How accurate are experian approval odds?

[rgd51]

On my experian report I have 12 total inquiries of which 6 were in the last 12 months. I also have 6 new accounts in last 12 months (one of which is a mortgage). My my recent inquiry and new account was on 12/21/2020 where I was approved for a quicksilver. I opened a chase freedom flex 10/29/2020. 

I got an email from experian showing my card matches and it said my approval odds for the citi double cash are the best possible rating it will give. I think it says "best". I was denied for that card on 11/24/2020 due to number of recent inquiries from the app spree I was doing at the time. Can I trust the experian approval odds or would I likely still get denied for number of recent inquiries?

[cashorcharge]

Similar to CreditKarma or other "see what you're prequalified for" options, those are typically marketing versus an actual "we've connected to the bank and they agree...you're ready" kind of thing.  There is some likelihood based on an algorhythm but it's not as definitive a preapproval as you may get from the bank themselves...

[rgd51]

Citi isn't allowing pre approval on their website currently. Forgot to mention my experian fico 8 was 761 as of 3/19/2021. My credit history is 6.5 years, I have always PIF, never paid any interest ever on a credit card, and have no missed or late payments. That should hopefully help you all answer my question better.

[Mr_Mojo_Risin]

Those are pretty much marketing offers. They don't take into account lenders internal guidelines, for example- Chase 5/24 and BOA 3/12 if your not a customer. CITI is inquiry sensitive so I would wait at least 6 months from your last inquiry.

[AllZero]

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@rgd51 wrote:

On my experian report I have 12 total inquiries of which 6 were in the last 12 months. I also have 6 new accounts in last 12 months (one of which is a mortgage). My my recent inquiry and new account was on 12/21/2020 where I was approved for a quicksilver. I opened a chase freedom flex 10/29/2020. 

I got an email from experian showing my card matches and it said my approval odds for the citi double cash are the best possible rating it will give. I think it says "best". I was denied for that card on 11/24/2020 due to number of recent inquiries from the app spree I was doing at the time. Can I trust the experian approval odds or would I likely still get denied for number of recent inquiries?

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My guesstimate is you may not have improved your odds at approval after obtaining new inquiries and a new account on 12/21/20. Capital One triple pulls all 3 bureaus.

While your score looks good but as you stated, your were denied by CITI for inquiries.

Probably best to wait as suggested above.

[rgd51]

Yeah I had the exact same fico score when citi denied me 4 months ago. Their denial is why I got the QS instead since I wanted a flat rate card to compliment my freedom flex and store cards. Is the double cash like cap1 where once a transaction clears you get rewards for it or is it like chase where you have to wait for the statement to post?