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Chase Sapphire Preferred credit card declined due to many credit cards opened in the last 2 years

Regular Contributor

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:::::::::::::EX8=740, EQ8=740, TU8=760.
12 month goal: EX8=800, EQ8=800, TU8=800.
AMEX BCE, AMEX PRG, AMEX HH, BOA CR, BOA Better CR, BOA PR, BOA TR, Chase AMZ, Chase Freedom, Discover CR, Uber, Walmart/Synchrony.
6 REPLIES
Frequent Contributor

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

5/3 Stand Up 2 Cancer $4k, Citi Diamond $5k, Citi TY Premier $4k, Citizens Bank Cashback Plus $4.6k, Chase Amazon $3k, Chase Hyatt $16k, Chase IHG $16k, Amex Hilton $3k, Amex SPG $4k, Amex Everyday $5k, CSR $10.5k, Amex BCP $16k, NFCU Amex $6k, NFCU cashRewards $22k, Discover IT $18k, Discover Miles $4k, Commence WM $7.5k, City National Crystal Visa Infinte $10k, PenFed Cash $2.5k, PenFed Promise $15k, AEFCU Visa $9k

Message 2 of 7
Regular Contributor

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
10/4/17 EQ-725 TU-751 EX-724 From $900 available credit to $101,200 in 9 months. It's been a fun ...
Message 3 of 7
Valued Contributor

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 (Oct-17): TU 810, EQ 813, EX 813

Message 4 of 7
Regular Contributor

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:::::::::::::EX8=740, EQ8=740, TU8=760.
12 month goal: EX8=800, EQ8=800, TU8=800.
AMEX BCE, AMEX PRG, AMEX HH, BOA CR, BOA Better CR, BOA PR, BOA TR, Chase AMZ, Chase Freedom, Discover CR, Uber, Walmart/Synchrony.
Message 5 of 7
Valued Contributor

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. 

BOA Cash Rewards, AMEX BCE, AMEX PRG, AMEX Ameriprise Platinum, AMEX SPG, CITI AADvantage Platinum, Chase Hyatt, Chase Southwest Premier, Chase Southwest Plus, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.
Message 6 of 7
Highlighted
Senior Contributor

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.

Message 7 of 7