topic Re: Are new cards easier to get approved for? in Credit Cards

Are new cards easier to get approved for?

Anonymous — Tue, 12 Mar 2013 22:03:13 GMT

When a new card comes on the market is it easier to get approved for than after it's been out for awhile? I'm thinking the issuer might be actively trying to promote the card and gain market share so applicants get some slack.

Re: Are new cards easier to get approved for?

jeffery581 — Tue, 12 Mar 2013 22:09:52 GMT

Re: Are new cards easier to get approved for?

No, I wouldn't think so.

Re: Are new cards easier to get approved for?

LS2982 — Tue, 12 Mar 2013 22:22:14 GMT

@jeffery581 wrote:
Re: Are new cards easier to get approved for?

No, I wouldn't think so.

I agree i think it's the same eligibility requirements no matter how old or new the card is.

Re: Are new cards easier to get approved for?

09Lexie — Tue, 12 Mar 2013 23:17:31 GMT

Agreed.

Re: Are new cards easier to get approved for?

thom02099 — Tue, 12 Mar 2013 23:27:51 GMT

@Anonymous wrote:
When a new card comes on the market is it easier to get approved for than after it's been out for awhile? I'm thinking the issuer might be actively trying to promote the card and gain market share so applicants get some slack.

I think it depends on the card and issuer. If it's from a CCC that's known to have tough approval standards, maybe not. But for an issuer with more relaxed standards, if they are marketing a new card and want to get it to the masses, then they may relax their standards some, making an approval easier to get.

Re: Are new cards easier to get approved for?

Anonymous — Tue, 12 Mar 2013 23:42:04 GMT

Most people don't know this but credit companies are constantly changing their credit models about every 3 months. They could adjust their models at any time they deem fit whether to agressively target a particular region, type of person, etc. The credit model is an ever-changing thing with various tiers based on various items that change monthly or even weekly. As an example, if there is a trend of fraud noted in a particular region (like southern california), then they could adjust the model overnight in order to bump the qualifying score in Bellflower California from 710 to 735.

So to answer your question - it's possible if the company relaxed their standards during the release.

Re: Are new cards easier to get approved for?

Anonymous — Wed, 13 Mar 2013 17:17:29 GMT

@Anonymous wrote:
Most people don't know this but credit companies are constantly changing their credit models about every 3 months. They could adjust their models at any time they deem fit whether to agressively target a particular region, type of person, etc. The credit model is an ever-changing thing with various tiers based on various items that change monthly or even weekly. As an example, if there is a trend of fraud noted in a particular region (like southern california), then they could adjust the model overnight in order to bump the qualifying score in Bellflower California from 710 to 735.

So to answer your question - it's possible if the company relaxed their standards during the release.

Interesting...just curious b/c of all the Discover It approvals recently.

Re: Are new cards easier to get approved for?

Anonymous — Wed, 13 Mar 2013 06:55:18 GMT

CCCs also use the sign on bonuses as a marketing tool as well so just because they have higher credit score standards, doesn't mean they are marketing the card well. As right now for the Chase Freedom, you get $100 after you spend $500 in the first 3 months.

Re: Are new cards easier to get approved for?

lg8302ch — Wed, 13 Mar 2013 07:03:34 GMT

Was thinking the same when I saw some amazing starting limits on Discover IT cards with like 7-12K for holders with other cards way below 5K limits. That made me come to the conclusion that Discover is pushing the IT card recently? But just a guess...

Re: Are new cards easier to get approved for?

myjourney — Wed, 13 Mar 2013 07:15:13 GMT

I think some have different tiers which make them seem easier to get than others

Re: Are new cards easier to get approved for?

distantarray — Wed, 13 Mar 2013 07:43:06 GMT

Depends on the card, they still won't give me a Amex Black =\

Re: Are new cards easier to get approved for?

CreditScholar — Wed, 13 Mar 2013 10:45:45 GMT

It's good, but not as good as many make it out to be. I had one and wasn't all that impressed. It actually caused me as many problems as it solved.

Re: Are new cards easier to get approved for?

Anonymous — Wed, 13 Mar 2013 17:22:29 GMT

@CreditScholar wrote:
It's good, but not as good as many make it out to be. I had one and wasn't all that impressed. It actually caused me as many problems as it solved.

Can you elaborate?

Re: Are new cards easier to get approved for?

jeffery581 — Wed, 13 Mar 2013 18:57:15 GMT

RE:That made me come to the conclusion that Discover is pushing the IT card recently?

They may be pushing it to qualified applicants.

Re: Are new cards easier to get approved for?

CreditScholar — Thu, 14 Mar 2013 07:47:12 GMT

@Anonymous wrote:
@CreditScholar wrote:
It's good, but not as good as many make it out to be. I had one and wasn't all that impressed. It actually caused me as many problems as it solved.
Can you elaborate?

Sure. I was an AU on my parents centurion some years ago, and it often caused a lot of hassles. Imagine the reactions people get with the CSP "Ooo this is really heavy, what is it?" Now multiply that by 1,000. This is especially true since unlike my parents, I like to enjoy a mostly "normal" life and therefore the places I frequent never see a card like that.

When I was 18 I was in my "rich people are evil and it's our obligation to help the world" phase, so I turned down several ivy league schools to attend a state university on a full scholarship. Most of my friends there struggled to pay their tuition, worked multiple jobs, etc. It was quite an eye-opening experience for me. I was confronted with things I'd never even considered before, and it greatly changed the way I thought about many things.

One time several of us went out for dinner. They were really short on cash since we'd all just purchased our textbooks, so I offered to pick up the tab. Not thinking, I pulled out my cent to pay for it. Some of my friends couldn't stop asking questions, while others didn't want to speak with me again because I was one of THOSE people, pitying the poor fools who couldn't afford dinner. I learned really quickly not to pull out that card again. I continued to get hassled to pay for stuff for the next several months, and eventually ended up having to find a new group of friends.

For me it didn't function all that differently to any other credit card, other than the reactions and subsequent treatment I received. Then again I didn't need have any complex issues or requests, so that might have been part of it as well.