topic Re: Closing New Card Approvals For Future Chase Cards in Credit Card Applications

Closing New Card Approvals For Future Chase Cards

Carlosjb3 — Sun, 04 Nov 2018 22:51:37 GMT

I just applied and got approved for 4 credit cards 5 days ago which put me well over the 5/24 rule with another 2 cards I opened in the last 24 months. My question is can I call the credit card issuer and tell them I don't want the credit card anymore or is it too late? I want to get a Chase card in the near future.

Re: Closing New Card Approvals For Future Chase Cards

SBR249 — Sun, 04 Nov 2018 23:49:03 GMT

Too late, when you applied for those cards, you agreed that you'll take the HP and the new account. Even if you back out now, those HPs and new (closed) accounts are still going on your CR. Your only hope now, if those accounts haven't shown up on your CRs yet, is to app for the Chase cards before they get reported. But even then you risk rejection based on too many recent inqs or Chase closing your account once all those cards hit your CR.

At this point there's really not much you can do except call it a lesson learned and hope for some preapproved offers from Chase down the road.

Re: Closing New Card Approvals For Future Chase Cards

Medic981 — Sun, 04 Nov 2018 23:46:05 GMT

@SBR249 wrote:
Too late, when you applied for those cards, you agreed that you'll take the HP and the new account. Even if you back out now, those HPs and new (closed) accounts are still going on your CR. Your only hope now, if those accounts haven't shown up on your CRs yet, is to app for the Chase cards before they get reported. But even then you risk rejection based on too many recent inqs or Chase closing your account once all those cards hit your CR.

At this point there's really not much you can do except call it a lesson learned and hope for so preapproved offers from Chase down the road.

+1, Chase Bank can be very skittish.

Re: Closing New Card Approvals For Future Chase Cards

Carlosjb3 — Mon, 05 Nov 2018 00:37:30 GMT

Don’t new credit card accounts appear on your credit report in about 30-60 days? I still have to activate the cards once I receive them. So basically even after not activating the cards and telling them that I’m not interested they will still report the account?

As far as inquiries I have an average 4-5 across all 3 bureaus over the past 12 months even after my app spree so not terribly bad.

Re: Closing New Card Approvals For Future Chase Cards

Brian_Earl_Spilner — Mon, 05 Nov 2018 00:45:15 GMT

The accounts were basically created once you were approved. The damage is done.

Re: Closing New Card Approvals For Future Chase Cards

Gmood1 — Mon, 05 Nov 2018 01:02:37 GMT

If you want any Chase 5/24 cards. Better grab it now. Your others might not report till the end of the month. It's now or 2 years from now.. your choice.

Not all of the Chase cards are 5/24.

Re: Closing New Card Approvals For Future Chase Cards

Carlosjb3 — Mon, 05 Nov 2018 02:01:32 GMT

I guess I’m screwed unless I walked into a Chase Branch with half a mil and be like I want to open a checking account but first give me the Saphire Reserve or no deal! 😂

Re: Closing New Card Approvals For Future Chase Cards

SBR249 — Mon, 05 Nov 2018 02:17:15 GMT

Even if you don't activate the cards or use them, the account is considered opened and active. By applying you've agreed to open the account and that's all that's needed. It would be like opening a checking account and not putting money in it or writing any checks. The account is still open regardless of usage. Also, closed accounts are still reported on your CR for up to 10 years after closure depending on the lender. I'm afraid there's no way to make it appear like you never opened those accounts in the first place at this point.

As others have said, you have a small window right now to try your luck with Chase before your CRs report the new accounts. It's either now or up to 2 years down the road.

Re: Closing New Card Approvals For Future Chase Cards

Anonymous — Mon, 05 Nov 2018 02:27:10 GMT

Yep, better app quick, even if chase denies you I mean what are you gonna lose by having another inquiry, you already know missed out on the chase cards. Probably best option will be to look at Amex at this point.

Re: Closing New Card Approvals For Future Chase Cards

blindambition — Mon, 05 Nov 2018 04:22:59 GMT

How fast the TL will appear will depend on lender. Amex will normally report after 2 bill cycles.

When I got Barclays Uber, appeared on CRA 4 days after approval. Days before even receiving the card.

Re: Closing New Card Approvals For Future Chase Cards

Carlosjb3 — Mon, 05 Nov 2018 04:44:34 GMT

@Anonymous wrote:
Yep, better app quick, even if chase denies you I mean what are you gonna lose by having another inquiry, you already know missed out on the chase cards. Probably best option will be to look at Amex at this point.

I just apped for the Chase Freedom Unlimited and got the message below

Is this usually bad news?

Re: Closing New Card Approvals For Future Chase Cards

Brian_Earl_Spilner — Mon, 05 Nov 2018 07:10:24 GMT

I wouldn't have apped for it. They can see the inquiries already and chase is known to soft pull after an approval to make sure nothing has changed. So, while none of your new accounts are showing yet, if you got approved by a lender that updates quickly, they may see that and close the account.

As for the 30 days, it could be they need you to call in and confirm some info, maybe identity check.

Re: Closing New Card Approvals For Future Chase Cards

Gmood1 — Mon, 05 Nov 2018 09:56:43 GMT

Could be verification, I've received the same message. It could go either way.
You can call in tomorrow or just let it play out. One inquiry isn't a big deal. Nothing ventured, nothing gained.

Re: Closing New Card Approvals For Future Chase Cards

SBR249 — Mon, 05 Nov 2018 10:21:05 GMT

@Carlosjb3 wrote:
@Anonymous wrote:
Yep, better app quick, even if chase denies you I mean what are you gonna lose by having another inquiry, you already know missed out on the chase cards. Probably best option will be to look at Amex at this point.
I just apped for the Chase Freedom Unlimited and got the message below
Is this usually bad news?

The good news is that that's not the message you get for being over 5/24. IIRC, many times 30 days message is a more information needed for verification but I could be wrong.

Re: Closing New Card Approvals For Future Chase Cards

UncleB — Mon, 05 Nov 2018 10:54:26 GMT

@Carlosjb3 wrote:
I guess I’m screwed unless I walked into a Chase Branch with half a mil and be like I want to open a checking account but first give me the Saphire Reserve or no deal! 😂

LOL... sadly, even that wouldn't make a difference with Chase.

My fingers-are-crossed that you hear good news on your pending app!

Re: Closing New Card Approvals For Future Chase Cards

Anonymous — Mon, 05 Nov 2018 13:30:21 GMT

Sounds like you might still get it. I got a similar message with my ink Preferred and I believe also sapphire preferred. In fact the csp like 2 days after I apped I apped for the Penfed Pathfinder (I apped CSP first cuz of 5/24 but did Penfed quick so they didn't see the new chase account). Now granted I'd already been an established chase client and had opened my first cc and checking with them like 6 years prior, but they didn't shut any of my stuff down.

I say you apped, you didn't get a terrible message, there's still hope. Just chill, worst case scenario they close the card retroactively and you can't app for a 5/24 card for 2 years anyway. Just the same as a regular denial when you think about it (I would be very surprised if they blacklist you for this or anything like that).

Walking into chase with 500k might get you the Palladium card, which is basically a fancy version of the CSR that's reserved for Chase Private Clients.

Re: Closing New Card Approvals For Future Chase Cards

Brian_Earl_Spilner — Mon, 05 Nov 2018 15:25:47 GMT

@SBR249 wrote:
@Carlosjb3 wrote:
@Anonymous wrote:
Yep, better app quick, even if chase denies you I mean what are you gonna lose by having another inquiry, you already know missed out on the chase cards. Probably best option will be to look at Amex at this point.
I just apped for the Chase Freedom Unlimited and got the message below
Is this usually bad news?

The good news is that that's not the message you get for being over 5/24. IIRC, many times 30 days message is a more information needed for verification but I could be wrong.

I received the same message and verified within an hour it was denial for 5/24

Re: Closing New Card Approvals For Future Chase Cards

Remedios — Mon, 05 Nov 2018 16:06:07 GMT

@UncleB wrote:
@Carlosjb3 wrote:
I guess I’m screwed unless I walked into a Chase Branch with half a mil and be like I want to open a checking account but first give me the Saphire Reserve or no deal! 😂
LOL... sadly, even that wouldn't make a difference with Chase.

My fingers-are-crossed that you hear good news on your pending app!

That sounds so familiar lol

Re: Closing New Card Approvals For Future Chase Cards

SBR249 — Mon, 05 Nov 2018 18:03:01 GMT

@Brian_Earl_Spilner wrote:
@SBR249 wrote:
@Carlosjb3 wrote:
@Anonymous wrote:
Yep, better app quick, even if chase denies you I mean what are you gonna lose by having another inquiry, you already know missed out on the chase cards. Probably best option will be to look at Amex at this point.
I just apped for the Chase Freedom Unlimited and got the message below
Is this usually bad news?

The good news is that that's not the message you get for being over 5/24. IIRC, many times 30 days message is a more information needed for verification but I could be wrong.
I received the same message and verified within an hour it was denial for 5/24

But I bet you were already over 5/24 reporting on your CR. The OP just got 4 new cards last week, chances are not all of them will have reported yet. So if verified, maybe it won't turn into a 5/24 denial.

Re: Closing New Card Approvals For Future Chase Cards

FinStar — Mon, 05 Nov 2018 18:11:33 GMT

Ok, I'll bite. So, I'm curious, if you applied and were approved for 4 CCs, what was the strategy behind the applications if you were willing to close the new CCs just to see if you could get a (5/24 restricted) Chase CC?

As others have mentioned above, that email is pretty standard for any applications that require further processing, denied or approved. The automated status line can provide a little more information as your application moves along.