Over using PreQual sites

[Anonymous]

So this may be a stupid question, but is there any negative effects to over checking your prequals among various lenders? I usually check Chase.com/prequalify and Citi’s prequal site once every other day. Is this going to have any negative effect on my odds or my current account with them?

I have a Chase Freedom and currently dying for a CFU Prequal so I can try to pass 5/24 so I’ve been a bit obsessive with checking the sites. No offers have been selected for me yet.

I got the Chase Freedom in October 17, (4mo ago) and did it via cold app - no offers were selected for me prior to my application either.

[Anonymous]

---

@Anonymouswrote:
So this may be a stupid question, but is there any negative effects to over checking your prequals among various lenders? I usually check Chase.com/prequalify and Citi’s prequal site once every other day. Is this going to have any negative effect on my odds or my current account with them?

I have a Chase Freedom and currently dying for a CFU Prequal so I can try to pass 5/24 so I’ve been a bit obsessive with checking the sites. No offers have been selected for me yet.

I got the Chase Freedom in October 17, (4mo ago) and did it via cold app - no offers were selected for me prior to my application either.

---

There isn’t any negatives I can think of. Only you see all those soft pulls. None of the credit card companies or any business sees any of them. And as long as they provide prequalifys, you can take advantage of them for whatever reason suits you. Maybe others have a different opinion. But to me there is no real negative to checking as often as you need.

[arkane]

IIRC the only remote risk of doing this would be a few years back when "bumping" inquiries was still a thing and could potentially lead to split files. But all 3 CRAs have since closed that loophole so I don't think there's any real risk these days.

[Anonymous]

Thank you guys for the help!

On another note - Any chance I would get that CFU Prequal or other Chase ones before my first Chase card hits 6 months? I have older revolving accounts but since I just got my foot in the door with Chase 4 months ago, I'm not sure whether they would even give me offers for another 2 months. I wanted to know if anyone has gotten offers this soon or is in a similar situation. 

[kshurika]

I got my first (and to date only) Chase card, a CFU, at the beginning of December, last year. By the beginning of this month
(February) I was prequaled for Freedom, Slate and CSP. I'm going for Freedom and CSP on the same day - 1 in branch and one from my computer. Then, it's a minimum 1-year in the garden, maybe two.

Frankly, I wouldn't cold app for a Chase card. Be patient and wait for a green check pre-qual.

[Anonymous]

---

@kshurikawrote:
I got my first (and to date only) Chase card, a CFU, at the beginning of December, last year. By the beginning of this month
(February) I was prequaled for Freedom, Slate and CSP. I'm going for Freedom and CSP on the same day - 1 in branch and one from my computer. Then, it's a minimum 1-year in the garden, maybe two.

Frankly, I wouldn't cold app for a Chase card. Be patient and wait for a green check pre-qual.

---

Thanks for the advice! You got lucky with those prequals and I hope you get approved for those offers! Do you happen to have a Chase checking? I opened up a checking and savings with them in an attempt to grow a relationship hopefully resulting in prequal. Also, did you use the CFU heavily in those months and close on a high balance or did you pay a large sum close to the statement cut date and leave only a small amount to post on your statement. Hoping to figure out how to attract Chase's attention to result in a prequal popping up. 

[kshurika]

I opened a checking account and had my paycheck deposited directly to the account in order to earn a $200 bonus. I applied for the CFU in branch and was given the 7 to 10 day notice, which means I'd been declined. The next day, I called Chase's Recon line and was told officially that I'd been declined. After much polite and pleasant banter, I was able to get the decision reversed and received a 1K SL. The next morning, I woke up to find that my EX score had fortuitously gone up 74 points, so I called a CSR at Chase and asked if I could get a "little bit larger" CL. He informed me that it would require another HP, which I agreed to and I got an additional 5K. Since then, I've put almost 3K onto the card. At one point my CUR was up to 23%. Now, I have zeroed my other cards and have been steadily paying down the CFU. By the Chase report date, my CUR will be back to 7-8%.. then, I pull the trigger. Hope this helps.

One other thing, I know that a lot of people here have had a lot of trouble with Chase. But, I would take it over a million Banks of America.

[DaveInAZ]

Well, every other day or so may bee over doing it a bit, but I used repeated pre-quals to get Amex to sweeten the offer. Last year they were showing pre-approval for a BCE, the initial offer was $100 SUB +12 months 0%. I checked once a week or so, and when they sweetened the offer to $150 SUB + 15 months 0% I bit.

[SummerOf17]

I've been checking Citi's PreQual site every week for about 2 1/2 month now since they have started bombarding me Pre-Selected offers for pretty much for every card they have to offer. The rates they offered were really not to my liking, all above 20%.

So yesterday I got something that might have been of interest to me. Pre-Selected offer for Simplicity Card with 18 month of 0% on purchases and BTs and 15.99% after that.

So I did PreQual today and they are talking about 25%+ rate with same 18 month deal - but NO Thanks, go figure....

I have EX 745(3 inq) and EQ 674(1 inq) FICO Bankcard Score 8. All Inq's are 8 month old.

As far as Chase, I would wait the 2 month. Not sure if you have but it would also help if you have a Relationship with them, that goes a long way IMHO.

[Anonymous]

Thank you for the help! I’ll definitely wait at least 2 more months to see if i get a prequal from Chase. If not I’ll probably cold app for the CFU after May 1st when I’m out of 5/24. Hoping to get the prequal before then so I can bypass 5/24. I’ll keep you guys updated.