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Chase Pre-Approval in-bank

Regular Contributor

Chase Pre-Approval in-bank

So I went into Chase today because I had a $125 coupon if you open a new account. Seems they didn't do a hard pull because I had a previous account with them once upon a time, but after a soft pull (I checked via TU.. I heard that's what Chase pulls) the banker showed me how I was pre-approved for $8k on a Chase credit card. This seemed a bit high since I'm 1.) in college with only ~15k yearly income and 2.) I only have the following cards:

AU on 23 year old AmEx Green Card.
$4k Citi Forward Opened Aug 2009.
$3k AmEx Blue Cash Opened March 2008.
 
I didn't accept the offer because I didn't want a hard pull without an almost guaranteed chance of getting approved. But he said I could always come back and try to get it if I wanted to.
 
Obviously pre-approved doesn't mean approved, but what I'm wondering is if this pre-approval in-bank would be more likely to get approved versus a pre-approval mail offering.
 
By the way, the last time I checked my scores (Aug 2009) TU and EQ were both in the 780s. I carry no balances on my cards. 
Current Cards:
American Express Blue Cash Preferred - March 2007 - CL $10,000
Citi Forward Visa Signature - September 2009 - CL $6,500
Chase Freedom - March 2011 - CL $15,000
Chase Sapphire Preferred - May 2013 - CL $12,500
Discover It - November 2013 - $5,000
Barclay Arrival - January 2014 - $10,000
Message 1 of 10
9 REPLIES
Regular Contributor

Re: Chase Pre-Approval in-bank


alph4 wrote:
So I went into Chase today because I had a $125 coupon if you open a new account. Seems they didn't do a hard pull because I had a previous account with them once upon a time, but after a soft pull (I checked via TU.. I heard that's what Chase pulls) the banker showed me how I was pre-approved for $8k on a Chase credit card. This seemed a bit high since I'm 1.) in college with only ~15k yearly income and 2.) I only have the following cards:

AU on 23 year old AmEx Green Card.
$4k Citi Forward Opened Aug 2009.
$3k AmEx Blue Cash Opened March 2008.
 
I didn't accept the offer because I didn't want a hard pull without an almost guaranteed chance of getting approved. But he said I could always come back and try to get it if I wanted to.
 
Obviously pre-approved doesn't mean approved, but what I'm wondering is if this pre-approval in-bank would be more likely to get approved versus a pre-approval mail offering.
 
By the way, the last time I checked my scores (Aug 2009) TU and EQ were both in the 780s. I carry no balances on my cards. 

 

I believe you have a good chance of getting approved, especially if your FICO score is: 780ish and your utilization is low. I say go for it! Unless of course, you have several inquires already. Smiley Happy  

 


Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Message 2 of 10
Established Contributor

Re: Chase Pre-Approval in-bank


alph4 wrote:
So I went into Chase today because I had a $125 coupon if you open a new account. Seems they didn't do a hard pull because I had a previous account with them once upon a time, but after a soft pull (I checked via TU.. I heard that's what Chase pulls) the banker showed me how I was pre-approved for $8k on a Chase credit card. This seemed a bit high since I'm 1.) in college with only ~15k yearly income and 2.) I only have the following cards:

AU on 23 year old AmEx Green Card.
$4k Citi Forward Opened Aug 2009.
$3k AmEx Blue Cash Opened March 2008.
 
I didn't accept the offer because I didn't want a hard pull without an almost guaranteed chance of getting approved. But he said I could always come back and try to get it if I wanted to.
 
Obviously pre-approved doesn't mean approved, but what I'm wondering is if this pre-approval in-bank would be more likely to get approved versus a pre-approval mail offering.
 
By the way, the last time I checked my scores (Aug 2009) TU and EQ were both in the 780s. I carry no balances on my cards. 

Others have also stated that when they accepted a preapproal in a bank, there was no hard pull on their CR.  So it might be worth it.

4/16/09: TU: 775, EQ: 805
2/11/09: TU: 773, EQ: 790, EX:790
11/16/08: TU: 773, EQ: 785, EX: 780
Goals for 2009: 0 Credit Card Debt & 0% Util (achieved 2/6/09), Mortgage! (achieved 11/2/09), getting closer to 800 scores (I crossed this earlier this year, but I'm sure I'm not there anymore!)
Message 3 of 10
Epic Contributor

Re: Chase Pre-Approval in-bank

from my understanding, the Chase current customers Pre-approval offers are like a sure thing for exactly what's offered and you need to run back to the bank and tell them YES!
Message 4 of 10
Frequent Contributor

Re: Chase Pre-Approval in-bank

If you don't need the credit don't get the credit.


Starting Score: 576
Current Score: 724
Goal Score: 850

Take the FICO Fitness Challenge
Message 5 of 10
Epic Contributor

Re: Chase Pre-Approval in-bank

even if you don't need it, if I could get 1 card that has a higher limit then all my cards put together, I'm going to take it~ but I'm addicted!
Message 6 of 10
Senior Contributor

Re: Chase Pre-Approval in-bank

Seeing that you only have 2 cc's, I would consider accepting even if it meant a hard inquiry.  Inquiries only affect your score for a year and are a minor part of FICO.  And if you aren't on a spree, 1 well chosen inquiry isn't bad.

 

And if you can accept the offer strictly on a soft...so much the better. 

 

Smiley Happy

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 7 of 10
Regular Contributor

Re: Chase Pre-Approval in-bank

Right, I don't NEED the credit. But I am trying to build a credit history of my own. The reason my scores are as high as they are now are due to the 22-23 year credit history my report shows due to the AU on the AmEx. It boosts my AAoA so much higher than I could possibly do on my own. A new card would probably lower my score initially since it wouldn't help utilization any (no carried balances), but would lower AAoA, but I am trying to build up my own account aging cards.

 

I might go back there Monday and ask him. If it's not a hard pull I might go for it.

Current Cards:
American Express Blue Cash Preferred - March 2007 - CL $10,000
Citi Forward Visa Signature - September 2009 - CL $6,500
Chase Freedom - March 2011 - CL $15,000
Chase Sapphire Preferred - May 2013 - CL $12,500
Discover It - November 2013 - $5,000
Barclay Arrival - January 2014 - $10,000
Message 8 of 10
Valued Contributor

Re: Chase Pre-Approval in-bank

I would definitely go for it, hard pull or not.

 

Accounts can't age if you don't open them.  And you can well afford the initial hit to your scores, which will be minimal and will be recouped quickly.

 

Go for it, alph4!  

 

 

 

 

Message 9 of 10
Valued Contributor

Re: Chase Pre-Approval in-bank


Uborrow-Upay wrote:

I would definitely go for it, hard pull or not.

 

Accounts can't age if you don't open them.  And you can well afford the initial hit to your scores, which will be minimal and will be recouped quickly.

 

Go for it, alph4!  

 


+1

Message 10 of 10