No American Express or discover prequalified

[Anonymous]

I recently started learning about credit and trying to repair mine.

I opened a navy go rewards and a capital one. They both were approved with low limits. (These are my first and only credit cards)

I tried discover and Amex Prequal and I get denied. Discover list my score as 689 and reason for denial is no Installment, and due to opening 2 new bank accounts.

I use to go take out payday loans (bad I know). So my account shows 59 closed accounts. But it has zero missed payments and the only thing I owe is 12 dollars.

How can I get approved for a decent credit card. I’m finding out the hard way that banks look down on having a payday loan on the account. I thought it was just reporting as an installment and not closing and re opening everytime I took them up on their extension offers.

What’s the likelihood of approval from Amex with a cold app?

I only have 4 inquires on my report 3 this year and two new accounts that are 2 months old. Fico scores are trans 691/eq683/ex 689

No derogatory accounts accounts
No collections
Average age 1year 7 months on Transunion and 2 months on Equifax and Experian.
Utilization 1 percent
Payment history 100% (no missed payments)

[Anonymous]

Amex is going to pull Experian and your score is high enough.  They seem to be ok with thin files but your only accounts are 2 months old and that might be a problem.  I would wait at least 4 months to try for Amex but that is JMO.

You say that you tried the Discover prequal and got denied?  You listed your scores and the reasons for denial so you must have actually applied?

[Anonymous]

I did the discover Prequalify and it denied me and gave the reason plus my score and said I can try again in 7 or 8 days.

[Anonymous]

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@Anonymous wrote:
I did the discover Prequalify and it denied me and gave the reason plus my score and said I can try again in 7 or 8 days.

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Interesting.  I was unaware that they did that.  Usually at prequal sites, there is always some language about "we have no offers for you at this time"

[Brian_Earl_Spilner]

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@Anonymous wrote:

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@Anonymous wrote:
I did the discover Prequalify and it denied me and gave the reason plus my score and said I can try again in 7 or 8 days.

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Interesting.  I was unaware that they did that.  Usually at prequal sites, there is always some language about "we have no offers for you at this time"

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You can be denied and receive a letter in the mail, but it won't affect your credit. You just have to wait 8 days before apping again.

[Adkins]

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@Anonymous wrote:
I did the discover Prequalify and it denied me and gave the reason plus my score and said I can try again in 7 or 8 days.

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Have your tried for their secure card instead?

[Anonymous]

No I haven’t applied for either yet . Only did the Prequalification. Didn’t want to waste a hard pull without gathering as much data as possible.

When I did the prequalify it didn’t even offer me a secured card.

[AverageJoesCredit]

I personally am not a fan of prequals. Some depend to much on them. Ive never prequaled for anything in my life and ive done ok. They can give you a general idea on where you are but if you know your profile and understand more or less what a lender looks for in approval, cold apping is just fine. Just my ho

[Anonymous]

in my limited exp of being heavily involved in my credit... i can safe that i had zero luck with prequal as well. Solely based on one exp. I was interested in the CSP, i didnt qualify for anything on chases website, or in the branch.. cold apped, and was instantly approved for the CSP. I think its a crapshoot, all about marketing and algorythms at the end of the day. 

[Anonymous]

thanks for the information. I applied and was approved for the amex everday with a 1k starting limit. Thinking about trying for the discover? or amex green? Or let this card grow?