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Chance of Approval?

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Regular Contributor

Re: Chance of Approval?


@dp321 wrote:

@MagicShot wrote:

@MagicShot wrote:

@dp321 wrote:

Try a student version of Discover, they are much easy to get. Also think about getting a AMEX Zync. I just got approved for the Chase Freedom and I have 1 inquiry this month and 1 from almost 2 years ago. 700 may be a coin toss for a freedom card, I think 720 will give you a much better chance. 

 

I don't think 10 inquiries will sit well with most prime creditors, neither will 9 - they are basically the same. Are all these inquiries less than 1 year old or they are actually close to two years old?


I got prime card approvals with 25 inqs Smiley Happy I donno how that worked.


s

 

Some prime lenders pull all 3 big CBs both AMEX and Discover pulled all 3


You mind sharing your credit profile? Also, I am pretty sure AMEX pull experian only and Discover pulled TransUnion for me when I applied. 


I am just curious about what magic you possess on your credit report Smiley Happy


Starting Score: EQ: 703 (4/2011);
Current Score: EQ: 738 (04/2013)

Goal Score: ALL 800

Take the FICO Fitness Challenge
Message 11 of 18
Contributor

Re: Chance of Approval?


@dp321 wrote:

@dp321 wrote:

@MagicShot wrote:

@MagicShot wrote:

@dp321 wrote:

Try a student version of Discover, they are much easy to get. Also think about getting a AMEX Zync. I just got approved for the Chase Freedom and I have 1 inquiry this month and 1 from almost 2 years ago. 700 may be a coin toss for a freedom card, I think 720 will give you a much better chance. 

 

I don't think 10 inquiries will sit well with most prime creditors, neither will 9 - they are basically the same. Are all these inquiries less than 1 year old or they are actually close to two years old?


I got prime card approvals with 25 inqs Smiley Happy I donno how that worked.


s

 

Some prime lenders pull all 3 big CBs both AMEX and Discover pulled all 3


You mind sharing your credit profile? Also, I am pretty sure AMEX pull experian only and Discover pulled TransUnion for me when I applied. 


I am just curious about what magic you possess on your credit report Smiley Happy



http://ficoforums.myfico.com/t5/Credit-Cards/Best-Buy-Cardit-Cards-Issue/m-p/863172

 

There is a link to mine like 4 months ago but my limits have gone up and im about 70k revolving credit now. I will update with latest soon.

Added a few more card since then, TJX rewards, Menards, & Wells fargo. Just got the fargo card today. Excited gonna use that for monthly bill and pif. then work  at paying down my other cards. I usually take advantage of my store card 0% financing offers. Smiley Happy

 

Message 12 of 18
Regular Contributor

Re: Chance of Approval?

The inqs are less than a year to a year old. So I should most likely garden for the next like... year until all my inqs are gone and be almost garunteed the cards I want or attempt now and get denied and attempt to recon and explain the inqs were mostly from when I turned 18 and applied for anything? I'm not sure, I just want a card that isn't a stuck at 750CL Cap One.

Starting: 463 | Current: 480 | Goal: 700
Rebuild since: 07/20/2019

Message 13 of 18
Established Member

Re: Chance of Approval?

Just garden 6 months with the Capital One. If you want almost guaranteed approval after that time, get a CC with your favorite store. Most people suggest against it, but I don't mind having it. In about a year, I'll probably apply for a Target CC thanks to that instant 5% offer every time you shop. Nothing honestly beats that.

Message 14 of 18
Regular Contributor

Re: Chance of Approval?

Well my Cap One I have had for a year now, the inq doesn't even show on my EQ power score reports anymore and never was on TU or EX.

Starting: 463 | Current: 480 | Goal: 700
Rebuild since: 07/20/2019

Message 15 of 18
Regular Contributor

Re: Chance of Approval?

For FICO scoring, inquiries more than a year old play much less weight. My FICO report showed "amount of new credit" to be very good when I had ONE 1-year-11-month old inquiry and it was showing as great when I had no inquiry at all, even though they said inquiry older than a month don't affect your socre. So yea, just at least wait most of your inquiries are one year old is good. 

Also, you might need to provide ability to pay or have a cosigner as previously mentioned for being under 21.


Starting Score: EQ: 703 (4/2011);
Current Score: EQ: 738 (04/2013)

Goal Score: ALL 800

Take the FICO Fitness Challenge
Message 16 of 18
Contributor

Re: Chance of Approval?


@dp321 wrote:

For FICO scoring, inquiries more than a year old play much less weight. My FICO report showed "amount of new credit" to be very good when I had ONE 1-year-11-month old inquiry and it was showing as great when I had no inquiry at all, even though they said inquiry older than a month don't affect your socre. So yea, just at least wait most of your inquiries are one year old is good. 

Also, you might need to provide ability to pay or have a cosigner as previously mentioned for being under 21.


+1 Good advice.

Message 17 of 18
Regular Contributor

Re: Chance of Approval?


@dp321 wrote:

For FICO scoring, inquiries more than a year old play much less weight. My FICO report showed "amount of new credit" to be very good when I had ONE 1-year-11-month old inquiry and it was showing as great when I had no inquiry at all, even though they said inquiry older than a month don't affect your socre. So yea, just at least wait most of your inquiries are one year old is good. 

Also, you might need to provide ability to pay or have a cosigner as previously mentioned for being under 21.


EDIT: I think the reason my "Amount of New Credit" changed from "Very Good" to "Great" is that I had an account aging past two years. If so, FICO scoring really doesn't take into account inquiries past one year old. HOWEVER, the inquiries are still on your actual report and viewable by creditors for up to two years. A friend of mine who used to intern at Equifax told me that not all creditors request the same info from your credit report for these automated approvals. Some don't look past your credit score while others dig a bit deeper. 

 

Anyway, I maintain my opinion that if you have to garden for the next 6 months to a year anyway, just go ahead and try it today. If it goes through, great. If it doesn't, don't bother with recon, go on with your gardening life and try again 6 to 12 months from now.

 


Starting Score: EQ: 703 (4/2011);
Current Score: EQ: 738 (04/2013)

Goal Score: ALL 800

Take the FICO Fitness Challenge
Message 18 of 18
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