Chase Preapproved & Prequalified Offers 5/24
With the recent release of the Chase Sapphire Reserve card and the stricter implementation of the 5/24 rule, many people are looking for ways to get approved for Chase cards even if they have opened up 5 or more new accounts within the past 24 months. One of the known methods of getting around Chase’s 5/24 rule is via preapproved offers.
Several people this week have pointed out Chase’s Prequalified Offers site and have asked if that is the same thing as Preapproved Offers that can be found in a branch. Let’s take a look at that topic.
Chase has a website that displays prequalified offers for you. To get your offers to show, you simply need to input your name, address and the last four digits of your social security number. It is not a credit application and is not a hard inquiry. In the past they have occasionally shown better offers on this page for some people, but that hasn’t been the case lately.
If you go into a Chase branch and speak to a banker, they have the ability to pull up your customer profile in their system to see if you are preapproved for any offers. Generally this information can be pulled up quickly and if you get to know a banker, sometimes you can call to have them check.
Prequalified vs. Preapproved
While Chase obviously doesn’t share their internal policies and underwriting guidelines, prequalified and preapproved offers seem to be treated quite different. In other words, checking the online site may or may not show an offer you are approved for. Additionally, prequalified offers online do not seem to skirt the 5/24 rule. Based on anecdotal evidence from others, prequalified offers are treated the same as a normal online application when it comes to 5/24.
On the other hand, preapproved offers found only by a Chase banker in a branch seem to bypass 5/24 in most cases. This has especially been true based on data reported by readers when it comes to the Chase Sapphire Reserve card. Many people who were preapproved in a branch have had their applications approved despite being well over 5/24.
2 Separate Systems & 2 Reserve Household
Yesterday my wife called up our Chase banker (we got to know him through opening up bank accounts during the recent bonuses) and had him check if she was preapproved for the Sapphire Reserve. She is significantly over 5/24 with little hope of soon getting under, so this was her only shot. Thankfully he informed her that she was indeed preapproved and this morning she went into the branch, applied and was approved for the card with a huge credit limit. We are now a two Reserve household!
As a counter point, she searched the Chase website for prequalified offers before applying and found this:
While there is nothing concrete with Chase or any bank for that matter, here are some personal takeaways about these offers based on my own experiences and what others have reported to me:
- Prequalified offers do not help with 5/24 whereas Preapproved offers applied for in a branch seem to.
- Just because you don’t have prequalified offers online doesn’t mean you won’t have preapproved offers in a branch. It never hurts to check if you are looking to apply for a specific card.
- Sapphire Reserve specifically seems to be fairly easy to get if you are preapproved in a branch. (At least for now.) I have seen only a few data points of people who are preapproved being denied.
- With Chase it generally pays to have a good customer relationship, so it might be beneficial to have bank accounts with them and/or get to know a banker so they can check offers for you periodically. In fact, some speculate that you need bank accounts with Chase to even become preapproved.
Do you have anything to add regarding Chase preapproved and Chase prequalified offers? Please share in the comments!