Why Was My Chase Credit Card Application Denied? (2024)

FAQs

Why Was My Chase Credit Card Application Denied? ›

Chase most likely denied your credit card application because you have a low credit score. It's the most common reason for denial with this bank, although several other causes may exist. You are required to have a minimum good score of 670 to become a Chase credit card holder.

If your Chase credit card application is denied

If your application is denied, consider calling the Chase reconsideration line, which is 1-888-270-2127. There's no guarantee, of course, but it may be worth trying if your circ*mstances have changed or you wish to further explain something on your application.

The following is a list of frequently encountered reasons for denial: Applying for too many credit cards over a few weeks or months and the consequent dings to your credit score from multiple hard inquiries on your credit report.

A credit card application can get denied for various reasons: low credit score, high credit utilisation ratio, insufficient credit history, etc. You can improve your creditworthiness by following the best financial practices and increase the chances of your application getting approved.

It is hard to get a Chase credit card because almost all cards offered by Chase require good credit or better for approval, which may be out of reach for the average consumer. The exception is Chase Freedom Rise℠, which is available to people with limited credit.

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

The lender's approval or rejection decision makes no difference to your credit scores. But if a rejection leads you to apply for more cards, that would mean more hard inquiries. And multiple hard inquiries over a short period could have more of an impact on credit scores.

To contact the Chase reconsideration line, call 1 (888) 270-2127. Calling the Chase reconsideration line is a way for credit card applicants to request a second review of their application and potentially get their denial overturned.

According to the 5/24 rule, you won't be approved for a Chase credit card if you've opened five or more cards from any bank (excluding most business credit cards) in the past 24 months, even if you have an excellent credit score.

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.

Can I apply for the same credit card again after being denied? ›

Wait to reapply

If you were rejected because of too many hard inquires, Harzog recommends you wait at least four to six months before applying, or possibly longer. If you don't have stellar credit, you may want to wait longer to reapply than someone who has excellent credit.

How soon after applying for a credit card can I reapply? If your credit card application is rejected, it is advisable to wait for at least six months before reapplying. Reapplying too soon may lead to multiple inquiries on your credit report and further damage to your credit score.

Chase: If you apply for a Chase credit card, you may be subject to the Chase 5/24 rule — if you've opened five new credit cards in the past 24 months with any issuer, you won't likely see approval for a new Chase card.

If your card is declined, that may mean it's not active. However, a declined credit card can also mean other things, such as you've reached your credit limit, or your card has expired.

Check any notices or materials you received when you completed your application. If you apply for a credit card with Chase, we may provide important updates until we make a decision on your application. If you urgently need an update, please refer to any communications we've sent or call us at 1-888-338-2586.

History of account openings. Negative balances towards your bank accounts that have yet to be paid. Number hard and soft inquiries on your credit report.

Such negative activities that show up on your report and hurt your approval chances include bouncing checks, leaving an overdraft balance unpaid, abusing a debit card or applying for too many accounts in a short period of time, according to credit bureau Experian.

Negative information such as overdrawn accounts, nonsufficient funds, unpaid fees or having your account closed may prompt a bank to deny your checking account application, but you won't get dinged for having less-than-stellar credit.

Generally speaking, waiting 90 days is a good rule of thumb. However, the amount of time between applications ultimately comes down to factors like your credit score, risk tolerance and each bank's application rules.