Have you ever applied for a credit card online and didn't instantly get approved? The first thing you need to check is if you were rejected or if they're still making a decision by calling the reconsideration line. A lot of people who aren't automatically approved assume they've been rejected.
If you're not instantly approved for a card, call the automated status line immediately to check the status of your application. The number may change in the future. h/t Doctor of Credit for the most updated list of recon numbers.
Once you make the call, they're going to give you a message. If it says they'll let you know within 30 days, it means Chase has not processed the application yet. However, if the message says two weeks, this typically means you're approved. If it says 7-10 days, then it typically means you were rejected for the card.
Important note: these are based on phone messages and not email communication.
If you have the 7-10 day message, this likely means you were rejected. You can either wait for a letter or immediately call the reconsideration line to see if they will approve you. Before calling the reconsideration line, there are two rules you need to be aware of:
1. Chase 5/24 - if you opened more than five credit card accounts within the past 24 months, you'll automatically be rejected. 2. Chase 2/30 - if you have more than two applications within the past 30 days, Chase will not approve you.
When you call the reconsideration line, you're trying to convince the person on the other line to approve the application. You're usually speaking to a credit analyst, so be sure to call during business hours. These calls can vary drastically depending on what your credit profile looks like.
For example, my friend called the reconsideration line after applying for two Southwest credit cards on the same day and had to explain that they were aiming for Companion Pass. After explaining why they wanted the card, the analyst approved the card.
Again, depending on the specific reason the application is under review, your mileage may vary.
Another scenario is that Chase typically issues a total credit limit equivalent to half of your income. You may have to reallocate or lower the credit limits on some cards to get approved for a new card.
If you go through the reconsideration process and they still don't approve you, it might be worth hanging up and trying again a few hours or days later.
One other factor to consider is that if you are relatively new to credit, it's hard to get approved for travel cards like the Chase Sapphire Preferred or the Chase Sapphire Reserve. If you get rejected, the strategy would be to build a relationship with Chase by getting a Chase Freedom for 3-9 months before applying for a higher tier card.
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
The American Express® Gold Card works more like a traditional charge card than a credit card, not allowing you to carry a balance from month to month on purchases, although you may qualify for the card issuer's Pay Over Time feature.
2/30 Rule. The 2/30 rule says that you can only have two applications every 30 days or else you'll automatically be rejected. If you don't have a high credit score (700+), your chances of getting approved for the Chase Sapphire Reserve® is slim.
Lowered average age of accounts: Credit card churning can hurt your credit scores because each new account lowers the average age of your credit accounts. In general, a higher average age of accounts is best. Closed credit cards can continue impacting age-related scoring factors until they fall off your credit reports.
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
What card issuers do you work with? We bring you card offers from some of the industry's most trusted issuers, including American Express, Discover, Bank of America, Wells Fargo, U.S. Bank, Citi and Chase.
The Chase Sapphire Preferred's increased welcome bonus gives you 80,000 bonus points after spending $4,000 on purchases within the first three months from account opening. This offer will end by the end of the day on May 24, 2023. At a minimum, 80,000 Chase points are worth $800 in cash back.
With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market as of 3/2023. The Platinum Card also offers a suite of benefits that can help make life more rewarding at home.
Bottom line. If you have a credit card balance, it's typically best to pay it off in full if you can. Carrying a balance can lead to expensive interest charges and growing debt.
In most cases, you need at least good credit to get approved for an American Express card, which FICO typically defines as a score of 670 or higher. Other banks also issue American Express cards.
To check your 5/24 status, you must count the number of credit cards you've been approved for over the past 24 months. If an account was opened within the past 24 months, even if it's currently closed, it will count against your 5/24 limit. One of the easiest ways to check your 5/24 status is with the Experian app.
How to bypass the Chase 5/24 rule? If you've been approved for five cards in the past 24 months, you will not be approved for another Chase card thanks to the 5/24 rule. There have been reports of “Selected for you” and “Just for you” offers being exempt from the 5/24 rule.
“While your scores may decrease initially after closing a credit card, they typically rebound in a few months if you continue to make your payments on time,” Griffin says. The primary reason your score may decrease is through losing a credit limit and increasing your utilization rate.
You may be able to upgrade or downgrade an existing credit card without impacting your 5/24 status, depending on how your credit report changes. Keep track of your credit card open dates so you'll know when you're approaching the limit or when the limit no longer applies.
Address: Suite 492 62479 Champlin Loop, South Catrice, MS 57271
Phone: +9663362133320
Job: District Sales Analyst
Hobby: Digital arts, Dance, Ghost hunting, Worldbuilding, Kayaking, Table tennis, 3D printing
Introduction: My name is Kieth Sipes, I am a zany, rich, courageous, powerful, faithful, jolly, excited person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
