Congrats on your Chase app ! Welcome to the forum !
NFCU Visa 35k | NFCU Platinum 35k | Cap1 QS 13K | Cap1 QS 11.5K | Barclay MC 15k | Delta Gold Amex 34K | Discover IT 16K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 6.5k |
My thoughts exactly! I would love to get Chase, but although not IIB, both my wife and I have a BK still showing for the next couple of years. From what I understand, with very limited exceptions, Chase will almost never approve you with a BK showing on your report. I also discovered that AMEX will approve you after 5-years, but you probably won't get a CLI until they eventually fall off. I've read some people said after 7 years, but tried it and still denied a CLI because of simply having a BK still showing.
That said, I may get rid of everything AMEX, except my Gold, and then will get exponentially higher SLs when I reapply in a couple of years. Those higher SLs will make the 3X CLIs much more advantageous too. I have a Delta Platinum, but the value is just not there anymore, higher AFs with less perks seems to be the way of Delta. 🤔 I'd hate to part with my Blue Cash cards, but maybe I could keep one and move some of the eventual 3X over. I've actually used the BCE 6X online shopping perk more than those rewards on the BCP!
Anywho, credit is a marathon, never a sprint.
Welcome! I just recently started posting again myself, BTW, but think you'll enjoy the forum!
Chase is notoriously difficult to get in with, so be happy, be VERY happy! 😃
You're probably already familiar with this, but pre-approved and pre-qualified mean nothing as they're simply marketing used to get you to apply. Until you actually apply, nobody could tell you which way that application is going to go. I really wish such terminology was illegal because it makes people think one thing when the reality is just undetermined. They do use some soft metrics plus demographics, but again it definitely doesn't come close to ensuring a bona fide approval! 🤦♂️
Congratulations on your Chase approval🎉🎉🎉
@SuperFlyEDSguy wrote:Welcome! I just recently started posting again myself, BTW, but think you'll enjoy the forum!
Chase is notoriously difficult to get in with, so be happy, be VERY happy! 😃
You're probably already familiar with this, but pre-approved and pre-qualified mean nothing as they're simply marketing used to get you to apply. Until you actually apply, nobody could tell you which way that application is going to go. I really wish such terminology was illegal because it makes people think one thing when the reality is just undetermined. They do use some soft metrics plus demographics, but again it definitely doesn't come close to ensuring a bona fide approval! 🤦♂️
I disagree. A preapproval increases the likelihood of an approval with some institutions, Chase being one of those institutions.
Yes. I agree with you about Chase. AMEX is pretty accurate too, but the vast majority of card issuers use this unregulated verbiage to their advantage to simply increase application volume. Even regulated terms get thrown around these days like they dont mean anything when they mean a whole lot. A good example would be how the terms "limited warranty" and "[money back] guarantee" are totally separate constructs as a warranty is limited by its terms and applicable laws, and generally protects the product under it. They company is giving their word that you will have a working product for so many years. You may have to wait a while to get a refurbished one, but hey, it's "limited" for a reason. 😂 Enter, the "guarantee," that is above and beyond ensuring a working product, but rather protecting your monetary investment in the purchase, hence "money back," something that I ironically don't see much of anymore. Now, especially online, how many sellers on Amazon for example confuse "guarantee" with "warranty" and in reality are offering you back the full purchase price without even realizing it?!
Now, the terms that begin with "pre-" in the credit card issuing space don't even have the regulatory backing that warranties and guarantees empower! Essentially, it's upto the individual card issuer to use those words how they want to and hope that they are doing it in good faith. This is why Credit Karma paid big in that class action a while back as they get a commission on approvals, so they artificially jacked up the amount of applications by falsely representing the approval odds! They are just one of a long list of companies doing this. You really do get what you pay for, that's why premium issuers like Chase & AMEX are pretty spot-on. Technically speaking they still could say no if their approval algorithm sees something in the HP that was not seen in the SP. All of the fine print in the industry must at least state that.
With 95% of the market it has come down to simple representations when using these words with "pre-approved" being a bit stronger than "pre-qualified," but that's just industry norms instead of regulation. What I do wonder is if the Credit Karma case set precedent because of now being Federal case law? 🤔 Either way, you and I just named the outliers. Folks need to know that the masses are using marketing voodoo to earn a profit with each new card approved! 😢
Congrats on the approval!
