Chase prequal site vs in branch

Anonymous · ‎04-05-2021

Is there any difference in the prequal on the Chase site vs in person at a branch?

For months I have only gotten the "We are unable to locate any offers for you at this time" message when using the prequal site. Yet at the same time I have prequals from AMEX, Discover, etc. Was just recently approved for an AMEX with 10k limit, got a 6x auto CLI from Cap1 (of all places....), regular CLIs from Discover. Credit mix seems decent with a few revolvers, a couple store cards, and auto loan. My F8 across all 3 are right at 765. Only derog is an old card charge off that is nearing fall off this October. Have a checking account with direct deposit with them for around 3 years now, and never any issues. Is Chase really that tight?

I seem to recall reading here that they do have a prequal available in branch. Would I maybe have better luck with that?

Anonymous · ‎04-05-2021

They do have different prequal in-branch vs online

I suggest going in and asking? If you ask a teller while doing a txn with them the term is pre-approved credit card or gold box offers. For bankers it would just be pre-approved credit card offers.

If you don't keep enough avg daily balance in your accounts, it doesn't help, BTW. I suggest 2k+.

Anonymous · ‎04-05-2021

@Anonymous wrote:
They do have different prequal in-branch vs online

I suggest going in and asking? If you ask a teller while doing a txn with them the term is pre-approved credit card or gold box offers. For bankers it would just be pre-approved credit card offers.

If you don't keep enough avg daily balance in your accounts, it doesn't help, BTW. I suggest 2k+.

Went into a branch today. Banker was herding the line for proper social distancing, so during the wait I asked her about pre approvals. She said the tellers could do it, or I could make an appt to talk to a banker. When I did get to a teller, they told me they have no access to credit card offers or approvals, I would need to speak to a banker. So much for in branch service.

I have been maintaining a lower checking balance in favor of a higher savings balance. Def not a 2k+ avg daily balance. I will do so for now, and see if it nets me anything.

KJinNC · ‎04-06-2021

Buddha, one thing to be aware of that may explain why you get prequalifications and approvals elsewhere but not at Chase is that Chase has the 5/24 rule. The rule is that you are automatically denied for a credit card if you have opened five or more credit card accounts in the past 24 months. Sometimes we hear about possible rare exceptions, but the rule seems to be followed for the most part.

Other lenders such as Amex do not have this rule, which would explain why you might be approved by Amex and have no offers from Chase.

For the general public, there is nothing wrong with the rule, but for MyFICOers, it can be rather frustrating, since we tend to be credit nerds and tend to be on this board because we are consciously building credit. Chase can do what they like, but I do think their cobrands should talk with them about this. A cobrand wants a card in as many hands as practical, which runs counter to a rule that - if it was really necessary for cards to be profitable - would be used by other major lenders, yet is not.

FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan

FinStar · ‎04-06-2021

@KJinNC wrote:
Buddha, one thing to be aware of that may explain why you get prequalifications and approvals elsewhere but not at Chase is that Chase has the 5/24 rule. The rule is that you are automatically denied for a credit card if you have opened five or more credit card accounts in the past 24 months. Sometimes we hear about possible rare exceptions, but the rule seems to be followed for the most part.

Other lenders such as Amex do not have this rule, which would explain why you might be approved by Amex and have no offers from Chase.

For the general public, there is nothing wrong with the rule, but for MyFICOers, it can be rather frustrating, since we tend to be credit nerds and tend to be on this board because we are consciously building credit. Chase can do what they like, but I do think their cobrands should talk with them about this. A cobrand wants a card in as many hands as practical, which runs counter to a rule that - if it was really necessary for cards to be profitable - would be used by other major lenders, yet is not.

@KJinNC - It's doubtful they're going to cater or bend their restrictions just because of the MF, FT, TPG, Reddit or weird profile crowds. You can get a bit of insight from their proxy and quarterly earnings reports (pending the 2020 annual report results) which will demonstrate that, even despite the pandemic, Chase CC loans remained profitable. They have done so despite the 5/24 restriction for several years. Also, they've renewed multiple CC partnership programs which I'm sure that bilaterally they're fully aware of 5/24.

Remedios · ‎04-06-2021

$2000 average daily balance with Chase won't get you instant coffee in their lobby.

If you are under 5/24, never burned them, and your profile is in a good shape otherwise, apply.

Most people will never see prequal, but that doesn't stop them from being approved.

If you are over 5/24, that's when you need to wait and see if they drop something in your account pre-approval wise.

Anonymous · ‎04-06-2021

@Remedios wrote:
$2000 average daily balance with Chase won't get you instant coffee in their lobby.
If you are under 5/24, never burned them, and your profile is in a good shape otherwise, apply.
Most people will never see prequal, but that doesn't stop them from being approved.
If you are over 5/24, that's when you need to wait and see if they drop something in your account pre-approval wise.

I am well under 5/24. Currently at 2/24 with my new AMEX. Have never burned them on credit, and have a solid 3 years of nothing but positive checking/savings history with them. Only derog is the nearly 7 year old CO. F8 is 765 or so on all CRAs. Overall, in good shape. I have done other prequals where they give an approval amount, as a way of testing the waters. Lowes came back at 7k, BBVA 9k, and I forget the others. I might be willing to do a hard pull (curretnly at 2/12) and try, but I don't even know which I would apply for.

Remedios · ‎04-06-2021

@Anonymous wrote:
@Remedios wrote:
$2000 average daily balance with Chase won't get you instant coffee in their lobby.
If you are under 5/24, never burned them, and your profile is in a good shape otherwise, apply.
Most people will never see prequal, but that doesn't stop them from being approved.
If you are over 5/24, that's when you need to wait and see if they drop something in your account pre-approval wise.
I am well under 5/24. Currently at 2/24 with my new AMEX. Have never burned them on credit, and have a solid 3 years of nothing but positive checking/savings history with them. Only derog is the nearly 7 year old CO. F8 is 765 or so on all CRAs. Overall, in good shape. I have done other prequals where they give an approval amount, as a way of testing the waters. Lowes came back at 7k, BBVA 9k, and I forget the others. I might be willing to do a hard pull (curretnly at 2/12) and try, but I don't even know which I would apply for.

You test waters with Chase by taking HP.

Those lenders who show you potential pre-approval amount are an exception, not the rule.

If you don't know which Chase card to apply for, what makes you think any of them would be a good match for you?

Are you going for Chase card just because it's a Chase card, or are you undecided between the cards they offer?

Anonymous · ‎04-06-2021

A bit of both, but more undecided among the ones they offer that I would most likely qualify for. I have not researched them that much. But coming from a rebuild, a "high end" card such as a Chase or AMEX with a nice limit has been a goal. Got in with AMEX with a great starting limit (shocked, actually). Still would like to get into the Chase environment if it doesn't add much risk. The utilization padding would be a plus to me, as I am looking at a mortgage in the next 12-18 months.

Remedios · ‎04-06-2021

Chase is by no means "high end".

If you go through approvals,you will see score range from 640-whatever.

If their cards meet your spending, that's your high end card. If they don't, it's piece of plastic/metal.

There isn't a single thing that's special about Chase or Amex if their cards don't serve their purpose.

Before you decide to go on *high end* search, evaluate what you're spending money on, if 0% intro is needed, availability of BT offers, etc.

There is a whole lot more to a card than lender who issues it.

It's a payment method, not a status symbol. Do what's right for you, because it's not like we staple them to shirt for everyone to see.