topic Re: Denied for sapphire due to 2 new accounts in Credit Card Applications

Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 03:44:08 GMT

Hello everyone. New to this forum but I have been working on my credit since January 2018. I finally got to 694 and decided to apply for the chase sapphire after reading many people getting it with a lower score. I was denied and called the reconsideration line to ask why they said I had 2 new accounts opened in November. That was 3 months ago? I thought the 2 new accounts was 30 days? How long should I wait to apply again? Does anyone have any suggestions? My payments are 100% on time and my debt to income is so low. My history isn’t very long I have one account 16 years old and 2 new accounts from a year ago so it lowered my history by a ton.

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 01:44:04 GMT

I don’t know from personal experience but when I asked in this forum about the same thing while trying to complete the trifecta (I just got the CF and CFU), i was told to wait 6 months minimum with a higher rate of success after 12 months

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 03:10:10 GMT

@Anonymous wrote:

Hello everyone. New to this forum but I have been working on my credit since January 2018. I finally got to 694 and decided to apply for the chase sapphire after reading many people getting it with a lower score. I was denied and called the reconsideration line to ask why they said I had 2 new accounts opened in November. That was 3 months ago? I thought the 2 new accounts was 30 days? How long should I wait to apply again? Does anyone have any suggestions? My payments are 100% on time and my debt to income is so low. My history isn’t very long I have one account 16 years old and 3 new accounts from a year ago so it lowered my history by a ton.
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OP, you're at 5/24 which is the death knell for most when applying with Chase. Though Chase cited the 2 accounts from November, they're looking at your past 24 months. My suggestion would be to garden if you still want the Sapphire. Let the accounts from last year age - with at least one going over 24 months before you consider re-applying. With your continued strong habits, your scores will increase, your profile will be more attractive, and more importantly, you'll apply and very likely be posting in the Approvals board in the future. Good luck to you!

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 03:09:51 GMT

Do you think I would get denied for the CF or CFU for the same reason or are they more strict on the sapphire?

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 03:13:09 GMT

I was wrong about the 5 accounts. I am currently at 4 in the past 24 months. I knew about the 5/24. I opened cap1 quicksilver a year ago and cap1 platinum. Then the kohl’s and credit one in November. So I should still be ok. He told me the reason was the 2 accounts in November. Which I thought was 2 in 30 days? Is it worth retrying in a month or two?or calling the number again and asking to reconsider. Ive heard people have done that and got them

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 03:13:47 GMT

If you hit 5/24 (5 new credit cards in the past 24 months) chase won’t approve you for anything, including business cards. The only way around this is in branch offers or green check marks. Sorry man. Just wait for those 3 from last year to age pst 24 months and don’t open any more in the mean time

Sorry for not catching that the first time around.

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 03:14:50 GMT

Try the recon. Most they can do is say no, right?

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 03:45:08 GMT

I made a mistake I am not at 5/24. I have 4 new accounts. Sorry about the mix up

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 04:05:04 GMT

What do you mean by green check marks? Sorry new to all of this

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 04:43:31 GMT

@Anonymous wrote:
What do you mean by green check marks? Sorry new to all of this

Re: Denied for sapphire due to 2 new accounts

CerebralZulu — Mon, 11 Feb 2019 13:13:54 GMT

@Anonymous wrote:
If you hit 5/24 (5 new credit cards in the past 24 months) chase won’t approve you for anything, including business cards. The only way around this is in branch offers or green check marks. Sorry man. Just wait for those 3 from last year to age pst 24 months and don’t open any more in the mean time

Sorry for not catching that the first time around.

How do they know about the business cards? They don't show on reports. Or are you saying their business cards?

Re: Denied for sapphire due to 2 new accounts

Anonymous — Mon, 11 Feb 2019 18:35:58 GMT

The 2/30 rule only affect Chase cards, not other Banks. So I 'm not sure why having 2 new accounts within 90 days means anything. I assume that 5/24 is just a blanket figure, and that it's not micromanaged to the level of recent activity versus older. Though I guess it could look like credit seeking behavior. I have heard statements to wait 6 months from the newest open account before apping with Chase though.

Fortunately my 2 Amex accounts took 2 months to post, because I apped the CSP 8 days after those two and was approved.