@Slabenstein wrote:Most secured cards, including Disco and NFCU, are still going to be an HP to apply. The nice thing about the Disco and Amex prequal sites is that they're a soft pull to see where you stand. For example, the reason I mentioned checking Disco's prequal is that, iirc, they tend to pull either EX or EQ, and your EX score is def high enough for one of their cards. So if their prequal doesn't return any uns offers, then you know not to spend an HP on what is likely a denial, but if you see a solid offer w/ a specific APR for an uns card, then you can be pretty confident that they're looking at EX and would approve you.
You see?, you are one of the many reasons I love this forum! I was under the impression that secured credit applications would not involve a HP. I stand corrected, and I now understand why you pointed me in that direction. Would a NFCU Shares Secure Loan be a hard pull too?
I am already an AU on 2 AMEX accounts with great pymt history since they opened back in 2017 & 2018 respectively. And I believe they look good for me to try an unsecured card with them. Between that, and my BANKCARD scores, I think I am good to go. I will try the pre-app sites, and see what is the outcome. Thanks again!
AU:
Almost any actual new credit you apply for is going to be an HP. I think some fee harvester/credit builder cards aren't, but they wouldn't be worth paying for in your case. So NFCU is going to HP you for the shared secure loan, but they may let you use that same HP for a cc app if it's made w/in a month of the pull. I know some CUs will let you do that, but I'm not sure if NFCU specifically does. If you want to reduce the HPs you take, it's something you could ask about.
@Slabenstein wrote:The nice thing about the Disco and Amex prequal sites is that they're a soft pull to see where you stand. (The NFCU prequal site, unfortunately, isn't reliable.) For example, the reason I mentioned checking Disco's prequal is that, iirc, they tend to pull either EX or EQ, and your EX score is def high enough for one of their cards. So if their prequal doesn't return any uns offers, then you know not to spend an HP on what is likely a denial, but if you see a solid offer w/ a specific APR for an uns card, then you can be pretty confident that they're looking at EX and would approve you.
Ok, this is where I am at right now... I went onto the AMEX and DISCOVERY pre-qual offers sites. On the AMEX, I already have a login as an AU, and it provides a tab for pre-qual offers, so I did not need to provide any additional personal info. I was prompted with 6 credit cards with no AF... However, 5 of them showed this on their details:
The other one, showed this other spec:
Then, I went onto the DISOVER pre-qual offers site, entered my personal info, it specified twice during the process that it would not affect my credit, so thumbs up, and it came back with these two:
Even though you stated NFCU pre-qual offers site is unreliable, I just entertained the idea, and this is what came back:
The DISCOVER offers seem solid for my untrained eye... AMEX, just the last one, as well as the NFCU Secured CC.
Would it be advisable to call them, or just submit online... or to even submit an app based on these pre-qual offers?
Would it be advisable to submit a cred app for more than one product with all 3 financial institutions if the same HP is used?
How do you see the panorama, and my path ahead?
Thank you again for the input.
With regards to the Amex prequals, it looks like the "Blue from American Express" is only offered at that APR & wouldn't show a range regardless, so I wouldn't take that one as more solid than the others. Getting a range for APRs wouldn't necc. mean you wouldn't be approved, so if one of those cards is one you really like, it still might be worth apping. The Disco prequals look solid, esp. since it's showing their best APR for new cards. I think the NFCU prequal site just shows everyone all of their cards, regardless. They're a pretty open lender, tho, so I'd feel fairly confident apping for one of their cards w/ your scores. Similarly to the one Amex card, their secured card is showing a set APR b/c they only offer it at their highest rate.
I think the only case where you'd be able to get more than one product from one these lenders w/ one HP would be Navy, if they let you use the same HP for both your loan and a cc. Navy requires a 90 day wait between cc apps, and only lets you app for one cc at a time.
As far as the path ahead, I'd advise to think about what you want from a new card, and then make a comparisson among these to see which might best fit your needs. E.g. if you want a flat cb card, NFCU cashRewards & Amex Cash Magnet are both 1.5%. Disco It CB is a 5% rotator that works well supplementing other cb cards. If you want cb on groceries, there's NFCU More & Amex BCP or BCE. Among the Amex cards, you'd also want to look at which ones offer cash back and which ones offer MR's and which would work best for you. I'd also look at what sign-up bonuses are being offered with the different cards and whether you could meet them with your expected spend. You could also make a ranked list of the cards you like the most in order of preference so you could apply for them in that order until you have an approval. That way, you have your cleanest, HP-free profile for the card you wanted the most, and if you don't get it you can apply to your next preference w/ only one HP, etc. So, e.g., if the card you like most ends up being one of the Amex, you could apply even though you didn't get a solid APR prequal, and if you're declined the solid-looking Disco offers are still an option through the 13th.
One other thing to note w/ NFCU is that Flagship has a minimum SL of 5k, so it's usually advised to apply for one of their other cards first, since they often start you out w/ a small-ish SL on your first card w/ them.
@Slabenstein wrote:With regards to the Amex prequals, it looks like the "Blue from American Express" is only offered at that APR & wouldn't show a range regardless, so I wouldn't take that one as more solid than the others.
Makes sense.
Getting a range for APRs wouldn't necc. mean you wouldn't be approved, so if one of those cards is one you really like, it still might be worth apping.
Well, in my case, I am trying to make my credit file more robust before 2023, when 1) some baddies would have fallen out, 2) my wife's credit file has improved, and 3) we have saved $15k for the down pymt of the car we would like to own. So there is not really any of them in particular that I would "really like", but definitely I can try to choose the card with the best rewards.
The Disco prequals look solid, esp. since it's showing their best APR for new cards.
👍🏼👍🏼👍🏼
I think the NFCU prequal site just shows everyone all of their cards, regardless. They're a pretty open lender, tho, so I'd feel fairly confident apping for one of their cards w/ your scores. Similarly to the one Amex card, their secured card is showing a set APR b/c they only offer it at their highest rate.
Got it!
I think the only case where you'd be able to get more than one product from one these lenders w/ one HP would be Navy, if they let you use the same HP for both your loan and a cc. Navy requires a 90 day wait between cc apps, and only lets you app for one cc at a time.
Got it! I am interested in the secured loan because it would diversify the type of credit beyond having only CCs, and I would definitely try to apply for one of their CCs if they let me use the same HP.
As far as the path ahead, I'd advise to think about what you want from a new card, and then make a comparisson among these to see which might best fit your needs. E.g. if you want a flat cb card, NFCU cashRewards & Amex Cash Magnet are both 1.5%. Disco It CB is a 5% rotator that works well supplementing other cb cards. If you want cb on groceries, there's NFCU More & Amex BCP or BCE. Among the Amex cards, you'd also want to look at which ones offer cash back and which ones offer MR's and which would work best for you.
None of the cards offered in the pre-quals would be better than the 2 AMEX I am an AU (in terms of cash back or member rewards points). But I would definitely choose the cards with the better rewards. 👍🏼
I'd also look at what sign-up bonuses are being offered with the different cards and whether you could meet them with your expected spend.
Good point. I'll have this as part of the choosing criteria. My wife and I have a pretty good established monthly spending, so meeting their mark would not be an issue.
You could also make a ranked list of the cards you like the most in order of preference so you could apply for them in that order until you have an approval. That way, you have your cleanest, HP-free profile for the card you wanted the most, and if you don't get it you can apply to your next preference w/ only one HP, etc. So, e.g., if the card you like most ends up being one of the Amex, you could apply even though you didn't get a solid APR prequal, and if you're declined the solid-looking Disco offers are still an option through the 13th.
Got it. I like the ranked list idea!
I was thinking of applying for AMEX, DISCOVERY, and NFCU, all in the same day, not to give chance for the credit file to show a HP to any of the other lenders.
One other thing to note w/ NFCU is that Flagship has a minimum SL of 5k, so it's usually advised to apply for one of their other cards first, since they often start you out w/ a small-ish SL on your first card w/ them.
Got it. Flagship was not on my preliminary list of cards, just because it has an AF. I just included it there for you to see everything I was being pre-qual'd for.
I really appreciate the time and free knowledge you are willing to share with me, and the rest of the members. It has given me a clearer path to follow.
I will most likely submit all of the applications tomorrow, and report back as soon as I have any update.
By any chance, do you know if there is a thread with info where I can find who do AMEX, DISCOVER, and NFCU pull from.
Thanks again!
@CreditBones wrote:By any chance, do you know if there is a thread with info where I can find who do AMEX, DISCOVER, and NFCU pull from.
Check out this thread: https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap.... Very ymmv, but it can give you some idea what to expect. Also note that, though you were talking about bankcard industry scores earlier in the thread, most cc lenders just use regular FICOs.
Also, just fyi that you will probably see a score drop, in the short term, if you open three new cards, just b/c it will lower your AAoA. But if you're not planning any other credit moves until 2023, it should still help you in the long run b/c by then you'd have three more cards aged 2-3 years.
@CreditBones wrote:
@Slabenstein wrote:
You could also make a ranked list of the cards you like the most in order of preference so you could apply for them in that order until you have an approval. That way, you have your cleanest, HP-free profile for the card you wanted the most, and if you don't get it you can apply to your next preference w/ only one HP, etc. So, e.g., if the card you like most ends up being one of the Amex, you could apply even though you didn't get a solid APR prequal, and if you're declined the solid-looking Disco offers are still an option through the 13th.
Got it. I like the ranked list idea!
I was thinking of applying for AMEX, DISCOVERY, and NFCU, all in the same day, not to give chance for the credit file to show a HP to any of the other lenders.
Just wanted to jump in real quick, you can't hide the HPs. They're pretty much always instant. So, as soon as you apply for your first card, you'll take a HP which will be visible for the next app, and then the third app would see the HP from the second. This is assuming of course they pull the same reports. Amex pulls EX. Disco usually EX or EQ (or both), but sometimes TU. I know NFCU pulls TU for apps.
@Slabenstein wrote:
@CreditBones wrote:By any chance, do you know if there is a thread with info where I can find who do AMEX, DISCOVER, and NFCU pull from.Also, just fyi that you will probably see a score drop, in the short term, if you open three new cards, just b/c it will lower your AAoA. But if you're not planning any other credit moves until 2023, it should still help you in the long run b/c by then you'd have three more cards aged 2-3 years.
I was counting on the score drop. But that exactly was my planned strategy, just as you described it. I have 3 years until fall 2023 for all of the baddies to have dropped, including existing inquiries, and these new inquiries. Also, the existing accts would have age 2 more years. It's true that my AAoA would drop, but I would have at least a long term personal loan via NFCU (and hopefully a CC with that same HP), wishfully a Discover CC, and if lucky enough; an AMEX CC, allowing me to say goodbye to a thin credit file.
@CreditBones wrote:
Got it. I like the ranked list idea!
I was thinking of applying for AMEX, DISCOVERY, and NFCU, all in the same day, not to give chance for the credit file to show a HP to any of the other lenders.
@OmarGB9 wrote:
Just wanted to jump in real quick, you can't hide the HPs. They're pretty much always instant. So, as soon as you apply for your first card, you'll take a HP which will be visible for the next app, and then the third app would see the HP from the second. This is assuming of course they pull the same reports. Amex pulls EX. Disco usually EX or EQ (or both), but sometimes TU. I know NFCU pulls TU for apps.
Ooops, there goes my fabulous plan down the drain! 😂
Thank you for jumping in to clarify.
Lets see how far I can row tomorrow before my 🚣♀️ capsizes.
1st one will be the secured loan at NFCU. If they allow the CC app with the same HP, then that will go next. Then the Discover, and then the AMEX right after.
I am inexperienced, thus ignorant about the weight of the risk of wasting 3 HPs and being declined for at least 2 CCs, versus the WIN of making it all work, and heal before 2023. But, I know that even if I fail with this move, its outcome will never be as bad as how it was back then in 2011 for me. I think that makes me relentless, and maybe stupid at the same time! 😂😂😂
@CreditBones wrote:
I am inexperienced, thus ignorant about the weight of the risk of wasting 3 HPs and being declined for at least 2 CCs, versus the WIN of making it all work, and heal before 2023.
If you're not planning to app for anything else, taking 3-5 HPs is a pretty minimal risk, imo, even if you come out of it with only one or two cards. If I've followed you correctly, you're at zero HP now, and the new ones will be spread among the three bureaus so you'll likely be at 1-2 per after.