous — Wed, 18 Dec 2019 05:13:39 GMT

The Walmart card just transferred from Synchrony to Capital One a few months ago. It has not been 6 months yet so that probably the reason for the denial.

imho Discover will probably start yiu out higher but AMEX will grow faster. Both preapprovals are usually solid.

Re: Credit card prequals

Zeno — Thu, 19 Dec 2019 16:25:01 GMT

I will try the discover card. I never tried credit limit increase with Walmart when under Synchrony. I automatically receive a $1000 increase from Citi every 6 months but if I get an automatic increase and try to request one myself it gets denied because i have to wait six months.

Re: Credit card prequals

KJinNC — Thu, 19 Dec 2019 20:10:59 GMT

PayPal MC is largely duplicative of your Citi DC, so I'd probably skip that, unless you are unhappy with the DC.

If you were picking just one card, personally, I'd go with Discover. The rotating 5% version. Right now, it's 5% at walmart.com, Amazon, and Target. In Q1, it is 5% at grocery stores, CVS and Walgreens. In Q2, it is 5% at warehouse stores and gas stations, if I recall correctly. It is 1% on everything but the featured category. And, they match cash back for the first 12 months, so in the long run, those become 10% categories and 2% elsewhere.

I am also an Amex fan, and if you have one Amex, that makes it a lot easier to see if you can get others in the future. Once you have an Amex and are logged into their web interface, if you click Apply on any other card, you will see immediately if you are preapproved. You also can request a 3x credit limit increase 61 days after you open an account. If you don't get it, you can try again in 91 days. If you do get it, you can try for another in 181 days. It's all soft pull, with rare exceptions.

So, if I were you, I would definitely get the Discover, and I would seriously consider getting an Amex - whichever fits your spend best. Though you should be aware that will significantly hurt your AAoA.

Good luck!

Re: Credit card prequals

Zeno — Thu, 19 Dec 2019 22:30:46 GMT

I think I will go with discover it seems to offer something good and I do shop at Walmart and amazon sometimes target as well. I only have three accounts currently. I am also trying to have my scores increase more. They increase sometimes by different points 3, 7, 20 etc. Nothing ever reported late.

Re: Credit card prequals

KJinNC — Thu, 19 Dec 2019 22:53:07 GMT

The categories do rotate on Jan. 1. Here is a schedule:

https://www.nerdwallet.com/blog/credit-cards/discover-announces-2020-categories/

There are other types of Discover cards (a gas station and restaurant 2% card, a travel miles card), but since you have a general-purpose 2% card already, I would definitely go with the rotating 5% card.

Enjoy! Discover is great.

Re: Credit card prequals

JNA1 — Fri, 20 Dec 2019 13:08:19 GMT

You can’t go wrong with Discover. I can’t get mine to grow as quickly as my other cards, but I love everything else about it.

Re: Credit card prequals

Zeno — Thu, 02 Jan 2020 04:06:09 GMT

Something strange just happened when i applied for discover. It says i have no credit record available which is incorrect

Re: Credit card prequals

JNA1 — Thu, 02 Jan 2020 04:23:35 GMT

That is strange. Are you sure there wasn’t a typo on your birthdate or SSN when you filled it all out?

Re: Credit card prequals

Zeno — Thu, 02 Jan 2020 05:05:49 GMT

yes no typo when filling it out. The agency they pulled was from Equifax and i tried applying again i receive the same answer. I called discover and they mentioned i may have to call equifax. The rep said they pulled it based on information i entered and i was letting the rep know i have credit with accounts.