Chase CC Approval Chances

[Anonymous]

I’m looking for advice on my odds getting approved for Chase Freedom or Freedom Unlimited CC. I have had Chase as my main bank for the last 5+ years with no issues/overdrafts. I have no preapproval offers from Chase.

DPs:

FICO 8: EX 673, TU 631, EQ 634

AAoA 3yr 2mo, AoYA 2mo, AoOA 6yr 6mo

Income: $216K

Util: 7%

CC/CL: QS $1350, QS1 $1000, NFCU GR $1000 (just approved this week not reporting yet), Premiere $700

DTI: 20ish%

Baddies: Several lates on two auto loans, last was 12/18, These two loans refi’d with NFCU this week.

Thought I read that Chase uses EX for CC apps, so that’s good for me I think. I’m mostly concerned that the lates will keep me from getting approved. I would like to try and get a Chase card before I hit their 5/24 rule. How much weight will they put on my banking relationship with them? Any better odds by going into branch and doing app there?

[Anonymous]

Hi OP! I think your best option, since you bank with Chase, is to go to your local branch and ask if there are in In branch pre-qualified offers available to you. Sometimes, eventhough it does not show any on your account page, The local branch may have internal offers that would apply to your specific profile. You should speak with a banker. There are some things on your report that might work against you getting an approval. Those lates are fairly recent, so I would not expect much for right now. Also note that Chase may pull two CR's depending on where you are, but recently they have been pulling, either EX/TU or EX/EQ. Best of luck to you, sometimes it pays to have some sort of relationship already established with a bank. I think Chase looks into that as well. 

[Anonymous]

Don’t apply online, go into the bank and see if pre approval offers are available. Chase tends to give their banking customers approvals that they might not have received otherwise.

I’ve seen where people have a lot of lates & get approval for good starting lines but like I said they bank with chase. Good luck

[Remedios]

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@Anonymous wrote:

I’m looking for advice on my odds getting approved for Chase Freedom or Freedom Unlimited CC. I have had Chase as my main bank for the last 5+ years with no issues/overdrafts. I have no preapproval offers from Chase.

DPs:

FICO 8: EX 673, TU 631, EQ 634

AAoA 3yr 2mo, AoYA 2mo, AoOA 6yr 6mo

Income: $216K

Util: 7%

CC/CL: QS $1350, QS1 $1000, NFCU GR $1000 (just approved this week not reporting yet), Premiere $700

DTI: 20ish%

Baddies: Several lates on two auto loans, last was 12/18, These two loans refi’d with NFCU this week.

Thought I read that Chase uses EX for CC apps, so that’s good for me I think. I’m mostly concerned that the lates will keep me from getting approved. I would like to try and get a Chase card before I hit their 5/24 rule. How much weight will they put on my banking relationship with them? Any better odds by going into branch and doing app there?

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Branch pre approvals are solid but not bulletproof. If you have one, there is a decent chance you'll get approved. Mostly, in branch pre approvals are beneficial when someone is over 5/24. 

In your case, the derogs are pretty recent. If you dont have pre approval, I'd wait at least a year from when lates occurred, and that's not just for Chase application. 

[CreditCuriosity]

Yes recent derogs are gong to hurt you..  Chase depending will approve people around the 650 range for even premium cards depending on profile and other factors such as equity in house, among many other things.  The recent derogs are really going to hurt you.  I gotta ask why do you have lates recently as you make good income and have a low DTI...  Hopefully you set those to auto payments or something as cash flow doesn't appear to be an issue with that low of dti..

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[Anonymous]

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@CreditCuriosity wrote:

Yes recent derogs are gong to hurt you..  Chase depending will approve people around the 650 range for even premium cards depending on profile and other factors such as equity in house, among many other things.  The recent derogs are really going to hurt you.  I gotta ask why do you have lates recently as you make good income and have a low DTI...  Hopefully you set those to auto payments or something as cash flow doesn't appear to be an issue with that low of dti..

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I was hoping that my banking relationship would help mitigate the lates, not that they would be overlooked, but that my relationship with Chase would help the approval process. No excuses on the lates, I got over extended and I ended up paying late on those loans, knowing that it would damage my credit and scores.

I have corrected the things that resulted in the late payments, that has dropped my DTI, and I just refi'd those loans with NFCU and have them on autopay. I definitely will not app for a Chase CC without having an in branch preapproval and I also understand that the preapproval is not a guarantee. If I have a preaproval and applied but was declined, wondering if my banking relationship would be enough to recon the decline and turn it into an approval. Based on your and other posters feedback, seems likely I would probably get a decline even with a preapproval, do I take a chance that a recon would work because of my banking relationship?

[FinStar]

Echoing what's been mentioned above OP, the depository relationship is beneficial in the sense of establishing an overall profile with Chase, but that in it of itself does not mitigate any derogatory history let alone improve the odds for an approval with the presence of the late payments, unfortunately.

[Anonymous]

Thanks for all the input from everyone! This is what makes this forum so amazing and valuable, getting feedback that you can act upon or making you consider things from a different perspective.

I'm going to stay put, not app. keep working on making my credit and profile better and apply when it makes more sense. Thanks, myFico Forums Rock!