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Received a 'Pre-Approved' offer from Chase Slate. The BT terms were excellent, so thought I'd apply. Completed the process online through their application platform. Received a message saying the application was under review and a letter will be sent within 7-10 business days informing me of the decision. The fact that I wasn't immediately approved is almost surely not a good sign. My experience, and that of friends + family historically, has always been that the "letter will be sent informing you of our decision" notice means the application was denied.
Question: Has anyone ever received such a response, and then actually received a letter in the mail where a credit offer was actually extended?? Or is it effectively a foregone conclusion that I will almost surely be denied?
My FICO 8 Score (which Experian uses) is 770. My FICO 3 Score (Equifax & TransUnion) is 690. Payment history is nearly spotless & credit history length is about 15 years on average. My income is in the solid 6 figures. But I keep most of my liquid assets in investment accounts (not with Chase), and my Chase checking account rarely has more than $3,000 in it. My understanding that Chase relies heavily on internal factors to draw their decision, in which case it seems the low average checking account balance might be working adversely against me.
Feedback would be most graciously appreciated!
Thanks!!
- Frank
It could be a security thing... I would call one of the backdoor numbers.
@Anonymous wrote:Received a 'Pre-Approved' offer from Chase Slate. The BT terms were excellent, so thought I'd apply. Completed the process online through their application platform. Received a message saying the application was under review and a letter will be sent within 7-10 business days informing me of the decision. The fact that I wasn't immediately approved is almost surely not a good sign. My experience, and that of friends + family historically, has always been that the "letter will be sent informing you of our decision" notice means the application was denied.
Question: Has anyone ever received such a response, and then actually received a letter in the mail where a credit offer was actually extended?? Or is it effectively a foregone conclusion that I will almost surely be denied?
My FICO 8 Score (which Experian uses) is 770. My FICO 3 Score (Equifax & TransUnion) is 690. Payment history is nearly spotless & credit history length is about 15 years on average. My income is in the solid 6 figures. But I keep most of my liquid assets in investment accounts (not with Chase), and my Chase checking account rarely has more than $3,000 in it. My understanding that Chase relies heavily on internal factors to draw their decision, in which case it seems the low average checking account balance might be working adversely against me.
Feedback would be most graciously appreciated!
Thanks!!
- Frank
It's a very common response from Chase, it does not foreshadow approval or denial... It's just what they do.
Excellent - good to know. Thanks for the feedback. I'll post an update once the response letter comes in.
Thanks again for the feedback.
@Anonymous wrote:Excellent - good to know. Thanks for the feedback. I'll post an update once the response letter comes in.
Thanks again for the feedback.
IMO your doing the right thing. Some people have reported positive results waiting for Chase to contact them in lieu of calling one of the backdoor numbers. I hope everything works out in your favor.
Just an update for all those who were kind enough to offer feedback to my initial question:
Chase Slate approved me. Got the approval & card in the mail today. Credit limit was lower than I expected ($3,200), but not egregious either. I'll have to keep this experience in mind for future reference - a "letter informing you of our decision" response doesn't necessarily indicate an application denial!
- Frank