I've mentioned this before as a possibiltiy - but now I'm pretty sure that the following is accurate: I believe that you can receive a higher initial credit line from cc companies that DO NOT offer instant approval when applying for a card. ALL of my instant approval offers were MUCH LOWER than those who approved me witn a manual review. I'm guessing that the computer only has the capabilty to search for a set number of variables - and a manual review can provide a better picture of your credit worthiness. Here's some examples: â?¢ INSTANT ONLNE APPROVAL OFFERINGS: CITIBANK Illumina - offered 2.8cl - and would up to 4K cl if i bt'd. In the end - after BDD - got 6k (with 2 hard inquires - and one closed card clurttering my reports - btw - sent goodwill letter to have it removed - they refused) UMBRELLA BANK Was "cross sold" a measly 2K classic visa with opening of savings acct. Opened savings acct - but didn't take cc. TARGET "instantly approved" for a shockingly low 700 bucks at a high apr. Didn't take it. â?¢ MANUAL REVIEW APPROVALS FIRST USA Readers Digest Plat MC. 12K, good terms GENERATIONS BANK Visa. 8.2K, apr so-so - but great customer service and hidden cl - they don't report. They also lower your apr by 3% after 12 months. Currently 12.9% CHASE Stockback Plat MC. 6K, good terms
When you say manual review do you mean that you sent in a written app to the company? When you send in an app, they are able to verify your employment and address, etc. so maybe that's why.
Re: Instant Online Approval Vs Manu Mandy - I applied for all my cards on the internet - but the ones I received with the higher cl were not INSTANT APPROVAL - which means a human being reviewed it and not a computer. The only bank which asked me for income proof was Generations.
Re: Instant Online Approval Vs Manu I didn't mean proof of income. I guess I am showing my age by talking about mailing in applications. I meant that if they have more time to review (not instant which I'll bet is score driven) then they can verify the info that on the app. Not salary amt necessarily but maybe calling your employer to see if you work there, checking the address and phone. Stuff like that.
Re: Instant Online Approval Vs Manu I see your point Mandy - but im not sure the main factor is employment and/or address verification - if that was the case - i probably wouldn't have been instantly approved by some of them. I truly believe that instant approvals can only apply very general set variables. Perhaps when a human being looks over your file he or she can take more into consideration - or spend more time studying the file. It's makes a HUGE difference - at least in my case - the most striking being: Target - which "instantly approved" me for 700 dollars - after a computer checked my Equifax report which had a 700 score with only 1 inquiry in the past 6 mos VERSUS First USA - who did a manual review on Experian - where i had a slightly LOWER score and more inquiries - and they approved me for 12K.
Re: Instant Online Approval Vs Manu It's all a mystery to me. It would make sense that more would go into a manual review. I guess the true test would be applying for the same cc both ways and noting the difference. Let me ask this-did the instant approvals require the same info as the manual reviews?
Re: Instant Online Approval Vs Manu Then it sounds like you're onto something. I was never implying that you weren't. I was just curious. Incidentally, I got that same $700 limit from Target (but it's the Guest card ... and I was never offered an automatic limit increase but that's another thread.) I just can't remember if I applied in store instant or mailed in the app b/c it was 5 yrs ago. I know it wasn't online. Actually the only online instant I did was w/ Citibank and I received 2K which is lower than any of my other bank card limits now that you mention it.
Re: Instant Online Approval Vs Manu Yeah - it might not be right for everyone - just in my case it seems to be the trend
Re: Instant Online Approval Vs Manu And thank you for reminding me about Generations Bank. They might come in handy for me w/ the debt ratios.
Re: Instant Online Approval Vs Manu I've found this concept very true. In my case I can almost prove it: Citibank BDD: Approved instantly online for one card 5k limit. Minutes later applied for the second card. Received "further processing" message. The result was an approval after manual processing for 9k.
Re: Instant Online Approval Vs Manu Applied for Target Visa online. Got a lousy $700 at 15.9%. Got apr down to 12.9% as many have sugggested on this board. They would not budge on the credit limit after about four call. The last csr said IF I HAD APPLIED IN THE STORE I would have received a higher limit with my score. He said they are only giving out $700-$1000 maximum on online accounts because of problems with those accounts. After 3 months of usage they will review the account for a cl increase. BTW I tried to get apr down to 9.9%. He wouldn't do it because "they do allow for 1 level decrease in the apr within the first 90 days of the account. I will keep tring for 9.9
