Branch banker; "You're pre-approved for Chase Freeedom"

[saaws]

So I went to the bank to pay for my credit card with cash, and the banker said; "Mr saaws, you are pre-approved for Chase Freedom card. Would you be interested applying?"

He didn't let go until I said no, that's nice to know but thank you, no thank you, no thank you. three times.  I guess he gets commission for that but still annoying.

Well I asked him, "But there's a still a chance I would be declined, right?" He answered; "Well, there's a slight chance.... but the computer says you are pre-approved."

I didn't know chase does pre-approved like this.  Well, the chase freedom card had 6 months balance transfer 0%, but since I opened two chase credit cards last 2 months(!) I thought the computer might say no, and I didn't want to waste inquiry on this (Since what I really want is Continental credit card for 25,000 miles before they get rid of Continental credit cards...  still debating when I will apply for this)

But still, How likely would I get the card if I applied in the branch?  Is there difference in likelihood if I apply in person or on the website?

[MarineVietVet]

I believe you made a wise choice today.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

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@MarineVietVet wrote:

I believe you made a wise choice today.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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I also agree. Go for what you want in credit (and what you need) , not for what they offer you. Plus, I wonder if apping at branches is better, or worse for your chances? Anyone can chime in on that?

[Anonymous]

Branch manager told me I'd been preapproved as well. I wanted a second CC and went ahead and applied. At the time I had a TU FICO of 656, roughly 6 INQs in the previous 12 months and an AAoA of 10 months with only a single CC and auto loan reporting. (2 paid derogs and 0 late payments) I was declined due to derog existance and AAoA.

[JMN]

See, this is why, as a banker for a major banking corporation, I don't use the term "pre-approved." I prefer "pre-qualified," being that "pre-approved" gives the notion that the approval is waiting, you just need to accept it. "Pre-qualified," on the other hand, is an indicator that some basics have been met, but it is not a done deal. At least, that's how my mind interprets it.

And to chime in, in terms of the in branch vs. online app, if you have the application code/invitation code/whatever your bank calls it to apply online, your chances would be the same. A cold app, however, may hurt your chances. It depends, however, on how spot on their pre-qual system is. 

At my bank, I'd say two out of ten pre-quals result in denial. That statistic, obviously, will vary from bank to bank and such.