topic Re: Never get any pre-approvals :-( in Credit Cards

Never get any pre-approvals :-(

youngandcreditwrthy — Wed, 28 Nov 2012 14:16:23 GMT

So I still never get any pre apprpvals. I opted back in several montha ago and no longer have any fraud alerts on my pros. I get offers from Barclay's in my email and got my Paypal MC through a pre approval online. I'm beginning to get jealous of the targeted offers though as they tend to be more generous. My FICO is around 700, so I am fairly certain that I should be receiving pre approvals. One of my neighbs got a $150 bonus and 0% intro offer on BCE :-(. But nooott meeee :-/ lol....
Any ideas on how to get on the lists??!! Esp for Citi... I want that coveted 21 mos 0% interest for Citi Diamond!!! OooooooOoo!!!

:-) Thanks!

Re: Never get any pre-approvals :-(

distantarray — Wed, 28 Nov 2012 14:20:19 GMT

maybe it's because you have 17 cards? =p

Re: Never get any pre-approvals :-(

Repo-ed — Wed, 28 Nov 2012 14:28:53 GMT

Get a citi backed product, and they'll soft and send you stuff.

Re: Never get any pre-approvals :-(

youngandcreditwrthy — Wed, 28 Nov 2012 14:33:17 GMT

Hahahaa! Nooo!! Jeez? 17! Lol haha. I only use 5-6 of them. My util is <10%. I mostly pif btw :-p. Most of those cards have $0 bal. I think it may be bc I put myself on the "opt out" list back in '07 when my credit journey began! And only recently opted back in...I guess I do have some pretty good deals lol... I have enough 0% cred to last a lifetime, though I don't use it. Lollllzz

Re: Never get any pre-approvals :-(

youngandcreditwrthy — Wed, 28 Nov 2012 14:36:57 GMT

+1 @repo'ed. Im waiting at least a few more weeks to app for Citi Diamond Preferred. I may need to close some accounts soon, like maybe that lame Chevron card. I just like to have credit as Plan C, since I have savings, etc. as Plan B, while my income is Plan A.

Re: Never get any pre-approvals :-(

distantarray — Wed, 28 Nov 2012 14:56:49 GMT

@youngandcreditwrthy wrote:
Hahahaa! Nooo!! Jeez? 17! Lol haha. I only use 5-6 of them. My util is <10%. I mostly pif btw :-p. Most of those cards have $0 bal. I think it may be bc I put myself on the "opt out" list back in '07 when my credit journey began! And only recently opted back in...I guess I do have some pretty good deals lol... I have enough 0% cred to last a lifetime, though I don't use it. Lollllzz

lol quality over quantity my friend, but regardless of your utility a lot of companies don't like excessive amount of cards, i opted back in 2 weeks ago and already recieved 5 pre-approvals from Discover lol

Re: Never get any pre-approvals :-(

emptypockets — Wed, 28 Nov 2012 15:40:31 GMT

Once you opt back in, it can take a few months to start getting preapprovals. I probably have more cards than the OP, and I get them on a regular basis ( BOA, at least 2-3 per month, Fifth Third Bank, Nationwide Bank, etc.) I opted back in in June, didn't start getting pre-approvals until maybe August-Sept. I get them a couple times a week.

Re: Never get any pre-approvals :-(

ac921ol — Thu, 29 Nov 2012 03:10:29 GMT

How do I opt in? Never knew I could opt out.

Re: Never get any pre-approvals :-(

distantarray — Thu, 29 Nov 2012 03:11:12 GMT

@ac921ol wrote:
How do I opt in? Never knew I could opt out.

same way as opting out, but in reverse

www.optoutprescreen.com

Re: Never get any pre-approvals :-(

Anonymous — Thu, 29 Nov 2012 03:20:47 GMT

Having to much credit can be a bad thing. Even if you don't use most of them.

Lenders look at it as you rely too much on credit and therefore are more risky than someone who has less credit.

But to your question, it may just take awhile for you to start getting them again (that is if your 17 plus cards hasn't scared them away lol) just like it takes awhile to stop getting them when you opt out.

Re: Never get any pre-approvals :-(

distantarray — Thu, 29 Nov 2012 03:21:36 GMT

maybe he's young but not as creditworthy as he feels jk =)

Re: Never get any pre-approvals :-(

Anonymous — Thu, 29 Nov 2012 03:25:56 GMT

@ac921ol wrote:
How do I opt in? Never knew I could opt out.

Yeah by default we are all opted in. How lovely, right? all the CRAs sell our data out to anyone who wants it. Unless we opt out.

Re: Never get any pre-approvals :-(

Mustangfrank — Thu, 29 Nov 2012 05:24:08 GMT

@Anonymous wrote:
Having to much credit can be a bad thing. Even if you don't use most of them.

Lenders look at it as you rely too much on credit and therefore are more risky than someone who has less credit.

But to your question, it may just take awhile for you to start getting them again (that is if your 17 plus cards hasn't scared them away lol) just like it takes awhile to stop getting them when you opt out.

So how much credit is too much?

What is the perfect balance of cards ?

Is it 5 cards with credit limits of $10,000 each ?

I think there is a lot to consider such as income, balances etc.

As allways Your Milage May Vary.

and the State of the economy can also come into play.

Re: Never get any pre-approvals :-(

Anonymous — Thu, 29 Nov 2012 06:42:29 GMT

@Mustangfrank wrote:
@Anonymous wrote:
Having to much credit can be a bad thing. Even if you don't use most of them.

Lenders look at it as you rely too much on credit and therefore are more risky than someone who has less credit.

But to your question, it may just take awhile for you to start getting them again (that is if your 17 plus cards hasn't scared them away lol) just like it takes awhile to stop getting them when you opt out.
So how much credit is too much?
What is the perfect balance of cards ?
Is it 5 cards with credit limits of $10,000 each ?

I think there is a lot to consider such as income, balances etc.
As allways Your Milage May Vary.
and the State of the economy can also come into play.

So how can I get a 850 FICO? ↑↑You ask an impossible question.

When someone has too many CCs lenders just know. It isn't YMMV on that one. Too much is just too much. Irrespective of income etc.

You could have great income and come to me (i'm the lender) with a CR with 30 CCs and I (and dare I say any lender) wouldn't lend to you or approve your app.

Too many is just too many.

For one, if you got 30+ CCs, you're spending is too spread out and wouldn't benefit me if i approved you. And for another, the risk factor is too great. Someone who has 30+ CCs vs someone who has 9 CC is more risky.

There is no magic number to how many is too many. You just know. It's intutitive.

Re: Never get any pre-approvals :-(

Mustangfrank — Thu, 29 Nov 2012 07:00:06 GMT

I now have six totalling $37 K

Is that too much ?

I do not want to get FR'd or an AA

I do not plan on getting anymore cards but I do want to see how hi can get my FICO Scores.

I am in the very low 800's

Re: Never get any pre-approvals :-(

Anonymous — Thu, 29 Nov 2012 06:56:44 GMT

@Mustangfrank wrote:
I have now have six totalling $37 K
Is that too much ?

I do not want to get FR'd or an AA

I do not plan on getting anymore cards but I do want to see how hi can get my FICO Scores.
I am in the very low 800's

Lol! Like i said, there is no magic number.

But if you're looking for a direct answer, I'd say you're fine. 6 is not too many. lol

Re: Never get any pre-approvals :-(

Anonymous — Thu, 29 Nov 2012 11:36:57 GMT

@Anonymous wrote:
@Mustangfrank wrote:
@Anonymous wrote:
Having to much credit can be a bad thing. Even if you don't use most of them.

Lenders look at it as you rely too much on credit and therefore are more risky than someone who has less credit.

But to your question, it may just take awhile for you to start getting them again (that is if your 17 plus cards hasn't scared them away lol) just like it takes awhile to stop getting them when you opt out.
So how much credit is too much?
What is the perfect balance of cards ?
Is it 5 cards with credit limits of $10,000 each ?

I think there is a lot to consider such as income, balances etc.
As allways Your Milage May Vary.
and the State of the economy can also come into play.

So how can I get a 850 FICO? ↑↑You ask an impossible question.

When someone has too many CCs lenders just know. It isn't YMMV on that one. Too much is just too much. Irrespective of income etc.

You could have great income and come to me (i'm the lender) with a CR with 30 CCs and I (and dare I say any lender) wouldn't lend to you or approve your app.

Too many is just too many.

For one, if you got 30+ CCs, you're spending is too spread out and wouldn't benefit me if i approved you. And for another, the risk factor is too great. Someone who has 30+ CCs vs someone who has 9 CC is more risky.

There is no magic number to how many is too many. You just know. It's intutitive.

Too many is subjective and is on an individual basis.

What you are stating is that simply having too many credit cards will get you denied, no matter what.

Someone who has 30+ CC's and carries a small balance on just one versus a person with 9 and maxed out already just tears down your scenario.

Like you said, there is no magic number... so how would you just know?

If someone comes to you with 30 CC's and you deny them based on that alone, you'd be doing a terrible job as a lender. There's more to it and each lender needs to do their due diligence.

I've had mortgage reps tell me that they approved guys with 20 credit cards simply because their level of income was higher, they had assets, and other things within their financial portfolio that deems them worthy.

It's not as black and white as "Too many CC's - Denied".

Re: Never get any pre-approvals :-(

Anonymous — Thu, 29 Nov 2012 11:49:19 GMT

Learn something new everytime I come here. I didn't know you could even opt-out or opt-in. What benefit is there to opting out if I may ask?

I have learned that pre-approved doesn't really mean pre-approved.

Re: Never get any pre-approvals :-(

distantarray — Thu, 29 Nov 2012 14:48:50 GMT

@Anonymous wrote:
Learn something new everytime I come here. I didn't know you could even opt-out or opt-in. What benefit is there to opting out if I may ask?
I have learned that pre-approved doesn't really mean pre-approved.

benefits of opting out is you save trees =) you get no more pre-approved pre-qualified offers etc. aka cuts your junk mail.

Also no companies can do soft checks on your account without having an account with your file in their office. It also makes it so companies have harder time verifying information if your opted out when your disputing things on your credit report.

Re: Never get any pre-approvals :-(

youngandcreditwrthy — Thu, 29 Nov 2012 19:16:49 GMT

Well... The only card I want to close us Chevron haha. I think it only matters if you have a bunch of maxed out cards. Any creditor I do biz with can see that I barely use any of those cards-just keep them for util and history. Only one is maxed out :-/ haha. I paid like over $3k in cc bills this month!!!