If Chase has already denied your application, you might be wondering why. Before you contact the reconsideration line, here are some common reasons applications get rejected.
1. You made a mistake in your application.
If you were certain that your credit card would be approved, but Chase denied your credit card application, the problem might not be too complicated. In many credit card rejections, making a mistake on the application is the reason.
Sometimes someone from the bank will reach out to you to ask for the correct information, but it’s not a guarantee. Contacting the bank is an easy step to finding out more about what happened.
2. You broke the 5/24 rule.
Another common reason for an unfavorable Chase application status is the broken 5/24 rule. Chase is well known for this regulation. It states that you can’t get a credit card if you have been approved for five or more personal credit cards in the past two years. These credit cards can be from any banking institution and count even if you cancel them.
In that case, there’s not much you can do except wait for the 24 months to pass. You can try calling the Chase credit reconsideration line, but you’ll likely get rejected again. Alternatively, you can apply for another credit card from somewhere else with fewer regulations.
3. You broke the 2/30 rule.
Chase has another rule similar to the 5/24 rule, but it’s less known. The 2/30 rule means you can’t get more than two credit cards within 30 days. Instead of calling the Chase business credit card reconsideration line, simply wait a few weeks and reapply for a Chase credit card.
4. You have applied for too many credit cards in a short period.
Even if you didn’t break the 5/24 or 2/30 rules, your credit card application could be denied if you opened too many accounts recently. Experts recommend that users wait at least three months between applications. If you’ve been checking more than just your Chase card application status, it’s likely it was rejected because you have too many approved or submitted applications.
5. You have a bad credit score.
The majority of applications get denied because of poor credit scores. While there is some variation in the score required to receive credit, the general rule is that a score of over 700 is credible. If you have a score below this, the status of the credit card application for Chase won’t be positive.
To improve your credit score, the best thing to do is try and pay off loans on time and stop accumulating any more debt. Having an account for an extended period is also beneficial, so don’t cancel any old cards you might have.
6. You are a new client.
(The Points Guy)
It’s possible to check the status of your credit card application with Chase and get denied because you’re a new client. Establishing a trusting relationship with the bank by opening an account is an excellent way to prove financial legitimacy. Especially if you applied for a large limit or a business account right off the bat, the bank would likely want to get to know you first.