pre-approved Chase Credit card?

[bribro]

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@Crashem wrote:
Preapproved has some legal ramifications and issuers don't use term lightly. However preapprovals usually done by raw score. Hard filters like minimum credit history are still in effect and not picked up by preapprovals. I say you have good chance getting rejected with only that cap one for six months. However if only that cap one, thnk about a couple more cards to build credit score

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What kind of legal remifications?

[LS2982]

IMO I would wait OP to get at least 1 year history on the Cap1 card, Chase is known for declining for short credit history.

[Revelate]

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@LS2982 wrote:
IMO I would wait OP to get at least 1 year history on the Cap1 card, Chase is known for declining for short credit history.

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I think anything we know about Chase has to be re-evaluated from June going forward.  Underwriting criteria change all the time, and it's a simple question to ask the branch people anyway.

Crash: There's more to working the credit system than having high CL's; more and more lenders are going the Amex and typical CU routes and trying to do better by their customers, as loyal customers who use their products, simply are more profitable for them.  I mean even BOFA is doing it these days and they're about the least progressive of the lenders out there.  

The key to using that though, is well, you want to appear loyal.  I'm opening a checking account with Chase not because I think they're the best local bank for me (though BOFA clearly ain't), and really long-term I'll probably run the majority of my financial life for everything except direct deposit through USAA, but if one wants a future with a given lender, start it as early as possible with as many services as you can reasonably use.  So that $500 dollar or whatever Freedom it is, who cares.  Chase is a premier lender by anyone's measure, and at some point (probably 3 years out) I'm going to want a CSP or a JPM Select, or whatever their current card is... so it's better to simply establish that relationship now.  Also in my case, come end of the year, I'll probably put in an app for a Freedom much for the same reason as I suggested to the OP, though the impetus for my Merry Christmas app-spree got severely curtailed with BOFA's secured rewards package now.

Now it's all relationship building and not much other reason for it in my case: Amex Zync (well Membership date too), USAA (CL's do help some), and now likely Chase Freedom for future goodness.

[Eschaton]

Well, I don't know how much Chase has changed but it seems it's a consensus among above posters that their criteria is not as difficult to meet as it was in the past. When I got mine in March this year I only had 1 year history with Capital One and was denied on the basis of not enough established history along with the generic utilization was too high (19%) and too many inquiries (2). 

I was originally denied, and denied again after my first recon. I was approved on second recon for a $500 limit.

To be honest with you though, I think it's worth 1 HP if you don't have too many and no real plans for the net year or so. Worse that can happen is you get denied and you reapply several months later. 

[GTT]

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@Eschaton wrote:

Well, I don't know how much Chase has changed but it seems it's a consensus among above posters that their criteria is not as difficult to meet as it was in the past. When I got mine in March this year I only had 1 year history with Capital One and was denied on the basis of not enough established history along with the generic utilization was too high (19%) and too many inquiries (2). 

I was originally denied, and denied again after my first recon. I was approved on second recon for a $500 limit.

To be honest with you though, I think it's worth 1 HP if you don't have too many and no real plans for the net year or so. Worse that can happen is you get denied and you reapply several months later. 

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Then yours is better than me, I have only 6 mo and about 3-4 HPs  :-(.

Ok, thank you all for your advices and I'd wait for another 6 months before I apply for it :-).