topic Re: Chase CSP Pre-Approval - New Auto Loan in Credit Card Applications

Chase CSP Pre-Approval - New Auto Loan

VintageMel — Fri, 14 Apr 2023 17:08:35 GMT

Towards the begining of March I leased a new car through Subaru Motors Finance (which is through Chase). Since then I've decided that I'd really like to apply for a CSP. I've had a pre-approval for that card showing up in the Chase app for several months, although the credit line they are offering me recently bumped up from $12k to $16k. Two things happened right before they bumped it up that may have influnced increase: I updated my income in the app, and my old car lease showed up in my credit reports as paid and closed.

My new lease doesn't appear to be on my credit reports yet (basing this on CK, and Experian app). It is showing up in the Chase app but I'm not sure that means it's being factored in to the CSP pre-approval.

Knowing that Chase likes to check up on you after opening new credit cards, is the new car lease likely to trigger any adverse action? Or should I just wait for the lease to report and see if the pre-approval for the CSP is still showing up before I apply?

Re: Chase CSP Pre-Approval - New Auto Loan

Beefy1212 — Fri, 14 Apr 2023 17:13:21 GMT

An 810 ex fico 8 1/24, a 16k pre-approved offer and an existing credit relationship.

Your profile, your level of risk but if it were me I'd shoot my shot.

Re: Chase CSP Pre-Approval - New Auto Loan

firefox100 — Sat, 15 Apr 2023 00:04:28 GMT

I would go for it you have good fico scores, I don't think chase will hold car lease against you. The car lease is not a creditcard not line of credit. Good luck.

Re: Chase CSP Pre-Approval - New Auto Loan

VintageMel — Sat, 15 Apr 2023 01:26:52 GMT

Thank you both. I just wasn't sure if Chase was sensitive to auto loans the way they are to seeking revolving credit, especially these days. But it seems reasonable that you're right and it will be fine.

Re: Chase CSP Pre-Approval - New Auto Loan

805orbust — Sat, 15 Apr 2023 09:34:35 GMT

A Chase pre-approval is as solid as you get @VintageMel. Go for it. The new lease will have no effect whatsoever. My last pre-approval with them got me a $50,000 Ink Preferred. So go for it

Re: Chase CSP Pre-Approval - New Auto Loan

JoeRockhead — Sat, 15 Apr 2023 07:29:27 GMT

I'm with the others here and agree your new lease should have no harmful effect to a Chase approval once it hits your reports.

Re: Chase CSP Pre-Approval - New Auto Loan

fury1995 — Sun, 16 Apr 2023 01:48:06 GMT

@VintageMel wrote:
Towards the begining of March I leased a new car through Subaru Motors Finance (which is through Chase). Since then I've decided that I'd really like to apply for a CSP. I've had a pre-approval for that card showing up in the Chase app for several months, although the credit line they are offering me recently bumped up from $12k to $16k. Two things happened right before they bumped it up that may have influnced increase: I updated my income in the app, and my old car lease showed up in my credit reports as paid and closed.

My new lease doesn't appear to be on my credit reports yet (basing this on CK, and Experian app). It is showing up in the Chase app but I'm not sure that means it's being factored in to the CSP pre-approval.

Knowing that Chase likes to check up on you after opening new credit cards, is the new car lease likely to trigger any adverse action? Or should I just wait for the lease to report and see if the pre-approval for the CSP is still showing up before I apply?

No, you renewed your lease so it's not going to affect you. It's essentially a replacement or swap of one for one. Chase reports the total payments anyway so it's not a large opening balance.

I've been sitting on a $50K preapproval through Subaru Motors Fiance in my Chase account for months even after opening a new card with Chase and I've had 7 Chase leases rotate in and out for the last 8 years without affecting any approvals or recent line increases or even a new CSP.

Re: Chase CSP Pre-Approval - New Auto Loan

VintageMel — Mon, 17 Apr 2023 00:17:40 GMT

Thanks again everyone. I feel much better about this now, so I went for it and got approved for $16k.

Re: Chase CSP Pre-Approval - New Auto Loan

805orbust — Mon, 17 Apr 2023 00:20:54 GMT

Niiiiiiiice. Congrats on the new addition!

Re: Chase CSP Pre-Approval - New Auto Loan

OmarGB9 — Mon, 17 Apr 2023 17:45:03 GMT

Congrats on the approval!

Re: Chase CSP Pre-Approval - New Auto Loan

SouthJamaica — Mon, 17 Apr 2023 17:49:19 GMT

@VintageMel wrote:
Towards the begining of March I leased a new car through Subaru Motors Finance (which is through Chase). Since then I've decided that I'd really like to apply for a CSP. I've had a pre-approval for that card showing up in the Chase app for several months, although the credit line they are offering me recently bumped up from $12k to $16k. Two things happened right before they bumped it up that may have influnced increase: I updated my income in the app, and my old car lease showed up in my credit reports as paid and closed.

My new lease doesn't appear to be on my credit reports yet (basing this on CK, and Experian app). It is showing up in the Chase app but I'm not sure that means it's being factored in to the CSP pre-approval.

Knowing that Chase likes to check up on you after opening new credit cards, is the new car lease likely to trigger any adverse action? Or should I just wait for the lease to report and see if the pre-approval for the CSP is still showing up before I apply?

No, it would not trigger adverse action.

No, you should not wait. Your preapproval is great, go get it.

Re: Chase CSP Pre-Approval - New Auto Loan

SouthJamaica — Mon, 17 Apr 2023 17:52:27 GMT

@VintageMel wrote:
Thanks again everyone. I feel much better about this now, so I went for it and got approved for $16k.

Congratulations

Re: Chase CSP Pre-Approval - New Auto Loan

docbang — Mon, 17 Apr 2023 19:04:55 GMT

Go ahead make your day!! Enjoy the car and enjoy your card

Re: Chase CSP Pre-Approval - New Auto Loan

fury1995 — Wed, 19 Apr 2023 23:24:30 GMT

@VintageMel wrote:
Thanks again everyone. I feel much better about this now, so I went for it and got approved for $16k.

I missed this floating around in the Credit Cards Forum.

@VintageMel you should definitely post this approval in the Credit Cards Forums!

Congrats! Great staring limit!