Prequalifying while Secured

Anonymous · ‎01-02-2021

Good morning and Happy New Years everyone,

I currently rebuilding after a BK that was discharged 12/4/2019. I have a NFCU secured card that was opened around Aug/Oct 2019 and it should be up for consideration for a partial unsecured status this month.

I am currently gardening until March/April to allow 6 months since my last inquiry and I have several inquiries from 2019 that should be falling off at the end of Jan/Feb. It will leave me with 3 inquiries on the CR from after the BK discharge that I used to get established. I'm following the from BK to 700 in 24 months guide (though I was not on track for that immediately after my BK, I've since started to follow it and am inline with it atm).

My question is: As a member of NFCU, I have access to the prequalify tool and I wanted to check the status of the prequalification to see if there were any offers - my intention being to see if there is a change month to month in what I am being offered that might be indictative of an improvement in my internal scores with NFCU - as I plan on applying for a 2nd NFCU unsecured card around my 15 month post DC date.

I don't think that it will, but is there any indication that checking prequalification for a 2nd card might somehow influence the chances / status of the 1st secured card becoming unsecured? IE the lender might see it as credit seeking and view that negatively then opt not to unsecure instead?

I am likely being overly cautious but wanted to check beforehand.

Thanks all in advance! This forum has been a tremendous help in my rebuild!

OmarGB9 · ‎01-02-2021

Honestly the prequal tool is useless. I wouldn't go by it at all.

That said, checking for prequals isn't really credit seeking unless you actually apply and take a HP.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:

Current FICO 8 scores:

Anonymous · ‎01-02-2021

@OmarGB9 wrote:
Honestly the prequal tool is useless. I wouldn't go by it at all.

That said, checking for prequals isn't really credit seeking unless you actually apply and take a HP.

That's what I've read. Is there a more accurate way to see about offers without taking a HP? I've seen calling in is an option but am not sure if that results in a HP for the reps to check for offers for you.

It's not a big deal, I'm just going to wait, but am kind of interested in knowing what my options are/might be with them down the road.

Thanks for the reply, btw!

Anonymous · ‎01-02-2021

@Anonymous Several folks have mentioned calling in to check prequal status, but I'm not sure how accurate that is. It might be better to just optimize your reports as best you can (ie. utilization) and go for it.

Also, Penfed might also be worth checking out as a bk friendly credit union. Some dps have suggested getting approved for revolving credit within a year of discharge (might be profile dependent of course as there are denials as well).

Anonymous · ‎01-02-2021

@Anonymous wrote:
@Anonymous Several folks have mentioned calling in to check prequal status, but I'm not sure how accurate that is. It might be better to just optimize your reports as best you can (ie. utilization) and go for it.

Also, Penfed might also be worth checking out as a bk friendly credit union. Some dps have suggested getting approved for revolving credit within a year of discharge (might be profile dependent of course as there are denials as well).

Thanks, much appreciated to both of you. I am in the process of signing up with PenFed but needed to order a replacement SS card so waiting for that to come in.

Currently with NFCU, USAA, Alliant, and DCU. PenFed will be the last for my financial institutions for a while and think they give me a nice well rounded arsenal of options should I need anything as I rebuild.

OmarGB9 · ‎01-02-2021

@Anonymous wrote:
@OmarGB9 wrote:
Honestly the prequal tool is useless. I wouldn't go by it at all.

That said, checking for prequals isn't really credit seeking unless you actually apply and take a HP.
That's what I've read. Is there a more accurate way to see about offers without taking a HP? I've seen calling in is an option but am not sure if that results in a HP for the reps to check for offers for you.

It's not a big deal, I'm just going to wait, but am kind of interested in knowing what my options are/might be with them down the road.

Thanks for the reply, btw!

I don't think there is. Some people say calling in and asking is another way, but when I did it, I got the same thing as checking online: I'm supposedly prequalified for "all" cards, even after being approved for one and not qualifying for another for 3 more months.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:

Current FICO 8 scores:

Anonymous · ‎01-02-2021

@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
Honestly the prequal tool is useless. I wouldn't go by it at all.

That said, checking for prequals isn't really credit seeking unless you actually apply and take a HP.
That's what I've read. Is there a more accurate way to see about offers without taking a HP? I've seen calling in is an option but am not sure if that results in a HP for the reps to check for offers for you.

It's not a big deal, I'm just going to wait, but am kind of interested in knowing what my options are/might be with them down the road.

Thanks for the reply, btw!
I don't think there is. Some people say calling in and asking is another way, but when I did it, I got the same thing as checking online: I'm supposedly prequalified for "all" cards, even after being approved for one and not qualifying for another for 3 more months.

That's annoying. I don't understand having the prequalify if it's not accurate. I mean I know it's to get people to apply but I'd expect better from Navy.

OmarGB9 · ‎01-02-2021

@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
Honestly the prequal tool is useless. I wouldn't go by it at all.

That said, checking for prequals isn't really credit seeking unless you actually apply and take a HP.
That's what I've read. Is there a more accurate way to see about offers without taking a HP? I've seen calling in is an option but am not sure if that results in a HP for the reps to check for offers for you.

It's not a big deal, I'm just going to wait, but am kind of interested in knowing what my options are/might be with them down the road.

Thanks for the reply, btw!
I don't think there is. Some people say calling in and asking is another way, but when I did it, I got the same thing as checking online: I'm supposedly prequalified for "all" cards, even after being approved for one and not qualifying for another for 3 more months.
That's annoying. I don't understand having the prequalify if it's not accurate. I mean I know it's to get people to apply but I'd expect better from Navy.

Agreed, but I suppose it's because there aren't laws/there are loose laws around pre-qualifications. Anyway, I suppose the only way to truly find out is to apply!

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:

Current FICO 8 scores:

Anonymous · ‎01-02-2021

@Anonymous Agreed, but I think it's more along the lines of marketing than anything malicious. Just a way to showcase their different products. Plus I believe it's a newish feature.

Maybe with enough complaints or time, they will modify.

Edit: Changed the word new to newish