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Applications with only installment accounts

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Anonymous
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Applications with only installment accounts

I'm currently helping a friend with apps; however, I've never experienced profiles with only installment accounts, no revolvers. How do banks view this / does it vary from bank to bank?

 

FICO credit score 670-685 depending on issuer; 1 co-signed car loan, 2 student loans, no credit score, avg age of installment accounts is ~2 years, no derogs/negative marks/etc. The 2 loans are actually deferred for a couple more years. High income.

 

Went through cardmatch, and interestingly got a number of surprisingly high level prequalified offers like the Capital One Venture, the Savor/SavorOne, and it also listed a profile match with the Chase Freedoms and Sapphire Preferred (though those on cardmatch are never prequalified).

 

I'd appreciate any help with assessing this profile and deciding where to start. Deciding whether to swing for the fences with the Sapphire Preferred/Venture or whether to go conservative with either the Freedom/Discover IT cards. Any experience with first time credit card applications with only installment accounts would be appreciated -- thanks!

5 REPLIES 5
Anonymous
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Re: Applications with only installment accounts

Message 2 of 6
Anonymous
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Re: Applications with only installment accounts

yeah we went through a number of those we were interested in, but as always, preapprovals don't guarantee approvals, and I was just wondering if anyone had experience with either personally or helping someone through applying only with installment history. Like, for example, does 4 years of installment history count for Chase's unofficial "1 year of history to get a card" rule? Thanks
Message 3 of 6
Anonymous
Not applicable

Re: Applications with only installment accounts

Some of the pre-approvals are more reliable than others.

 

Getting past the 1st approval is usually the hardest w/o showing revolving history.  If you got some results from the pre-approval sites then it's helpful to us trying to make a recommendation on which way to proceed.  

 

Depending on the results it may sway from an unsecured approval to a secured w/ deposit.  Chase in particular wants to see revolving history though there are exceptions.  I've seen a few threads in the last couple of months where someone had only AU accounts reporting with high scores and snagging 10K-15K approvals from Chase/Amex.

 

Message 4 of 6
Meanmchine
Super Contributor

Re: Applications with only installment accounts

Amex and Discover prequal sites are usually spot on.  Give them a try

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 5 of 6
ZackAttack
Established Contributor

Re: Applications with only installment accounts


@Meanmchine wrote:

Amex and Discover prequal sites are usually spot on.  Give them a try


+1

 

I did a Discover Prequal back in Jan 2019 and I was approved for the Student Cash Back It card. At the time of my CR, I only had 1 AU Credit Card (displayed nothing on FICO) & 1 Co-Sign Car Loan (Joint - displays something). I got approved with $500 at the start and after 4 statement cuts, I got it up to $1,700.

 

Discover is pretty nice. I haven't had a problem with them.

MSGCU Rewards | $8kDiscover Cash It | $10kAmex BCP | $15kBest Buy Visa | $20kChase Freedom Flex | $8kDCU Platinum | $8kNFCU Plat | $35kNFCU cashRewards | $24kAffinity FCU Cash Rewards | $7kAmazon Prime | 12.5kChase Unlimited | 16.4kUSAA Cashback Rewards Plus Amex | 10kAmex Business Cash | 10k


Loans
Ford Credit Car Loan 2-year 6/22/2023 ($299/month)
Closed
Michigan Schools & Gov't CU Titanium 1/4/2019 - 10/2/2020
Ford Credit Car Loan 3-year 7/31/2018-6/6/2021
$1,500 Discover Card 10/2/2020 - 8/18/2021
$3,500 Citi DC 10/14/2020 - 12/11/2021
$8,000 DCU Personal Loan 5-year 5.99% 10/2/2020 - 4/30/2021
$8,000 NFCU CashRewards 1/2/2021 - 7/30/2022
$5,000 MSGCU Personal Loan 3-year 7.75% 4/22/2022 - 10/30/2022
Ford Credit Car Loan 2-year 6/7/2021 - 6/22/2023
Message 6 of 6
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