topic Re: Over using PreQual sites in Credit Card Applications

Over using PreQual sites

Anonymous — Tue, 27 Feb 2018 06:28:25 GMT

So this may be a stupid question, but is there any negative effects to over checking your prequals among various lenders? I usually check Chase.com/prequalify and Citi’s prequal site once every other day. Is this going to have any negative effect on my odds or my current account with them?

I have a Chase Freedom and currently dying for a CFU Prequal so I can try to pass 5/24 so I’ve been a bit obsessive with checking the sites. No offers have been selected for me yet.

I got the Chase Freedom in October 17, (4mo ago) and did it via cold app - no offers were selected for me prior to my application either.

Re: Over using PreQual sites

Anonymous — Tue, 27 Feb 2018 07:26:54 GMT

@Anonymouswrote:
So this may be a stupid question, but is there any negative effects to over checking your prequals among various lenders? I usually check Chase.com/prequalify and Citi’s prequal site once every other day. Is this going to have any negative effect on my odds or my current account with them?

I have a Chase Freedom and currently dying for a CFU Prequal so I can try to pass 5/24 so I’ve been a bit obsessive with checking the sites. No offers have been selected for me yet.

I got the Chase Freedom in October 17, (4mo ago) and did it via cold app - no offers were selected for me prior to my application either.

There isn’t any negatives I can think of. Only you see all those soft pulls. None of the credit card companies or any business sees any of them. And as long as they provide prequalifys, you can take advantage of them for whatever reason suits you. Maybe others have a different opinion. But to me there is no real negative to checking as often as you need.

Re: Over using PreQual sites

arkane — Tue, 27 Feb 2018 07:06:00 GMT

IIRC the only remote risk of doing this would be a few years back when "bumping" inquiries was still a thing and could potentially lead to split files. But all 3 CRAs have since closed that loophole so I don't think there's any real risk these days.

Re: Over using PreQual sites

Anonymous — Tue, 27 Feb 2018 07:26:13 GMT

Thank you guys for the help!

On another note - Any chance I would get that CFU Prequal or other Chase ones before my first Chase card hits 6 months? I have older revolving accounts but since I just got my foot in the door with Chase 4 months ago, I'm not sure whether they would even give me offers for another 2 months. I wanted to know if anyone has gotten offers this soon or is in a similar situation.

Re: Over using PreQual sites

kshurika — Tue, 27 Feb 2018 08:21:21 GMT

I got my first (and to date only) Chase card, a CFU, at the beginning of December, last year. By the beginning of this month
(February) I was prequaled for Freedom, Slate and CSP. I'm going for Freedom and CSP on the same day - 1 in branch and one from my computer. Then, it's a minimum 1-year in the garden, maybe two.

Frankly, I wouldn't cold app for a Chase card. Be patient and wait for a green check pre-qual.

Re: Over using PreQual sites

Anonymous — Tue, 27 Feb 2018 08:37:22 GMT

@kshurikawrote:
I got my first (and to date only) Chase card, a CFU, at the beginning of December, last year. By the beginning of this month
(February) I was prequaled for Freedom, Slate and CSP. I'm going for Freedom and CSP on the same day - 1 in branch and one from my computer. Then, it's a minimum 1-year in the garden, maybe two.

Frankly, I wouldn't cold app for a Chase card. Be patient and wait for a green check pre-qual.

Thanks for the advice! You got lucky with those prequals and I hope you get approved for those offers! Do you happen to have a Chase checking? I opened up a checking and savings with them in an attempt to grow a relationship hopefully resulting in prequal. Also, did you use the CFU heavily in those months and close on a high balance or did you pay a large sum close to the statement cut date and leave only a small amount to post on your statement. Hoping to figure out how to attract Chase's attention to result in a prequal popping up.

Re: Over using PreQual sites

kshurika — Tue, 27 Feb 2018 09:21:19 GMT

I opened a checking account and had my paycheck deposited directly to the account in order to earn a $200 bonus. I applied for the CFU in branch and was given the 7 to 10 day notice, which means I'd been declined. The next day, I called Chase's Recon line and was told officially that I'd been declined. After much polite and pleasant banter, I was able to get the decision reversed and received a 1K SL. The next morning, I woke up to find that my EX score had fortuitously gone up 74 points, so I called a CSR at Chase and asked if I could get a "little bit larger" CL. He informed me that it would require another HP, which I agreed to and I got an additional 5K. Since then, I've put almost 3K onto the card. At one point my CUR was up to 23%. Now, I have zeroed my other cards and have been steadily paying down the CFU. By the Chase report date, my CUR will be back to 7-8%.. then, I pull the trigger. Hope this helps.

One other thing, I know that a lot of people here have had a lot of trouble with Chase. But, I would take it over a million Banks of America.

Re: Over using PreQual sites

DaveInAZ — Tue, 27 Feb 2018 13:20:00 GMT

Well, every other day or so may bee over doing it a bit, but I used repeated pre-quals to get Amex to sweeten the offer. Last year they were showing pre-approval for a BCE, the initial offer was $100 SUB +12 months 0%. I checked once a week or so, and when they sweetened the offer to $150 SUB + 15 months 0% I bit.

Re: Over using PreQual sites

SummerOf17 — Tue, 27 Feb 2018 15:09:11 GMT

I've been checking Citi's PreQual site every week for about 2 1/2 month now since they have started bombarding me Pre-Selected offers for pretty much for every card they have to offer. The rates they offered were really not to my liking, all above 20%.

So yesterday I got something that might have been of interest to me. Pre-Selected offer for Simplicity Card with 18 month of 0% on purchases and BTs and 15.99% after that.

So I did PreQual today and they are talking about 25%+ rate with same 18 month deal - but NO Thanks, go figure....

I have EX 745(3 inq) and EQ 674(1 inq) FICO Bankcard Score 8. All Inq's are 8 month old.

As far as Chase, I would wait the 2 month. Not sure if you have but it would also help if you have a Relationship with them, that goes a long way IMHO.

Re: Over using PreQual sites

Anonymous — Tue, 27 Feb 2018 16:36:10 GMT

Thank you for the help! I’ll definitely wait at least 2 more months to see if i get a prequal from Chase. If not I’ll probably cold app for the CFU after May 1st when I’m out of 5/24. Hoping to get the prequal before then so I can bypass 5/24. I’ll keep you guys updated.

Re: Over using PreQual sites

kshurika — Tue, 27 Feb 2018 17:15:44 GMT

Following up on what SummerOf17 wrote, since you are a client of Chase I would go in and app for your CFU there. Beforehand, a personal banker could check to see if you are pre-qualified for the card, because what they find in the branch can be completely different from what you find online. If you get the 7-10 day notice at the branch, I suggest calling Recon the next day and do your best sweet-talk possible. Go strong on your almost perfect payment record, you're constantly ascending FICO numbers and you might add that you want to move all of your financial business over to Chase (worked for me!).

Good luck.

Re: Over using PreQual sites

Anonymous — Tue, 27 Feb 2018 17:24:05 GMT

I’ll definitely check in branch for Prequal when I can. I checked about a month after getting my Freedom when I went to set up a checking and savings there, they said there were no offers but I’ll make sure to definitely check again soon and hopefully I can apply in branch!

Re: Over using PreQual sites

arkane — Tue, 27 Feb 2018 17:30:38 GMT

If doing in-branch prequals make sure to ask about better signup bonuses. Apparently there's a $300 SUB for the Freedom and Freedom Unlimited floating around if you ask about it.

Re: Over using PreQual sites

SummerOf17 — Tue, 27 Feb 2018 17:42:42 GMT

+1 to what arkan said. I think it was $150 for me, but the banker kicked it up to 300, that was for CFU at the branch with 700 Fico Bankcard 8 score at the time.

Re: Over using PreQual sites

Anonymous — Tue, 27 Feb 2018 17:50:55 GMT

@SummerOf17wrote:
+1 to what arkan said. I think it was $150 for me, but the banker kicked it up to 300, that was for CFU at the branch with 700 Fico Bankcard 8 score at the time.

Wow good deal! I hope they can offer that next time I visit.

Re: Over using PreQual sites

Time2letgo — Tue, 27 Feb 2018 17:54:48 GMT

@Anonymouswrote:
So this may be a stupid question, but is there any negative effects to over checking your prequals among various lenders? I usually check Chase.com/prequalify and Citi’s prequal site once every other day. Is this going to have any negative effect on my odds or my current account with them?

I have a Chase Freedom and currently dying for a CFU Prequal so I can try to pass 5/24 so I’ve been a bit obsessive with checking the sites. No offers have been selected for me yet.

I got the Chase Freedom in October 17, (4mo ago) and did it via cold app - no offers were selected for me prior to my application either.

I've always wondered about this myself. I know no other bank can see the soft pulls for pre-quals, but... each bank certainly has internal knowledge that you tried their pre-qual site 10 or 15 times for the month; especially if you're already a customer of theirs. Don't know if it has any effect, but I'm sure they know

Re: Over using PreQual sites

LuckyB338 — Wed, 28 Feb 2018 04:15:18 GMT

Is there evidence to support the idea that having checking/savings accs at Chase helps with CC approval odds? I'm setting myself up to apply or get pre-qualified by the end of the summer, and was about to open an account with Chase last week, but I was told not to by many of my friends/colleagues since I already have accs at BOA... I have a raelatively new credit profile 13 months old to date, 2 cc's, 1 loan in defer, 4-5% util, EX/TU/EF (721,719,716). Any thoughts?

Re: Over using PreQual sites

Anonymous — Wed, 28 Feb 2018 04:21:19 GMT

I would say it is helpful! I also had an account with BoA but decided to open another with Chase after I got the Freedom and it definitely helps in my opinion because Chase has a “Your Offers” section for its clients where you get a good chance of prequalifying for a card among other things.

Chase is known to be a relationship bank and I feel like it’s true. While a checking account with them won’t be a major determining factor in you getting approved for a card, it will at least put you on Chase’a radar.

Re: Over using PreQual sites

Anonymous — Wed, 28 Feb 2018 16:04:41 GMT

I check the various prequal sites every month or so myself. Usually I come up empty (particularly unsurprising in Citi's and Chase's instances since I burned them in my 2014 BK), but every once in a while I land a big one, like last month when I got a preapproved QS Visa Signature offer from Cap One and ended up with a $10k SL. Even when I don't get an offer, it can still be useful - today, for example, I tested Discover's prequal site, didn't get an offer but did get a current EQ FICO 8 score in the supporting letter (first time I've seen that for a Disco prequal).

Re: Over using PreQual sites

LuckyB338 — Thu, 01 Mar 2018 03:48:59 GMT

Thanks for the info. I plan on going tomorrow.