topic Re: Approval Odds in Credit Cards

Approval Odds

SteveUrkel — Mon, 01 Apr 2013 17:13:43 GMT

Hi all, I plan to apply for two primes around June/July of this year. My fico EQ score is 636 but it still hasnt updated which i think will go up around 650 at least, and by the time june or july comes around i think/hope it will be better. I currently dont know my TU or EX reports. Ive never had any baddies, late payments or anything of that sort. Ive had 4 inq's since july 2012 till todaythe last one being on february. my AAoA is 7 months longest card being 1 year old ,im 19 years old with a income of $30,000.

I want to apply for the Chase Freedom and/or Discover It when the time comes. Want your guys input. Should i not apply at all, do i have to many inq's? my overall util is 30% which i will pay in full next statement. Opened a checking account with Chase yesterday, i really want to gett my foot in the with chase. any advice is helpful

Re: Approval Odds

madmann26 — Mon, 01 Apr 2013 17:18:41 GMT

Paying your util down is the quickest way to gain points.

I would pay the util down, let the CC compaines update, then apply.

Re: Approval Odds

wahoojack13 — Mon, 01 Apr 2013 17:20:00 GMT

+1 Madman

Re: Approval Odds

09Lexie — Mon, 01 Apr 2013 17:22:43 GMT

Also, since you bank with Chase, I would suggest asking your banker to check for pre approvals.

Re: Approval Odds

SteveUrkel — Mon, 01 Apr 2013 17:23:48 GMT

Do they consider age as a risk or anything like that?

Re: Approval Odds

Anonymous — Mon, 01 Apr 2013 17:31:28 GMT

@CarlosC88 wrote:
Do they consider age as a risk or anything like that?

i would think so, to a certain extent. but you're trying to get a freedom, not a mortage loan. i doubt they care about "as much."

the biggest problem for you right now is your score (sub 600s), and your thin file. Chase is known for not liking thin files. Are all your inquiries on EX? Or are they spread out across 3 bureaus? If they're all on EX (assuming Chase pulls EX for you), then you might be considered as having too many inquiries for someone whose entire credit history is <1 year. Another problem is that Chase likes to match CL, so chances are they'll give u another 500-1000 CL card. And they rarely ever give out auto ALI.

Pay down your cards and you will see your scores go up.

Once your score is >650, you can certainly give Discover a shot. I am not too sure about their underwriting requirements however.

As for Chase, I would hold it off until later.

Oh, I saw you opened a checking with them as well. Is your deposit with them at least 5000 dollars?

Re: Approval Odds

SteveUrkel — Mon, 01 Apr 2013 17:37:07 GMT

No i only had to deposit $100 , and i believe the inq's were from EQ

Re: Approval Odds

09Lexie — Mon, 01 Apr 2013 17:39:22 GMT

Wait until the summer and then go in a branch and have them check for pre approvals.

Re: Approval Odds

Anonymous — Mon, 01 Apr 2013 17:44:34 GMT

you can check for preapprovals on Chase's website as well. It is quite a good indicator usually. If you are not pre-approved, that does not mean you will be declined.

Are you under a college checking account? Are they charging you monthly fees?
Not to sound harsh, but a checking account with $100 balance isn't going to help much, but might harm you instead.

Re: Approval Odds

SteveUrkel — Mon, 01 Apr 2013 17:51:18 GMT

I barely opened it, I have direct deposit for it putting $300 each pay period . And no its not a college checking account, its the total checking account. There will be no monthly fees cause i will be reporting at lease $600 every month with the direct deposit.

Note: I dont plan on spending any of the money i put into this account.

Re: Approval Odds

SteveUrkel — Mon, 01 Apr 2013 17:51:51 GMT

Will do lexie , thanks

Re: Approval Odds

Anonymous — Mon, 01 Apr 2013 17:53:32 GMT

if you let the deposit grow over time, you will have a decent chance. Best of luck!

in the meantime, keep calling wells fargo and ask for a SP CLI.

Re: Approval Odds

Anonymous — Mon, 01 Apr 2013 17:55:56 GMT

@madmann26 wrote:
Paying your util down is the quickest way to gain points.

I would pay the util down, let the CC compaines update, then apply.

+10000

and invest in your FICO scores.

never go into an app with less information then the company to which you are applying. That way you can answer their questions during recon. You never want to say "I did not know that was on there" to a lender when talking about your credit report. They tend to prefer that folks know full well what is on their reports and what their scores are because it tells them the person is actively involved in doing the right thing with their credit.

Re: Approval Odds

SteveUrkel — Mon, 01 Apr 2013 17:58:18 GMT

Thanks for advice!