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How Do Credit Card Approvals Work?

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Frequent Contributor

Re: How Do Credit Card Approvals Work?

My fico 8 scores right now are eq-599, tu-637, and ex-620. My bank card fico 8 scores are eq-582, tu-636, and ex-615. I am currently waiting for 4 collections to be removed (they were all paid, and all agreed to remove), and my one charge off from 2014 needs to update to $0. My utilization is at 11%, but once my charge off updates to $0, I'll be at 2%. I am obviously going to wait until everything updates properly, but wanted to get a feel for what I should expect.

Message 11 of 14
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Valued Contributor

Re: How Do Credit Card Approvals Work?

Look for pre-approvals with other CC.

Message 12 of 14
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Valued Contributor

Re: How Do Credit Card Approvals Work?


@Cjethompson2017 wrote:

My fico 8 scores right now are eq-599, tu-637, and ex-620. My bank card fico 8 scores are eq-582, tu-636, and ex-615. I am currently waiting for 4 collections to be removed (they were all paid, and all agreed to remove), and my one charge off from 2014 needs to update to $0. My utilization is at 11%, but once my charge off updates to $0, I'll be at 2%. I am obviously going to wait until everything updates properly, but wanted to get a feel for what I should expect.


Which lenders did you have charge-offs or collections with? 

Which credit cards do you currently have open? 

What are the limits, approximate income and debts do you have? 

 

Navy Federal as you mentioned is a great place to start, but even they have tightened up lending considerably.  In the current economy, you might be better waiting until after the pandemic to apply for credit, especially with scores +/- 600.  Many of us are "gardening" through this situation, even with stronger profiles.  If you apply with Navy, they do offer a secured card if you need to go that route.  They will typically offer this card if they decline you for one of their regular cards.

 

NFCU_Secured_NRewards.jpg



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 13 of 14
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Frequent Contributor

Re: How Do Credit Card Approvals Work?

I'd be ok with going the secured route to try and get it to graduate at some point.

 

The only charge off I had was with capital one. Charged off in 2014. The only open cards I have are 3 Comenity cards, New York and co $250 cl, Victoria's Secret $250 cl, Toyota $350 cl. All have $0 balance right now. I am an authorized signer on my husbands discover card. It's secured, $200 cl, balance of $20. My collections were with capital one.

Message 14 of 14
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