Possible Exceptions to the New Chase Approval Rules

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Thanks to Million Mile Secrets readers for sharing your comments and recent experiences applying for Chase cards.

I wrote about the rumored new Chase card application policies, and what we know so far.  Chase has NOT officially shared any details.

But there are good discussion points from our readers!  And some folks are still getting approved even with lots of recently opened cards.

Let’s look at some of the new information from Million Mile Secrets readers!

Not a Hard and Fast Rule?

Link:   New Rules for Chase Credit Card Approvals & What to Do About It

The new Chase approval rule seems to be that if you’ve opened 5 or more credit card accounts (with any bank!) in the past 24 months, you will likely NOT be allowed to get a new Chase Sapphire Preferred, Ink Plus, Ink Cash, Freedom, or Slate card.

But you may be approved for other Chase cards.

Here are some folks who’ve shared what look to be exceptions to this rule!

Very Recent Card Applications

Million Mile Secrets reader Jonathan wrote:

In a panic I just tried signing up for Chase Sapphire Preferred after signing up for 6 cards 4 days ago, and I was just approved.  I have applied for credit cards a couple years ago too.  So not all hope is lost.

That’s great news, Jonathan!

This gives hope to folks who very recently applied for a lot of cards.

From what I can tell, Chase looks at the number of new accounts on your credit report in the past 24 months.  While a credit inquiry or “pull” usually shows up on your credit report within 1 to 2 days, it often takes longer for a new account to appear on your report.

Chase probably did not see your new cards as 4 days is a very short period of time.  You likely haven’t even received your new cards in the mail!

Approved With 7 Cards in Past 6 Months

Our reader Jeff remarked:

Decided to press my luck and just applied for the Chase Sapphire Preferred.  I really wanted to be able to transfer points.  Application was approved!

That makes my 7th card in the past 6 months and my 4th Chase product.  Not sure how I got through the new approval process.

Terrific, Jeff!

I have an idea why you may have been approved, and so does fellow reader Dawn, who suggests:

Perhaps the discrepancies are due to the different credit agencies that Chase chooses to pull from?  Credit bureaus report differently, so maybe that is why some are able to get approved and some not?

At any rate, I got the Chase British Airways in November, the Chase Sapphire Preferred this past March, and then Chase Ink Plus in May.  Won’t try another Chase anytime soon, but SOOO glad I got that Chase Sapphire Preferred under the wire!

Dawn, I think you’re on to something here!

There are 3 main credit reporting agencies most banks use to decide whether to approve you for credit:

• Equifax
• Experian
• TransUnion

Depending on where you live, the issuing bank, and even the type of card, lenders may pull your report from 1 or more of these bureaus.

And Doctor of Credit has compiled a partial list of which credit agencies Chase uses based on state and type of card.  Or you can check the Credit Pulls Database and search for Chase and your state.

In Jeff’s example, it’s possible that his previous 7 card applications were spread out among all 3 credit bureaus.  And if Chase only looked at ONE credit bureau when deciding to approve him for the Chase Sapphire Preferred, they may have only seen a couple of new accounts!

To see all 3 of your credit reports for free once a year, visit Annual Credit Report.  That way, you’ll see which of your card applications show up on each report!

It’s a good idea to view your credit reports frequently, anyway.  And by doing so you’ll be more informed about your likelihood of being approved for Chase cards!

Approved for Airline or Hotel Cards

Here’s another positive comment from reader John Caffrey:

Apparently, this policy also applies to the Chase British Airways card although I finally got approved after talking to 3 different Chase personnel.  Yes, I have gotten many more than 5 new credit cards within the past 6 MONTHS and I have MORE than 5 Chase branded cards.

However, I always pay the balances off each month and never have more than a combined $10,000 owing at any 1 time.  Chase suggested that my combined credit line was already in excess of $75,000 so they suggested I decrease my credit line on Chase Sapphire by $10,000, and use that $10,000 on the new British Airways card.

That might suggest a solution for other folks; maybe it is not the sheer number of cards but the aggregate amount of the credit line.  Ask that the credit line on older cards that you don’t use any more be reduced and you might then be able to apply for a new card.

That’s great information, John!

And it’s confirmation that there’s still hope for folks who are able to move credit lines around to get approved for cards.

I haven’t heard of this technique working for Chase branded cards, though.

That said….

Calling Reconsideration May NOT Be a Good Idea

Reader Angela reports:

I also read elsewhere that some people calling the reconsideration lines were being denied and forced to close down other accounts.  The suggestions on FlyerTalk were that if you have several Chase cards and get turned down, NOT to call reconsideration, because you might be forced to close a card.

Angela, thanks for sharing this important note.

I really hope that’s not the case.  If you’ve experienced this, please let me know in the comments.

This Is a Fluid Situation

Until we hear some sort of official policy change from Chase, the best thing to do is continue to share information.  I’m thankful so many Million Mile Secrets readers are contributing their stories!

Meanwhile, read my tips on how to approach applying for Chase cards now that they’ve changed the rules.

And please, continue to add your experiences to the comments!

Bottom Line

There are new rules for Chase credit card applications that have made it harder for folks with 5+ new credit cards (from any bank) in the past 24 months to be approved for the Chase Sapphire Preferred, Freedom, Ink Plus, Ink Cash, or Slate cards.

Million Mile Secrets readers have shared their experiences, and some say they’ve been approved for these cards even with many recent new card accounts.

It could be that Chase was unable to see all the cards on the credit report they pulled.  Or that there’s some wiggle room in the interpretation of the rules.

I wish I had more concrete information to share.  But until Chase officially reveals their new policies, please continue to comment and contribute your recent Chase card approvals and denials.

Thanks for being the best blog readers in the world!