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Applications with only installment accounts

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Valued Member

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
Valued Contributor

Re: Applications with only installment accounts

Message 2 of 6
Valued Member

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
Valued Contributor

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.

 

500K+ TCL / 800+ FCOs
Message 4 of 6
Super Contributor

Re: Applications with only installment accounts

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




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Message 5 of 6
Regular 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.

Michigan Schools & Gov't Credit Union Classic Visa Card | $3kDiscover Student Cash Back | $2300Capital One Savor Card v1 | $11k AUAmex 1.5% CB | $3.1kBest Buy Store Card | $3k

July 2018
Ford Credit Loan $199.26/month (3 yrs)
January 2019
Discover Cash it Card $500
Michigan Schools and Gov't CU Card $1,000
February 2019
Self Lender Loan (Closed July 2019)
May 2019
Discover CLI $1.2k
July 2019
Discover System CLI $600
Amex $2,000
Best Buy Store Card $3,000
October 2019
MSGCU CLI $2k
Dec 2019
Amex $1,100 CLI

Eyes on Credit Cards
BoA Cash Rewards (with or without Student Verison)Gas Card with 5% Cashback w/ no AF2% Cashback EverythingDining & Entertainment Category Card
Message 6 of 6
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