topic Re: Chase: In-branch banker confirms ALL cards have SAME approval formula in Credit Card Applications

Chase: In-branch banker claims ALL cards have SAME approval formula

Anonymous — Fri, 27 Jan 2017 21:06:28 GMT

Read the title. I was just in-branch and the banker told me today that ALL Chase cards have the SAME approval formula.

I sitll find this VERY hard to believe.

Re: Chase: In-branch banker confirms ALL cards have SAME approval formula

Anonymous — Fri, 27 Jan 2017 20:20:09 GMT

May be true but it sure seems like Chase Freedom Cards are approved with lower credit limits than most other cards?!

Re: Chase: In-branch banker confirms ALL cards have SAME approval formula

Sharingan — Fri, 27 Jan 2017 20:30:49 GMT

@Anonymous wrote:
Read the title. I was just in-branch and the banker confirmed that ALL Chase cards have the SAME approval formula.

I sitll find this VERY hard to believe.

Well, a banker is not an underwriter, so he's attempting to speak and advise from a capacity that he does not currently hold with the bank. Second, does that even make sense? We know that statement cannot possibly be true if several of Chase's products have minimum starting limits significantly higher than the rest of the lineup. Last I checked, the CSP/CSR and several of the co-branded cards are not issued to applicants with $500 limits as Chase has been willing to do with the Freedoms/Slate/Amazon/Disney cards, so if you cannot qualify for the higher starting limit on their premier products, you probably won't get approved for them at all. Finally, let's not forget that Chase will assertively deny an applicant for a product due to 5/24, but gleefully approve them for another that doesn't fall under the rule. Chase clearly does not have consistent, across the board underwriting.

I wouldn't put much credence in what he has to say on matters he has such limited involvement in.

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

DeeBee78 — Fri, 27 Jan 2017 22:27:04 GMT

@Anonymous wrote:
Read the title. I was just in-branch and the banker told me today that ALL Chase cards have the SAME approval formula.

I sitll find this VERY hard to believe.

A front-line banker doesn't know diddly when it comes to U/W criteria.

If this were true, everyone that qualified for a Freeedom would be able to get a CSR.

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

Anonymous — Fri, 27 Jan 2017 22:31:28 GMT

105% BS He is trying to meet sales goals or is misinformed himself.

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

Anonymous — Sat, 28 Jan 2017 01:55:55 GMT

As a former Branch Manger for Chase what I can tell you is that this statement is completely false.

Some customers will only end up with a pre-approval for a freedom or slate (min credit line $500). When the pre-approved credit line increases the customer will start to see additional pre-approvals for Saphire at $5,000, Saphire reserve at $10,000, and United Club at $15,000. However, just because you are pre-approved for a card with the higher credit line does not mean that you will get that same credit line on a lower level card. I have personally seen customers say I want at least a $5,000 CL but want the freedom and have preapprovals all the way up to the club. After taking the freedom app and getting an instant approval for $500 calling into UW and being told $500 is the max, we have had to accept the additional preapproval for the CSP to get the customer to the $5,000 cl he was looking for. Out of the hundreds or pre-apps my team and I had accept, I only seen one get declined and it was for something that the customer did after he got the pre-app offer.

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

sjt — Sat, 28 Jan 2017 21:00:59 GMT

@Anonymous wrote:
As a former Branch Manger for Chase what I can tell you is that this statement is completely false.

Some customers will only end up with a pre-approval for a freedom or slate (min credit line $500). When the pre-approved credit line increases the customer will start to see additional pre-approvals for Saphire at $5,000, Saphire reserve at $10,000, and United Club at $15,000. However, just because you are pre-approved for a card with the higher credit line does not mean that you will get that same credit line on a lower level card. I have personally seen customers say I want at least a $5,000 CL but want the freedom and have preapprovals all the way up to the club. After taking the freedom app and getting an instant approval for $500 calling into UW and being told $500 is the max, we have had to accept the additional preapproval for the CSP to get the customer to the $5,000 cl he was looking for. Out of the hundreds or pre-apps my team and I had accept, I only seen one get declined and it was for something that the customer did after he got the pre-app offer.

Is the pre qual offer that non customers receive when they enter their information on the Chase site as solid as the branch preapproval offers?

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

Anonymous — Sun, 29 Jan 2017 00:21:29 GMT

No, Branch offers go through a different U/W process. It reviews for a few different metrics. Thats why when you see a card for someone who has no credit yet has a CSP it was via branch pre-app standards. Same thing why the 5/24 doesnt apply to branch pre-apps.

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

AverageJoesCredit — Sun, 29 Jan 2017 01:27:17 GMT

Must be true if he works in the bank

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

someg33k — Mon, 30 Jan 2017 02:34:59 GMT

I rememeber for a very long time that branches also said there was no 5/24 rule.... As somebody else pointed out, they are not in underwriting and have sales goals to hit.

Re: Chase: In-branch banker claims ALL cards have SAME approval formula

Anonymous — Mon, 30 Jan 2017 13:29:47 GMT

@AverageJoesCredit wrote:
Must be true if he works in the bank

Branch Managers today are like CSRs ... they only know what the they are told or not?!