Hey, what’s up guys? Houston here, and for those of you just finding my YouTube channel, welcome! Please remember to hit that subscribe button and the bell. Now, for those of you who have been following and supporting me, as always, salute! And a double salute to my Patreon guys. Now, in today’s video, we’re going to be talking about pre-approval credit cards. I believe that in order to eliminate inquiries on your credit report, it’s best to know which are the best credit cards to apply for pre-approval. I’ll also talk about high limit credit cards and the formula you should follow if you want a credit limit of $10,000 or more. But first, let’s understand the five systems that financial institutions check when you apply for pre-approval.
The first system is Check Systems. This is important to know if you’ve been denied a credit card loan. The second system is Early Warning Systems (EWS). These two systems act as gatekeepers and are crucial in the pre-approval process.
Apart from Check Systems and EWS, financial institutions also check three other systems: Clarity, DataX, and Factor Trust. Clarity is owned by Experian and provides data to financial institutions. DataX is owned by Equifax, and Factor Trust is owned by TransUnion. These systems are used to gather information on individuals who have been denied credit cards or loans due to low credit scores or low income.
Now, even if you have a low credit score and have been denied credit, having a high income and a low debt-to-income ratio can still increase your chances of getting approved. Many financial institutions may overlook other factors if you have a high income and a good debt-to-income ratio.
When it comes to applying for credit cards, there are specific cards that offer pre-approval. Milestone and Destiny are two high-fee cards that can be an option if you need a credit card but don’t have the money for a secured card.
Additionally, there are two other options that can help you: Patel Two and Credit AI. These options are particularly helpful if you have a thin credit file and are trying to get approved.
If you’re looking to get high limit credit cards, I recommend opening both a personal and a business account. Building a relationship with the financial institution increases your chances of approval. It’s also beneficial to have a security card or secure loan, as well as direct deposit. Moreover, removing inquiries from your credit report can improve your chances of getting approved.
Now, let’s discuss some specific credit card options. American Express (Amex) is one of the major banks, and they offer business accounts. Building a relationship with Amex can lead to more pre-approvals and invitations for other credit cards and loans. Bank of America, Capital One, Chase Bank, and Discover are other major banks that provide credit card options. Each bank has its own specific requirements and information they need from applicants.
Credit unions can also be a good option for credit cards. Navy Federal, GISA, Alliance, NASA, American Eagle, and Christian Community Credit Union are some credit unions that offer credit cards. Each credit union has its own membership requirements, and it’s important to join the respective organizations to become a member.
Calling the reconsideration line can be helpful if you’re not immediately approved for a credit card. Explaining your situation and demonstrating your commitment to building a relationship can increase your chances of approval. The late night hack, which involves applying after midnight, has been successful for some credit unions like Navy Federal. Trying this strategy with other credit unions might yield positive results.
In conclusion, understanding the pre-approval process and the systems financial institutions use can increase your chances of getting approved for credit cards. Building relationships with financial institutions,