For those on the market for a Chase Preapproved Credit Card, filling out an application asking if you will be approved can be nerve-wracking.
However, there is one way to boost your chances of getting approved for a Chase card. Read on to learn more.
Chase offers some of the top rewards and travels credit cards on the market today, but it doesn’t necessarily make qualifying an easy feat.
All Chase credit cards require good or excellent credit to begin with, and Chase also has a rule that limits new credit cards to consumers it considers have too many already — the Chase 5/24 rule.
Pre-qualification and Pre-approval. What’s the difference?
- Prequalification is when you provide your credit information before you apply for a credit card to know your chances of approval.
- Preapproval is when a bank determines your eligibility to receive a credit card without your request.
Whether you get preapproved or prequalified by Chase, you are not required to apply.
Which Chase Cards can you Get Pre-approved For?
The Chase website makes it instantly apparent which of its credit cards you can get pre-qualified for online.
Top Chase credit cards you can check for pre-qualification include the Chase Sapphire Preferred® Card, the Chase Freedom® and the Chase Slate®.
Where the Chase Sapphire Preferred® Card is ideal for consumers who want to earn flexible travel rewards. t
The Chase Freedom® is perfect for anyone who wants to earn cashback without an annual fee.
The Chase Slate®, on the other hand, lets consumers benefit from an introductory APR
On purchases and balance transfers for 15 months with no balance transfer fees for transfers initiated in the first 60 days of account opening.
That makes it perfect for debt consolidation, or for anyone who wants to make a large purchase and pay it down over time.
How to Get Pre-approved for Chase Credit Cards
It’s more difficult to get a Chase credit card pre-approval than a pre-qualification, and much of it comes down to luck.
There are two ways consumers get pre-approved:
- Receiving a pre-approval offer from Chase in the mail
- Visiting a Chase branch
The first method is convenient when it happens to you, but not exactly something you have any control over, so let’s focus on the second.
When you visit a Chase branch, you can ask an employee if you’re pre-approved for any credit cards.
It often helps to have a bank account or other pre-existing relationship with Chase.
If the employee finds any pre-approvals for you that you’re interested in, you’ll need to apply in-branch to take advantage of the offer.
How to Pre-qualify for Chase Credit Cards
You can see if you’re pre-qualified for any Chase cards online.
1. Go to the Chase pre-qualification page.
2. Fill out the pre-qualification form with the required information.
3. This form only asks for:
•Your full name
•Your street address
4. The last four digits of your Social Security number
5. Click “Find My Offers.”
After processing your information, the site will show you any Chase cards you’re pre-qualified for.
If you aren’t pre-qualified for any, then the page will say “We are unable to locate any offers for you at this time.”
Will This Affect my Credit?
No, there’s no effect on your credit score during the pre-approval or the pre-qualification process.
Chase only performs a soft credit check on you when you use its pre-qualification tool, and that doesn’t impact your credit score.
Should you decide to apply for a Chase card, there will be a hard credit check for that.
Hard credit checks do cause a credit score drop, but not by much — the average decrease is around three to five points.
How to Boost Your Chances of Pre-qualifying
How can you increase your chances of being approved if you take steps to fill out an application and apply?
There are several steps you can take right away:
Check your Credit Score
If your FICO score falls in any category other than very good or excellent.
This typically means any score below 740, then it’s possible you’ll need to spend time improving your credit before you can qualify for a Chase credit card.
To see where you stand for sure, make sure you check your credit score.
Pay all of your Bills Early or on Time
Because your payment history is the most important factor that determines your FICO score.
paying all your bills early or on-time is a smart way to ensure your credit score stays in good shape.
Pay off other Bebt
The second most important factor that makes up your FICO score is your credit utilization or the amounts you owe in relation to your credit limits.
If your debt levels are high, you may be able to boost your credit score by paying off other debt.
Most experts suggest keeping your credit utilization below 30 percent for the best results.
Which means maintaining $3,000 or less in debt for each $10,000 in revolving credit you have.
Count your Household Income
The Consumer Financial Protection Bureau (CFPB) has introduced rules that let individuals list household income when applying for credit.
This can be helpful for spouses who stay home or don’t work but have access to income otherwise.
With that in mind, make sure you’re listing your household income on your credit card application if you do apply, and not just your personal income.
Wait it Out
Finally, remember that you’re unlikely to get approved for a new Chase credit card if you’ve had too many new credit cards in the recent past.
If you’ve had more than five new cards in the last 24 months, you may need to wait a year or even longer to reapply for the Chase credit card you want.
Head to Chase’s prequalification website to get a better picture of where you stand.
There will be a soft pull on your credit history, so your credit won’t be affected. In a few seconds, you’ll see which cards you’re prequalified for.
You’re not obligated to apply for any of the cards, so don’t be afraid to shop around with other providers.
You could prequalify for the right product with American Express, USAA, or another bank.
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