Chase carries some of the best credit cards you can find in the market. However, those products are not for everyone. You need to have good or excellent credit to qualify as one of their customers. If you are just about to hit a good credit score, or you have been making financial mistakes previously, it is difficult to tell whether Chase is going to approve your application. Most banks and lending institutions require more than stellar credit to approve applications for loans and credit cards. However, this guide can help you get pre approval for chase credit card.
Chase are offering cash back credit cards, balance transfer credit cards, rewards credit cards, small business credit cards, no-annual fee credit cards as per your needs. To get credit cards from Chase, prospective customers can use two ways to improve their chances. Before sending in your application, you should consider getting:
- Pre-approved for a Chase credit card
- Pre-qualified for a Chase credit card
Pre Qualified vs Pre Approved
Pre-qualified offers are usually available on the Chase official website. Most of these offers will show up when logged into your Chase account, while others are sent via mail or e-mail. While most people often use the two terms interchangeably, they have distinct meanings in the application. Pre-approvals mainly describe offers that let customers get around Chase’s 5/24 Rule.
It is even more vital to know the difference between these two offers and other referral link offers that Chase generates using its refer a friend program.
Chase Credit Card Pre Approval
It is the closest one can get to guaranteed approval. In some instances, pre-approvals can circumvent 5/24 rule by Chase, which would then outright deny your application if you have opened at least five credit accounts in the last 24 months.
Having your Chase credit card application rejected is never fun. That is why you should consider applying for products with a higher chance of approval. Chase credit card pre approval offers are those that are mainly given in-branch and sometimes come through the mail. Therefore, you must get into a physical Chase branch, to receive these offers. You can visit any branch even if they are not in your state.
Pre-approvals avail an excellent avenue to determine your odds with Chase’s products. While Chase pre-approvals do not guarantee you an approval for their cards, it gives you insights into the products with higher odds for success. Therefore, whenever you are unsure of the Chase credit cards you can get, a good move is to begin by finding out if you are pre-approved for any of their cards.
The Chase 5/24 Rule
If you are unaware, the 5/24 rule by Chase stops you from getting approval for some of their cards. This is particularly if you have opened up at least 5 accounts in the last two years or 24 months. The rule can be a big hurdle towards getting some of Chase’s best cards such as the Sapphire Preferred.
Nonetheless, a chase credit card pre approval might let you evade 5/24. It is, therefore, a major factor to consider when trying to get a credit card from Chase.
Getting Approved For Chase Credit Cards
Getting a Chase credit card pre-approval is more difficult than their pre-qualification. Consumers have two ways of getting pre-approved:
- Visiting one of Chase’s branches
- Getting an offer for pre-approval from Chase via mail
Pre-approval offers are more convenient if they happen to you. However, they are not something consumers have control over. This makes it important to focus on visiting one of their branches to seek a pre-approval.
Once you visit the Chase branch, you should find out from one of their employees if you are pre-approved for their credit cards. This is a good way to get a bank account or even build a relationship with Chase. If the employee determines ay pre-approvals that might be of interest to you, applying in-branch is the best way to take advantage of the offer.
Getting Pre Qualified For Chase Credit Cards
Pre-qualifications have more odds. When pre-qualifying for a card, it is another way of Chase saying that you have a solid chance of acquiring one. However, the issuer will not decide until you submit a full application. Besides, when you check credit card prequalify online deals, it does not help you sidestep the 5/24 rule by Chase.
Follow these steps to see whether you pre-qualify for Chase cards online:
- Visit Chase’s pre-qualification page : www.chase.com/prequalified
- Fill out the form with relevant details
- Enter the last digits of your SSN
- Click on the box to agree to Chase’s terms and conditions
- Click on Find My Offers
Once you have entered the details, the site should let you know whether there are any credit cards you qualify for from Chase. If you get a response saying “We are unable to locate any offers for you at this time,” it means you are not prequalified.
When you are pre-qualified, Chase conducts a soft pull on your credit history which shows them that you are a great candidate for one of their credit cards. Therefore, if you choose to apply for a credit card, your approval chances rise by over 80%. It is essential to keep in mind that getting pre-qualified is not guaranteed approval. It is very easy to get denied for the card if Chase finds your credit profile to be insufficient. Nonetheless, getting a Chase pre-qualification is an excellent way to test the waters instead of risking a hard credit pull through direct application.
Benefits of a Chase Pre-qualification
From the foregoing, it is clear that pre-qualification gives you better chances of qualifying for a card from Chase. Here are the benefits of getting a Chase pre-qualification:
- High approval chance: Even though approval is never guaranteed, a Chase pre-qualification means an application with very good odds.
- Determine the cards for which you qualify: By using Chase’s pre-qualification tool, consumers can see which cards they are more likely to get approval for. This helps to narrow down their options.
- Allows customers to shop around: You are not under obligation to apply for the card after your pre-qualification. It means you can try pre-qualifying with other card issuers without affecting your credit score.
- It does not impact your credit score: Chase performs a soft pull on the credit history of customers seeking to pre-qualify. This does not affect their credit score.
Do Pre Approval and Pre Qualification Affect Your Credit Score?
During both processes, your credit score is not affected. This means that Chase performs a soft credit pull when you use the tools above. These don’t have any impact on a consumer’s credit ratings. However, if you choose to apply for a Chase card, there is a hard credit check. Typically, hard credit checks will cause your score to drop, with about three or five points.
Choosing The Right Chase Credit Card
The fact that you are pre-qualified or pre-approved for a specific Chase card does not mean you need to get that particular card. The only exception is when you will not pass their 5/24 rule, which means you should only apply using a pre-approval offer to prevent an outright denial.
Otherwise, customers should consider their pre-qualifications and pre-approvals as suggestions. You will want to go through all the best credit cards by Chase before placing your application. This is because card benefits are always different and getting the best one might give you more benefits. All Chase cards have the same credit score requirements. Therefore, qualifying for one is a qualification for others as well.
Checking for Chase Pre qualification
Pre-approvals from Chase are very easy to check, although there are a few things you should know about the offers. This chase credit card pre approval gives instant access to available offers. However, you can also explore the fact to determine your pre-qualified offers from Chase.
As was previously indicated, pre-qualification does not get you around the 5/24 rule. In other words, you are not going to be auto-approved but your approval odds are high.
Chase Cards Eligible for Pre Qualification
Chase has multiple credit cards for its customers. However, not all of their products are available for pre-qualification. The lender offers pre-qualified cards for the:
- Chase Sapphire Preferred
- Chase Freedom Unlimited
- Chase Sapphire Reserve
- Chase Slate
- Chase Freedom
Chase Pre Approval Mortgage
Getting prequalified or approved for a mortgage is the surest way to determine how much you can borrow. After finding the right home, it is common for consumers to begin looking for the right mortgage. This is the next important decision during the process of buying a home. Being unconditionally prequalified by a mortgage lender gives you solid insights on how much money you can borrow.
To be certain that you are getting the best deal, it is advisable to talk with several lenders and make comparisons of their mortgage interest rates plus loan options. Chase pre approval mortgage is an avenue for customers to get estimates of how much Chase can give based on their credit, income, bank account information, and employment.
A good rule of thumb is to check out the Annual Percentage Rate when comparing mortgage lenders. It will help you to determine the total loan cost before signing the agreement. The APR not only shows how much interest the bank will charge but also indicates other additional costs you will have to pay in order to get the rate. Some of the added costs include discount points and lender origination fees.
Recommendations from friends, family, and realtors can also help in determining a good mortgage lender. Visiting the local bank branch, mortgage company, or credit union is another option you can try.
To help you weigh your mortgage lender and options for loans, here are a few questions you should ask:
- Do you have an existing relationship with the lender?
- What is the level of service you are expecting from the lender?
- How easy is it going to be when paying bills, accessing accounts, and getting help?
- What loan options does the lender avail?
- Which lending program is suitable for your needs?
- How much origination fee is charged by the lender?
If you are looking to get a mortgage from Chase, you can check out their mortgage interest rates before applying. In addition, the lender has a handy mortgage calculator for consumers to estimate their monthly payment and closing costs.
Frequently Asked Questions (FAQ)
How can I get pre-approved for a Chase credit card?
Chase’s credit card pre-approvals are usually received from a physical branch. Simply visit any of their branches and find out if you pre-qualify for any of their products.
What is the easiest credit card you can get from Chase?
The easiest credit cards from Chase are those that need solid credit for approval, including Hyatt credit card, Chase Slate, and the Amazon Visa.
How do I check my application status for a credit card from Chase?
If you want to find out the status of your credit card application from Chase, the bank has an application status line you can call at 888-338-2586. However, if you are an existing customer, it is easier to check your status online.
Conclusion
The surest method to ascertain that you are applying for the right credit card is to determine whether an issuer has pre-qualified offers for you. Checking the issuer’s main website is an easy and straightforward way to see whether you pre-qualify for any of their products. Alternatively, you can respond to any of their offers received via mail.