Welcome to a regular feature on the Renés Points blog. This blog series covers in a “rookie” way either a Delta or travel related theme and attempts to break down to a basic level each topic. You can read up on all the previous posts HERE. Now on to this featured topic.
Let’s start covering the basics with Chase. In an attempt to keep away customers who go for too many travel cards (year after year after year) they have a rule that completely blocks you from approval no matter how perfect your credit score is from most of their credit cards including one of the best travel cards on the market, the Chase Sapphire Reserve Card.
This rule is called “5/24,” that is, if you have opened more than 5 of any line of credit anywhere (including being added as an authorized user) within the past 24 months then the Chase computers will simply NOT approve you and that includes one of my favorite cards I hold, the big brother to the card above, the Chase Sapphire Reserve Card. No human can override this rule.
And that brings us to today’s “Rookie Sunday” topic, that is, say you are sure, and have checked and run all the numbers, and know you are under 5/24 and apply for one of the above cards and then… Chase tells you “we will get back to you in 30 days“. Ruh-roh. What can you do? Here is what I would do and did do recently with my wife. We call:
- Chase Application Status number 888-338-2586
- Chase Reconsideration number 888-270-2127
Why call after you apply if not instantly approved? The first reason is you may be planning to apply for other cards that same day and this is the one you want a definite answer on today! It may simply be due to your level of income and the number of cards you already have that Chase simply needs to move some credit from one card to your new card for approval (always happens to me fyi). Or, they may tell you – NO – you have asked for too many new accounts a.k.a. 5/24 over the past two years and there is nothing we can do. Rats! Then what?
You now have a choice – stop and wait even longer and get under 5/24. Or, you can go for other Chase cards that are NOT (according to most on the web) under the 5/24 rule. Yep, Chase can approve you on the same day even though they just said NO to say the Chase Sapphire Reserve Card or the Chase Sapphire Preferred card. The list of the best know non-5/24 cards are:
- Chase British Airways Visa Signature
- Chase Hyatt
- Chase Marriott Rewards Premier Business
- Chase IHG Rewards Club Premier
- Chase Ritz Carlton Rewards Visa Infinite
All of the above cards have their value depending on your travels. I hold a number of them and the one my wife decided to go for when she was told NO due to 5/24 was the Chase British Airways card. She again got the “wait 30 days” notice, but called back to check on the application status and after confirming she had in fact applied for the card instantly approved her! Then she promptly applied for a number other cards the same day but we will save that for another post.
Bottom line is this – If you mess up your 5/24 you have choices. One choice is know it will now take even longer before you can try for a long list of Chase cards. Or, on the same day, get another card that works for your travel needs from Chase! – Rene
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