CSP denial (too many new accounts in 24 months)

[Anonymous]

I recently applied for the Chase Sapphire Preferred card due to its great reward structure, 24x7 live customer service, and lack of a foreign transaction fee.  The application was denied for the reason of "too many new accounts in the past 24 months."  I am showing 11 new accounts in the past 24 months, although the majority of these are closed accounts (only 2 are open).  When should I apply for best chance of approval, and is it possible to get accounts removed from a credit report?

I tried calling the backdoor number for reconsideration, but they said that the reason for denial was not reconsiderable.  Is this the case?  Do I have any recourse?

[degs138]

5x24 rule, don't apply if you have 5 accounts new in 24 months.

[Anonymous]

Thanks.  I will take that into account.

[Anonymous]

To answer your questions.  No, you cant get the accounts removed from your credit reports.  They will remain there for 10 years or longer.  As for when you can apply again, you'll have to wait until your accounts age enough that you have less than 5 accounts opened in the last 24 months.

[OmarGB9]

Also keep in mind that closing accounts doesn't make a difference to Chase; the accounts were still opened and are still on your report.

[Anonymous]

---

@Anonymous wrote:

Thanks.  I will take that into account.

---

Yeah, that's a pretty solid rule. I haven't seen anyone beat it.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Thanks.  I will take that into account.

---

Yeah, that's a pretty solid rule. I haven't seen anyone beat it.

---

There has been a handful of people who've reported that they got lucky with approvals in spite of the rule.

[Anonymous]

Another victim of 5/24..... I wish there was a sticky that allowed people to make an informed decision on whether they should apply.

[Mattopotamus]

---

@Anonymous wrote:

Another victim of 5/24..... I wish there was a sticky that allowed people to make an informed decision on whether they should apply.

---

Not even just a sticky here.  Chase needs to put this on the application.  If people can call and they straight up tell you, "you were denied becuase you opened more than 5 credit card accounts in the last 24 months." It needs to be known to the customer ahead of time.

[Anonymous]

---

@Anonymous wrote:

Another victim of 5/24..... I wish there was a sticky that allowed people to make an informed decision on whether they should apply.

---

I don't think a sticky is needed for a couple of reasons.  First, people tend to ignore sticky posts.  There have been many threads about the underwiting criteria of Chase when it comes to the 5/24 'rule'.  If posters are not seeing them and still applying, there is absolutely no reason to think that they'll read a sticky post and not apply.  We have a sticky post about backdoor numbers and yet people constantly ask for numbers to call.  We have an ongoing mega thread about Amex 3X CLIs and yet people constantly post questions about the topic.  It's been shown on any kind of forum that sticky posts tend to be ignored by members of those forums.  Second, as Captool stated, there have been reports of people approved despite them having more than 5 new accounts so Chase does make exceptions.  We just dont know why they do in those cases.

All that we can do is hope posters will post before they apply and give them fair warning about their chances.