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I was thinking last night, and I wondered if the best time to apply for a new card is around this time of year, just before the relentless consumption period between Black Friday and Christmas. See, I probably would NEVER have been approved for a Discover IT unsecured card, and every time I did a pre-qualification app, they said "No, but here's a secured offer for you." Then, out of the blue, with nothing having changed on any of my credit reports, they pre-qualified and approved me for an unsecured card. It also just happens to be the quarter where you get 5% cashback on Amazon and at big box stores. Is there something to this?
I don't know the answer, but I am interested in what others have to say. Interesting theory!
Maybe something changed but it hasn’t updated on your end yet?
@Anonymous wrote:I was thinking last night, and I wondered if the best time to apply for a new card is around this time of year, just before the relentless consumption period between Black Friday and Christmas. See, I probably would NEVER have been approved for a Discover IT unsecured card, and every time I did a pre-qualification app, they said "No, but here's a secured offer for you." Then, out of the blue, with nothing having changed on any of my credit reports, they pre-qualified and approved me for an unsecured card. It also just happens to be the quarter where you get 5% cashback on Amazon and at big box stores. Is there something to this?
No.
@Anonymous wrote:I was thinking last night, and I wondered if the best time to apply for a new card is around this time of year, just before the relentless consumption period between Black Friday and Christmas. See, I probably would NEVER have been approved for a Discover IT unsecured card, and every time I did a pre-qualification app, they said "No, but here's a secured offer for you." Then, out of the blue, with nothing having changed on any of my credit reports, they pre-qualified and approved me for an unsecured card. It also just happens to be the quarter where you get 5% cashback on Amazon and at big box stores. Is there something to this?
Thanks so much for your question.
While folks here in the myFICO forum would be hard pressed
to provide any specific empirical data to confirm your suspicions,
common sense dictates that it's pretty easy to put 2 + 2 together.
Black Friday and Cyber Monday are literally just days away.
The holiday season is now in full force. Deals instore and
online abound everywhere. Since the US economy is very much
consumer driven, it's not a stretch to state that American banks
and financial institutions are doing all they can to put as much $$$
into American hands as humanly possible. For what it's worth,
that's just my opinion. But again, thanks for raising the question.
Perhaps other forum members will chime in as well.
Data points if possible to go wiht your theory..
Following
TU 638
EQ 640 (pulled by Discover)
EX 637
FICO 8 626
Rebuilding, with three 3-year old charge-offs and one 3-year old collection account. Several 30-60-90-120's.
Income $65k, low rent, low debt-to-income. Within 12 hours: Did a pre-qual app -- declined. Received e-mail from Discover, did another pre-qual app -- approved. Just got a CO Platinum with $1,000 limit less than two months ago (not yet reporting).
I don't honestly think it has anything to do with the season, something changed on your credit report and I'd assume that that prompted them to give you a pre-approved offer.