topic Re: How accurate is Chase Pre-Approval process? in Credit Cards

How accurate is Chase Pre-Approval process?

Anonymous — Tue, 17 Sep 2019 17:20:47 GMT

About 2 years back my credit score was under 500.. there were few delinquencies, also a flag on Early Warning System due to a bank overdraft from chase, and the bank account was shutdown. I had paid the amount to Chase in full, and the account was reported as paid in full to EWS.

At that time the bank told me that if I had paid the account in full, i would be eligible to secure Chase products due to the goodwill.

Fast forward to today, I have paid up all my defaulted accounts, and within 1 year my credit score shot up to close to 700 TU is up to 749

Now I am trying to accure Chase cards, and I am trying to fill the pre-approval form, and i keep getting the message that there are no products in the offering for me right now.

Is the Chase pre-approval process accurate? I have already opted in for any credit card offers at optoutprescreen.

Or should i stay clear from applying for chase cards until the ews flag falls off after 7 years? Its already 5 years now.

Anyone has success trying to get rid of EWS flag if the account is fully paid. Any trick under the sleeve?

Re: How accurate is Chase Pre-Approval process?

Anonymous — Tue, 17 Sep 2019 17:30:30 GMT

I've never had any negative nor derogatory items related to Chase but yet I've never been able to get a pre-approval through their website. I'm currently an account holder with several deposit accounts and three Chase cards but nothing ever pops up on their website, Chase Credit Journey, or my online account. The only way I've been able to be approved was by going to a Chase branch and asking a personal banker to check whether I had any in-branch pre-approvals for Chase credit products.

That said, I would not categorically conclude that Chase's pre-approval process is inaccurate; just that it doesn't include all possible customers.

Re: How accurate is Chase Pre-Approval process?

Anonymous — Tue, 17 Sep 2019 17:34:47 GMT

Going by other threads I have read on history with Chase, I believe you're out for now. Even when the flag fall off of EWS in 7 years, Chase does have an internal memory on these matters.

That said, if you're not worried about the INQ, then just cold app with them. Then you'll know for sure where you stand with them.

Re: How accurate is Chase Pre-Approval process?

PutThatMoneyOnTheTable — Tue, 17 Sep 2019 17:36:37 GMT

FYI, pre-approvals and prequals are no indication of approval. You can still be denied after receiving a pre-approval.

Re: How accurate is Chase Pre-Approval process?

Aim_High — Thu, 19 Sep 2019 20:42:41 GMT

@Anonymous wrote:
Now I am trying to accure Chase cards, and I am trying to fill the pre-approval form, and i keep getting the message that there are no products in the offering for me right now.
Is the Chase pre-approval process accurate?
Or should i stay clear from applying for chase cards until the ews flag falls off after 7 years?

You neglected to tell the community something very important as to apps with Chase.

Chase is very strict about their 5/24 rule, which basically means if you've been approved for 5 new revolving credit accounts in the past 24 months (usually credit cards but excluding loans like mortgages or auto loans), you will be denied a card with them regardless of other factors.

In your recent My FICO thread "Top 5 cards to have", you asked about card recommendations and just disclosed you were approved for at least three cards in the past few weeks. Plus you had three others at some point in the recent past, probably within 24 months.

"About 2 years back my credit score was under 500.. there were few delinquencies, also a flag on Early Warning System. Fast forward to today, I have paid up all my defaulted accounts, and within 1 year my credit score shot up to close to 700 TU is up to 749

I started off with a Discover IT pre-paid card, and worked my way up. Got approved for Capital One Platinum for 3000 USD limit.

In 6 months I got approved for Amex Gold with 7000 USD limit."

==============

(09/17/2019): "Thank you all for helping me out choose the best cards to have for my needs. In the last few days, after opening this post, i applied for a few cards and I got approved for these three cards.

Citi - Double Cash - Score 653 - FICO8 Experian Data - Limit 5000 USD

Costco - Citi Visa Card - Score 653 - FICO8 Experian Data - Limit 4000 USD

Wells Fargo Propel - AMEX - Score 653 - FICO8 Experian Data - Limit - 5000 USD"

Chase is also pretty conservative their underwriting so your relatively recent prior delinquencies and mid-range score might combine to lead to denial. They need to age further into your credit background to improve your approval odds with Chase.

Between the 5/24 and your overall file, I would garden for awhile and put Chase on the back burner. There's no need to waste a HP or two with cold-apping either. They will be there later and if you do a good job rebuilding with your other cards, they may be glad to accept you back in the future.

Top 5 cards to have thread:

https://ficoforums.myfico.com/t5/Credit-Cards/Top-5-cards-to-have/td-p/5732108

Re: How accurate is Chase Pre-Approval process?

Anonymous — Thu, 19 Sep 2019 17:29:15 GMT

Shucks I totally forgot about the 5/24 rule. You are right.

I am not planning to acquire new cards in the new future for at least 2 years. Hopefully, by then my score should see the 800 mark. Right now I am in the upper 690 and 710 range on various scoring methods.

Before I applied for citi cards (DC and Costco), i had scoured through the chase pre-approval page, and nothing came up... Hence got curious.

But I totally agree with you, that the recent delinquency with chase, and below avg scores, I should stay clear. Allow the delinquency to fall off in 1.5 years and wait for the scores to get in the upper 800 range. I know it gets slow for scores to move when they cross 750 range.

Re: How accurate is Chase Pre-Approval process?

K-in-Boston — Thu, 19 Sep 2019 18:29:20 GMT

In my experience, the preapproval site has never shown me any offers (likely due to being LOL/24 for the past 3 years) but through the green checkmark offers in my online account that typically override 5/24, I have been approved for CSP 01/2017 (now CSR), Slate 04/2017 (now closed), and Freedom Unlimited 03/2019, and currently have an offer for another Slate. Are you currently banking again with Chase?

Re: How accurate is Chase Pre-Approval process?

Anonymous — Thu, 19 Sep 2019 19:34:33 GMT

My previous bank account was shutdown by chase after they raised a flag with Early Warning System. I called up EWS support and they mentioned that the flag should fall off in 5 years, and mine is set to fall off in Jan 2021. So i guess I have another 1.4 months or so to go before EWS will remove the listing from their system. I am not sure if Chase has an internal monitoring or database that chooses to blacklist the member for life even if the account was paid in FULL.

I will go to the branch today, and check if they will allow me to re-open or open a new checking account with them. I did recieve a letter from Chase where they mentioned that if I pay the account in full i will be eligible for few chase products in the future. Lets see.

As of now I bank with Bank Of America, and the account is in good standing. Thank God they did not take me off after the EWS flag was set on 4 years back. I guess they allowed me because I had a solid direct deposit coming into my account in the form of a paycheck.

Re: How accurate is Chase Pre-Approval process?

Remedios — Thu, 19 Sep 2019 20:57:37 GMT

Chase will retain it in their internal records probably forever plus a few weeks, they can be salty like that.

Whether they will still "hold" it against you when you apply again is impossible to guess.

If you're applying for checking account with them, make sure your EX is not frozen

There is no HP involved, only SP for verification, but if they cannot pull, it will be denied.

Re: How accurate is Chase Pre-Approval process?

Anonymous — Fri, 20 Sep 2019 18:24:35 GMT

@MaizeandBlue @Janus @Aim_High @K-in-Boston @Remedios

So I have some news. I walked into the nearby Chase Bank and met a banker. I told her about my past Banking history with Chase and explained to her about my delinquency with the bank account and the EWS flag. I also mentioned to her that the account is fully paid off and NOT settled with a lower amount. At that, she told me that she doesn't see it as an issue why I cannot be offered any Chase products and that she will add all my information SSN, DOB, Address as such and run a check to see what happens.
She did that, and voila they approved my application for opening a new Checking Account along with a 200 USD new member promotional offer added to my account.

She mentioned that the account is in good standing and she does not see any reason why I would be denied an account or for that matter a credit card. In fact, she was asking me if I want to submit an online form to check what credit cards I am approved for. I denied. As i knew there was no way she would know that I would be denied due to the 5/24 rule. She doesn't know I've already got approved for 6 credit cards in the past 1 year.
Anyhow.. the account was created, and now I plan to move my savings and direct deposit from my BOA account to Chase so that I can get into their good books and wait for a green checkmark to show up haha.
I know it might not happen now. Does the Chase pre-approval *green checkmark* show up after it has internally calculated my 5/24 standing? Or even when the banker offers the credit card approval at the bank in a few months?

So later today I logged into my new Chase account and checked my FICO score.. It seems they are using the Transunion Vantage 3 scoring method. It shows that I have 4 hard inquiries.. so does it mean that Chase is looking at 4 credit cards and not 5? Cos anyways a credit card will only be approved after a hard inquiry right?

Does it mean I need to keep monitoring my Transunion Vantage 3 Scores for the next year or so to see if I can qualify for a Chase Credit Card?

If that is the case I might still have a chance to apply for a credit card may be in 6-8 months (i will not add another inquiry in this duration).
Here's a screenshot of my transunion scorecard.

FICO

(yea that late payment sucks) (how long do those late payments take to fall off? They are at least about over a year old. I was bad with finances, and now since i have woken up to the reality of credit world and finances, I have become far far more responsible and vigilant.
I think improving Financial condition and finance, credit ratings, credit cards is my new obsession.

Re: How accurate is Chase Pre-Approval process?

randomguy1 — Fri, 20 Sep 2019 18:57:48 GMT

5/24 applies to the amount of credit cards in a 24 month span not inquiries. It is very possible to have more or less inquiries than credit cards opened. You can be denied for credit, not accept a tradeline, or receive an approval with a soft pull.

Here is more info regarding Chase's 5/24 rule:

https://www.doctorofcredit.com/chase-524-rule-explained-detail-need-know/

See if you can email yourself a coupon for your new bank account bonus. They offer $200 in branch but this coupon gives you $300. I recently used it myself when they offered me $200 in branch. You will most likely need to contact them to see if they can change this.

See below:

https://accounts.chase.com/consumer/banking/online?px=JV29229&jp_aid_a=54213&jp_aid_p=chasehome_3/trip

Re: How accurate is Chase Pre-Approval process?

Aim_High — Sun, 22 Sep 2019 17:34:30 GMT

@Anonymous wrote:
@MaizeandBlue @Janus @Aim_High @K-in-Boston @Remedios
So I have some news ...

Lots to respond to about this posting.

(1) Congrats on getting your banking set up and qualifying for the new customer bonus! This will go a long way with helping you to get approved later for a credit card. Banks usually like to extend credit to customers who have other banking products with them and especially if you demonstrate responsibility.

(2) Vantage Score credit scores generally mirror true FICO scores but they can vary widely based on a consumer's credit file. I believe I've heard some say that the more derogatory info you have, the less reliable they become to true FICO. I don't have derog info and find my Vantage Scores are pretty accurate to predicting my true FICO Bankcard Score 8's. Vantage Scores are designed to be FREE scores to give consumers a rough idea of their credit score but they are not used by any lenders to be the best of my knowledge in approving credit applications. So Chase provides that TU Vantage Score 8 but it has nothing (directly) to do with your odds of acceptance for a Chase Credit card.

(3) Hard inquires on one out of the three credit bureau's report rarely equals new cards. This is because most lenders pull only one or two of the major credit bureaus when they process an application. (Capital One is known for being an exception for their "triple pull" of all three bureaus, which affects all your FICO scores.) There are a few ways you can keep up with new cards or new inquiries. You can manually track it as-you-go in a notebook or in a computer file. You can pull your credit reports. (Free from each bureau once per year at www.annualcreditreport.com - make sure you use ONLY this website as some others are NOT free.) Another easy way to track your accounts is to set up a credit monitoring account at one of the free sites such as Credit Karma, Credit Sesame, Wallet Hub, etc. They have pages that show summaries of all your accounts including the opening date reported.

For example, in my case, I currently have 1 HP on TU, 0 HP on EQ, and 5 HP on EX. But I have six new cards opened in past two years, so none of it matches. One of those is an INK business card, so one of the EX HPs is for that card even though it doesn't show up as a 'new card' on my personal report. Four of the other pulls were single-bureau EX pulls by Chase for new cards. The single-bureau pull by Goldman Sachs was on TU for my Apple card. No one has pulled EQ in past two years. But all my FIVE new personal cards show up on all three reports.

Also, keep in mind that Inquiries are not just about credit cards. You can have HPs for loans (mortgage, auto, personal, etc.) and sometimes even from utilities such as cellphone providers who are extending you 'credit' to put a phone on extended payments.

(4) Chase always pulls your EX FICO Bankcard Score 8 and oftentimes, will also pull an EQ FICO Bankcard Score 8. Another reason why that TU Vantage Score is not applicable to getting approved for a Chase card. As I mentioned, I was established customer and they only pulled EX each time I applied for new credit. The double pull with them is more common, especially with more average scores, thinner files, or new credit customers.

*(See thread, "Which Banks Pull Which Report For Apps" list @ https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Apps-quot-list/td-p/5542910)

(5) As pointed out by myself and others upthread, what counts towards 5/24 is new cards, not new inquiries. Only approvals, not applications.

(6) Late payments. 16? Ouch. That stings, and will for quite some time. Payment history is the dominant element of FICO scoring (35%) so that is really holding you back. Fortunately, they do age off. Fortunately, they do become less of an impact over time. Unfortunately, it takes a full SEVEN YEARS for them to age off by themselves. In some cases, you can get them removed early. I've had success sometimes with writing "Goodwill Letters" and pleading my case. Do a web search or My FICO search for "goodwill letters" to read more about them.

(7) You said, "I might still have a chance to apply for a credit card may be in 6-8 months." My advice? No, don't do it. Work on removing those lates or letting them age into the background. Set up automatic payments and make sure you don't ever make a late pay again. You have several new accounts already. Give them some love, garden and grow them for at least a year or two. Continue to build that banking relationship with Chase. Get that utilization down further. While 9% isn't bad, lower is better. And it will also help those inquries age into the background also.

(8) While I have a lot of Chase cards, I can't comment on the "Green Checkmarks" since I didn't use the preapprovals to apply.