Getting rejected then approved – Chase Sapphire Reserve
Below is the experience of a friend who got approved for the Chase Sapphire Reserve 100k offer after first being rejected. This may give some hope to many of you who have more than 5 cards in the last 24 months.
I'm excited that several of my friends have now been able to get approved despite being way over 5/24. At the same time, I am bummed that this has not worked for me. I applied through a Chase banker who told me not to worry because he had the ability put in a special request in case I was rejected. Hoping to support my case, I even opened a business checking account a few weeks ago just in case. As expected, I was rejected. Two days later, my rep told me that I was denied because I had too many accounts but more importantly, the special request form was no longer available starting this week. It was clearly killed together with this new offer. I was not pre-approved but I took a chance because he told me not to worry.
HOW I WAS APPROVED FOR CHASE SAPPHIRE RESERVE AFTER GETTING REJECTED
THE REJECTION: Yesterday (8/23/16)
Yesterday, a colleague of mine was instantly approved online for the 100K Chase Sapphire Reserve, despite breaking the 5/24 rule. So I felt lucky and applied online as well, only to get rejected after calling up the Chase reconsideration line. Knowing that Chase consolidated same-day applications into 1 hard pull, I didn't want to waste the hard inquiry so I applied for the Chase Fairmont card and was approved for $30k and spent the rest of my day looking at which Fairmont properties were great value.
This morning, Doctor of Credit noted the following:
I already applied online and got denied. Can I go into a branch and get a pre-approval?
Yes, many have done this with success. Tip: go the same day to get the inquires combined.
I knew I screwed up and should have walked over to my local Chase branch yesterday just to check if I was preapproved. Instead, I gave it up for the Fairmont card, which I could have gotten any time since it doesn't follow the 5/24 rule.
THE APPROVAL: Today (8/24/16)
Today, I catch wind of the JPM Reserve card, which is very similar to the Sapphire Reserve in terms of bonus and perks. I decided to submit the fax application despite not being a Chase Private Banking client. On top of that, the form asks whether I had any existing Chase savings or checking account, which I didn't. I ticked “Yes” anyway and faxed in the application. My source is telling me that JPM is receiving over 1,000 JPM Reserve card applications per hour. So I knew I had time to open a Chase savings or checking account before my application was reviewed.
Recalling that there was an ongoing $500 Chase business checking account bonus, I walked over to my local Chase branch and started a new account. After account setup (30 minutes), I decided to ask the banker whether I was pre-approved for the Sapphire Reserve. He turned the screen towards me with all my pre-approved cards. There it was: the Chase Sapphire Reserve. I was very surprised!
A few clicks and 30 seconds later, I was approved (for another $30K)! Both the Fairmont and Reserve cards now show up in my list of online accounts.
THE LESSONS LEARNED
There you have it. The almighty in-branch pre-approval trumps the 5/24 rule, at least in my case. In fact, it seems to trump much more. Chase approved me for 2 credit cards in 2 consecutive days with a total credit line of $60K! Best part was that the Chase banker tells me that I was also pre-approved for the Chase Ink Plus for another 70K, despite currently having an open Ink Plus card already. I didn't want to push my luck!
If you are under 5/24 and have good credit, you should have nothing to worry about and just apply online.
to be continued…
Now I am just waiting on the JPM Reserve application status. I also plan to sign up for the pre-approved 70K Ink Plus offer in a few weeks to see how it goes. Will report back on both once I have an update.