Chase Southwest denial and a question for the forum!

[Gmood1]

I tested the Chase waters last month on the 5/24 rule. I first apped for the Amazon Prime and was approved. Hours later I apped for a CSP(more out of curiosity), since it would be on the same pull. The only reason I didn't get the CSP was because of the 5/24. There were no other reasons mentioned. The Amazon was approved with the best rate they offer on the card. This leads me to believe, if the rule didn't exist. I would have been approved for that card as well.

I have a BUNCH of new accounts opened in that 24 month period. More than most..lol . In the last two years up until the 5/24 rule was implemented. I've never been denied a card from Chase. If I'd apped for the Ritz or another card not in that 5/24. I'm almost positive I would have gotten it.

[ohreally7654]

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@Anonymous wrote:

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For those of you that have been denied, citing that reason, have you also seen additional reasons listed, in conjunction with the ‘violation of the 5/24 rule’?! Specifically what I am trying to determine is whether I was instantly denied because their algorithm detected too many new accounts, and it stopped there (in other words, the rest of my profile wasn’t even evaluated), or if that was truly the only reason for my denial.

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I've been wondering the same thing. I was recently denied for the Southwest Visa and the only reason given was the 5/24 rule. I've been wondering if that means I might get approved for the Amazon or AARP cards. I don't need them bad enough to risk the denial to find out, though. Only reason I applied for Southwest was because I was booking a trip through them.

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Thank you for the feedback, CS2708!!  I'll be interested to hear if others have had similar experiences, tried for the co-branded like Amazon Visa, and end up getting in.  I've had other banks reject me in the past citing previous relationship as the reason for denial (USAA and Citi did this to me several times but ultimately got back in with both as I repaid them every dime I owed), and know that Chase can definitely have one of the longest memories out there! I will probably roll the dice at some point toward the end of the year, and just try my luck with the Ritz. I will definitely report back when I do!

[ohreally7654]

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@Gmood1 wrote:

I tested the Chase waters last month on the 5/24 rule. I first apped for the Amazon Prime and was approved. Hours later I apped for a CSP(more out of curiosity), since it would be on the same pull. The only reason I didn't get the CSP was because of the 5/24. There were no other reasons mentioned. The Amazon was approved with the best rate they offer on the card. This leads me to believe, if the rule didn't exist. I would have been approved for that card as well.

I have a BUNCH of new accounts opened in that 24 month period. More than most..lol . In the last two years up until the 5/24 rule was implemented. I've never been denied a card from Chase. If I'd apped for the Ritz or another card not in that 5/24. I'm almost positive I would have gotten it.

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CONGRATS on the Amazon Visa, Gmood1!!  And I really appreciate you chiming in! It's making me hopeful that I will get the Ritz when I decide to go for it!  Just out of curiosity, do you recall how many inquiries you had at the time you applied for the Amazon?

[ohreally7654]

Thank you to all who gave me feedback and good data points!! It was so helpful! I think I may open another checking account with Chase (I had one for years that I closed a few years back) and maybe try the branch pre-approval route in a few months, as well.  It's good to know there is at least one viable way around the good ole 5/24 rule!!

[Anonymous]

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@134Sparks wrote:

Get this, Chase tells me first denied, then I recon then they tell me CHASE HAS REFORMULATED THERE POLICY REGARDING BK'S AND THEY NOW COUNT BIG TIME AGAINST YOU. 

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I'm with Chase on this one, and it's all anecdotal here, but almost all my friends who filed BK in 2009-2011 are already up to their eyeballs in high utilization again.

Chase doesn't just have to use your credit reports now, they are allowed to manage a history internally and use that to compare different borrowers.  If they're seeing higher charge-offs on those who once had a BK, they are allowed to change their creditworthiness profiling -- and it's all internal so there's no way you can access what they say about you internally.

The credit laws in the US just say that creditors need to give you any generic reason for denying you credit or more credit, and FICO is well paid for specifically coming up with artificial "reason codes" that abide the laws even if they have nothing to do with the real reason for adverse action.

With chargeoffs on the increase again, Chase must know something about who is more likely to chargeoff and I bet their internal measures put a hefty penalty on BKs.

What's worse is there's no way to know if Chase will ALWAYS remember that BK even if it falls off your credit reports.  Nothing specifically prevents them from keeping it in their internal history of different borrowers.

[Gmood1]

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@ohreally7654 wrote:

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@Gmood1 wrote:

I tested the Chase waters last month on the 5/24 rule. I first apped for the Amazon Prime and was approved. Hours later I apped for a CSP(more out of curiosity), since it would be on the same pull. The only reason I didn't get the CSP was because of the 5/24. There were no other reasons mentioned. The Amazon was approved with the best rate they offer on the card. This leads me to believe, if the rule didn't exist. I would have been approved for that card as well.

I have a BUNCH of new accounts opened in that 24 month period. More than most..lol . In the last two years up until the 5/24 rule was implemented. I've never been denied a card from Chase. If I'd apped for the Ritz or another card not in that 5/24. I'm almost positive I would have gotten it.

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CONGRATS on the Amazon Visa, Gmood1!!  And I really appreciate you chiming in! It's making me hopeful that I will get the Ritz when I decide to go for it!  Just out of curiosity, do you recall how many inquiries you had at the time you applied for the Amazon?

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Thanks! EX was 23 and EQ 19

[Anonymous]

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@fltireguy wrote:
CaptainJ- it has nothing to do with "breaking the 5/24". This card simply is not part of their 5/24 rule. Not all chase cards are 5/24, Disney,AARP,Amazon,IHG to start with are not. UW for Amazon does seem a little less stringent than for some of their other cards though, and the SL is also usually on their low side. lol

How is the Amazon Prime Visa inferior to the store card? They are both 5%, actually at the moment most of us are getting 10% back from Chase. Plus you can't use the store card anywhere else, so it's actually the store card that's the worthless one for me!

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Hi, thanks for the reply.  I dont want to get into a game of semantics, I simply meant some of(but not all) of the co-branded cards get around the 5/24 rule for those lookign to apply for a Chase card.  

For me, I remember the Amazon Visa being 3% when I looked at it, maybe it was because I wasnt a Prime member at the time?  Still with it being equal to a card I already have, I am not sure if it is worth a hard pull to me, as I already have a rewards card that Im happy with.  What does it take to qualify for the 10% back?  How long does that last for?   That might be enough to get me to brave the EPIC recon call I'd have to face due to having IIBing Chase in the past like the OP of a couple of different Chase Amazon threads.  

This is for everyone, not just FTG:  I wonder if the info in here about Chase's allleged "new" look at BKs(mentioned earlier in this thread) cancels out those threads for the Amazon card where the OPs had IIBed Chase around 4 and 2.5 years ago, if I recall correctly?  Can anyone else confirm they have recently changed their underwriting standards?  Thanks

[134Sparks]

And in reply to your comment, NO I WOULD NOT BE SIGING THEIR PRAISE. They have to remember we are the customer, hello big time bank.

[Anonymous]

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@fltireguy wrote:

How is the Amazon Prime Visa inferior to the store card? They are both 5%, actually at the moment most of us are getting 10% back from Chase. Plus you can't use the store card anywhere else, so it's actually the store card that's the worthless one for me!

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You actually got me to consider applying for this due to the new terms, but when I looked it up on Chase's site, it was 3% cash back just as I'd remembered it.  Is there something I'm missing?  

I'd like to get back in with Chase, but unfortunately this card currently wouldnt have any other practical value like the Southwest would or some of their other cards might....unless the 5% or 10% FTG mentioned were somehow correct.  Can anyone chime in and let me know?

Does anyone have any idea how different the underwriting standards are between the Amazon and the Southwest?   Thanks

[JackBeNimble1]

I applied for Southwest Rewards Plus card a few days ago. Since I have a bankruptcy on my file from 2011 (thanks housing crash), I knew I'd be denied so I immediately called recon. This worked for me in April when I was approved for the Freedom Unlimited and the IHG cards back to back. But this go around I was told I was denied, so I asked for a recon, and after answering all the usual questions, the woman informed me she wasn't denying me but that my application required a second/final approval. She said it would take two weeks. I wasn't sure how to feel about this since it was different than my experience with Chase in April but I began to assume the worst. Now when I call the automated line, I get the 30 days message, which based on these forums, could be a good omen. I fly Southwest all the time and really want this card. Thoughts? Has anyone else been told they need a second approval?