Short AAoA - Apply for Installment alone or simultaneously with Card App?

[CreditCuriosity]

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@Gratitude wrote:

@DaveInAZ - As for the prescreened opt out,  mail theft was also my concern (identity theft is a gruesome nightmare); additionally my address has shown to be an issue with USPS. Making sure mail came to my house and that only I retrieved it was a concern especially when I knew I'd get a bunch of subpar offers. 

@Having said that, opting back in as @Anonymous at this point seems wise at this time (actually after the dust settles tomorrow on Installment app verdict and Chase recon).

This may have fallen into the cracks of the thread - I've been asked: but why Chase? 

Other than the 7yr business & personal banking relationship, It CHASE who emailed me about prescreened offers, weeks after I called them letting them know that I've opted out and wanted to know If I was eligible for any of their cards. No Charge-Off came up at anytime during that call. Further, I was unable to enroll at Chase.com as I had no credit account with them, so I could not find out if I had anything with them prequal definitely no access to anything derogatory.

With my FICO scores approx 733; concern about my UTL shooting up /AAoA  decreasing from Installment loan; and all that I've learned here on the forum I just decided to go for it.

So it begs to ask.. why did I receive this email and then be prevented from accessing the site to find out:

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Chase doesn't know you are opt-ed out.  Not sure they even SP your credit report if you are opt-ed out or if that stops it in its track?  Not sure to be honestly on that one others might know more than me.  Chase SP's TU for their pre-approvals on their site.  That was simply marketing what you received probably due to being a chase customer.  Don't lose all hope as if you have a relationship with them for a long time that certainly helps.  You also have a PM from me.

[Gratitude]

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Chase doesn't know you are opt-ed out.  Not sure they even SP your credit report if you are opt-ed out or if that stops it in its track?  Not sure to be honestly on that one others might know more than me.  Chase SP's TU for their pre-approvals on their site.  That was simply marketing what you received probably due to being a chase customer.  Don't lose all hope as if you have a relationship with them for a long time that certainly helps.  You also have a PM from me.

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marketing -  yes that sound most logical.. but I suppose this is a question for a new post:

Will Chase SP if you've Opt'd out of PreScreened Offers? 

[Gratitude]

Results of the App Spree so far:

12/14 - app'd
CFU & CSP > 30 day notice > denied > 

BBV CLI request > granted: from $3000 to $5300

Installment loan app

12/18 - 
Installment loan > got email - denied:  

"Our principal reason(s) for this decision are indicated below. 

Limited credit history in the credit report
Lack of comparable credit experience
Length of time account/accounts have been established is too short"

Called the financier for recon >

said i'd increase down payment; look again at my DTI & income.

Rep says:

"their lowest amount they finance is above what I was seeking ($7500 min - was seeking $7,000 /90%);  too short credit experience; no matching credit (i.e. no Installment loans) / amount financing was more than about of credit extended to so far"  Informed her of BBV CL $5300.. she said: "your oldest account is to low"

[Note: I called in before app and didn't get this detailed criteria.]

Called Dealer >

told him exactly what happened - he's looking into his own channels for perhaps a CU loan instead > awaiting follow up call.

Chase recon call > 

[note: same very nice lady who answered App status with option to speak to rep number]

explained Charge-Off / established credit / banking relationship > suggested they grant me CF, lower my SL and if I go over 30% or 20% UTL within the first year, close the account > on hold / they asked employment questions > 55min call >

APPROVED! *CFU $500 SL* 

Way better than denial! Im satisfied with that.

@ABCD2199 had a similar outcome (this thread ‎‎12/17 11:05am - above)  

told "card will arrive 1-2 weeks by mail". Asked when will it report to CB's? - she did not know. However, it does show right now in my Chase accounts online! 

@SuperGotenks suggested: 

"Apply for the BCE now before the loan shows up and your scores drop" 

I got 2 out of 3 on the app spree & the Installment situation is still out there  --

You guys agree / disagree on BCE app right now?

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FICO8: 
EX 12/7: 721  |  12/17: 706
TU 12/7: 742  |  12/17: 740
EX 12/7: 736  |   12/17: 728

• Merrick Bank Secured Visa $1500 - approved January 2016  
• BestBuy Visa $3000- approved April 2017 / CLI 12/14 to $5300
• Chase Freedom $500
• AAoA = dropped  from 16 to 11months (calculated on 850x3.com) !

[Anonymous]

Congrats on FU!  It gets you in the door.  As mentioned I have the same $500 card now for 7 statements and no CLI yet but whatever. It's a great card because I "bank" my URs earned in hopes of getting 50% more value when CSR comes around.  Now that you're back in with Chase, maybe they'll approve you for CSP/CSR in 1-2 years so if you don't NEED the cashback, don't spend your URs you earn.

Sorry on the loan -- that minimum $7500 is probably true.  Dealership will have some options, CU is a great one I would probably say approved there.  Never even thought of finance minimums on an RV but I think that's standard.  On my boat "auto" loan (how it reports) they did in fact tell me they didn't finance under $15,000 at 60% LTV.  But that's a little podunk unknown bank.

I'd do BCE now.  If you're preapproved, for sure.

[Gratitude]

**correction** - card approved was CF ( not CFU - got carried away with my abbreviations)

I don't know if I am preapproved for BCE due to the opt-out status.  Can this be done on their website?

[Anonymous]

Yep, https://www.americanexpress.com/us/credit-cards/check-for-offers/

[Gratitude]

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@Anonymous wrote:

Yep, https://www.americanexpress.com/us/credit-cards/check-for-offers/

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RESULT:

 "we could not find Pre-Qualified Offers for you at this time.

Based on your interests, we recommend the following Cards for you... 
Blue Cash Everyday"

As expected due to the Opt-out... Not sure what to do

<??>

[DaveInAZ]

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@Gratitude wrote:

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@Anonymous wrote:

Yep, https://www.americanexpress.com/us/credit-cards/check-for-offers/

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RESULT:

 "we could not find Pre-Qualified Offers for you at this time.

Based on your interests, we recommend the following Cards for you... 
Blue Cash Everyday"

As expected due to the Opt-out... Not sure what to do

<??>

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Well, I would say go for it, Amex has been pretty accomodating lately, and while it will be a HP on EX, Amex doesn't report the new account for around 2 months. But you still need to get the installment loan settled.

No one has asked, so I will: Without getting into too much personal info, why do you need to get a loan for a Camper for your Uncle? Does he live in one or is it for pleasure, in other words does he really have to have one? And why is it you that has to get him a loan for one? Normally it's older folks helping younger people, not the other way around, and doesn't he have any kids or someone else who can help him? It would be a lot easier for you building your credit without having to worry about a darned camper for a relative. But I do appreciate your wanting to help others.

[CreditCuriosity]

If you Experian score is 736 I would be shocked if you weren't approved for the BCE or for that matter any of their cards that you want.  Pre-Qual's overall IMO are worthless other than say Cap'1 or Chase's to get around the 5/24 rule.  Otherwise if you profile supports it just apply for it.  You scores are solid enough and you don't have alot of credit and that is what Amex/Discover seeks.  So in this case Amex I pretty much can gurantee you would be approved although nothing is guranteed in credit as always YMMV, but you have a very good shot with that card,, if you want go for it.  My credit still has old lates/co etc from 6 years+ ago, but started getting huge approvals when they were 5+ years old.  I have 75k with Amex, 40k+ with Chase, 60k with NFCU, 46k with PenFed, 50k with BofA, etc, etc, etc.. You get the point.  All this with my scores around 700 with old baddies.  Granted every profile is different.  Nothing risked, nothing gained as as you get other approvals more approvals will come and as other limits get bigger new limits will become bigger.  I say go for it if you want it as it is only an inquiry an AAoA hit is alot worse than an Inquiry any day of the week.  Best of luck if you go for it.

[Anonymous]

Yeah with an EX FICO8 in the 730s I'd cold app.  My cold app was EX FICO8 = 710 for BCP (tougher underwriting there) and they gave me $2000 instantly.  I would guess you'd get more considering most of my bank cards are toy limits or secured or once secured.  Amex is my biggest SL from a bank card and hoping to get 3X CLI Jan 2 coming so I can show other lenders I am a responsible user of higher limits.

These $500 toy cards are killing my mojo some days.