Why am I not prequalifying with good scores?

[nobo24]

Hi guys,

I just passed the 6-month mark for my Discover It Secured, and have received my first FICO scores. I've been checking the prequal sites, but so far, I'm not prequalified for anything. I was under the impression that I would at least be able to qualify for some decent cards (e.g. Amex BCE) after I established 6 months of history and good scores. Is there a reason I'm not prequalifying? Should I wait before applying for a new card? How long?

Some info:

Fico 8 scores: EX 742, EQ 750, TU 771

Hard inqueries: EX 2, EQ 1, TU 0

AAoA: 6 mos

I have no other accounts, no late payments, no collections. Last INQ was from 01/2020. 

[Anonymous]

You have to factor in the state of the economy. Banks have tightened their grip on extending credit to new people as they may see folks with relatively new credit as being HIGH risk due to the fact a high percentage of the country is not working. Spend time in the garden and let your credit score grow. Dont go out on a app spree and have unnecessary inquiries which may in the end adversely reflect you negatively to potential lenders! 

[flexin222]

Congrats on the scores! Maybe you opted out for prequalifying? Here's the site: https://www.optoutprescreen.com/

Good luck!!!

[dragontears]

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@nobo24 wrote:

Hi guys,

I just passed the 6-month mark for my Discover It Secured, and have received my first FICO scores. I've been checking the prequal sites, but so far, I'm not prequalified for anything. I was under the impression that I would at least be able to qualify for some decent cards (e.g. Amex BCE) after I established 6 months of history and good scores. Is there a reason I'm not prequalifying? Should I wait before applying for a new card? How long?

Some info:

Fico 8 scores: EX 742, EQ 750, TU 771

Hard inqueries: EX 2, EQ 1, TU 0

AAoA: 6 mos

I have no other accounts, no late payments, no collections. Last INQ was from 01/2020. 

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How old are you? People under 21 have a hard time getting prequalifications to show up 

[Gmood1]

Some of the FIs have removed their pre-quals.

Not having them, doesn't mean you'll be denied.

Amex likes thin files. If you want the card. Then go for it.

Even with pre-quals, nothing is guaranteed.

[nobo24]

I'm 25. 

[nobo24]

Thanks for the response. I figured the turbulent economy might have something to do with it. I was just wondering if there might be some other explanation. The frustrating thing is, I work in healthcare, so I'm as busy as ever.

[Anonymous]

Sounds strange. I was in a similar situation as you when I got prequalified for the BCE. Six months of credit history, but slightly lower scores, 705-720. If you have several first/middle names, try typing in different variations of your name on the prequal-site. I was pre-qualified for a very specific variation of my name, tried others without luck.

Also, take a look at annualcreditreport.com and see if Amex have done any soft pulls. I found a few from them, I'm just guessing, but they were from the month leading up to my pre-qualification appearing. So if you can see them there, it might be a sign that something good is about to happen!

[Anonymous]

@nobo24 The economy has nothing to do with it.  By your own admission you only just got your first FICO scores.  Lenders don't track credit scores in real time; so it takes a few weeks at least before they query the credit bureaus for credit profiles that meet whatever criteria they specify for pre-approvals.  The suggestion to check your credit report to see if any lender made soft pulls is a good one.

[therealpeel]

I started building credit 01/2019, but didn't receive any good pre-qualifications (specifically American Express and Capital One) until 09/2019.