The pre-qualification process is a major benefit for consumers. It lets you shop for different credit cards without harming your credit score.
It’s a more preliminary process than an official one. Here, lenders do a soft inquiry into your financial situation to see if you are likely to qualify for a line of credit. Banks may look at your income, debt-to-income ratio, and credit score.
There are often easy tools online you can use online to see if you pre-qualify, or creditworthy consumers may receive a pre-qualification letter, but this does not guarantee you will ultimately be approved.
Chase Bank, unfortunately, doesn’t have any sort of pre-qualification or pre-approval tool on its website. Select consumers often get a pre-qualify letter in the mail. Existing Chase customers could get a pre-approval notification by email or on the issuer’s website.
This article will cover everything that you need to know about getting pre-approved or pre-qualified for a Chase credit card.
The two terms are often used interchangeably when talking about the credit card application process, but the terms have two different meanings.
- Pre-Qualified: More surface-level review of your eligibility for a financial offer based on your credit score and income. A pre-qualification letter may give you an estimated loan or credit line approval amount.
- Pre-Approved: More in-depth process than getting pre-qualified. Banks do a deeper check of your creditworthiness, including employment history and other financial assets. A pre-approval letter is a stronger sign that you will be approved.
In either scenario, most credit card issuers will need the last four digits of your social security number and driver’s license or state ID info to review basic information. It should not be a hard pull that can ding or lower your credit score.
If you are interested in a particular credit card that you’ve received such a letter for, you should act on it sooner or later. Your financial situation could change and the featured credit limit could go down or your application could be denied.
There’s no pre-qualification tool on Chase’s website like the one that Wells Fargo and Capital One offer. There, you can provide some very basic data inputs and see whether or not you’d likely be extended a credit card offer.
For Chase, a consumer would have to look for a pre-qualify notice or invitation application. Based on the information provided by credit bureaus, Chase will target individuals with good or excellent credit.
While this letter is not a guarantee of acceptance, it’s useful information to let you know whether you may wish to submit to the approval process.
For example, if Chase were offering you a $750 cash-back rewards card, you might decide to focus on Discover or another card offering a $1,500 credit limit.
You could also talk to a teller or banker at your local Chase branch to get a directional idea.
To increase your odds of being approved for a Chase credit card, there are a few things you can do:
- Check your mail (snail mail) for Chase offers
- Look for offers when you log in to your Chase checking or savings account
- Pay your credit card and other bills on time each month
- Monitor your credit report
There’s likely no harm in trying to get a pre-approval letter. In fact, that’s probably a good sign because it means you have good to excellent credit based on the preliminary data Chase has retrieved in a soft credit check.
A pre-approval letter from Chase can be advantageous if you are shopping for other rewards or cash-back credit cards. It makes things easier to do an apples-to-apples comparison.
Preapproval letters can go out when Chase is trying to drum up new credit card business and may come with very attractive welcome bonuses. These promotional offers do have expiration dates, so make sure to keep that in mind when comparing your options.
Chase does not have a preapproved credit card tool on its website, so you cannot actively solicit a pre-approval or prequalification offer.
Instead, your best bet is to focus on improving your credit score or maintaining a high credit score, and waiting for the bank to send a preapproval offer via mail.
Make sure that your credit reports have up-to-date personal and financial information, including your current mailing address.
And while you’re holding out for a Chase Sapphire Reserve or Preferred card to get the travel rewards, go easy on the spending. If you apply for too many credit cards in a short period of time or max out your existing cards, this is a red flag for creditors and it can lower your credit score.
Similar to other Chase cards, you cannot actively solicit a pre-approval for the Chase Freedom Flex or the Chase Freedom Unlimited card.
You’ll need to:
- Wait for a pre-approval letter in the mail
- Look for a pre-approval alert when you log in (if you have another Chase card or Chase banking account)
- Just go for it and apply — but this will generate a hard inquiry on your credit report
Maintaining a credit score of at least 670 can increase your odds of receiving a favorable outcome.
Generally, Chase cards are designed for consumers with good to excellent credit. This usually means a FICO score of 670 or higher. A score over 700 will give you an even stronger chance of being approved.
The Chase Freedom Rise credit card is designed for consumers with nil to limited credit, including student cardholders under age 21.
On the website, Chase states this card is best for “new credit.” If applying for the Freedom Rise as your first-ever credit card, the bank also recommends having a Chase checking account with a balance of at least $250 to increase your odds of being approved.
Chase Bank primarily uses Experian when reviewing consumer applicant credit scores, but in certain states, Chase also utilizes TransUnion and Equifax.
Additionally, Chase customers who use Chase Credit Journey (to monitor their credit score) are accessing their Experian credit score information. The credit data is updated weekly.
The most common reasons for disapproval are related to a low credit score (below 670), too much debt relative to total income, or too many recent hard inquiries on your credit report.
Chase states that missing or incomplete information on your application may also result in a rejection.
If you are not approved for a credit card, Chase recommends focusing on learning more about consumer credit and how to make sound financial choices using their Chase Credit Journey portal. Enrollment is free for all consumers, including non-Chase Bank customers.
Program enrollment, along with opening a Chase checking account and setting up direct deposit, can improve your odds of being approved in the future.
It is unusual to be denied a Chase credit card after you’ve received a pre-approval notification. This could happen if your credit score drops, you have insufficient income, or you have applied for other lines of credit in the interim.
If you are denied, talk to an agent at the Chase reconsideration line at 1-888-609-7805.
Receiving a preapproval letter from Chase can mean you’ve got pretty good credit and are likely to be approved for a Chase account.
However, there’s no guarantee that you’ll be approved. The best thing you can do to increase your odds of getting an approval, or pre-approval invite, is to pay your bills on time, don’t max out your other credit cards, and maintain a good credit score.