topic Re: Got Denied on a Chase Freedom Unlimited PreQual in Credit Card Applications

Got Denied on a Chase Freedom Unlimited PreQual

leo222 — Sat, 21 Dec 2019 00:57:50 GMT

So, I had a CFU PreQual letter just sitting on my desk for a couple weeks. In the past month, I applied (and was approved for) Chase Slate and AMEX EveryDay, mostly for their free balance transfer options. Was denied - They didn't give any explanation, only that a letter would be sent to me explaining it. Too bad, as I would have been fine with a low limit, as the $200 signup bonus would have been nice to get (I could just put business expenses on it). Kinda wondering why I was denied...Could it have been because I recently opened a few new cards (one Chase)?

My FICO is 736 right now. UTIL is 26%. I am 2/24 (the 2 CC's I listed above were the ONLY CC's I've applied to recently).

Re: Got Denied on a Chase Freedom Unlimited PreQual

Anonymous — Sat, 21 Dec 2019 01:02:57 GMT

It’s possible or maybe they felt you didn’t have enough history with them. Once you get the letter you could always call to recon depending on the stated reason(s)

Re: Got Denied on a Chase Freedom Unlimited PreQual

simplynoir — Sat, 21 Dec 2019 01:20:33 GMT

Did the online message say you were denied and to wait for the letter? What exactly did it say?

Re: Got Denied on a Chase Freedom Unlimited PreQual

tcbofade — Sat, 21 Dec 2019 02:07:21 GMT

Almost certainly a denial because you recently opened a Chase credit card.

If memory serves, any thing more than two days, but less than 30 days with Chase results in an auto deny.

Good luck!

Re: Got Denied on a Chase Freedom Unlimited PreQual

Citylights18 — Sun, 22 Dec 2019 06:24:30 GMT

I made the same mistake with my CSP prequalification.

When I orginally applied for the CFU I got an email from Chase asking me if I wanted the CSP. I said no at the time and then tried to hit the button on a prequal open from a month prior. That was shot down fast and hard.

Re: Got Denied on a Chase Freedom Unlimited PreQual

Remedios — Mon, 23 Dec 2019 14:56:35 GMT

@leo222 You were denied because not only that you got approved for Slate, but your approval was for a very SL. You reconed and got it raised to $5000.00 from $1700.00

Had you not reconed, maybe this one would have been approved, but with that increase, you've gotten all the credit Chase is willing to extend at this time.

I suggest you stop applying, and grow what you have for a while, then try again in six months or so.

Re: Got Denied on a Chase Freedom Unlimited PreQual

leo222 — Tue, 31 Dec 2019 20:06:25 GMT

Hmmm...So, this is interesting.

First of all, I actually called Chase last week, asking about the reason for the denial. He said that it was "Too many recent applications for new credit". I asked him if that was just for Chase specifically, or if it was just overall, but he would not answer. I had applied toward (and was approved for) two new cards - Chase Slate and AMEX EveryDay. The Chase Slate was reconned from $1700 to $5000.

Anyway, what's kind of interesting, is that I was sent another CFU pre-qual offer today (looks to be the same one). I find it kind of funny that they would deny me, and then just send me another pre-qualified offer...I'm not sure if I should wait on this one, although I'm sure that's prob. the best thing to do.

Re: Got Denied on a Chase Freedom Unlimited PreQual

FinStar — Tue, 31 Dec 2019 20:31:27 GMT

Unfortunately, if you try it again, it'll be be the same outcome since it's still within the 30-day application window.

Another item to keep in mind, any correspondence you receive is from their marketing arm and not correlated to the recent outcome, which more often than not, an individual can receive multiple marketing invites or offers shortly after being approved or declined.

Out of curiosity, I'm under the assumption the marketing invites you received stated 'pre-selected' and not 'pre-qualified', correct? If so, there's a a difference.

Re: Got Denied on a Chase Freedom Unlimited PreQual

leo222 — Wed, 01 Jan 2020 02:49:00 GMT

^^ Yes, you are right. It does say "pre-selected." I honestly didn't even know there was a difference.

Re: Got Denied on a Chase Freedom Unlimited PreQual

RyVision — Wed, 01 Jan 2020 18:39:27 GMT

@leo222 wrote:
So, I had a CFU PreQual letter just sitting on my desk for a couple weeks. In the past month, I applied (and was approved for) Chase Slate and AMEX EveryDay, mostly for their free balance transfer options. Was denied - They didn't give any explanation, only that a letter would be sent to me explaining it. Too bad, as I would have been fine with a low limit, as the $200 signup bonus would have been nice to get (I could just put business expenses on it). Kinda wondering why I was denied...Could it have been because I recently opened a few new cards (one Chase)?

My FICO is 736 right now. UTIL is 26%. I am 2/24 (the 2 CC's I listed above were the ONLY CC's I've applied to recently).

Chase is picky, they let you in though. They also used to like usage that was sometimes PIF'd and sometimes about half of the balance. Do that kind of usage with them (can't sock drawer Chase) and get your total UTIL below 16% and maybe in about 7 months (at least 6 statements with your new Chase card and you'll have a much better chance. Wait a year and you'll no doubt get approved. Can't apply for anything else though.

Thing's changed a bit recently, AMEX used to be more picky than Chase, now it's the other way around, with AMEX really looking for new customers compared to the past. They used to be a lot harder to get once upon a time. That's what I experienced many years back and what others are posting now from what I've been reading. Course I could be wrong and am sure if so, someone will come in with a completely dif opinion.

Re: Got Denied on a Chase Freedom Unlimited PreQual

leo222 — Thu, 23 Jan 2020 19:52:06 GMT

So, just got approved for this on the 2nd app (2nd "pre-selected" letter). I'm going to start a new thread on that, but I talked to someone from Chase, and while they couldn't be specific with me, they hinted that the first denial was due to it being within the 30-day period, and that you have to wait at least 30 days after new account b4 opening a new one.

The good news is that I was never hit with a hard inquiry, bc it was (most likely) the 30-day thing, so Chase auto-rejected, instead of using up a HP.

Re: Got Denied on a Chase Freedom Unlimited PreQual

FinStar — Thu, 23 Jan 2020 20:17:52 GMT

As the OP has updated the thread, it is now locked and closed to new messages.

The new thread can be found here:
https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Freedom-Unlimited-Approval/td-p/5889214