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Chase Business Denied 5/24

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Regular Contributor

Chase Business Denied 5/24

I applied for a Chase Business Card. From everything I have learned from other on here and else where. When it comes to Business Credit Card. Chase doesn't consider their 5/24 rule. But I just got the letter today. The reason for the denial was "Too many new cards opened in the past 24 months". I called Chase recon number for clarification. But the person I spoke to was pretty short.and I can't blamed them. Much bigger problem going on in the world beside me and a Business card. But he was very off putting, he said they Chase looks at everything. That they won't give me any card(business or personal) until I was back under 5/24. And that I couldn't fight this denial etc. Has anyone had this happen to them when appling for a Chase business card? Should I call back and hopefully speak to someone else? Not really sure what to do here. My relationship with Chase isn't that strong. I was expecting the letter to say anything besides what it ended up saying. 

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New Contributor

Re: Chase Business Denied 5/24


@DR527 wrote:

I applied for a Chase Business Card. From everything I have learned from other on here and else where. When it comes to Business Credit Card. Chase doesn't consider their 5/24 rule. But I just got the letter today. The reason for the denial was "Too many new cards opened in the past 24 months". I called Chase recon number for clarification. But the person I spoke to was pretty short.and I can't blamed them. Much bigger problem going on in the world beside me and a Business card. But he was very off putting, he said they Chase looks at everything. That they won't give me any card(business or personal) until I was back under 5/24. And that I couldn't fight this denial etc. Has anyone had this happen to them when appling for a Chase business card? Should I call back and hopefully speak to someone else? Not really sure what to do here. My relationship with Chase isn't that strong. I was expecting the letter to say anything besides what it ended up saying. 


I don't understand. There are threads upon threads here saying the same thing: 5/24 rule is applied to both business and personal credit cards. So, how can you say "from everything I've read here"? That's simply not true.

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Senior Contributor

Re: Chase Business Denied 5/24

Existing BIZ cards do not count under the 5/24. Meaning that if you applied for a BoA BIZ card two within 23 months making you 5/24, then your're all good because it doesn't show up on CB's. But if you're already 5/24 and apply for any Chase product, then it's a no go. 






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Regular Contributor

Re: Chase Business Denied 5/24

I've always heard the opposite. But if that the case then I'm a fool. And it's a lesson learned. 

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Senior Contributor

Re: Chase Business Denied 5/24

Well, in your defence, this used to not be the case on certain cards about 2-3 years ago. Only certain cards had the 5/24 rule, but I think it was changed just about two years ago. That's when Chase made the sweeping change across all cards. 

 

Also, the way I've read it on certain CC blogs, made it seem like BIZ cards were exempt period. But then in the second paragraph it's explain in a more complicated way. And three paragraphs later you're slightly confused, when they could have simply explained in in just a few sentences.






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Valued Contributor

Re: Chase Business Denied 5/24


@Janus wrote:

Existing BIZ cards do not count under the 5/24. Meaning that if you applied for a BoA BIZ card two within 23 months making you 5/24, then your're all good because it doesn't show up on CB's. But if you're already 5/24 and apply for any Chase product, then it's a no go unless you're in branch & told you're pre-approved or you're an existing Chase member and you see the green or black checkmark on the website. There are exceptions to 5/24 (I got one).


Well said. Just to add ...

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2020): FICO 08 EXP: 747; TU: 762; EQ: 782
2020 Goal Score: 760 across the board


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