{"id":1772,"date":"2016-08-26T05:51:55","date_gmt":"2016-08-26T12:51:55","guid":{"rendered":"http:\/\/first2board.com\/milespointsreselling\/?p=1772"},"modified":"2016-08-26T05:52:18","modified_gmt":"2016-08-26T12:52:18","slug":"chasen-pre-approval","status":"publish","type":"post","link":"http:\/\/first2board.com\/milespointsreselling\/2016\/08\/26\/chasen-pre-approval\/","title":{"rendered":"Chase&#8217;n Pre-Approval"},"content":{"rendered":"<p>Like many, I applied for the Chase Sapphire Reserve. \u00a0Like many, I was denied. \u00a0Like many, I&#8217;m a &#8220;tad&#8221; over 5\/24. \u00a0It&#8217;s hard to fault Chase for the denial. \u00a0Despite my healthy income, high credit score, impeccable credit history, and nearly zero utilization rate I&#8217;m probably not who they are looking for. \u00a0I am not going to be profitable for them. \u00a0They are giving away over $2000 for each sign up so I can&#8217;t blame them for trying to weed us out. \u00a0But I will not be deterred.<\/p>\n<p>I&#8217;ve made it my mission to get pre-approved. \u00a0In my hunt for pre-approval I&#8217;ve learned a few things I thought I would share.<\/p>\n<p>Long story short I talked to a guy at a bank who told me that pre-approvals in branch have nothing to do with the pre-qualified offers found on this <a href=\"https:\/\/www.chase.com\/prequalified\">link<\/a>. \u00a0For pre-approved offers in the branch he gave me some insight into how these work. Before I list it all out, let me preface this by saying that this was a quick and casual conversation. \u00a0I was not taking notes and did not ask him to clarify things. \u00a0I was trying to be nonchalant.<\/p>\n<p>Mr. Banker\u00a0told me that Chase does a soft pull on all their customers every six months to determine creditworthiness. By all customers he very well may have meant ALL customers but that seems like a lot of credit pulls. \u00a0So I am assuming he meant those with non credit card accounts with Chase. \u00a0I would be curious to know if folks\u00a0with only a credit card relationship have received a pre-approval from Chase. \u00a0The other factors are:<\/p>\n<ul>\n<li>Income<\/li>\n<li>Credit worthiness<\/li>\n<li>Chase relationship<\/li>\n<li>Cash flow*<\/li>\n<li>Debt to income ratio**<\/li>\n<\/ul>\n<p>* I believe what the banker meant by cash flow was how much money you have coming in and out of your Chase account.<\/p>\n<p>** This last factor was a little interesting. \u00a0It sounded like during our conversation that the banker meant not just the traditional meaning of debt to income ratio but also the ratio of available lines of credit to income. \u00a0Specifically he used as an example\u00a0&#8220;if Chase sees a line of credit for 75k that means you could run up 75k in debt.&#8221; \u00a0The banker also mentioned that they look for this to be under 50%.<\/p>\n<p>If he was talking about both the available lines of credit and debt to income being under 50% that makes sense to me. \u00a0It is commonly believed that 50% of income is the max credit line Chase will extend to you. \u00a0Seems logical if they see you over 50% they are\u00a0unlikely to pre-approve you.<\/p>\n<p>Who knows, this could all be bullshit from a banker trying to sound like a know it all, but I thought\u00a0what he said was interesting and had some merit. \u00a0Enough merit worth sharing.<\/p>\n<p>My next step for Chase&#8217;n pre-approval is to see if I can improve upon these factors and see if it makes a difference. First, does anyone want to give me 100k to pay off a student loan?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Like many, I applied for the Chase Sapphire Reserve. \u00a0Like many, I was denied. \u00a0Like many, I&#8217;m a &#8220;tad&#8221; over 5\/24. \u00a0It&#8217;s hard to fault&#8230;<\/p>\n","protected":false},"author":95,"featured_media":1774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[2],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chase&#039;n Pre-Approval - Miles Points Reselling<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/first2board.com\/milespointsreselling\/2016\/08\/26\/chasen-pre-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chase&#039;n Pre-Approval - Miles Points Reselling\" \/>\n<meta property=\"og:description\" content=\"Like many, I applied for the Chase Sapphire Reserve. \u00a0Like many, I was denied. \u00a0Like many, I&#8217;m a &#8220;tad&#8221; 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