topic Chase Pre Approval in Credit Cards

Chase Pre Approval

scottwagnon — Tue, 23 Aug 2011 15:27:51 GMT

i want to clear anything up be for i tell you about my pre approvals (O6, you should read this).

previously, i had a poor opinion about chase, (still dont have the best opinion of them), based on what i had read about them. but earlier this year i did a little research, and found out that chase is one of the few banks now that only pull vantage scores. i am an advocate of vantage scoring, and upon learning this my opinion about chase has gotten alot brighter.

having access to all of your vantage scores in relation to banks like chase is REALLY important. because not ONLY will you know first hand exactly what score they are going to pull based on what bureau they choose to use, you also have access to all three scores. Vantage make it easier to understand the strength behind the numbers. for example, if have all of your scores above 801, you know that you are a shoe in for chase. if i remember correctly, provided you don't have too many inquires or recent baddies, any number above 801 will pretty much guarantee approval for all of their regular visas and mastercards. 801 to 900 btw is considered prime plus. 701 to 800 is considered prime.

Re: Chase Pre Approval

scottwagnon — Tue, 23 Aug 2011 05:53:43 GMT

today i received my first pre approvals ever for both chase freedom and slate.

i am excited because i received information confirming that i have been pre approved for their very best chase freedom card.

for the freedom:

200 dollars cash bonus on very first purchase.

12 months 0% purchase and balance transfer apr, 14.99% purchase and bt apr thereafter.

the rest is typical.

for slate:

15 months 0% purchase and balance transfer apr, 11.99% purchase and bt apr thereafter.

rest is typical.

Re: Chase Pre Approval

haulingthescoreup — Tue, 23 Aug 2011 05:59:07 GMT

w00t, w00t!

Grab that Freedom. I dunno about the Slate; I haven't seen anything that looks interesting about it, at least, not if you can qualify for a Freedom.

Re: Chase Pre Approval

scottwagnon — Tue, 23 Aug 2011 07:17:09 GMT

i have chosen not to apply to this offer right now based on these reasons due to recent changes to my credit report:

1. have a new inquiry from capone

2. thanks to credit card fraud on my hsbc account and the method hsbc uses to post to my report, i am now reporting an additional account.

3. i am currently working on acquiring a card from capone, more details later.

Re: Chase Pre Approval

minimock — Tue, 23 Aug 2011 07:40:23 GMT

@scottwagnon wrote:
i want to clear anything up be for i tell you about my pre approvals (O6, you should hear this).

previously, i had a poor opinion about chase, (still dont have the best opinion of them), based on what i had read about them. but earlier this year i did a little research, and found out that chase is one of the few banks now that only pull vantage scores. i am an advocate of vantage scoring, and upon learning this my opinion about chase has gotten alot brighter.

having access to all of your vantage scores in relation to banks like chase is REALLY important. because not ONLY will you know first hand exactly what score they are going to pull based on what bureau they choose to use, you also have access to all three scores. Vantage make it easier to understand the strength behind the numbers. for example, if have all of your scores above 801, you know that you are a shoe in for chase. if i remember correctly, provided you don't have too many inquires or recent baddies, any number above 801 will pretty much guarantee approval for all of their regular visas and mastercards. 801 to 900 btw is considered prime plus. 701 to 800 is considered prime.

WOW, I was wondering if anyone used Vantage FAKO. I didnt make any sense why they would put that much capital into something no one uses.

Re: Chase Pre Approval

scottwagnon — Fri, 11 Nov 2011 15:53:14 GMT

actually vantage score is the only other scoring system that is independent of a single credit bureau, so while it is NOT a fico score, it is NOT a fako score.

Re: Chase Pre Approval

minimock — Tue, 23 Aug 2011 08:16:04 GMT

@scottwagnon wrote:
actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.

My bad, you always see Vantage and FAKO in the same breath, just assumed they were the same.

Re: Chase Pre Approval

Walt_K — Tue, 23 Aug 2011 10:12:30 GMT

@scottwagnon wrote:
actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.
Some of this may be a little semantic, but I don't know what you mean by Vantage not being a FAKO. I've always heard of Vantage being a FAKO. If you are using FAKO to mean that it is not used by any lender, then I understand what you are saying. I thought FAKO was synonymous with non-FICO. The main point is that if Chase is using Vantage scores, it demonstrates that Vantage is not worthless, which is often said of FAKO scores.

Also not sure what you mean by Vantage being independent of the credit bureaus. Vantage was developed jointly by the three CRAs to try to compete with Fair Isaac.

Re: Chase Pre Approval

MarineVietVet — Tue, 23 Aug 2011 17:37:41 GMT

@scottwagnon wrote:
actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.

I still consider it a FAKO because It's not used by many lenders as far as I can tell. In 2 years here online I've only seen 2 posts where VS was used in making a credit decision. Kohl's is one lender and one poster said a local lender used VS. Do you know of any more?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Chase Pre Approval

Walt_K — Tue, 23 Aug 2011 17:42:21 GMT

@MarineVietVet wrote:
@scottwagnon wrote:
actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.

I still consider it a FAKO because It's not used by many lenders as far as I can tell. In 2 years here online I've only seen 2 posts where VS was used in making a credit decision. Kohl's is one lender and one poster said a local lender used VS. Do you know of any more?

OP's OP claims that Chase only pulls Vantage scores.

Re: Chase Pre Approval

MarineVietVet — Tue, 23 Aug 2011 17:51:07 GMT

@Walt_K wrote:

OP's OP claims that Chase only pulls Vantage scores.

Yes I did miss that part completely. My apologies.

This is the first time though I've seen anyone mentioning Chase pulling VS exclusively.

Re: Chase Pre Approval

thebanjoman — Tue, 23 Aug 2011 20:22:30 GMT

Apparently, it's true. Chase does pull VS. Quick google reveals a few announcements/tags from Experian regarding vantage score listing Chase as a user (having converted in or around Jan 2011)

Re: Chase Pre Approval

MarineVietVet — Tue, 23 Aug 2011 20:52:29 GMT

@thebanjoman wrote:
Apparently, it's true. Chase does pull VS. Quick google reveals a few announcements/tags from Experian regarding vantage score listing Chase as a user (having converted in or around Jan 2011)

I believe you but I have yet to find anything at all that confirms that Chase is using VS. Do you have a link?

Re: Chase Pre Approval

MarineVietVet — Tue, 23 Aug 2011 21:15:19 GMT

I think I found the link of the announcement by Experian: Experian and VantageScores. But this particular article is unclear whether Chase will exclusively use VS.

One quote says: "Chase recently adopted VantageScore becoming one of the first major lenders to replace certain usage of FICO scores with the new model......."

But I appreciate the new information about Chase at least using VS for some (and perhaps all) credit decisions. It's always good to learn new things.

Re: Chase Pre Approval

Walt_K — Tue, 23 Aug 2011 22:04:28 GMT

Here's another article, but it doesn't say that Chase is exclusively using Vantage, just that it adopted it.

http://www.creditcards.com/credit-card-news/vantagescore-credit-score-five-years-1270.php

Re: Chase Pre Approval

thebanjoman — Tue, 23 Aug 2011 22:07:10 GMT

that's the one I found MarineVietVet. A few other similar articles from less reputable sounding places imply it swapped Jan 2011, whereas that article states they began using it in some scenarios in Oct 2010.

Re: Chase Pre Approval

911gt34life — Tue, 23 Aug 2011 23:17:58 GMT

why do they only pull experian ?

Approved!

scottwagnon — Wed, 24 Aug 2011 11:03:15 GMT

Re: Approved!

scottwagnon — Wed, 24 Aug 2011 11:05:50 GMT

i took some time to think it over and by compiling all of my thoughts, some good music, and newfound understanding in reguards to my recent changes, i decided to submit. and i realized that since they only offered there very BEST chase freedom, i realized it was best to go through with it.

Re: Approved! Yesss!!!!!

scottwagnon — Wed, 24 Aug 2011 11:34:08 GMT

i decided to call i couldn't wait to find out. all of the details have yet to fill out, but i got the Visa Signature version!!! yes!! sooo awsome! and a starting credit limit of 6100!!!

i checked and they pulled only transunion btw.