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Regular Contributor
GTT
Posts: 208
Registered: ‎02-05-2012
0

pre-approved Chase Credit card?

[ Edited ]

Today I went to the Chase branch and I was told I'm pre-approved for chase credit card.

I know it's tricky that a lot of people get mails saying they're 'pre-approved' but still get declided when when they finally file the application.

 

Then the officer actually showed me the information on their system, it did say that status 'pre-approved' for chase freedom and slate. She also admitted that it's not guaranteed.

 

I had my SSN late this Jan so I had barely only 6 months history, so what's the chance that I really get approved? Is the 'pre-approved' showed on their computer the same as what people get in their mailbox?

I have one Cap1 card for about 6 month and CL just increased to 500 this month.

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Revelate
Posts: 9,642
Registered: ‎12-30-2011
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Re: pre-approved Chase Credit card?

[ Edited ]

I don't know on Chase's pre-approval vs. actual approval statistics though they seem to be pretty high anecdotally (might be 1:1 I don't know); however, they've sort of rebranded their Chase as a starter and semi-rebuilder card in recent months.  It may not be an excellent limit, but Chase has been actively chasing (pardon the pun) their customers for Freedoms, even folks who's credit profile is nowhere near as pretty as yours. 

 

If you have only the one Cap One card anyway, you really should get a second or third as well.  If Chase is offering a Freedom to you on a pre-approval screen in branch, go for it would be my recommendation.  It's a good card, and Chase is apparently attempting to build and reward customer loyalty.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Regular Contributor
GTT
Posts: 208
Registered: ‎02-05-2012
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Re: pre-approved Chase Credit card?

I'm only concerned that even the branch officer said it's not guaranteed, so I'm wondering whether I should wait till the history is accumlated for 1 year before I really apply it.

 

BTW, the sign-up bonus is really bad now.

Senior Contributor
jsucool76
Posts: 3,666
Registered: ‎12-11-2011
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Re: pre-approved Chase Credit card?

check your reports and see if they softed you, I got pre-approved for a card at wells fargo today when I opened my checking account (not great but w/e), the guy told me it's not a sure thing, but 99% chance i'd be approved. It popped up as soon as he opened my account, so he clicked a button, called me about 20 minutes later and told me it got accepted. Didn't ask for my  Not chase, but yeah. 

 

If you have bank accounts with them and such, i'm sure it's a better chance than if you didn't. No way of knowing if you're gonna get approved unless you actually app, though it never hurts to garden longer. I applaud you if you have the willpower to wait it out, because I know I certainly couldn't do that. 

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Regular Contributor
GTT
Posts: 208
Registered: ‎02-05-2012
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Re: pre-approved Chase Credit card?

Are you saying if I'm so-call 'pre-approved', the bank might just make a soft pull after I file the application?

That's definitely something I'd like to check with the branch although I believe a HP is inevitable.

Senior Contributor
jsucool76
Posts: 3,666
Registered: ‎12-11-2011
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Re: pre-approved Chase Credit card?


GTT wrote:

Are you saying if I'm so-call 'pre-approved', the bank might just make a soft pull after I file the application?

That's definitely something I'd like to check with the branch although I believe a HP is inevitable.


You'll definitely get a HP. They soft you to find out if you're pre-approved. You're their customer, they have all your info, they can soft you and go "Okay, well, this looks decent" and then they can go "He's also our customer, let's give him a pre-approval" 

 

Its one inquiry, if you're itching for a new card, apping for something with a pre-approval is your best bet, especially if it's a bank with which you already have a relationship. 

>
Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012
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Re: pre-approved Chase Credit card?


GTT wrote:

I'm only concerned that even the branch officer said it's not guaranteed, so I'm wondering whether I should wait till the history is accumlated for 1 year before I really apply it.

 

BTW, the sign-up bonus is really bad now.



Good point. Unless you have some urgent need to get the Freedom card (you spend a lot on restaurants and gas, both 5% categories this quarter) I would just wait. Maybe you'll get a targeted offer down the road.

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Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: pre-approved Chase Credit card?

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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Moderator
Revelate
Posts: 9,642
Registered: ‎12-30-2011
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Re: pre-approved Chase Credit card?


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

7 weeks ago I would've agreed with you, but there were too many Freedom approvals in June with reports that looked, well frankly, like mine, for Chase customers.

 

Besides if you need more cards, there's no harm in taking a strike (denied application) or two, and Freedom is a good card for anyone in a subprime strata.  I agree the OP should get another couple of cards, but I would absolutely make one of my applications for a Freedom in his case.  Chase has been astonishingly liberal with their $500 limit Freedom recently, and with admittedly good reason, and they almost certainly are looking at the Zync as a similar product, which is the OP's level for Amex.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: pre-approved Chase Credit card?


Revelate wrote:

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

7 weeks ago I would've agreed with you, but there were too many Freedom approvals in June with reports that looked, well frankly, like mine, for Chase customers.

 

Besides if you need more cards, there's no harm in taking a strike (denied application) or two, and Freedom is a good card for anyone in a subprime strata.  I agree the OP should get another couple of cards, but I would absolutely make one of my applications for a Freedom in his case.  Chase has been astonishingly liberal with their $500 limit Freedom recently, and with admittedly good reason, and they almost certainly are looking at the Zync as a similar product, which is the OP's level for Amex.


I don't disagree especially with recon, the OP has okay chance To get freedom. Just pointing out that preapproval usually means high high chance of getting card but not necessarily in his case. However, I probably wouldn't recommend chase as early card. their cli policies aren't very early in credit history friendly (eg hp for cli).
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