topic Re: Chase Prequalify vs Applying in Credit Card Applications

Chase Prequalify vs Applying

23matched — Thu, 19 Jul 2018 01:03:54 GMT

When I go to their prequalify page, I receive a message stating they did not have any prequalify offers for me, but I could apply. Confused. If I did not prequalify, why bother applying? Looking for a Sapphire card. 740ish score. I did burn them 8 years ago in C13 which has since been removed from my report. My current CC utilization is 4% and my income is well into the 6-figure. Rather not incur an inquiry if I am not going to get approved.

Re: Chase Prequalify vs Applying

Jnbmom — Thu, 19 Jul 2018 01:12:24 GMT

Chase has a long memory even though it is not on your reports they keep their own internal records. I included them in 2005 and I am still blacklisted. Others have managed to get back with them while others are still on "the list".

Yes everyone can apply when not prequalified , unlike AMEX which doesn't pull if you are blacklisted, chase will still do a HP and deny you for past history. Of course they only way to know would be to apply.

YMMV

Re: Chase Prequalify vs Applying

Anonymous — Thu, 19 Jul 2018 01:20:14 GMT

Honestly, I can’t think of any lender that does not offer or recommend for you to apply anyway (when they don’t have a pre-approval for you).

As for why apply....I wasnt pre-approved for Venture, but I applied anyway. I was approved. Same for BOA and Discover, no pre-approval, but I was approved.

Edit: Wanted to add, just because you receive a pre-approval, it doesn’t guarantee you will be approved.

Re: Chase Prequalify vs Applying

Bizambish — Thu, 19 Jul 2018 01:23:45 GMT

Myself and a lot of others are finding that not having pre approvals for a particular product isn't super telling. Especially if you've had changes to your scores and/or profile over the past few months. If they arbitrarily don't pull your profile in marketing and you don't have an existing relationship with an institution you might never get a prequal even for products you could easily be approved for. It looks like with your profile the only reason you wouldn't be approved is if you are on "the list" for the internal history with Chase. Might never know without pulling the trigger, but it's of course up to you if you want to roll the dice!

Re: Chase Prequalify vs Applying

afbar1114 — Thu, 19 Jul 2018 02:14:31 GMT

It could be a few things. I filled out the online form and no pre-approval. But I have pre-approvals if I go into the branch. I also have been with chase for 10 years as a banking relationship and have their cards for 6 years+. I applied for a United card and was semi instant approval for $15,000 and 17.74% APR. when I applied I had a EX score of 753 and 9 inq with uti around 20%. I also requested a CLI on my sapphire card the same day. Two HP’s on my EX resulted.

Re: Chase Prequalify vs Applying

Anonymous — Thu, 19 Jul 2018 14:16:40 GMT

@23matched wrote:
When I go to their prequalify page, I receive a message stating they did not have any prequalify offers for me, but I could apply. Confused. If I did not prequalify, why bother applying? Looking for a Sapphire card. 740ish score. I did burn them 8 years ago in C13 which has since been removed from my report. My current CC utilization is 4% and my income is well into the 6-figure. Rather not incur an inquiry if I am not going to get approved.

Well the thing with pre approvals is that it is based on the random SP they make on your credit file from time to time. Once you app, the HP would give them the current report based on which they would decide if they want to approve you. So no offers on the pre-qual page doesn't necessarily mean rejected on apps and a few times vice versa as well.

Re: Chase Prequalify vs Applying

23matched — Thu, 19 Jul 2018 14:50:40 GMT

I went ahead and applied and received the 30 day message. I called recon this AM and was referred to verifications which went smooth, then was told to give a decision up to 2 weeks, or call back in 3 days. Shall see.

Re: Chase Prequalify vs Applying

23matched — Mon, 23 Jul 2018 20:13:25 GMT

well, I called today, and was told it was forwarded for additional review, and I should hear something in 1-2 weeks, or call back in 3 days.......

Re: Chase Prequalify vs Applying

23matched — Tue, 24 Jul 2018 18:55:36 GMT

well, denied. I called and was told I have too much available credit. HUH? I figured if I could not get the Sapphire due to too much available credit, I rather not ask if they would consider me for the Freedom card. I was looking for a new everyday card, guess Chase isnt it. oh well. I was also looking to change one of my checking accounts to Chase with in excess of a $20k opening deposit. Going to shop elsewhere for a new primary bank.

Re: Chase Prequalify vs Applying

FinStar — Tue, 24 Jul 2018 19:26:12 GMT

Right, but even the $20K deposit would've made no difference. It appears that based on your overall profile Chase just didn't feel comfortable loosening up their purse strings, unfortunately. Business decision at the end of the day of course.

On the upside, not much was mentioned about your prior experience with them so there's that.

Re: Chase Prequalify vs Applying

Anonymous — Tue, 24 Jul 2018 19:44:04 GMT

Sorry about your declined application.

Just curious as I'm trying to understand Chase's decision; how much available credit do you have, both as a primary cardholder and as an authorized user if applicable? When did you open your last credit account?

Re: Chase Prequalify vs Applying

sjt — Wed, 25 Jul 2018 00:15:13 GMT

@Anonymous wrote:
Sorry about your declined application.

Just curious as I'm trying to understand Chase's decision; how much available credit do you have, both as a primary cardholder and as an authorized user if applicable? When did you open your last credit account?

I wondering too. The reason for denial by Chase is a new one. Very CUish.

At least the OP isnt BL.

Re: Chase Prequalify vs Applying

23matched — Wed, 25 Jul 2018 04:11:20 GMT

Here are the specifics:

14 cards, 8 store and 6 CC. 4 are my wifes, 3 store and 1 cc. So in my name I have 5 store and 5 credit cards, and total credit line in my name is around 120k. My utilization is .03%. I stated 4% above, unsure if they pulled before or after a few large payments reflected on my report. Own home, 11 years at same address.

Both times I called I was passed to verifications, then to the ‘back office’, after the primary person that answered, But they were all nice. The specific reason was Too many open trades with high credit limits. I even told her I am being denied because I have too much credit? Yes. She then said I could talk to a credit advisor, I denied.

Now, I did plan on closing a few cards. As a FYI, I went ahead and qualified for an Amex Blue Preferred with a $14500 CL. It was an instant approval. My FICO range is 746-756. I believe Chase pulls Experian which is 756.

My most recent credit card was opened over 2 years ago. Totoal inquiries 9. Newest account was a personal loan from Marcus.

Re: Chase Prequalify vs Applying

Anonymous — Wed, 25 Jul 2018 18:11:54 GMT

@23matched wrote:
When I go to their prequalify page, I receive a message stating they did not have any prequalify offers for me, but I could apply. Confused. If I did not prequalify, why bother applying? Looking for a Sapphire card. 740ish score. I did burn them 8 years ago in C13 which has since been removed from my report. My current CC utilization is 4% and my income is well into the 6-figure. Rather not incur an inquiry if I am not going to get approved.

Applying w/out prequal is called a COLD APP.

With Chase without a prequal. First of all you better be under the 5/24 rule. 2nd I guess is a good history/profile.