Chase Sapphire Preferred-Denied

[ddemari]

I'm sorry gdale! I was denied the csr I believe as the status went from 30 days for about all of last week to 7 to 10 days
On Monday. I haven't been denied a chase card in 2 years, so it was kinda sad. Sorry you didn't get the card, you have a great profile.

[Xistaben2]

Not trying to dig this up further, but gdale - have you tried the in branch method yet? Lots of success has been reported there.

[Anonymous]

Gdale-- how did you find out so quickly you were declined ??? I appd Monday, I'm definitely over 5/24, and received the "7 - 10 day review pending" message. I've called the status line everyday and spoke with a rep tonight who said "it's still being reviewed". I'm assuming it's a decline, but I still have no definitive answer. How did you find out so quickly after applying and receiving the "7 - 10 day" message ??? Did you receive an email or letter quickly after applying or did the automated message let you know ??? Thanks. Sorry for your decline. I'm certain I'll be pouting alongside shortly (LOL).

[tacpoly]

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@kdm31091 wrote:

Chase is a very customer unfriendly bank as a whole, from my view. They very seldom reward users with an auto CLI. They insist on a HP for every increase and often the result is dinky. They refuse to lower APR under any circumstances. In short, they act like they're doing you a favor by extending you a card and you should just shut up and be happy with it.

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I don't think they're an unfriendly bank at all.  The bankers are incredibly responsive and they give great benefits such as nationwide museum access, event tickets, and notary services.

I find it odd that a lot of the posters here want bigger credit lines and lower APRs when they haven't demonstrated that they would be worth the increased risk or lower profit to Chase.  In the same way that folks are looking to maximize benefits, Chase is looking to maximize returns.  It chooses people who would use their card primarily, if not exclusively, and incentivizing them with rewards/points.  People who have opened 20 cards recently aren't likely to do that because they have to somehow put spend on those other cards. 

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@kdm31091 wrote:

5/24 is an overreaction to churning and reward abuse, which could have been corrected with many other, less ridiculous policies. I don't get why, if bonus churning is such a concern, they don't just give you the card but NOT the bonus if you are over 5/24. Sure, would still suck, but people could get the cards they wanted. Now they're totally locked out.

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5/24 doesn't just target churners, it also selects people who don't have (and likely won't have) a lot of new cards that Chase would have to compete with in their wallet.  If a person has a Costco card for their Costco purchases, an Amazon card for their Amazon purchases, a Ritz card for hotel stays, a United card for airline tickets, another card for gas purchases, another card for grocery purchases, and a $50K credit card with low apr and no annual free from some credit union, how much spend are they actually going to put through their new Chase card after they've collected the bonus and other benefits?  And what is the likelihood that these people will find it worth paying the $450 annual fee in the future? 

[gdale6]

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@Anonymous wrote:
Gdale-- how did you find out so quickly you were declined ??? I appd Monday, I'm definitely over 5/24, and received the "7 - 10 day review pending" message. I've called the status line everyday and spoke with a rep tonight who said "it's still being reviewed". I'm assuming it's a decline, but I still have no definitive answer. How did you find out so quickly after applying and receiving the "7 - 10 day" message ??? Did you receive an email or letter quickly after applying or did the automated message let you know ??? Thanks. Sorry for your decline. I'm certain I'll be pouting alongside shortly (LOL).

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There appears there may be some confusion as to the card I apped for its the preferred not the new reserve and I apped for it Wed 8/17, the denial letter came in the mail Mon 8/22 and it was dated Aug 18.

[gdale6]

No, nearest branch is 120 miles away and I wont just drive there to do this.

[kdm31091]

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@tacpoly wrote:

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@kdm31091 wrote:

Chase is a very customer unfriendly bank as a whole, from my view. They very seldom reward users with an auto CLI. They insist on a HP for every increase and often the result is dinky. They refuse to lower APR under any circumstances. In short, they act like they're doing you a favor by extending you a card and you should just shut up and be happy with it.

---

I don't think they're an unfriendly bank at all.  The bankers are incredibly responsive and they give great benefits such as nationwide museum access, event tickets, and notary services.

I find it odd that a lot of the posters here want bigger credit lines and lower APRs when they haven't demonstrated that they would be worth the increased risk or lower profit to Chase.  In the same way that folks are looking to maximize benefits, Chase is looking to maximize returns.  It chooses people who would use their card primarily, if not exclusively, and incentivizing them with rewards/points.  People who have opened 20 cards recently aren't likely to do that because they have to somehow put spend on those other cards. 

---

@kdm31091 wrote:

5/24 is an overreaction to churning and reward abuse, which could have been corrected with many other, less ridiculous policies. I don't get why, if bonus churning is such a concern, they don't just give you the card but NOT the bonus if you are over 5/24. Sure, would still suck, but people could get the cards they wanted. Now they're totally locked out.

---

5/24 doesn't just target churners, it also selects people who don't have (and likely won't have) a lot of new cards that Chase would have to compete with in their wallet.  If a person has a Costco card for their Costco purchases, an Amazon card for their Amazon purchases, a Ritz card for hotel stays, a United card for airline tickets, another card for gas purchases, another card for grocery purchases, and a $50K credit card with low apr and no annual free from some credit union, how much spend are they actually going to put through their new Chase card after they've collected the bonus and other benefits?  And what is the likelihood that these people will find it worth paying the $450 annual fee in the future? 

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Very fair points. Like I always say the average consumer has 2-3 cards and is not spending across 10 or 20 specialized cards. That certainly can make you less attractive to a lender because they know you can't possibly use any given one as much.

[lhcole77]

My spend on my multiple cards far exceeds what an "average" consumer spends on 2-3 cards. Let us not forget: average consumer, average spend. I'm much more profitable than someone who is average. I imagine many on myFICO with multiple cards are.

[Gardenhand]

Question---this 5/24 rule for new accounts,is this for new credit card accounts only or would a new mortgage also count towards the 5/24? Also do closed accounts that were opened less then 24 months ago count even though they are no longer open?

I have some new accounts under 24 months

1)Discover It 9 months
2)Amex BCE 9 months
3)Citi DC 1 month
4)Mortgage 3 months not yet on reports
5)Open Sky 23 months CLOSED
6)Allient installment loan 23 months CLOSED

Apped for Freedom on August 13th and got the 30 day message. Just checked and the automated system still says I will get an answer in the mail in 30 days. I have since frozen my reports and won't be applying for anything else as long as I can keep the Huyndai going for---then will add a car loan but hopefully not for two to three years. I don't need the card but want to get the five percent rotating category to use with the Discover IT. That and the extra 150 bones would be nice. My calculations estimate it will only knock my AAOA down by only one month so I pulled the trigger. Scores are in the lower mid 700s since I paid off the Alliant installment loan anticipating the new mortgage to report.

[gdale6]

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@Gardenhand wrote:
Question---this 5/24 rule for new accounts,is this for new credit card accounts only or would a new mortgage also count towards the 5/24? Also do closed accounts that were opened less then 24 months ago count even though they are no longer open?

I have some new accounts under 24 months

1)Discover It 9 months
2)Amex BCE 9 months
3)Citi DC 1 month
4)Mortgage 3 months not yet on reports
5)Open Sky 23 months CLOSED
6)Allient installment loan 23 months CLOSED

Apped for Freedom on August 13th and got the 30 day message. Just checked and the automated system still says I will get an answer in the mail in 30 days. I have since frozen my reports and won't be applying for anything else as long as I can keep the Huyndai going for---then will add a car loan but hopefully not for two to three years. I don't need the card but want to get the five percent rotating category to use with the Discover IT. That and the extra 150 bones would be nice. My calculations estimate it will only knock my AAOA down by only one month so I pulled the trigger. Scores are in the lower mid 700s since I paid off the Alliant installment loan anticipating the new mortgage to report.

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From what we know its typically only credit cards that they count, but there are some outliers who report that they counted others as well, you are probably fine on that Freedom app just wait for them to complete whatever it is they are doing. Closed accounts opened within the last 2 years are still counted in the 5/24 if they are repoting on your CRs.