Originally Posted by srittle001
(Post 25358187)
Just applied for the chase Marriott card 80k and was not instantly approved with 790 credit score. Called in and talked to specialist for about 5-7 minutes. She came back and told me I was being denied because of too many new accounts in the last 24 months. She specifically quoted my citi and existing chase cards. I currently have 6 chase accounts and about 7 citi accounts. I tried to move existing credit around and close an account and was still denied.
For me it appears that the 5/24 rule is in full force for ALL chase cards. There's been a theory that Chase would have to get permission from each partner individually to change how it takes applicants to that partner's card. (In part, that's because the partners send out invitations to apply for the card, and so the partners can get blamed for any denials which don't make sense to a consumer.) It could be Chase has just negotiated this with Marriott, but not with all other partners. Or, because you're the first person to claim this was the only reason given (and did it 5-7 minutes to claim that as the only reason?), it could be that the agent was making things up (and not listing another reason which was even more important). Please come back and tell us what your denial letter says, word for word, as to the reason(s) for denial. Thanks. |
Originally Posted by sdsearch
(Post 25358604)
Or, because you're the first person to claim this was the only reason given (and did it 5-7 minutes to claim that as the only reason?), it could be that the agent was making things up (and not listing another reason which was even more important). Please come back and tell us what your denial letter says, word for word, as to the reason(s) for denial.
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Just applied for a United card, called in and told no way i had opened 11 cards in the last 24 months. No moving credit.My credit score in 790 and high income with no debt.
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Originally Posted by jkoenig51
(Post 25361016)
Just applied for a United card, called in and told no way i had opened 11 cards in the last 24 months. No moving credit.My credit score in 790 and high income with no debt.
My advice to anyone applying for a co-brand card:
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Originally Posted by beltway
(Post 25361139)
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Originally Posted by gecko777
(Post 25361898)
After lowering your CL, what's the earliest general recommended time frame before applying for a new card?
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Originally Posted by beltway
(Post 25361943)
...My preference is not to wait until I'm ready to apply for a new card, but instead to lower the CL on each curent card not long after the signup bonus is earned (& the balance paid off).
For example if you lower the credit line on a card line on a card from $10,000 to $500, and it reports with a $500 balance, don't be shocked to see a double digit drop in your FICO scores. This happens even if the overall utilization barely changes. |
Originally Posted by NYCRuss
(Post 25362166)
Just want to point out that if someone lowers a credit line, doesn't pay off the balance, and the card reports, there may be unwelcome news.
For example if you lower the credit line on a card line on a card from $10,000 to $500, and it reports with a $500 balance, don't be shocked to see a double digit drop in your FICO scores. This happens even if the overall utilization barely changes. Ie, you want to keep the utilization below 30%, so if you're planning on charging enough to get up to a $300 balance, don't lower below $1000, if you're planning on charging enough to get up to a $600 balance, don't lower below $2000, etc. But that doesn't mean you shouldn't lower a card from $10,000 to a few thousand (thus making many thousand available for the next card), it just means you shouldn't go overboard in the lowering if you might use the card again and haven't paid off your last charges in full already. |
Originally Posted by NYCRuss
(Post 25362166)
Just want to point out that if someone lowers a credit line, doesn't pay off the balance, and the card reports, there may be unwelcome news.
For example if you lower the credit line on a card line on a card from $10,000 to $500, and it reports with a $500 balance, don't be shocked to see a double digit drop in your FICO scores. This happens even if the overall utilization barely changes. |
Originally Posted by unkn0wns0ldier
(Post 25302961)
BTW I know some of you will lose your minds over this but just reporting my application decision:
July 31 - Applied for United Biz. Initially had the 2 weeks response on automated line. Aug 14 - Automated response changes to "notify in 7 - 10 days" Today - Got a letter in the mail stating reasons for denial as * "Too many credit accounts have been opened recently" * "Too many recent requests / review of your credit" * "You have too many active accounts or too much credit" So I called the Business Recon line listed in Wiki, talked to an agent who said I wasn't even eligible for moving credit around because I have too many open accounts in the past 24 months. Of course this is 1 agent and I plan on HUCA but I thought I would report back my findings. BTW Chase pulls EXP, EQ in my area. Both above 770 for me. |
Originally Posted by srittle001
(Post 25358187)
Just applied for the chase Marriott card 80k and was not instantly approved with 790 credit score. Called in and talked to specialist for about 5-7 minutes. She came back and told me I was being denied because of too many new accounts in the last 24 months. She specifically quoted my citi and existing chase cards. I currently have 6 chase accounts and about 7 citi accounts. I tried to move existing credit around and close an account and was still denied.
For me it appears that the 5/24 rule is in full force for ALL chase cards. |
Originally Posted by italdesign
(Post 25369348)
Are you kidding? I have like 40/24 and was approved with no problem. Same for my friend who has 45-50/24.
People, let the process play out without attracting attention and calling in before a decision! Call after you get denied of you want. |
Originally Posted by teammjs
(Post 25371122)
It blows my mind people are not getting instant approval with several hard pulls and think calling in is going to "help" them these days.
People, let the process play out without attracting attention and calling in before a decision! Call after you get denied of you want. |
Originally Posted by teammjs
(Post 25371122)
Did you call and talk to someone?
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Originally Posted by italdesign
(Post 25371641)
You mean the Chase Denial Center?.
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