Chase Freedom credit denial

[Anonymous]

I applied to Chase Freedom card online. I received the 7-10 day review msg. So I called the back door number and was told that I was denied for too many new accounts in two year period. I asked if there was anything I could do to have them reconsider. She said no. I was planning to take advange of the 0% Apr for 1st 18 months by doing balance transfers. Is there anything I can do to have them possibly reconsider???

[Anonymous]

Chase has been strict with their prime cards. There is an alleged new rule in place that you cannot have more than 5 new accounts of any issuer in the past two years to get approved. This rule apparently doesn't apply to co-branded cards.

[Credit-hoarder]

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@Anonymous wrote:
Chase has been strict with their prime cards. There is an alleged new rule in place that you cannot have more than 5 new accounts of any issuer in the past two years to get approved. This rule apparently doesn't apply to co-branded cards.

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This rule may not directly apply to co-branded cards, but no. of new accounts and no. of accts. period do indeed play a role in their decision for co-brandeds as well. Those were the main reasons I was turned down for their Marriott card last May.

[CreditCuriosity]

Wish you would of read up before applying ..  CSP/Freedom and possibly the slate card if you have more than 5 account opened in last 24 months then it is 99% denial.  Co-branded cards don't fall under these rules with Chase.. Sorry for the denial

[CreditCuriosity]

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@Credit-hoarder wrote:

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@Anonymous wrote:
Chase has been strict with their prime cards. There is an alleged new rule in place that you cannot have more than 5 new accounts of any issuer in the past two years to get approved. This rule apparently doesn't apply to co-branded cards.

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This rule may not directly apply to co-branded cards, but no. of new accounts and no. of accts. period do indeed play a role in their decision for co-brandeds as well. Those were the main reasons I was turned down for their Marriott card last May.

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How many new accounts did you have in 1 or 2 year time frame?  Of course it can play a role along with your credit profile. as a whole.  Granted people like CA have what 40 new accounts??? in the last two years and managed to get approved for the Ritz along with Zappos recently so rule isn't always firm for everyone.. Everyones profile is different and it is hard to compare two people and why they choose to approve one and deny another on co-branded cards

[Anonymous]

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@Anonymous wrote:
Chase has been strict with their prime cards. There is an alleged new rule in place that you cannot have more than 5 new accounts of any issuer in the past two years to get approved. This rule apparently doesn't apply to co-branded cards.

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^^^ What he said.  I made it a priority to get in with Chase Sapphire Preffered before i reached my 5 card limit

[Credit-hoarder]

At the time I applied I had about 22 accounts, a car loan, and a 20 years old (recendtly paid off) mortgage. In talking to the analysts during recon, they just didn't like the number of accounts I had period (including their own Freedom and CSP). No lates--11% UTIL at the time of app---3 somewhat old baddies ALL PAID--same ones that were there when I got their first 2 cards and all of my others--685 Chase risk-assessment score per denial letter.

[taxi818]

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@Credit-hoarder wrote:

At the time I applied I had about 22 accounts, a car loan, and a 20 years old (recendtly paid off) mortgage. In talking to the analysts during recon, they just didn't like the number of accounts I had period (including their own Freedom and CSP). No lates--11% UTIL at the time of app---3 somewhat old baddies ALL PAID--same ones that were there when I got their first 2 cards and all of my others--685 Chase risk-assessment score per denial letter.

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This is exceptional case. 22 new accounts is a Wow moment. So i could understand. But many with say 7-8 have been approved with co branded although they have the 5 card 24 month rule in effect.

[CreditCuriosity]

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@Credit-hoarder wrote:

At the time I applied I had about 22 accounts, a car loan, and a 20 years old (recendtly paid off) mortgage. In talking to the analysts during recon, they just didn't like the number of accounts I had period (including their own Freedom and CSP). No lates--11% UTIL at the time of app---3 somewhat old baddies ALL PAID--same ones that were there when I got their first 2 cards and all of my others--685 Chase risk-assessment score per denial letter.

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As always YMMV..  Get the right analyst at the right time it could of been approved.  Many examples of people having 15-20 new accounts in the last few years or year for that matter getting Chase co-branded cards.  Unfair, but that is life in general..  What makes them approve some and not others, who knows only chase and the UW's.

[Credit-hoarder]

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@taxi818 wrote:

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@Credit-hoarder wrote:

At the time I applied I had about 22 accounts, a car loan, and a 20 years old (recendtly paid off) mortgage. In talking to the analysts during recon, they just didn't like the number of accounts I had period (including their own Freedom and CSP). No lates--11% UTIL at the time of app---3 somewhat old baddies ALL PAID--same ones that were there when I got their first 2 cards and all of my others--685 Chase risk-assessment score per denial letter.

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This is exceptional case. 22 new accounts is a Wow moment. So i could understand. But many with say 7-8 have been approved with co branded although they have the 5 card 24 month rule in effect.

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@taxi: Those 22 new accts were spread out over a period of about 1 year and 9 mos.---not all at one time.