topic Re: Are Experian pre-approvals pretty solid? in Credit Card Applications

Are Experian pre-approvals pretty solid?

SoCalGardener — Thu, 06 Jan 2022 19:19:25 GMT

One of my pre-approved offers on Experian is for the Chase Freedom Unlimited. I have no Chase cards at all, and have thought about getting one, though not necessarily *this* one. I was gardening....but, oops!, I screwed up, so now I have some wiggle room. Note that I did *not* have a HP--I left the garden by accepting a new account from Amex, i.e., a new tradeline.

On the words "Pre-approved," hovering over the question mark brings this up: "Being pre-approved means you have met the issuer's strict criteria and they have selected you to receive this pre-screened offer."

Also, the pop-up from hovering over "Matched for You" includes "Experian's estimated approval odds," which include "Good | Better | Best"--and mine is "best."

Seeing the terms pre-approved AND pre-screened AND knowing that none of this necessarily means anything any more, I thought I'd ask: how solid is this offer? I'm on the Experian site itself.

Re: Are Experian pre-approvals pretty solid?

dragontears — Thu, 06 Jan 2022 19:43:50 GMT

@SoCalGardener wrote:
One of my pre-approved offers on Experian is for the Chase Freedom Unlimited. I have no Chase cards at all, and have thought about getting one, though not necessarily *this* one. I was gardening....but, oops!, I screwed up, so now I have some wiggle room. Note that I did *not* have a HP--I left the garden by accepting a new account from Amex, i.e., a new tradeline.

On the words "Pre-approved," hovering over the question mark brings this up: "Being pre-approved means you have met the issuer's strict criteria and they have selected you to receive this pre-screened offer."

Also, the pop-up from hovering over "Matched for You" includes "Experian's estimated approval odds," which include "Good | Better | Best"--and mine is "best."

Seeing the terms pre-approved AND pre-screened AND knowing that none of this necessarily means anything any more, I thought I'd ask: how solid is this offer? I'm on the Experian site itself.

About as solid as the preapprovals you see on credit karma..... Experian doesn't have access to any lender's actual underwriting criteria and are paid by the credit card company a referral fee.

Re: Are Experian pre-approvals pretty solid?

SoCalGardener — Thu, 06 Jan 2022 20:04:40 GMT

@dragontears wrote:
@SoCalGardener wrote:
One of my pre-approved offers on Experian is for the Chase Freedom Unlimited. I have no Chase cards at all, and have thought about getting one, though not necessarily *this* one. I was gardening....but, oops!, I screwed up, so now I have some wiggle room. Note that I did *not* have a HP--I left the garden by accepting a new account from Amex, i.e., a new tradeline.

On the words "Pre-approved," hovering over the question mark brings this up: "Being pre-approved means you have met the issuer's strict criteria and they have selected you to receive this pre-screened offer."

Also, the pop-up from hovering over "Matched for You" includes "Experian's estimated approval odds," which include "Good | Better | Best"--and mine is "best."

Seeing the terms pre-approved AND pre-screened AND knowing that none of this necessarily means anything any more, I thought I'd ask: how solid is this offer? I'm on the Experian site itself.
About as solid as the preapprovals you see on credit karma..... Experian doesn't have access to any lender's actual underwriting criteria and are paid by the credit card company a referral fee.

Hmmm....that's kind of what I was afraid of. I absolutely do not want to waste a HP on a denial. Given my current data points, it's hard to imagine not getting approved, but you never know! 4% overall utilization, scores around 815, more than $100,000 TCL, oldest account is 30, newest is...brand new. To be clear, I definitely don't *need* this card, don't even particularly *want* it, but the verbiage on its so-called "pre-approval" made me wonder.

Re: Are Experian pre-approvals pretty solid?

MileHigh96 — Thu, 06 Jan 2022 20:15:01 GMT

When I started rebuilding, I used the pre-approvals by CK and by Experian and the ones that were labeled 'best' went through and I was approved. Experian is the one that said I was pre-approved for the Mercury card and at the time, that was the one that gave me my highest CL.

Just my experience FWIW, but you know how things go, YMMV.

Re: Are Experian pre-approvals pretty solid?

C6 — Thu, 06 Jan 2022 20:34:52 GMT

I'm not sure about Experian preapprovals but Credit Karma is a joke. The approvals change almost weekly even though my score changes very little. This week they seem to be pushing Bank of America on me yet they say I'm no good for Cap1, Discover, Amex, Credit One, etc. The funny thing is I have Cap1 Venture and Discover with fairly high limits and I did an Amex preapproval last month and was preapproved for everything except the Hilton cards. As for Credit One I think anyone that can fog a mirror should qualify for that card. I believe it was a month or so ago they were pushing the Cap1 Quicksilver on me but now I don't qualify.... hahaha It's all just marketing so if you think you qualify go ahead and apply, otherwise look elsewhere for preapprovals.

Re: Are Experian pre-approvals pretty solid?

SoCalGardener — Thu, 06 Jan 2022 20:38:43 GMT

@MileHigh96 wrote:
When I started rebuilding, I used the pre-approvals by CK and by Experian and the ones that were labeled 'best' went through and I was approved. Experian is the one that said I was pre-approved for the Mercury card and at the time, that was the one that gave me my highest CL.

Just my experience FWIW, but you know how things go, YMMV.

Thanks, that's quite helpful to know. I realize every situation is unique, and there's no guarantee that my result would mirror yours, but it's good to know!

Re: Are Experian pre-approvals pretty solid?

SoCalGardener — Thu, 06 Jan 2022 20:51:48 GMT

@C6 wrote:
I'm not sure about Experian preapprovals but Credit Karma is a joke. The approvals change almost weekly even though my score changes very little. This week they seem to be pushing Bank of America on me yet they say I'm no good for Cap1, Discover, Amex, Credit One, etc. The funny thing is I have Cap1 Venture and Discover with fairly high limits and I did an Amex preapproval last month and was preapproved for everything except the Hilton cards. As for Credit One I think anyone that can fog a mirror should qualify for that card. I believe it was a month or so ago they were pushing the Cap1 Quicksilver on me but now I don't qualify.... hahaha It's all just marketing so if you think you qualify go ahead and apply, otherwise look elsewhere for preapprovals.

Oh, no! Don't get me started on Credit Karma!

First, I have to say up front that I *like* CK and use it regularly. *BUT* I do so with full knowledge that it has a lot of inaccuracies. I could write a whole dissertation on its 'how much house can I buy?' calculator! The very short version is that when I plug in my current home's value as my down payment (since I own it outright, I have 100% equity), and then fill out the rest of the info they request, their result is that I can afford a 500 thousand-something house. With $1.7 MILLION DOLLARS left over. Basic math here: if I have $1.7M for a down payment, it's a NO-BRAINER that I can buy a house that costs AT LEAST $1.7M, right? Not according to CK!!

So, yeah, their ridiculous results with your credit card offers isn't surprising at all. I was looking through their recommended cards recently--and it included a Credit One card. CREDIT ONE. I have excellent credit, high-end cards, perfect history, high CLs...and they think Credit One is a good match?! *SMH*

Re: Are Experian pre-approvals pretty solid?

AverageJoesCredit — Thu, 06 Jan 2022 22:28:25 GMT

I take Experian preapprovals very serious....im preapproved for Credit One Amex.....

Re: Are Experian pre-approvals pretty solid?

SoCalGardener — Thu, 06 Jan 2022 22:52:01 GMT

@AverageJoesCredit wrote:
I take Experian preapprovals very serious....im preapproved for Credit One Amex.....

Is it just me, or does "Credit One" and "Amex" in the same sentence sound like an oxymoron?!

Re: Are Experian pre-approvals pretty solid?

EAJuggalo — Fri, 07 Jan 2022 12:15:27 GMT

@SoCalGardener wrote: I absolutely do not want to waste a HP on a denial. Given my current data points, it's hard to imagine not getting approved, but you never know! 4% overall utilization, scores around 815, more than $100,000 TCL, oldest account is 30, newest is...brand new. To be clear, I definitely don't *need* this card, don't even particularly *want* it, but the verbiage on its so-called "pre-approval" made me wonder.

Why? I'm trying to understand. Most of the people here that are concerned about HP have a specific reason. Either their files are so thin that an extra HP can make a huge difference in scores, or their right on the bubble of getting an approval or they have a mortgage app upcoming. With your scores and utilization, why bother worrying about a HP?

Re: Are Experian pre-approvals pretty solid?

whoelze — Fri, 07 Jan 2022 17:06:00 GMT

Late last month, DW signed up for the Experian free account so we can start reviewing her credit reports for accuracy post BK (discharged end of August last year). Right off the bat, we saw a pre-approval for Ollo. When she clicked on the offer, it was for the Ollo Rewards card. She pulled the trigger and instantly approved for $2500 limit! I told her I was very happy for her because I only got offered the platinum with a $500 SL

Re: Are Experian pre-approvals pretty solid?

SoCalGardener — Fri, 07 Jan 2022 18:32:16 GMT

@EAJuggalo wrote:
@SoCalGardener wrote: I absolutely do not want to waste a HP on a denial. Given my current data points, it's hard to imagine not getting approved, but you never know! 4% overall utilization, scores around 815, more than $100,000 TCL, oldest account is 30, newest is...brand new. To be clear, I definitely don't *need* this card, don't even particularly *want* it, but the verbiage on its so-called "pre-approval" made me wonder.
Why? I'm trying to understand. Most of the people here that are concerned about HP have a specific reason. Either their files are so thin that an extra HP can make a huge difference in scores, or their right on the bubble of getting an approval or they have a mortgage app upcoming. With your scores and utilization, why bother worrying about a HP?

That's certainly a valid question!

I simply have an extreme dislike of HPs on my credit reports. You know, the way they hang around for TWO YEARS, reminding you of that account you really didn't need, but applied for anyway.... At least in my case.

I only have one HP on my reports, which will be falling off in April--and it's been a *long* two years! It feels like twenty. Since there are no guarantees about approval, I just don't want to risk ending up with a new HP on my reports--for two years--if it ended with denial.

FWIW, on the other sites, like Credit Karma, my odds for this particular card are "outstanding" (the highest it goes), and I know that based on my DPs, it *should* be approved. But as any number of people here can attest, it doesn't always work that way!

Re: Are Experian pre-approvals pretty solid?

AverageJoesCredit — Fri, 07 Jan 2022 19:53:32 GMT

@SoCalGardener wrote:
@AverageJoesCredit wrote:
I take Experian preapprovals very serious....im preapproved for Credit One Amex.....
Is it just me, or does "Credit One" and "Amex" in the same sentence sound like an oxymoron?!

Lol, yes. Though to be fair, Credit One does SOUND better than Capital One 🤣

Re: Are Experian pre-approvals pretty solid?

AverageJoesCredit — Fri, 07 Jan 2022 19:56:35 GMT

@EAJuggalo wrote:
@SoCalGardener wrote: I absolutely do not want to waste a HP on a denial. Given my current data points, it's hard to imagine not getting approved, but you never know! 4% overall utilization, scores around 815, more than $100,000 TCL, oldest account is 30, newest is...brand new. To be clear, I definitely don't *need* this card, don't even particularly *want* it, but the verbiage on its so-called "pre-approval" made me wonder.
Why? I'm trying to understand. Most of the people here that are concerned about HP have a specific reason. Either their files are so thin that an extra HP can make a huge difference in scores, or their right on the bubble of getting an approval or they have a mortgage app upcoming. With your scores and utilization, why bother worrying about a HP?

A hp maybe just a hp but sometimes its just enough to make a denial from a lender even with a good profile. Ask how many people have great profiles who still get rejected by Citi or US Bank based solely off that extra hp. 2 years may not seem a long time but time can drag on in credit time waiting for a single hp to fall off a cliff

Re: Are Experian pre-approvals pretty solid?

SoCalGardener — Fri, 07 Jan 2022 20:28:13 GMT

@AverageJoesCredit wrote:
@SoCalGardener wrote:
@AverageJoesCredit wrote:
I take Experian preapprovals very serious....im preapproved for Credit One Amex.....
Is it just me, or does "Credit One" and "Amex" in the same sentence sound like an oxymoron?!
Lol, yes. Though to be fair, Credit One does SOUND better than Capital One 🤣

True, that.

You know, I always thought Credit One had copied Cap1's logo/font/name/swoosh, but it's actually the other way around! I didn't find that out until just recently, and I was really surprised.

Re: Are Experian pre-approvals pretty solid?

whoelze — Fri, 07 Jan 2022 21:09:01 GMT

@SoCalGardener wrote:
@AverageJoesCredit wrote:
@SoCalGardener wrote:
@AverageJoesCredit wrote:
I take Experian preapprovals very serious....im preapproved for Credit One Amex.....
Is it just me, or does "Credit One" and "Amex" in the same sentence sound like an oxymoron?!
Lol, yes. Though to be fair, Credit One does SOUND better than Capital One 🤣
True, that.

You know, I always thought Credit One had copied Cap1's logo/font/name/swoosh, but it's actually the other way around! I didn't find that out until just recently, and I was really surprised.

Should I pretend I do not have the Credit One Amex? I think that is the closest I will ever get to amex again

Re: Are Experian pre-approvals pretty solid?

Junejer — Sat, 08 Jan 2022 05:27:58 GMT

Pure marketing is all it is. Last week. I had 94% odds of being approved for the CSP. This week, it’s73%. The top choice is now Citi Custom Cash at 98% for me.

Re: Are Experian pre-approvals pretty solid?

SoCalGardener — Sat, 08 Jan 2022 19:12:21 GMT

@Junejer wrote:
Pure marketing is all it is. Last week. I had 94% odds of being approved for the CSP. This week, it’s73%. The top choice is now Citi Custom Cash at 98% for me.

This is different, though. It's shown at the bottom of the screen when I first log in, and clicking on it does *not* show percentages like in your examples. This just says "pre-approved" and "matched for you"--and hovering over them yields the verbiage I noted earlier--and there's an "unlock offer" button (which I have not clicked). When I close that offer, then I'm on a page with a bunch of other card offers, and they *do* have odds, like 98% for this one and 94% for that one.

What I've allowed to get lost in all this is: I'd like to have a Chase card, but I don't know if *this* particular card is the best one for me. I posted about it strictly because of its 'pre-approved' offer, and wondering how solid those are when you're getting them on Experian (as opposed to, say, Credit Karma). Before I waste any HPs on a Chase card, I want to make sure it's really the best card for me!

Re: Are Experian pre-approvals pretty solid?

Junejer — Sat, 08 Jan 2022 19:56:01 GMT

Ah, yes, those. I have seen those before. In fact, that is why I applied for the CFU. Clicked on the pre-approved link and was instantly approved.

Re: Are Experian pre-approvals pretty solid?

Anonymous — Sat, 08 Jan 2022 20:21:30 GMT

@SoCalGardener wrote:
@AverageJoesCredit wrote:
@SoCalGardener wrote:
@AverageJoesCredit wrote:
I take Experian preapprovals very serious....im preapproved for Credit One Amex.....
Is it just me, or does "Credit One" and "Amex" in the same sentence sound like an oxymoron?!
Lol, yes. Though to be fair, Credit One does SOUND better than Capital One 🤣
True, that.

You know, I always thought Credit One had copied Cap1's logo/font/name/swoosh, but it's actually the other way around! I didn't find that out until just recently, and I was really surprised.

I think you should just go for it. What is one HP LOL take it from me as I have over 100 of them between the three agencies LOL. I think you will be approved anyway. I am still approved for what I apply for but again, I am careful to only apply to banks where a HP is secondary to the rest of my profile.

Yyyeeaahh, you know too? It is true. Credit One came out with that logo two full years before Capital One did. They just get a bad rap because they take credit scores to as low as minus 100

Thanks

Mark