Credit Cards approval chances during Covid19

[m3rge]

Hi everyone,

I have interest in applying to several credit cards. 

My profile is 800, no baddies around 3k balance in two cards combined, no loans.

Now with the COVID19 and the economy recession, are credit card companies addressing apps in a different way? Adding additional things to support the application process?

[Anonymous]

The easiet way is to try prequalification through Amex, Disco, Chase etc. 

People still get approved and still get denied. It all depends on your income and credit profile. 

[marmaladepie]

I just applied for a Chase card two days ago and was approved the next day after verification.

I agree, it all depends on your profile.

[Keatonsdaddy]

I just APP'd a few days ago and got a instant approval for a CITI double cash card. I would say go for whatever it is as long as you are under 30% of your overall credit. I personally would wait until those balances are down like I did when I APP'd.

[Iusedtolurk]

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@m3rge wrote:

Hi everyone,

I have interest in applying to several credit cards. 

My profile is 800, no baddies around 3k balance in two cards combined, no loans.

Now with the COVID19 and the economy recession, are credit card companies addressing apps in a different way? Adding additional things to support the application process?

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800 credit score should get you pretty much whatever you want depending on how your profile shows how you obtained it.

Some people have high scores with thin files and being an authorized user and may not qualify like people with thick aged positive files.

Doing pre-quals will at least reveal what you will most likely qualify for.

[AverageJoesCredit]

Saying you have an 800 isnt enough info. How old are your accounts? How many accounts do you have ? AAoA? general income? What cards are you interested in? Different lenders = different UW. 

[GApeachy]

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@m3rge wrote:

Now with the COVID19 and the economy recession, are credit card companies addressing apps in a different way?

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I don't know that answer but I have been trying to just go ahead and get what I've had my eye on instead of waiting....you just never know how much you'll need or not need of additional credit in the near future.  So I app'd and won some; lost some but feel good about picking up some extra credit which I found in these preapprovals to be the winners for me:

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-PREAPPROVAL-Links-for-Credit-Cards-am...

Good Luck!

[pinkandgrey]

Approval odds are about the same as in normal circumstances. Of course I don't know your full credit situation, but based on what you wrote above, I imagine you'd be gold. Check the prequal site if your chosen card/lender has one! 
Good luck! 

[Anonymous]

800 and no baddies? Shoot for the moon if you have low/no INQ and strong income. 

Personally, I'd be knocking down NFCU's door trying to get one of their high CL cards. I can't remember if they're still as generous or it's been curtailed. I recall hearing limits up to $50k but it may be $25k now. I want to be able to use my available trade lines without tanking my scores with utilization. 

My CSR has been good to me, $10k opening, automatic CLI in the 4th month to $19k. Recently decided to push my luck with a requested CLI and only got to $22.8k at 18 months in. I'll stick with the autos. 

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@m3rge wrote:

Hi everyone,

I have interest in applying to several credit cards. 

My profile is 800, no baddies around 3k balance in two cards combined, no loans.

Now with the COVID19 and the economy recession, are credit card companies addressing apps in a different way? Adding additional things to support the application process?

---

[Anonymous]

You won't get to 800 with a 3 year AAoA so we can rule out a short history, or a "shortened" average with lots of recents. 

You typically will hit 800 with a file approaching 9 years, and near 0% utilization. 

AmEx is being exceptionally generous with their approvals (I just got three in the same week with 30+ INQ and mid 600's across the board. Plat + Bonvoy + Prime Business. 

To (finally) address OP's question, I don't believe COVID-19 has changed approvals because banks have not been ordered to change their lending practices. Perhaps mortgage lenders will be pushed to defer payments but I don't see anything in CC's fundamentally changing. They still have to weigh risk and no one knows how long it will be until borrowers' income returns. 

But I don't think lending has tightened up, either. "Now is a good a time as any" perfectly sums up my attitude toward approaching apps. (Clearly it always is, look at my INQ!)