"I Can't Believe I Was Approved!"

Chase Freedom® Visa - $50 Bonus Cash Back Review
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Written by: krave on 2010-01-10

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krave's review: Callout Comment Okay, this will be my 5th and final credit card application for next 12 months. I have been applying for credit cards and store cards like crazy for the past few days (not weeks, DAYS).

Received in the mail yesterday the Chase Freedom credit card with Exclusive Benefits and Welcome packet. This is a rewards card that earns 1 point per $1 on all purchases, 10% extra bonus points per $1 spent, plus 10 bonus points on every purchase (because I have a Chase Checking account too). No rewards expiration & $0 annual fee. 0% APR until January 2011, 23% thereafter.

I was doing an ATM transaction 2 weeks ago when this popped up:

"Congratulations! You are Pre-Approved for a Chase Freedom credit card with Exclusive Benefits!" So since I was in a hurry and on this "instant approval streak" and I got curious because the card looked different (it was blackish grey and has the word "exclusives" on the card), I tapped "yes" a couple of times to read more about the offer, and accidentally agreed to apply for the card! I did not see any response (approved or denied) at the ATM, other than: "Thank you for choosing Chase and for submitting your ATM request today for your pre-approved chase freedom credit card."

I panicked because I've been applying for cards non-stop for 4-5 straight days.

Anyway, I logged in to the forums here immediately that same day and asked for the advice of the "credit gurus". Smcc suggested to call Customer Service to find out the application status. I searched for their backdoor number here in the forums, called it and heard an automated voice response: "You have been approved. Your APR will be 0.0% until May 2010. Your credit line is $1700.00."

I was so surprised! But also thankful that I was approved. And so happy with the limit they gave me. It's the highest initial limit I ever received. I hope they would give increases in time...

Credit score accdg to Credit Karma at the time of application: TU 702. Always paid in full each month and never late car loan payments.

They also tried to offer a kind of payment protection plan, but I politely declined. CSR was not "pushy" and respected their client's decision.


Comment 1 by wanderer
Re: I Can't Believe I Was Approved! User Icon on 2010-01-10

Remarks CONGRATS! Krave - have a similar card and I love it. My favorite card. I believe for 2009 I obtained $350 in rewards cash (your choice in benefits - thus freedom). Glad you applied! Join those of us who like rewards and Chase treats you well for a big boy bank.
Comment 2 by krave
Re: I Can't Believe I Was Approved! User Icon on 2010-01-11

Remarks Thanks Wanderer! Wow! $350 in cash rewards! I'm really going to use this card always!
Comment 3 by kiejon9
Re: I Can't Believe I Was Approved! User Icon on 2010-01-11

Comment 4 by colonative
Re: I Can't Believe I Was Approved! User Icon on 2010-01-11

Remarks Congratulations. You probably weren't declined because the credit bureaus had not yet reported the inquiries or the new trade lines.

Is yours a Visa or MasterCard? They have sent me two pre-approvals for a Chase Freedom. In the terms and conditions it says Platinum or World, so my offer is for a MasterCard but I have always seen these as Visa's.
Comment 5 by rsty99
Re: I Can't Believe I Was Approved! User Icon on 2010-01-12

Remarks Congrats they did that to me also at ATM, mine was the Chase Plat Perfect Card.
Comment 6 by ari
Re: I Can't Believe I Was Approved! User Icon on 2010-01-13

Remarks Great congrats! Hoorah from a fellow plastic addict. But go easy now. Your credit score will inevitably take a dip now because of the inquiries and you have lowered your average account age by opening up the new accounts. Let the accounts age for a while and try to let an inquiry or two drop off, but if you're like me you'll apply again until you hit a brick(declined) wall. : ) Chase is a prime bank so they should be willing to bump up your limit. After Capone gives you those CLI's, that will probably be it.
Comment 7 by krave
Re: I Can't Believe I Was Approved! User Icon on 2010-01-15

Remarks @kiejon9 - thanks!

@colonative - thanks! You're right, maybe it takes a while before all the inquiries would show up to my credit report, so applying in 4 consecutive days turned out to be an advantage for me...:D

by the way, they gave me Visa with "Chase Exclusives" written on the upper right corner and it's a dark gray card with the blue chase logo. :)

@rsty99 - thanks! I wonder if getting an offer in the ATM guarantees approval... It was the first time for me to get an offer through ATM. I always get it in the mail.

@ari - thanks! Hoorah! I'm really trying to hold off applying for any credit card at this time... So far this was the last application I submitted. =) I'm really hoping they do an auto CLI, like CapOne. I'm looking forward to grow with this card and get nice limits like the other members here. =) I checked my credit score at creditkarma.com, and you're right. It did take a dip, and the inquiries are showing up. Well atleast I got the credit cards before the inqs showed up. I promise this will be my last credit application. :D
Comment 8 by bc8787
Re: I Can't Believe I Was Approved! User Icon on 2011-06-06

Remarks I got this same message on the ATM but did not respond since Chase has always denied me. I got a letter in the mail saying the same thing. So I went online and applied. I was instantly approved. I called the 800 number on the letter to ask my credit line. $400??? Are they serious? I have about the same scores you have. Equifax is 704 and Experian is 701. Oh well. I have always wanted a Chase credit card so hopefully they will give me a CLI soon. Since my other cards have double digit limits ($10,000+)
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