topic Re: Applying for cards near Christmas a better plan? in Credit Cards

Applying for cards near Christmas a better plan?

jason0618 — Wed, 05 Oct 2016 22:01:07 GMT

So I'm wondering. I'm gardening right now, had planned to wait six months post chapter 7 discharge which would put me at end of January. I'm wondering if I would get better results applying near Christmas, though. The banks don't need to know I already have Christmas money saved and won't be racking up credit card interest, but they might think I can't file bk and hope they'll get a bunch of interest... is there any logic to that thought, or am I gonna be better off just following the plan and moving out of secured card land when the time is right? Part of me thinks they may lower standards a bit at that time of year, but part of me thinks a computer doesn't care what day or month it is. My score gets me what my score gets me.

Re: Applying for cards near Christmas a better plan?

Anonymous — Wed, 05 Oct 2016 23:17:37 GMT

I have had really good luck with CLIs closer to Christmas but not apps. IDK if its like that for everyone though.

Re: Applying for cards near Christmas a better plan?

Gmood1 — Thu, 06 Oct 2016 00:10:52 GMT

Late November, early December sure seems like a good time from past experience.
I've had some good luck around that time of year as well.

Re: Applying for cards near Christmas a better plan?

Meanmchine — Thu, 06 Oct 2016 00:13:49 GMT

I often wondered if Black Friday or Cyber Monder to be better for apping/CLIing

Re: Applying for cards near Christmas a better plan?

Anonymous — Thu, 06 Oct 2016 00:17:56 GMT

I highly doubt the holidays have ANY impact on a lenders choice to approve/deny you.

Re: Applying for cards near Christmas a better plan?

pipeguy — Thu, 06 Oct 2016 00:26:03 GMT

@Anonymous wrote:
I highly doubt the holidays have ANY impact on a lenders choice to approve/deny you.

Probably does as far as store cards, but I agree as far as bank cards.

Re: Applying for cards near Christmas a better plan?

Gmood1 — Thu, 06 Oct 2016 00:47:45 GMT

I went back and looked. Between the first two weeks of November and first week of December 2015. I added $92,500 to my total revolving credit. Those were good times! Lol

Re: Applying for cards near Christmas a better plan?

Scott_S — Thu, 06 Oct 2016 03:17:27 GMT

@Anonymous wrote:
I highly doubt the holidays have ANY impact on a lenders choice to approve/deny you.

I have to agree. Christmas or Holiday Spirit would have nothing to do with underwriting guidelines or change a persons credit worthyness. If you are approved for cards during the holiday season, chances are you'd been approved regardless of the time of year.

Re: Applying for cards near Christmas a better plan?

Anonymous — Thu, 06 Oct 2016 03:26:59 GMT

I used to work retail I remember when sales were so terrible and everyone's hours getting cut in February when wed have an approval we threw out additional coupon so they would buy more and more and referred them to call the 800 number for instant increases… target, ge bank at the time.

Re: Applying for cards near Christmas a better plan?

jason0618 — Thu, 06 Oct 2016 11:55:05 GMT

I didn't necessarily mean underwriting guidelines on approve vs deny, more like approved for $5000 sl vs approved for $4000 sl.

Re: Applying for cards near Christmas a better plan?

AverageJoesCredit — Thu, 06 Oct 2016 12:32:44 GMT

No better time of the year to rack up debt so it would seem to be a prime time to give higher cli or sl. Not sure it works that way but i can definitely see how we the consumer would think so.

I was actually thinking of asking more cli for my Sync accounts before the Christmas season but that was before all the issues began with them. Now im happy with what i got and will likely just wait til my score jumps extraordinary or something

Re: Applying for cards near Christmas a better plan?

jason0618 — Thu, 06 Oct 2016 13:32:07 GMT

What's going on with sync accounts? I've seen a lot of people mentioning them but I wasn't sure. I don't have any accounts with them, and don't see myself wanting any, but I'm curious.

Re: Applying for cards near Christmas a better plan?

AverageJoesCredit — Thu, 06 Oct 2016 14:48:20 GMT

Yeah check out the many Synchrony Bank threads and read up on them issuing alot of 4506t tax income request , aka , the "Blue Envelope" or what the csr's like to say , " a package" haha. No one truely know why or who specifically are targeted but seems it ranges from those with high exposure to some who have opened multiple accounts in short yime period over last 6-7 months. If that wasnt bad enough , there have been recent post with persons with only one account or a couple accounts only so definitely a strange beast to be sure

Re: Applying for cards near Christmas a better plan?

Scott_S — Thu, 06 Oct 2016 20:16:11 GMT

@jason0618 wrote:
I didn't necessarily mean underwriting guidelines on approve vs deny, more like approved for $5000 sl vs approved for $4000 sl.

I get what you mean, but again I have to say, the SL wouldn't be affected by the time of year, it always comes down to a complex analysis of score, income, debt, AAoA, spending patterns, etc.... If your SL is 5k, it was going to be 5k whether it's Christmas or Memorial Day.....

Re: Applying for cards near Christmas a better plan?

zerofire — Thu, 06 Oct 2016 22:18:33 GMT

@Scott_S wrote:
@jason0618 wrote:
I didn't necessarily mean underwriting guidelines on approve vs deny, more like approved for $5000 sl vs approved for $4000 sl.
I get what you mean, but again I have to say, the SL wouldn't be affected by the time of year, it always comes down to a complex analysis of score, income, debt, AAoA, spending patterns, etc.... If your SL is 5k, it was going to be 5k whether it's Christmas or Memorial Day.....

That 5000 SL would easilly be 4500 or 4300 on Memorial day. underwriting guidelines are just that. Guidelines. People set the limits and going up a few hundred with your employers money on Holiday time makes the bank money and the customer happy. The only issue is when it is time to repay more.

Re: Applying for cards near Christmas a better plan?

Anonymous — Thu, 06 Oct 2016 22:24:26 GMT

@zerofire wrote:

That 5000 SL would easilly be 4500 or 4300 on Memorial day. underwriting guidelines are just that. Guidelines. People set the limits and going up a few hundred with your employers money on Holiday time makes the bank money and the customer happy. The only issue is when it is time to repay more.

I'm going to have to agree with you on this. And I'd have a feeling store cards would be the same ? Or more so..

What about..

Asking for a CLI from a CSR as apposed to getting a denail and going the EO route? I mean that right their sort of backs this up ? Does it not ?

Re: Applying for cards near Christmas a better plan?

Scott_S — Fri, 07 Oct 2016 04:36:33 GMT

@zerofire wrote:
@Scott_S wrote:
@jason0618 wrote:
I didn't necessarily mean underwriting guidelines on approve vs deny, more like approved for $5000 sl vs approved for $4000 sl.
I get what you mean, but again I have to say, the SL wouldn't be affected by the time of year, it always comes down to a complex analysis of score, income, debt, AAoA, spending patterns, etc.... If your SL is 5k, it was going to be 5k whether it's Christmas or Memorial Day.....
That 5000 SL would easilly be 4500 or 4300 on Memorial day. underwriting guidelines are just that. Guidelines. People set the limits and going up a few hundred with your employers money on Holiday time makes the bank money and the customer happy. The only issue is when it is time to repay more.

I completely disagree with your flawed perspective. The time of year does NOT affect approvals or limits. I'd like to say that people are more likely to want credit at Christmas to fulfill their emotional condition to over spend, but if their credit profile doesn't make the grade a bank isn't going to approve them. A Bank wouldn't see a money making opportunity at anytime of the year in a poor credit profile, which is more likely to cost the bank money than make them any.

Banks are machines, they error on the consevitive side of caution when it comes to approvals. The standing at the register 30 second computer decision isn't going to care if it's Christmas or Flag Day. Maybe upon approval you can get a person to make a human decision to increase the limit, but again I can't see a human at the bank approving an increase for a credit profile that didn't warrant it, and not because it's Christmas.... Surely they'd have to explain that decision to someone during a routine audit of new accounts, which would almost certainly result in one of those famous unexpectred decreases......

Re: Applying for cards near Christmas a better plan?

grillandwinemaster — Fri, 07 Oct 2016 20:06:30 GMT

OP, I think your over thinking this whole holiday thing. As a matter of fact, you May have more success if you wait for the first of the year since your credit profile would have aged an additional 3-4 months.

No such thing as "Christmas Cheer" from banks! Business is business!

Re: Applying for cards near Christmas a better plan?

jason0618 — Fri, 07 Oct 2016 23:22:17 GMT

That's kinda what I'm thinking now. I'll have plenty of time to get a good deal in time for next Christmas. This year I'll just use savings for gifts and stay in the garden

Re: Applying for cards near Christmas a better plan?

grillandwinemaster — Sat, 08 Oct 2016 00:19:25 GMT

yes! You Will have awesome results if you do that!