A Chat Request is only a request to chat to see if you're compatible.
When you send a Chat Request, the Buddy receives a notification on site and by email that you requested them.
They can choose to Accept or Decline.
If the Buddy Accepts Your Chat Request
You are not yet buddies.
You'll have 72 hours to chat and decide if you'd like to become buddies.
If the Buddy Declines Your Chat Request
You cannot chat with them.