HELP - How accurate is pre-qualifying for cards on their sites??

[Anonymous]

When you are ready to apply go to their site and see if you prequalify first.  I hate wasting a hard pull for a decline and only go for preapprovals.  Also take your time. credit was not built in a day. It takes years. 

[Anonymous]

I had two civil judgements on my report (less than $2000 for the both) when I was approved for my Slate in November...my scores were all hovering at 670. My scores were in the 660s when I was approved for a Freedom two weeks ago. But now I am at 5/24....

[Anonymous]

I pulled the trigger on this thanks to the encouragement in this forum.  Shockingly I was approved for Venture One card at $30k. I have never had $30k card in my life, or anything close to it.  And I recently checked on the Peer to Peer loans for only $5k and could not get pre-approved.  I'm honestly shocked.  Could be because I've managed the Quick Silver card for 2 years with no problems.   Thanks everyone.

[Anonymous]

I know it's a bit late, but just as a data point...

It seems pretty common that people here share the knowledge that Chase's preapproval/prequalification page is accurate, and I can definitely agree to that. I was at 8/24 and saw a preapproval on Chase's site for the CSP, decided to test out peoples' theory on this forum, and got approved. Even though I was way over the 5/24 rule. Perhaps I am the oddball out, but just as a testament to the accurateness of at least Chase's preapproval site.

[SouthJamaica]

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@Anonymous wrote:

Hi -  I have been in rebuilding mode for several years and am in need of a good credit card with decent limit.  My Fico Scores are hovering at the 700 level, with one being 695 and one being like 704, etc . . .  I have one derogatory legal item on my reports which is paid and is several years old and have most things now paid way down.  I seem to prequalify for a Venture Travel card or a Chase card, etc . . .  but I'm terrified to apply and ding my report with a rejection - which will mess everything up.  How accurate are these "prequalifying" tools on the credit card sites????  I'm not sure what they see in the soft pull.  Any help is appreciated!!

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There's no ding for rejection.

Both Capital One and Chase have valid prequalifying tools which are reliable, but there are no guarantees. If you don't want rejection, I would wait until you're sure your present scores are higher than your scores were when you prequalified.... don't apply until you're sitting on an increase in score.

[SouthJamaica]

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@Anonymous wrote:

If that's the case then the number of cards may hold me back.  I'm sure I've had at lease 5-6 new accounts in past 2 years- and I closed the smaller high interest ones.  Oh well -- live and learn.  I already have a smaller Cap One (Quick Silver) with a 1250 limit that has been a building card so I think they could be my best try -- I'd like the Venture Card.

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There are many reports indicating that the 5/24 rule will not bar you if you have a prequalification with an invitation number or if you apply at a branch and have a prequalification on their records.

Also, many of Chase's cobranded cards are not subject to the 5/24 rule... e.g., AARP, Amazon Prime, Hyatt.

If you can get to a Chase branch I would suggest that you pop in and inquire as to whether you have a prequalification. And if you do, and if it's for a card you would like, go for it.