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

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

xenon3030 — Sat, 12 Aug 2017 17:58:54 GMT

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.

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

trant3 — Sat, 12 Aug 2017 18:04:44 GMT

5/24 rule, no way around it

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

Anonymous — Sat, 12 Aug 2017 18:05:53 GMT

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 CSP

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

simplynoir — Sat, 12 Aug 2017 18:07:51 GMT

@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.

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

xenon3030 — Sat, 12 Aug 2017 18:32:20 GMT

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?

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

Anonymous — Sun, 13 Aug 2017 03:27:26 GMT

@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.

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

Anonymous — Sun, 13 Aug 2017 03:31:20 GMT

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.