topic Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule in Credit Cards

Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Anonymous — Fri, 10 May 2019 12:31:46 GMT

Not really breaking, because I didn't apply, but I noticed this offer when I logged on on chase. I have 5 CCs opened within 24 months and I think they should decline me automatically. "Your relationship with us" means I have Roth IRA with $5000+, Personal Investment account $500+ and recently opened a checking account with direct deposit (I think my new checking account triggered it or just having 3+ Chase products). FICO stays around 740-760. What do you think, guys? If I apply will they reject me automatically even after saying I'm approved (not pre-approved). I wanted to apply for this card next summer when my 5/24 will expire. I'm also applying for mortgage this November-December so it's less likely I will apply for it right now. Just curious.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Anonymous — Fri, 10 May 2019 12:38:34 GMT

There are people that have reported being approved for Chase products while being > 5/24, so it's definitely not a blanket statement rule. I think the record I saw was 30/24 or 32/24, I forget which, where that member was still approved.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Anonymous — Fri, 10 May 2019 13:08:36 GMT

I have been approved for a Freedom Unlimited card two months ago. I saw exactly the same message, and I was over 5/24.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Anonymous — Fri, 10 May 2019 13:13:07 GMT

Seems like they pre-approved you, therefore if you apply, you will be approved.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

CerebralZulu — Fri, 10 May 2019 13:17:09 GMT

Chase must really be pushing the Sapphire Preferred. I have a similar offer. I think I will stop in a branch today and see what offers I have there. The one like yours with a specific amount and SL seems to be a gimme.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Remedios — Fri, 10 May 2019 13:36:53 GMT

@Anonymous More than likely that card is yours.

With that said, if you're looking into applying for mortgage in 6 months, it's really not advisable to open new account that close to mortgage app. You'll want to squeeze every point you can for that one.

You'd gain a new card but could potentially lose quite a bit of money if your mortgage rate is higher due to decline in scores.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

KJinNC — Fri, 10 May 2019 13:41:16 GMT

My elderly father got a CSP pre-approval in the mail. He's got good credit but low income, since he is retired. (Opposite from me. I have good income but thin credit.)

How solid care Chase mailed pre-approvals? Don't want him to get burned. Thanks!

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Remedios — Fri, 10 May 2019 13:51:41 GMT

@KJinNC wrote:
My elderly father got a CSP pre-approval in the mail. He's got good credit but low income, since he is retired. (Opposite from me. I have good income but thin credit.)

How solid care Chase mailed pre-approvals? Don't want him to get burned. Thanks!

That would depend on language in the mailer. Feel free to start a thread if you have additional questions, as OP may not be done here, and two concurrent conversation in one thread can be confusing.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Loquat — Fri, 10 May 2019 13:52:28 GMT

Even if you don’t accept the offer OP it’s still nice to be wanted.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

iced — Fri, 10 May 2019 14:43:26 GMT

@Remedios wrote:
@Anonymous More than likely that card is yours.

With that said, if you're looking into applying for mortgage in 6 months, it's really not advisable to open new account that close to mortgage app. You'll want to squeeze every point you can for that one.
You'd gain a new card but could potentially lose quite a bit of money if your mortgage rate is higher due to decline in scores.

This is profile-dependent; someone with a 750 score, 20+% down in cash, and no debt shouldn't have nearly the same trepidation about new credit as someone with a 650 score, 3% down in cash, and 30% DTI pre-mortgage should. If there's concern I'd suggest one speak with their LO about it. As for scores, no new account I've opened in the last 3 years has negatively impacted my score by more than 3 points, and in one case, my scores went up. I may not be a typical case, but then again, what's typical?

There's also the corner case with Chase and their aggressive mortgage pursuits to consider. They're offering Sapphire holders 75,000-100,000 UR for new mortgages and, at least in my area, offering very competitive rates. To be clear, I do not advocate getting a Chase mortgage just for the UR points, but if they're already your best option and clicking yes on a pre-approved card means an additional 75,000 points in your account, even I'd be tempted to do that.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Remedios — Fri, 10 May 2019 14:53:35 GMT

I actually looked at previous posts before responding, as I always do.

Unless there has been a drastic change, OP will need to squeeze every point

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

iced — Fri, 10 May 2019 15:09:26 GMT

@Remedios wrote:
I actually looked at previous posts before responding, as I always do.

Unless there has been a drastic change, OP will need to squeeze every point

That post is over a year old, and the first post in this thread now suggests a 740-760 score. Don't know how much assets have grown, but 10% down seems realistic even based on the old data.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Remedios — Fri, 10 May 2019 15:18:28 GMT

@iced wrote:
@Remedios wrote:
I actually looked at previous posts before responding, as I always do.

Unless there has been a drastic change, OP will need to squeeze every point
That post is over a year old, and the first post in this thread now suggests a 740-760 score. Don't know how much assets have grown, but 10% down seems realistic even based on the old data.

Yes, but OP did not state anything about current scores.

While he may not lose a single point with Fico 8, there will be a change in older mortgage models. It's not worth taking a risk over a credit card that will still be there in 6 months, and not only that, but meeting SUB requirement will be a whole lot easier after moving in a new home.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

CreditInspired — Fri, 10 May 2019 15:37:12 GMT

@Anonymous wrote:
Not really breaking, because I didn't apply, but I noticed this offer when I logged on on chase. I have 5 CCs opened within 24 months and I think they should decline me automatically. "Your relationship with us" means I have Roth IRA with $5000+, Personal Investment account $500+ and recently opened a checking account with direct deposit (I think my new checking account triggered it or just having 3+ Chase products). FICO stays around 740-760. What do you think, guys? If I apply will they reject me automatically even after saying I'm approved (not pre-approved). I wanted to apply for this card next summer when my 5/24 will expire. I'm also applying for mortgage this November-December so it's less likely I will apply for it right now. Just curious.

Definitely looks like a solid approval to me.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

TheBoondocks — Fri, 10 May 2019 16:01:17 GMT

But I thought you already got the card already? It says that you have the card already. But what do they mean customize? And also I got the reserve too and I got a selected offer on the 75k for mortgage but I'll never do that, it doesn't make sense. It's a bank game, don't fall for it. 💯.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

iced — Fri, 10 May 2019 16:19:14 GMT

Agree not to pursue a mortgage for a bonus over it being the right mortgage for you. However, if they are the right mortgage for you, there’s no reason to avoid it because they’re promoting it with points.

I am considering them even without the UR offer, so that bonus is icing on my cake. Prequal with them was fast and painless. The biggest challenge now is actually finding a home to put an offer on.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

pinkandgrey — Fri, 10 May 2019 17:13:59 GMT

The preapprovals tend to be really solid. Many people have gotten approved even at 12, 13, 20/24 lol

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Peteyglad — Fri, 10 May 2019 17:22:01 GMT

I find it interesting how they tell you the credit limit before you apply. My credit union does this as well. I wish more places did.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Anonymous — Mon, 13 May 2019 12:40:56 GMT

I checked again today and I see that now they offering me same card with $11,000 SL. They also mentioned that they used my credit info from Credit Journey tool. I hope this will be helpful for you guys. P.S.: They also offer me FU with $6000 SL and 15 month 0% APR. I think it's because of Chase products I already have + Credit Journey tool I signed up for.

Re: Chase Sapphire Preferred Approved without applying and braking 5/24 rule

Anonymous — Mon, 13 May 2019 12:38:43 GMT

@Anonymous wrote:
I checked again today and I see that now they offering me same card with $11,000 SL. They also mentioned that they used my credit info from Credit Journey tool. I hope this will be helpful for you guys.

Thank you for sharing this! I only have a Credit Journey account to monitor my activity (but also heard this was a way to build a relationship with Chase). I've had CJ now for 6 months.