Yesterday I wrote about the new premium Chase Sapphire Reserve card and all its benefits. I also wrote about how this card, like many other Chase credit cards, is subject to the Chase 5/24 approval rule. Regardless, I decided to apply today and my results are inconclusive, but doubtful.
I’ve opened more than 5 new credit cards in the last 24 months, so I knew applying online via the Chase website would be just about futile. After reading countless data points of approvals and denials over the last 2 days, I knew my best hope of circumventing the rule was going into a branch to see if I happened to be pre-approved.
My Relationship with Chase
I don’t personally bank at Chase anymore, though I am a joint account holder on a checking account with a close relative. I guess that means technically, I do bank with Chase. I’ve never set foot in this branch, but I get sushi from the place next door all the time… I digress. I have a Sapphire Preferred and the no-fee United Airlines card–downgraded from MileagePlus Explorer. I’m an authorized user on my wife’s Ink and Freedom cards.
The Pre-Approval Check
After waiting a few minutes, I finally got in to meet the banker. I told him I about the card and that I wanted to check on pre-approvals since I’d have no shot otherwise. He mentioned that he’d never heard of 5/24 until yesterday after having to deny 2 other applicants. That didn’t help my confidence level.
He asked for my SSN, mother’s maiden name, and driver’s license to bring up my screen. He could now see that I was pre-approved for… absolutely nothing. We talked for a few more minutes while he poked around to make sure, but to no avail.
So now my choice is twofold: do I say “Thanks!” and walk out, or do I roll the dice? Well, I did read a few positive outcomes from prospective applicants that were in exactly my position and suddenly this movie scene came to mind…
So I rolled the dice and had the banker apply for me. After a short–yet seemingly eternal–wait, his screen came back with “We’ll notify you by mail within 7-10 days.” I still have a chance, but that “7-10 days” response usually a bad sign. It usually equates to “You’re application has been declined but we’d rather mail you that information than tell you straight out.”
I’m considering a preemptive call to Chase’s reconsideration line. It’s possible I might need to move some credit around to be approved, but I doubt it. I’m pretty sure I still have some room for new Chase credit. For now, I’ll wait a couple days, then check the automated status line to see if there’s any change. My confidence is low and denial is likely imminent, but “there’s a chance!”