topic Re: Who is correct, Chase or me ? in Credit Card Applications

Who is correct, Chase or me ?

JLRDC909 — Wed, 01 Jun 2022 17:42:42 GMT

I fell under 5/24 in April. I was at 5/24 in March and the first to come off was 4/6 and the other was 4/13.

On May 2 I rolled the dice, feeling confident about an approval, being 3/24 and 1/12. Just a couple inq. No derogatory items. Scores (fico) hovering around 800, 100K income and always PIF.

United Quest card, hit apply, wheel spins, saw the standard "we will notify you 7-10 days". Called Recon. Could tell by her voice she was NOT having a good day already. She told me I opened "too many accounts in the past 24 month". I told her that I am under 5/24. She got a little irked and then told me that is NOT ask official Chase policy. If the computer is saying it's too many accounts, then I have to wait it out and reapply.

I then asked her how Chase sees the age of accounts. This is where I knew she was either uninformed. She said that if you reach 24 months on April 6, then it comes off the report in June. Technically I would be under 5/24 on May 7 and then I could apply on June 1 and the account will be off.

has anyone heard this before? I'll try again in July. Probably the worst analyst I've ever spoken with.

Re: Who is correct, Chase or me ?

coldfusion — Wed, 01 Jun 2022 20:53:19 GMT

Did you HUCA?

Re: Who is correct, Chase or me ?

JLRDC909 — Thu, 02 Jun 2022 11:49:07 GMT

I probably should of, but somewhere I read that the HUCA with Chase doesn't work as the initial analyst makes notes as why the denial wasn't turned into an approval.

I'll take the hit and try again on July 1

Re: Who is correct, Chase or me ?

coldfusion — Thu, 02 Jun 2022 12:17:21 GMT

Good luck on July 1.

Unfortunately this won't help you this time around as it's been 30 days since you applied, but here are a couple of recent approvals showing that person's "HUCA doesn't work with Chase" assertion isn't entirely accurate.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/CSP-APPROVED-AFTER-3-RECONS/m-p/6538662

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Sapphire-Preferred-approved-2nd-recon-call/m-p/6521489

Re: Who is correct, Chase or me ?

Remedios — Thu, 02 Jun 2022 12:34:56 GMT

You don't have to be over 5/24 to get denial for too many accounts, sometimes it's about how recent some of them are.

How many accounts did you open in the past 6 months and last 12 months?

Re: Who is correct, Chase or me ?

disdreamin — Thu, 02 Jun 2022 12:37:39 GMT

@Remedios wrote:
You don't have to be over 5/24 to get denial for too many accounts, sometimes it's about how recent some of them are.
How many accounts did you open in the past 6 months and last 12 months?

OP mentioned "being 3/24 and 1/12" in the original post, so I'm assuming only one new account in the past 12 months. I'm curious how recent it was though.

Re: Who is correct, Chase or me ?

Remedios — Thu, 02 Jun 2022 13:10:07 GMT

Not really

OP was denied for new accounts three times for this very reason, and they stated they would be under 5/24 in July.

Re: Who is correct, Chase or me ?

K-in-Boston — Thu, 02 Jun 2022 13:14:29 GMT

They were correct in stating that 5/24 is not an "official" Chase policy. It is, however, part of their underwriting algorithm with some limited exceptions.

Re: Who is correct, Chase or me ?

JLRDC909 — Fri, 03 Jun 2022 17:35:21 GMT

December 2021 was my newest account

Re: Who is correct, Chase or me ?

JLRDC909 — Fri, 03 Jun 2022 17:39:52 GMT

Thank you for this. Chase (like others) seems to be all over the board on approvals and the way they handle the 5/24 rule. I have had an agent tell me before, flat-out, that it exists and is enforced.

I've had one or two that told me it doesn't exist. With Chase being so set on 5/24, you would think they would at least have a policy about the specific time it comes off, 25 months? The exact day?

will reapply on July 1 and really going to press them for an approval as there is no reason not to approve me with my stats