@Salahh wrote:Today is the last day of Q2, tomorrow will be the first day of Q3. Looking to do an app spree and add a few cards. Are lenders likely to change their behavior at all at end-of-quarter/beginning-of-quarter (assuming credit worthiness is the same)? Just wondering if it's worth it to wait, if quotas get reset and I have better chances... or if I'm overthinking it all...
Thank you 🙏
probably, but it's not something you're going to have the insight or knowledge to time without private, insider information
I'm sure internally they have metrics and those metrics might be tied into underwriting in some cases, but we have no way of knowing "oh, underwriting is 10% easier so we can get more approved applications until the start of Q3"
what we do have access to is the promotional SUB offers and what those SUBs looked like in the past, so I would use that as my timing for when to apply for something if I wasn't already applying for stuff based on irl spend or credit profile reasons (ex. 5/24)
I have reason to believe that any timing aspects are related to the general situation on the planet. Simple changes between quarters are not really going to change anything especially since most of the application is processed by computer in most cases. In the end the only real difference I can think of is that you will have slightly more history written in your reports and in that case adding a single month is not going to change much. You conveniently forget most lenders have a line out the door when it comes to issuing cards on the daily with a 30 day application limit. They are literally picking who they like to risk money on a single day is not going to change anything.
As for offers it just is a set campaign with particular criteria. As long as you match the criteria they will send you the offer. The more generic the offer the more likely you are to qualify.
One of my family members has been a VP at Amex and is currently a VP at chase. His department is in charge of new accounts and marketing and how to get more people to apply and such.
can anyone say for sure? Who knows, But I can tell you that every company has internal goals they want to meet. And based off what my family member has told me about the industry, credit cards are no different. They absolutely have a goal for how much new customers they want coming in each quarter.
Since most applications and approvals never see an actual human being. the question is, do they program the computers based on this? For example, if Q2 is almost over and they want 1000 more new accounts before Q3, do they program the computers to be more lenient? Cause that's ultimately the deciding factor.
when a human is making the decision it's obvious. Anyone who has bought a car at the end of a month/quarter/year when a salesman/ the dealership is trying to meet their quota for a bonus can tell you. Humans will absolutely bend more to try to get those deals done.
