topic Re: Only getting approvals as a pre-approval? in Credit Cards

Only getting approvals as a pre-approval?

Cleaningitup2016 — Thu, 13 May 2021 02:34:51 GMT

Get this...

Got a pre-approval in the mail for a Lowe's store card, issued by Synchrony. Applied and approved for $1k.

I shop at Sam's club a lot, so I applied for their card, and it either gives you the store or the mastercard depending on your credit.

...denied.

A week goes by and get a pre-approval from Home Depot for their store card, applied and approved for $2,000. Issued by Citibank.

So I try for a staples card, same issuer...and again...denied.

What gives? I'd imagine the qualifications for either should be the same.

Re: Only getting approvals as a pre-approval?

AllZero — Thu, 13 May 2021 02:39:48 GMT

@Cleaningitup2016 wrote:
Get this...

Got a pre-approval in the mail for a Lowe's store card, issued by Synchrony. Applied and approved for $1k.

I shop at Sam's club a lot, so I applied for their card, and it either gives you the store or the mastercard depending on your credit.
...denied.

A week goes by and get a pre-approval from Home Depot for their store card, applied and approved for $2,000. Issued by Citibank.

So I try for a staples card, same issuer...and again...denied.

What gives? I'd imagine the qualifications for either should be the same.

Congratulations on your approvals!

It is my understanding if you call Synchrony Credit Solutions, you should be able to bump up that Lowe's credit limit in no time.

Re: Only getting approvals as a pre-approval?

Remedios — Thu, 13 May 2021 02:40:47 GMT

Maybe because you just got approved for one of their cards and they arent willing to extend additional credit at this time?

Seems pretty self explanatory

Re: Only getting approvals as a pre-approval?

Jnbmom — Thu, 13 May 2021 02:41:21 GMT

@Cleaningitup2016 wrote:
Get this...

Got a pre-approval in the mail for a Lowe's store card, issued by Synchrony. Applied and approved for $1k.

I shop at Sam's club a lot, so I applied for their card, and it either gives you the store or the mastercard depending on your credit.
...denied.

A week goes by and get a pre-approval from Home Depot for their store card, applied and approved for $2,000. Issued by Citibank.

So I try for a staples card, same issuer...and again...denied.

What gives? I'd imagine the qualifications for either should be the same.

Sams club cad is a little harder to get then Lowes. The lowes card is the easier of the two, not sure on staples card though.

Re: Only getting approvals as a pre-approval?

FinStar — Thu, 13 May 2021 02:56:55 GMT

@Cleaningitup2016 wrote:
Get this...

Got a pre-approval in the mail for a Lowe's store card, issued by Synchrony. Applied and approved for $1k.

I shop at Sam's club a lot, so I applied for their card, and it either gives you the store or the mastercard depending on your credit.
...denied.

A week goes by and get a pre-approval from Home Depot for their store card, applied and approved for $2,000. Issued by Citibank.

So I try for a staples card, same issuer...and again...denied.

What gives? I'd imagine the qualifications for either should be the same.

As mentioned a few posts upthread, just because it may be the same lender for a variety of credit card programs, it doesn't necessarily translate into a cornucopia of approvals.

While Citi Retail may be the UW for Exxon, Shell, Best Buy, Wayfair, Staples, Home Depot, etc., you can be approved for one, but not the other. Each program has different UW criteria, and it also depends on their internal marketing campaigns, so it's possible to get approved for say...1, 2, or 3 or none at all based on overall profile. Same for SYNCB, Comenity, Capital One PLCC, etc.

Re: Only getting approvals as a pre-approval?

SouthJamaica — Thu, 13 May 2021 03:55:08 GMT

@Cleaningitup2016 wrote:
Get this...

Got a pre-approval in the mail for a Lowe's store card, issued by Synchrony. Applied and approved for $1k.

I shop at Sam's club a lot, so I applied for their card, and it either gives you the store or the mastercard depending on your credit.
...denied.

A week goes by and get a pre-approval from Home Depot for their store card, applied and approved for $2,000. Issued by Citibank.

So I try for a staples card, same issuer...and again...denied.

What gives? I'd imagine the qualifications for either should be the same.

1. For one thing, you're putting in too many applications.

2. I don't know why you're surprised that you would have better chances if you were preapproved.

Re: Only getting approvals as a pre-approval?

jcooks — Thu, 13 May 2021 12:13:01 GMT

2 applications with 1 lender within a short time frame is definitely a red flag. If you really need those cards, I would wait a while before reapplying. Are you applying just to get more credit regardless of the store? What was the reason for denial?

Re: Only getting approvals as a pre-approval?

AverageJoesCredit — Thu, 13 May 2021 12:49:41 GMT

@jcooks wrote:
2 applications with 1 lender within a short time frame is definitely a red flag. If you really need those cards, I would wait a while before reapplying. Are you applying just to get more credit regardless of the store? What was the reason for denial?

This is not true. There is no definity of a red flag unless you are an actual Underwriter and applying for two cards at once or in short period of time shouldnt be viewed necessarily as a danger sign. Each card is different and UW is different regardless if same lender. Sometimes one may want to get those cards for their own specific needs/wants or have their hps close together so they age off. Sometimes people in general public dont realize that getting approved from one lender doesnt mean that lender will approve orher cards.

Re: Only getting approvals as a pre-approval?

GrandBay — Mon, 24 May 2021 20:54:41 GMT

I live on the brightside of the hill so I will congratulate your approvals and disregard the denials!