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Best time to apply/get approved...

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Best time to apply/get approved...

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?






AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
Message 1 of 8
7 REPLIES 7
Contributor

Re: Best time to apply/get approved...

I don't know the answer, but I am interested in what others have to say.  Interesting theory!

Message 2 of 8
Frequent Contributor

Re: Best time to apply/get approved...

Maybe something changed but it hasn’t updated on your end yet? 

Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 620 TU8: 645 EX8:640
Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA: 7YRS 6MONTHS AAOA: 2YR 6MONTHS
Inquiries in 12 months: EQ: 1 TU: 1 EX: 1
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Goals Achieved Nov 19’: First Chase CC, Marriott Bonvoy w/ lowest APR rate of 17% Total CL:$18,000
Message 3 of 8
Community Leader
Mega Contributor

Re: Best time to apply/get approved...


@Kreditwuerdig 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. 

Message 4 of 8
Frequent Contributor

Re: Best time to apply/get approved...


@Kreditwuerdig 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. Smiley Very Happy

 

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. Smiley Very Happy

 

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. Smiley Very Happy

Message 5 of 8
Frequent Contributor

Re: Best time to apply/get approved...

Data points if possible to go wiht your theory..

 

Following






Message 6 of 8
Contributor

Re: Best time to apply/get approved...

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).






AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
Message 7 of 8
Regular Contributor

Re: Best time to apply/get approved...

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.

Amex Gold: No pre-set spending limit

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Amazon Prime Store Credit Card: 4k

Citi American Airlines MileUp: 3.1k

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Capital One SavorOne: 2k

Discover it Miles: 1.5k

AAdvantage Aviator Red: 3k

Chase Sapphire Preferred: 800

EX: 690 | EQ: 680 | TU: 677
Message 8 of 8
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