topic Re: Why do I keep doing this to myself? in Credit Card Applications

Why do I keep doing this to myself?

Cashbackjunky — Sun, 17 Jul 2022 18:08:37 GMT

Does anyone here constantly torture themselves with prequal checks, for no good reason, when they know they shouldn't be applying for anything? Yeah, me too.

Today's round of torture involve FNBO and Synch Amazon. 3 prequals (the Synch one was a bit low SL and high APR - $1,500 & 27.49%, respectively)

Anyone know how accurate these prequals from FNBO tend to be?

Re: Why do I keep doing this to myself?

mgood — Sun, 17 Jul 2022 19:30:13 GMT

@Cashbackjunky wrote:
Anyone know how accurate these prequals from FNBO tend to be?

I don't remember it showing me an interest rate, but FNBO prequalified me for $11,300 and I was later approved for exactly that amount.

Re: Why do I keep doing this to myself?

Ilinferno — Sun, 17 Jul 2022 19:49:51 GMT

@Cashbackjunky

My prequal for Evergreen was 14k and that's what I got after pulling the trigger. Was an instant approval, no POI. I have seen a few posts that said some got different limits than offered initially or denied so YMMV.

Re: Why do I keep doing this to myself?

Metalcards — Mon, 18 Jul 2022 00:21:21 GMT

I was approved for the Evergreen and my score was not as nice as yours. You should be fine as long as uti is reasonable.

Re: Why do I keep doing this to myself?

MCM1 — Mon, 18 Jul 2022 14:10:06 GMT

The FNBO offers usually are pretty accurate. However, they use secondary credit bureaus and if there is anything that is even slightly diferent that the primary, EXP, they will either decline or require additional documentation. I would suggest you either freeze secondary bureaus or check them and make sure everything is up to date and accurate such as your name, address, employment and other personal data.

Re: Why do I keep doing this to myself?

OmarGB9 — Mon, 18 Jul 2022 17:04:28 GMT

Lol all I ever prequalify for with FNBO is their secured card.

Re: Why do I keep doing this to myself?

Anonymous — Mon, 18 Jul 2022 17:28:09 GMT

@Cashbackjunky wrote:
Does anyone here constantly torture themselves with prequal checks, for no good reason, when they know they shouldn't be applying for anything? Yeah, me too.

Today's round of torture involve FNBO and Synch Amazon. 3 prequals (the Synch one was a bit low SL and high APR - $1,500 & 27.49%, respectively)

Anyone know how accurate these prequals from FNBO tend to be?

I would pull the trigger.

Re: Why do I keep doing this to myself?

MCM1 — Mon, 18 Jul 2022 17:53:28 GMT

Have you tried the prequal a number of times? I think after so many tries and not accepting it does that. It did for me. So I waited about 30 days and then tried again and it gave me an offer and approved.

Re: Why do I keep doing this to myself?

SouthJamaica — Mon, 18 Jul 2022 22:00:07 GMT

@Cashbackjunky wrote:
Does anyone here constantly torture themselves with prequal checks, for no good reason, when they know they shouldn't be applying for anything? Yeah, me too.

Today's round of torture involve FNBO and Synch Amazon. 3 prequals (the Synch one was a bit low SL and high APR - $1,500 & 27.49%, respectively)

Anyone know how accurate these prequals from FNBO tend to be?

I had a prequalification for their Evergreen business card, applied, and was approved for the exact amount of the prequalification.

So I think they're legitimate.

Re: Why do I keep doing this to myself?

Remedios — Mon, 18 Jul 2022 22:08:32 GMT

There is a giant thread about Evergreen prequali, about half were denied, half approved. Those who were approved, usually got the amount stated on the prequal, a few got less

With that said, credit seeking (both new accounts and number of inquiries) seemed to be the most common reason for denial (a sign that amount of new credit isn't being factored into prequal but it's baked in their underwriting criteria) and inability to verify identity.

Re: Why do I keep doing this to myself?

Cashbackjunky — Mon, 18 Jul 2022 22:16:19 GMT

@Remedios wrote:
There is a giant thread about Evergreen prequali, about half were denied, half approved. Those who were approved, usually got the amount stated on the prequal, a few got less

With that said, credit seeking (both new accounts and number of inquiries) seemed to be the most common reason for denial (a sign that amount of new credit isn't being factored into prequal but it's baked in their underwriting criteria) and inability to verify identity.

As per usual, @Remedios dropping the knowledge. Thanks for that! Knowing new credit seeking might not be baked into my prequal, I may hold off a bit to apply.

Cheers!