@Wapsi374 wrote:
I have a data point I'd like to share. I applied for the max cash preferred through my local bank and was instantly approved for a whopping $500 CL. I called the underwriting line the following day when they opened and the lady said she had to send a request for manual review which would initiate another hard pull so I declined. She told me that no relationship with the bank was probably the reason for the $500 CL even though "your credit looks great." She said the system may give an automatic CL increase after a few months of ontime payments. Fico scores in the 750-770 range and only one new account (Freedom Flex) a week ago so 1/6 and 1/12.. Elan pulled TU which was my cleanest score and didn't show the CFF credit pull or account (0/12). Income $100,000. Average age: 2.4 years, Oldest account: 3.5 years. This is my first post on the forums; hopefully this makes sense and is appropriate to post here.
Tip: Apply during business hours so you can call the underwriting team immediately before formally accepting the offer. Consider having a relationship with the bank.
@Wapsi374 welcome to the forum, thank you for sharing your data points and we look forward to many more posts from you! Yes where you posted is just fine and you did great!
May I ask a few questions? First you said you applied at your local bank? I'm assuming in person? and if you did, did you fill out the form or did they? The reason I ask is because of the ambiguous question in the online form that, if answered by the bank, may not be answered in the same way you would answer.
if they did fill it out, then that would argue that if you apply in branch, having a relationship is likely more beneficial. But, i'm not sure the same conclusion would apply to an online application is what I'm wondering. An online application may be better.
I definitely think its great advice to a apply during business hours, so you can call and speak to a credit analyst, if necessary for reconsideration.
as a matter fact, @Wapsi374 , I would highly recommend you call in and speak to a different credit analyst and see if you can possibly get it bumped up without another hard pull. They can do it. As I have had SP CLIs from them before in the past and yours is more justified, being a review of initial application. I will admit they are a tough nut to crack and don't think it'll be easy, But I think it's worth a try.
And as a last resort, a hard pull isn't that many points and it's unscoreable in 365 days, so you might consider doing that if required because you would probably get a decent CLI if everything else is in order as stated. Might I ask how many accounts you have total? How many bankcards?
