To be honest with you, i have like 17 inquires on my CR and i was just approved for Chase Freedom after months upon months of denial believe it or not while another person on the forums got denied.... i think it is just luck of the draw, but i think you gotta take certain measures to consider it lucky, for instance i went the back door route and got approved after 2 times getting denied in 4 months, i was shocked Chase gave me a 2k CL
That's exactly what I mean...lol. Anyway, congrats for finally getting your Freedom.
@jamesdwi wrote:You forgot the great equalizers,
great income + below average score may equal improvals that don't make sense.
good income + average score may get you approved.
low income + high score may be instant denial
large income plus frequent large payments on your other cards may override many baddies. If the credit see's you making $3000 in payments a month they may approve you anyway. Yes lenders can see this on some CRA's for instance EX, it shows your payment history even if you do PIF.
DTI also plays a roll, if you own your home or report 0 rent and no installment or student loans plays a part in your approvals.
If you are young and have no baddies, banks will over look your AAoA. My son went from no credit score, to a CapOne card, to a Discover IT, in 3 months, then a freedom card 3 months later, and a AMEX PRG approval NPSL, both BoA and Citi are sending him weekly pre-selected offers with very good APR's less than 15% despite his income is less than 20k a year and AAoA is sub one year, oldest card won't even by a year for a few months
Being older is also good, my dad let his credit cards get closed for non-usage decades ago, and his possitive TL's of a home loans, have probably aged off as well yet he is still recieving pre-approvals for credit cards, he's not interested on a fixed income bank account has been open for probably 50 years if not longer. If he would of bought a pack of gum on them once a year he surely would have 850 credit accross the board. Most of his accounts would be over 40 years old with zero baddies ever. First and Second morgage both paid off on time with no lates or anything else no car loans.
It's us 30-50 year olds with AAoA's that aren't 5 years plus and a baddie or two that can't get approved. Without help of other good flags on our credit, High income, a targeted demographic, cards that make other lenders want our bussiness.
Well put
