topic Re: Denied Chase Freedom in Credit Card Applications

Denied Chase Freedom

celticslegends — Wed, 15 Jun 2016 00:51:05 GMT

I applied to do a balance transfer and I received the 30 day email. I called an analyst and he said that I was denied because I have opened more than 2 accts within the past 2 years. Not 2 accts with chase, but 2 accts period with other lenders within 2 years. He said that I am automatically denied and that it has nothing to do with anything derogatory on my file. He said there was nothing further he could do and that I can't recon.

Has anyone heard about this rule before from chase? I applied for the Marriott back in February and was denied, but it was because they wanted to see more history with my slate card that I opened with them last year. I have never heard of a rule like this.

Any advice would be appreciated. Thanks.

Re: Denied Chase Freedom

Skye12329 — Wed, 15 Jun 2016 00:53:09 GMT

There is quite a bit of talk about chases 5/24 rule. But it was 5 accounts in the past 2 years, not 2. So thats new.

As for co branded cards. I think someone mentioned or confirmed those are now a part of the rule also.

Re: Denied Chase Freedom

celticslegends — Wed, 15 Jun 2016 00:54:41 GMT

@Skye12329 wrote:
There is quite a bit of talk about chases 5/24 rule. But it was 5 accounts in the past 2 years, not 2. So thats new.

As for co branded cards. I think someone mentioned or confirmed those are now a part of the rule also.

Thanks for the intel. I'm going to call recon tomorrow for the heck of it and see what someone else has to say.

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 03:40:40 GMT

@celticslegends wrote:
@Skye12329 wrote:
There is quite a bit of talk about chases 5/24 rule. But it was 5 accounts in the past 2 years, not 2. So thats new.

As for co branded cards. I think someone mentioned or confirmed those are now a part of the rule also.
Thanks for the intel. I'm going to call recon tomorrow for the heck of it and see what someone else has to say.

Yes, definitely recon. Rejecting someone because of 2 accounts in the past 2 years is just... absurd. Good luck!

Re: Denied Chase Freedom

RonM21 — Wed, 15 Jun 2016 09:33:24 GMT

2 accounts does not sound like a good reason for denial. See what someone else says to you on the recon.

Re: Denied Chase Freedom

celticslegends — Wed, 15 Jun 2016 13:58:02 GMT

@RM21 wrote:
2 accounts does not sound like a good reason for denial. See what someone else says to you on the recon.

I called chase recon again and right away the woman said they have stepped up their policy and are not approving anyone that has opened more than 2 credit card accounts within the last 2 years. She said there is nothing further that she can do.

That stinks. I wanted to do a balance transfer from an existing card that I have. Does anyone have any other recommendations?

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 14:26:09 GMT

@celticslegends wrote:
@RM21 wrote:
2 accounts does not sound like a good reason for denial. See what someone else says to you on the recon.
I called chase recon again and right away the woman said they have stepped up their policy and are not approving anyone that has opened more than 2 credit card accounts within the last 2 years. She said there is nothing further that she can do.

That stinks. I wanted to do a balance transfer from an existing card that I have. Does anyone have any other recommendations?

Yikes, that's bad news for all of us who want more Chase cards! Have you considered trying for the Slate, OP? My impression is that Chase is much more particular about the UR earning cards when it comes to the x/24 rule.

Re: Denied Chase Freedom

celticslegends — Wed, 15 Jun 2016 14:28:31 GMT

@Anonymous wrote:
@celticslegends wrote:
@RM21 wrote:
2 accounts does not sound like a good reason for denial. See what someone else says to you on the recon.
I called chase recon again and right away the woman said they have stepped up their policy and are not approving anyone that has opened more than 2 credit card accounts within the last 2 years. She said there is nothing further that she can do.

That stinks. I wanted to do a balance transfer from an existing card that I have. Does anyone have any other recommendations?
Yikes, that's bad news for all of us who want more Chase cards! Have you considered trying for the Slate, OP? My impression is that Chase is much more particular about the UR earning cards when it comes to the x/24 rule.

Thanks, but I already have the Slate card. I was approved last year.

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 14:37:23 GMT

Sorry, I totally neglected to look at your signature before making that suggestion!

Re: Denied Chase Freedom

DoroLucky — Wed, 15 Jun 2016 17:27:19 GMT

if 2/24 is the new 5/24, I'd never get a Chase card at the rate I've been going LOL

Re: Denied Chase Freedom

celticslegends — Wed, 15 Jun 2016 17:40:28 GMT

Does anyone have any recommendations for balance transfers now that Chase is off the table?

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 17:56:03 GMT

@celticslegends wrote:
Does anyone have any recommendations for balance transfers now that Chase is off the table?

The Citi Simplicity has a nice intro 0% APR for a long 21 months. And the Discover it has a similar offer, but for 18 months.

It appears that both cards charge a 3% balance transfer fee, though.

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 17:57:38 GMT

That's pretty big news if the 5/24 rule has dropped more than 50% to 2/24 regarding chase cards. I'll be curious of others report back on this as well or if this is an odd isolated incident. I could see them implementing this for their OWN cards, but if you opened 2 CC's a year and a half ago I don't see how that should prevent someone today from getting a Chase card. Sort of a ridiculous rule if you ask me.

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 18:14:15 GMT

Did you call this number

1-888-245-0625 apparently this is a backdoor number for recons. You've already gotten a HP, so I'd say its worth a try, what do you have to lose....

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 18:45:26 GMT

I would be very surprised if Chase actually dropped it to 2/24. I think it's more likely that there's some BS info floating around their offices.

Re: Denied Chase Freedom

DoroLucky — Wed, 15 Jun 2016 18:48:20 GMT

@Anonymous wrote:
I would be very surprised if Chase actually dropped it to 2/24. I think it's more likely that there's some BS info floating around their offices.

or they're being PETTY towards churners right now LOL. Some of us don't churn so that's really messed up.

Re: Denied Chase Freedom

lrodrig — Wed, 15 Jun 2016 19:27:06 GMT

This is really crappy news. I was just approved for the United Explorer and was hoping to go for the CSP. I've opened 3 accounts in the last 2 years before the Explorer. I don't churn so if these are the new rules it's very annoying.

Re: Denied Chase Freedom

Anonymous — Wed, 15 Jun 2016 22:00:35 GMT

WOW WOW WOW

I had several people message me today to say the Prequalifies they had with Chase online yesterday have now disappeared. I wonder if this is why. They were each waiting for a statement balance to update to paid off prior to applying and yikes to this possible news. Maybe that is the explanation though.

Wonder where they should go instead for similiar approvals?? Suggestions?

Re: Denied Chase Freedom

Revelate — Wed, 15 Jun 2016 23:12:23 GMT

@Anonymous wrote:
WOW WOW WOW

I had several people message me today to say the Prequalifies they had with Chase online yesterday have now disappeared. I wonder if this is why. They were each waiting for a statement balance to update to paid off prior to applying and yikes to this possible news. Maybe that is the explanation though.

Wonder where they should go instead for similiar approvals?? Suggestions?

To be fair, not having a Prequal according to Chase has never been an impediment to obtaining a card, at all. Doubt that's changed necessarily.

2/24 sounds, overly punitive, but I don't have Chase's dataset. Also we've seen a couple of Chase approvals that still follow the 5/24 rule seemingly but guess we'd have to compare dates. I'm not going to go screaming that the sky is falling just yet as that seems patently absurd in the current market unless they're expecting a financial downturn and they're battening down the hatches.... or otherwise moving their portfolio out of credit cards.

I suppose either is possible or some combination of both, and I'd wager the "normal" consumer probably opens less than one card a year but I'm thinking a lot of people will fall afoul of this not just forum or similar folks if accurate.

Re: Denied Chase Freedom

celticslegends — Thu, 16 Jun 2016 00:17:21 GMT

@Anonymous wrote:
Did you call this number

1-888-245-0625 apparently this is a backdoor number for recons. You've already gotten a HP, so I'd say its worth a try, what do you have to lose....

Yes, I spoke with an analyst last night and he told me about the 2/24 rule and that there is nothing he can do. I called that # you provided to recon and the woman who picked up said the same thing. She didn't even put me on hold to look further into it.