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Like many of you, I could not resist the urge to apply for the new Chase Sapphire Reserve Card for its multitude of travel benefits and its 100,000 Ultimate Reward points worth at least $1,500 for travel. I applied for the card in a Chase Bank last week hoping that a pre-approval there would skirt me around the “unwritten rule” of not getting approved if you have five or more new credit card accounts in the last 24 months. In the end, I’m not sure if I had a pre-approval or not, but as I expected, I recently received the letter in the mail stating that I was declined for the card due to having “Too may new credit cards opened in the last 2 years”.
As Homer Simpson would say, “Doh”.
From reading countless other reports online, and my own personal experience with this denial reason a few months ago, I knew that there was not going to be any getting around this denial since I have no special pull with Chase thanks to being a Private Banking Client or similar. But, in the interest of research, I called Chase for reconsideration anyway to see if there was any wiggle room to get approved, or at least learn something interesting along the way.
After a few minutes of being on hold, a very nice guy answered the phone and said what I already knew, that the application was denied due to too many new credit card accounts in the last 24 months. I pressed and inquired as to how many were too many. When I was denied for this reason in the past I couldn’t get a straight answer other than to try again later in the year, but this time the answer came quickly and easily when I was told that you cannot have five or more new credit card accounts in the last 24 months and get approved for this card. In other words, he confirmed 5/24 in no uncertain terms. It is not a myth and not just some random count that credit card aficionados are guessing at. It is a real hard and fast number that a Chase rep said to me today.
It might be interesting to add that we both count that I am at exactly five accounts in the last 24 months. This count does not count any small business cards, including Chase business cards. It only counts the accounts on my personal credit report.
I tried to see if there was any wiggle room with anything and there was none. He said if the denial reason was almost anything else they could potentially reconsider or move stuff around to make it work, but when you have five or more new accounts there is just nothing that can be done except wait and try again later. He recommending looking at my credit report and seeing when an account would fall off that last 24 month count and try again then…yup, already on it.
He was very nice, very apologetic, but very clear about the 5/24 rule. Now, there are ways around 5/24 for some people such as getting pre-approved for a card in a bank, but if you ultimately are denied for having five or more new credit cards across all banks in the last 24 months, your chances of getting approved upon reconsideration are very, very, very low unless you are a super important Chase customer. If they are counting an authorized user card in that five or more count you can probably talk them into not counting that one against you, but if you are the primary account holder on five or more new accounts in the last two years then you just gotta wait this one out.
I’ll be waiting along with you until December when I should drop to 3/24…at least my husband was able to get approved in the meantime!
Editorial Note: The opinions expressed here are mine and not provided, reviewed, by any bank, card issuer, or other company unless otherwise stated.