topic Re: Chase Sapphire Preferred Denial in Credit Card Applications

Chase Sapphire Preferred Denial

Anonymous — Thu, 18 Apr 2019 05:52:54 GMT

Hi there-

I'm 34 and take great care of my credit. Due to 2 vacations this year, I decided to add a chase sapphire card to my portfolio. I've hemmed and hawed at this move for about 2 months because I hate having hits on my credit report. I already have one for an auto loan.

Anyhow, I decide to pull the trigger and to my suprise the screen said "We need more info". (!)
I logged in later that morning to my chase account (I am a freedom card holder already) and they didn't even show the app on the 'pending app' section.

I called, and despite the heavy accent and muffled words of the person who helped me they told me the reason I was denied was "I have too many credit cards". I said "excuse me?" I have 0 balance on all my cards, a credit score of >800, no missed payments. Looking through the forum, there's people with signatures that show what credit cards they have and there's a ton with more cards than I do!
I'm married with an income that adding on more card would not be an overextension.... we have a 0 balance on all our accounts currently. I told him "What a waste of a pull of my credit!" before I hung up with him.

Has anyone dealt with this before? Is what they mean different than what they say? I'm absolutely baffled. I haven't had a decline in nearly 15 years.

TIA!
Sarah

Re: Chase Sapphire Preferred Denial

M_Smart007 — Thu, 18 Apr 2019 06:00:13 GMT

personally if i were you, i'd call back and speak to someone else. it sounds like you deserve the card. IMHO

Re: Chase Sapphire Preferred Denial

Anonymous — Thu, 18 Apr 2019 06:27:35 GMT

How many credit cards have you opened in the last 24 months? Are you aware of the Chase 5/24 restriction - no more than 5 new accounts in 24 months?

Did you have a prequalified offer in your account before you applied or did you go in for a cold application?

Are you absolutely certain that your credit report is clean? Chase would create a risk score (their own internal version of FICO) to make a decision. If your profile is as solid as you say, I cannot imagine why they would deny your application unless income is way too low, you have too many new cards, or if they think you're not carrying any kind of balance on your cards (a sign that could indicate credit seeking/churning behavior).

You should call back and go to recon with another CR.

Re: Chase Sapphire Preferred Denial

sarge12 — Thu, 18 Apr 2019 08:04:53 GMT

Since you do not show your scores, debts, current credit cards, utilization, we here on thid board has little to go on about the reason for the decline. Sorry for your bad luck.

Re: Chase Sapphire Preferred Denial

Omw800 — Thu, 18 Apr 2019 10:46:17 GMT

I would try the back door route for reconsideration. Keep in mind they have a 5/24 rule. If you are a chase holder with a pre approval they will often bypass this standard rule. However, if your inquiries and accounts are not credit card related and everything else on your credit profile meets chase standards. Give them a call if that was the only reason they Denied you. You may need to explain the recent credit inquiries. My friend had to do the same thing, she also has a great credit profile and mid six figure income to go with it

Re: Chase Sapphire Preferred Denial

CreditInspired — Thu, 18 Apr 2019 10:58:48 GMT

@Anonymous wrote:
Hi there-

I'm 34 and take great care of my credit. Due to 2 vacations this year, I decided to add a chase sapphire card to my portfolio. I've hemmed and hawed at this move for about 2 months because I hate having hits on my credit report. I already have one for an auto loan.

Anyhow, I decide to pull the trigger and to my suprise the screen said "We need more info". (!)
I logged in later that morning to my chase account (I am a freedom card holder already) and they didn't even show the app on the 'pending app' section.

I called, and despite the heavy accent and muffled words of the person who helped me they told me the reason I was denied was "I have too many credit cards". I said "excuse me?" I have 0 balance on all my cards, a credit score of >800, no missed payments. Looking through the forum, there's people with signatures that show what credit cards they have and there's a ton with more cards than I do!
I'm married with an income that adding on more card would not be an overextension.... we have a 0 balance on all our accounts currently. I told him "What a waste of a pull of my credit!" before I hung up with him.

Has anyone dealt with this before? Is what they mean different than what they say? I'm absolutely baffled. I haven't had a decline in nearly 15 years.

TIA!
Sarah

I personally know how you feel. Happened to me last year when I had 800 scores, 1% UT, and always PIF. When the CSR told me the reason was over 5/24, I was so livid I closed my ChaseFU and immediately applied to AmX and got a $15K CL and a $8K CLI on my NFCU. Don’t regret closing it and haven’t looked back.

Re: Chase Sapphire Preferred Denial

pinkandgrey — Thu, 18 Apr 2019 13:37:38 GMT

I would try recon. Even though that person obviously knows your credit situation inside and out after seeing the computer result, it never hurts to tell Chase you deserve the card lol

Re: Chase Sapphire Preferred Denial

Anonymous — Thu, 18 Apr 2019 14:07:43 GMT

Yes I’m aware of 5/24, and I think my last card opening wasn’t BofA Alaska.. 2-3 years ago. I have one Chase card (freedom) that I got probably 8-10 years ago?

I wasn’t prequalified, I sought out this card because of the reviews and benefits.

One thing I didn’t realize was when I signed up for the card, I logged in to my existing chase account so all they asked for was my income. After I posted this message my husband applied for the same card and he had to do the full app which asks for his Income “and any additional money that’s regularly put in your band account, single or joint”. So he did the app for his and my income and was approved for $24k limit! He does have fewer cards than I do (Discover it, BofA Alaska, some old Citibank card, plus 2 store cards). I don’t like the idea of a 24k limit, but at least he was approved.

I’m going to have to call them again today.

Re: Chase Sapphire Preferred Denial

Anonymous — Thu, 18 Apr 2019 14:12:44 GMT

Scores: 849 Jan, 833 Feb
Cards: discover it, chase freedom, BofA cash rewards, BofA Alaska, 4 store cards... 2 of which I believed are closed now.
Utilization: zero across the board currently. They are used though, paid in full when possible..

Im new.. what else is helpful for you guys?

Re: Chase Sapphire Preferred Denial

Anonymous — Thu, 18 Apr 2019 14:13:42 GMT

That’s where I’m at, my only other credit pull was in February for an auto loan.

Re: Chase Sapphire Preferred Denial

CreditInspired — Thu, 18 Apr 2019 16:33:25 GMT

@Anonymous wrote:
Scores: 849 Jan, 833 Feb
Cards: discover it, chase freedom, BofA cash rewards, BofA Alaska, 4 store cards... 2 of which I believed are closed now.
Utilization: zero across the board currently. They are used though, paid in full when possible..

Im new.. what else is helpful for you guys?

You are being dinged for 0 UT across the board. Let one CC report at least 1%.

Re: Chase Sapphire Preferred Denial

Anonymous — Fri, 19 Apr 2019 05:10:28 GMT

I found out why!

A guy from the escalations dept saw my email and caught that something didn’t make sense.. on their end, the official decline came through as ‘not enough credit history to determine creditworthiness’ NOT ‘too many credit cards’. That first guy had no idea what he was talking about.

Turns out they pulled a Transunion report that was 100% blank. Not a single thing on it. The escalations guy called me and said he knew it was wrong because he sees my other account with them.

He offered to run my app through the recon process but he would have to do another pull on my credit. I didn’t want another pull, and he said he couldn’t delete that pull because it wasn’t an accidental pull, I requested them to pull it, there was just a glitch. In the end my husband. Let’s has the card and I don’t want to pay fees on two cards.

So then I called transunion because I wanted them to remove the inquiry since it was faulty. The gal said there was no recent inquiry and is sending me a copy of my credit report. So, no inquiry, no report delivered, no approval.. but at least now I know! Good grief!!

Re: Chase Sapphire Preferred Denial

Five6Two — Fri, 19 Apr 2019 07:03:49 GMT

Sounds like a cluster! I’m sorry, best wishes to you and your DH.

Re: Chase Sapphire Preferred Denial

Anonymous — Sun, 05 May 2019 18:49:18 GMT

@Anonymous wrote:
If your profile is as solid as you say, I cannot imagine why they would deny your application unless income is way too low, you have too many new cards, or if they think you're not carrying any kind of balance on your cards (a sign that could indicate credit seeking/churning behavior).

So if you use your credit cards to much you can be denied for over utilization. But if you act responsible and pay your credit cards' bills each month, you can still be denied for not having a balance? Damned if you do and damned if you don't.

Is there an optimal balance to carry while applying for new cards?

Re: Chase Sapphire Preferred Denial

CreditInspired — Sun, 05 May 2019 22:33:28 GMT

@Anonymous wrote:
@Anonymous wrote:
If your profile is as solid as you say, I cannot imagine why they would deny your application unless income is way too low, you have too many new cards, or if they think you're not carrying any kind of balance on your cards (a sign that could indicate credit seeking/churning behavior).
So if you use your credit cards to much you can be denied for over utilization. But if you act responsible and pay your credit cards' bills each month, you can still be denied for not having a balance? Damned if you do and damned if you don't.

Is there an optimal balance to carry while applying for new cards?

No, you can use your cards as much as you want. CCCs love swipes. It’s just not good to carry an aggregate UT >28.9%.

Optimal is aggregate <8.9%.