Pre-Qualified offer or Cold App?

Anonymous · ‎08-06-2015

Is it better to apply for a card using the pre-qualification on the Citi website than it would be to simply fill out a cold app without using the pre-qualified offer? Just wondered if there is a difference. Even though my FICO score is 758, flawless credit history, 3% utilization, 1 inquiry from Oct 2014, Citi offered me the Double Cash card at 22.99% APR, which is disappointing. Was wondering if I simply filled out a cold app if the APR might have a chance of being lower?

Anonymous · ‎08-06-2015

@Anonymous wrote:
Is it better to apply for a card using the pre-qualification on the Citi website than it would be to simply fill out a cold app without using the pre-qualified offer? Just wondered if there is a difference. Even though my FICO score is 758, flawless credit history, 3% utilization, 1 inquiry from Oct 2014, Citi offered me the Double Cash card at 22.99% APR, which is disappointing. Was wondering if I simply filled out a cold app if the APR might have a chance of being lower?

That is a disappointing APR. Maybe there is something else you're looking at. Pre quals are good b/c sometimes they offer special terms (low APR, interest free period, etc.), but they don't necessarily guarantee lower APR or anything else. It is a common believe that pre quals are solid, depending on the lender, so it does help with approval odds.

Check Chase, AMEX, and Cap1. Their pre quals are pretty solid. You could also recon the APR if you're unhappy with it with the original approval.

GoldSorata · ‎08-06-2015

I've got the same DC prequal offer with a 22% APR. I'm going to hold off on that card until next year and see. APR isn't a dealbreaker for me because I always PIF but if I can get a lower APR then why not. I've heard Citi isn't always receptive to APR reductions, I can't say for certain if that is true.

jim44 · ‎08-06-2015

@Anonymous wrote:
Is it better to apply for a card using the pre-qualification on the Citi website than it would be to simply fill out a cold app without using the pre-qualified offer? Just wondered if there is a difference. Even though my FICO score is 758, flawless credit history, 3% utilization, 1 inquiry from Oct 2014, Citi offered me the Double Cash card at 22.99% APR, which is disappointing. Was wondering if I simply filled out a cold app if the APR might have a chance of being lower?

Yes IM experience Citi can be fickle with their aprs. My thank you started with a 15.99% apr and after 2 years, I was notified the apr was climbing to 19.99%. Called a CA who told me while monitoring my CR they were spoked when my utilitzation climbed on 2 cards. After 6 months I called again and my apr was lowered back down to 15.99%. But that is just a side effect of a variable rate with Citi

taxi818 · ‎08-06-2015

For sure don't cold app. I got the same offer and within 3 days of getting offer i got a mailer for 20.9 percent 2% less. Waited another week and was down to 17.9 percent. Which i could not hold out any longer and jumped on it with invitation code. Instant approval even though 17 inquiries in 2 years and 11 new accounts in the last 12 months. Best to hold out a little. They will never lower it online. But i bet a mailer is on the way now that you got the pre qual.

Anonymous · ‎08-06-2015

Nothing came up for me with either Citi or Cap1, but Chase showed CSP/Slate/Freedom.

Some sites simply seem like a hit or miss.

Anonymous · ‎08-06-2015

I recently cold-apped and got a high APR as well. I have several new cards and INQs over the past two months, so it really doesnt surprise me.

Anonymous · ‎08-06-2015

I knew I wanted in with Citi. I realized the more I checked their prequals, the more mail offers came. These are legit offers with a specific APR and say opt out notice.

My online offers half the time produced an error, otherwise was the diamond preferred for 22.9 percent.

Yet, mail offers came for 9 or 12 months 0 interest, then 22.9, then 12-18 0 then 19.... then saw the simplicity for 0 for 21 then 12.99....

When the double cash mailer came with 0 for 18,t hen 13.99, I couldn't resist.

I firmly believe they were using different scores for different preapprovals. I think the super low ones were based on my equifax...and the super high apr ones were on tu/ex....

TLDR: keep checkin for offers, act interested, when the right mail offer comes POUNCE on that puppy!

Anonymous · ‎08-06-2015

The only pre-quals I ever get, besides the bogus BOA and Discover, is Cap One. And, I check them all about once a week.

Anonymous · ‎08-06-2015

I just looked at Chase again and I was pre-q for all three cards. Until now I never noticed the APRs: 18.99 - Freedom, 17.99 - Slate, and 15.99 CSP.

A few weeks back I wasn't getting an offers. But now all three are firm. I'm keep checking to see how low they are willing to go. While the CSP would be nice, and it offers a good reward, I really don't know if I would spend $4000 in three months.