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Member
Posts: 28
Registered: ‎08-06-2017
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Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 years

I applied for a Chase Sapphire Preferred credit card in this month (EX=720, no balance, >10 inq in the last two years). The application was declined due to too many credit cards opened in the last two years.

 

In the last year I opened ~7 credit cards. Is it feasibe that I get accepted if I improve my EX credit score above e.g. 740 after a few months? Shall I wait for >1 year to satisfy the mentioned decline reason and afterward, apply for this card?

 

I need some travel credit cards and this card looks excellent, but not sure when I would be eligible for it in a close future.

Current: EX=720, EQ=740, TU=740.
Goal: EX=760, EQ=760, TU=760.
AMEX Gold, AMEX Blue everyday, Discover cash rewards, BOA travel rewards, BOA cash rewards, BOA better cash rewards, Walmart/Synchrony, Chase freedom unlimited, Chase Amazon.
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Posts: 436
Registered: ‎05-13-2014

Re: Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 year

5/24 rule, no way around it


FICO EQ: 720 EX: 712 TU 719

Citi Diamond $3.9k, Citizens Bank Cashback Plus $4.6k, Chase Amazon $3k, Chase Hyatt $16k, Chase IHG $16k, Amex Hilton $3k, Amex SPG $4k, Amex Everyday $5k, Amex Plat, Chase Sapphire Reserve $10.5k, Amex BCP $14k, BoA 123 $1k, NFCU cashRewards $22k, Discover IT $17.5k, Discover Miles $3.5k, Commence WM $7.5k, Fidelity Visa $500, PenFed Cash $2.5k, PenFed Promise $15k, AEFCU Visa $9k

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Posts: 105
Registered: ‎04-21-2017
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Re: Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 year

If you've opened 5 in the last 24 you'll be denied regardless of score. Go for one of their co-branded cards not under the 5/24 rule or don't app for anything until next year. If you want the CSPSmiley Happy
8/2017 EQ-723 TU-742 EX-717
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Posts: 291
Registered: ‎04-29-2017
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Re: Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 year


trant3 wrote:

5/24 rule, no way around it


This pretty much. To expand Chase won't let any apps be approved if you have opened 5 new accounts in the past 24 months (believe this also includes AU accounts). Co-branded cards like the IHG are fine since they don't fall under 5/24 but everything else is.

FICO 08 Scores (06/29/17): TU 817, EQ 821, EX 822
FICO 08 Scores (08/01/17): TU 827, EQ 830, EX 833

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AMEX Business Platinum: NPSL | AMEX BCE: $18,000 | Capital One QS: $17,000 | Walmart MC: $15,000 | Sam's Club MC: $15,000
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Posts: 28
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Re: Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 year

OK. Does any other credit card brand (Citi, Discover, Capital One, etc.) have a similar condition regading the number of opened accounts in the last years?

Current: EX=720, EQ=740, TU=740.
Goal: EX=760, EQ=760, TU=760.
AMEX Gold, AMEX Blue everyday, Discover cash rewards, BOA travel rewards, BOA cash rewards, BOA better cash rewards, Walmart/Synchrony, Chase freedom unlimited, Chase Amazon.
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Posts: 729
Registered: ‎01-16-2017
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Re: Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 year


xenon3030 wrote:

OK. Does any other credit card brand (Citi, Discover, Capital One, etc.) have a similar condition regading the number of opened accounts in the last years?


Nope. 

January 1 2017 Experian 507
January 15 2017 Experian 527 Transunion 528 Equifax 529
August 1 2017 Experian 702, Transunion 711, Equifax 715

BOA Cash Rewards, AMEX BCE, AMEX PRG, CITI AADvantage Platinum, Chase Southwest Premier, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.. 130k total credit lines.
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Re: Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 year

OP, sorry the hear about your denial.  The 5/24 rule is one of the most commonly talked about things when it comes to Chase apps.  Going forward just to sort of preserve yourself, I'd strongly suggest reading on this forum a bit more before you pull the trigger on things.  Definitely research the product(s) or topics that you're interested in before making any decisions so that you can avoid adverse results.

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