You can be auto approved with more than 5 accounts being opened in the last 2 years, the rule applies to reconning a denial, the UWs cannot overturn it even if they want to.
@Anonymous-own-fico wrote:
@gdale6 wrote:You can be auto approved with more than 5 accounts being opened in the last 2 years, the rule applies to reconning a denial, the UWs cannot overturn it even if they want to.
I am willing to believe so. But it apparently means that few slip through an instant approval, while most are either outright denied or left in limbo for weeks.
After reading this whole thread, I'm inclined to believe that this "rule" does not exist. First off, I'm not even sure how many CC this "rule" applies because I've seen a discrepancy on the board (and in this thread). Some say "more than 5 accounts" while others say (5 or more accounts). It has, however, been clearly stated that it doesn't apply to Chase's co-branded cards. Second, for those that have stated they were approved with 5 or more CC, you then see people say things like:
1) did you have an account with them? Some have and were approved, but there is as also evidence in this thread as well as on the board, others do too, but were denied.
2) well that's Slate, slate must not count since it isn't a rewards card; But then there's evidence that other's have gotten the CSP or Freedom or both.
3) When were you approved, because this is a new "rule?" Even though there's evidence of people getting approved as recently as a couple of weeks ago.
4) then you must have other Chase CC and your internal scoring with them overrode this rule. Even though there's evidence of individuals with no Chase cards being approved.
And lastly, we have the new explanation above:
5) It doesn't apply if you're instantly approve, only if you have to recon a denial.
I mean, for a "rule" it sure has quite a few exceptions. And there's evidence here that people were approved with several CC issued in a few months, certainly they shouldn't have been approved if this truly is a rule.
Now, I can certainly understand why people would believe this to be a "rule." I recall when I reconed my NASA denial, I was told straight out that I wouldn't get an approval because NASA doesn't like tax judgments and under no circumstance would they approve me with said judgment on my CR. Even going so far as to tell me that if I had a letter from the IRS stating that I was in the process of paying it off, then they could consider approving me. Despite this, I still wrote an email to their "round table" and was again told the same thing. Because of this, I assumed this was a NASA "rule." However, a few weeks ago someone was approved with a tax judgment (only a few months younger than mine IIRC). And not only was he approved, but he went into manual review, and still wasn't denied. Now they wanted him to jump through some verification hoops, but the tax judgment wasn't the reason for that ridiculousness.
So, IMO, I think things like AmEx no longer backdates, is a rule. Why, because since the rule went into effect, there have been no exceptions. And everything else is a YMMV.
I guess I am also an exception to the rule.
I posted about this a few days ago but will repeat it. I went to the Chase website and looked for a pre qual. It said I was qualified for a Chase Freedom. I applied, got denied. Figured ok, I have a lot of inquiries and new accounts this year due to a move I made a few months ago. Got the email stating you will recieve a letter in 30 days with our reasons.
Two weeks later I got a Welcome to Chase packet in my email, with the last 4 digits of my new account. I kinda scratched my head but I called just to see. I was approved after a denial after they looked at my application. They said my card would arrive in the next 7 days and I was approved for a $4500 limit. Not a ground breaking limit but it works.
I have no bank accounts with Chase, have never banked with chase and this is my first Chase CC. I know for a fact I have more than 5 new accounts in 24 months because I got Care Credit, Discover, True Value Discover, Overstock MC, Delta Amex, Victorias Secret, Lazy Boy Credit Card and a couple of other household good cards in the past few months since May.
But that is just me, as others have said ymmv.
I don't know what to tell you. If you want to use an inquiry to try, it's your perogotive. I have both checking and savings with Chase. I app'd for a Slate, was denied, received my letter in the mail which stated "too many new cards in the last 24 months". They could have dinged me for negative info which is what I originally thought was the cause for denial. But, no mention of anything but the 5/24. When I called for recon, the frontline CSR named June, said denial for more than 5 new cards in the past 24 months. She got the supervisor involved who stated, "yes, more than 5 cards in the past 24 months is grounds for denial and applies to all Chase cards, not partner cards" I was trying to ask June something else, she got tired of dealing with me and hung up on me. I sent a complaint in about being hung up on. They checked the call recording, investigated etc, sent me a letter of apology in that they did not like the way I was treated over the phone, but also stated in fact 5/24 is grounds for denial. Granted,they didn't say instant denial, didn't say we may overlook it if.. Based on my dealings with them, I'm always going to recommend that if you don't want to use up an inquiry, don't try it.
And I don't know what to tell you. As I've already stated, I too have been told by an analyst something, that turned out to be untrue. And as for Chase, one of the things most have said doesn't count is the Slate card or if you have an account with them, thereby increasing your internal score with them. Here you have both and yet were still denied. If you want to believe it's because of the 5/24 "rule" then that's your prerogative, but I suspect there's more to your credit profile.
@Aprile421 wrote:I guess I am also an exception to the rule.
I posted about this a few days ago but will repeat it. I went to the Chase website and looked for a pre qual. It said I was qualified for a Chase Freedom. I applied, got denied. Figured ok, I have a lot of inquiries and new accounts this year due to a move I made a few months ago. Got the email stating you will recieve a letter in 30 days with our reasons.
Two weeks later I got a Welcome to Chase packet in my email, with the last 4 digits of my new account. I kinda scratched my head but I called just to see. I was approved after a denial after they looked at my application. They said my card would arrive in the next 7 days and I was approved for a $4500 limit. Not a ground breaking limit but it works.
I have no bank accounts with Chase, have never banked with chase and this is my first Chase CC. I know for a fact I have more than 5 new accounts in 24 months because I got Care Credit, Discover, True Value Discover, Overstock MC, Delta Amex, Victorias Secret, Lazy Boy Credit Card and a couple of other household good cards in the past few months since May.
But that is just me, as others have said ymmv.
Wow thanks for sharing Aprile! Your even went to a manual review and they overturned a denial without you even reconing. Congrats!