Received many mailers (offer) on the credit card - finally decided to accept the offer and applied for the first time a couple of days ago as I have been traveling quiet a bit and will continue travel for a while. However, just received rejection letter from Chase with the reason that "Too Many credit cards opened in the last 2 years". I have excellent credit scores and I am having a difficult time to understand why Chase would reject the application to prevent me from staying with Marriott more!!!
rwtexas if you google "what affects my credit score" you'll see that the exact reason you were given for rejection is one of the most common things. I'd recommend running your credit score and see what you can do to improve it.
Chase actually has what is called by the credit community "the 5/24 rule." this rule applies to about 98% of Chase's credit cards.
If you have more than 5 inquiries in the last 24 months, (aka if you have more than 5 inquiries on your credit report at all) you will receive an automatic denial, with no chance of approval. The only way around this seems to be if you have a private banker that can pull some strings,and that doesn't necessarily work all the time either.
Really sorry to hear about your denial. No one is really a fan of this new rule. Ruins it for all of us.
I can't find anything to back up that it's inquiries -- everything I've read previously and google currently says only that it's new accounts. But I suppose your mileage may vary. Chase doesn't have an official statement about the policy that I know of.
(I did just now find a reference to 5 inquires but when I went to the quoted source it really said 5 new accounts)
I think it's a pretty silly rule for Chase to apply without considering other factors as well.
I think Chase (and any other financial institution for that matter) does good not to open this box of Pandora. Before you know it, everyone will call in to say that they have "other factors" and then it will become a huge grey area to approve a person or not.
I was refused for my first card. Reason was I just got a Home Depot credit card (I thought I was getting some new fidelity card, since the store clerk never mentioned the word "credit" until after my approval), but the credit report didn't show I already cancelled that one. Also, I requested the Marriott card the day before I paid of my main credit card and in the general questions, the system can't pose the right questions because I have a credit report for my cellphone at provider X, but the Chase system doesn't understand I gave them my home phone number that is connected at provider Y.
Any way... I did another online application one month later, directly after paying my regular visa card and with the cancellation of the Home Depot card being processed by the Canadian Credit Bureau, so the system accepted me.
1) it pays of to simply call Chase and ask for an explanation.
2) do simple maintenance on your cards (paying them!) and launch another request two days later.
Thank you for all your replies. Looks like Jsucool76 is correct that I must have hit the "5/24 rule" that Chase is imposing. I checked my credit score today and it is still in the 800 so no issue there. I am just frustrated that this Chase "5/24 rule" is impacting my relationship with Marriott without any other merit - I got the Marriott Platinum status this year and was going to stay with Marriott more but now I am reconsidering Hyatt and Hilton - at least I have their credit cards.
Thank you all.
My wife and I have the Marriott card and business version. I have hit the 5/24 rule. At that point Chase will no longer approve any cards.
The best bet now is to get the SPG Amex card. Both individual and business. The SPG points are worth about 3x as much as the Marriott points. So a 30,000 bonus is worth around 90,000 Marriott points. At some point I believe they will combine them.
After years of being a Chase Marriott member and a Platinum Elite Rewards member, I've removed the card from my wallet and asked my wife to do the same. I always pay my bills on time and I spend a lot of money on this card. Last month, some vacation distractions caused me to mail my bill ( I always pay in full ) a few days late. I knew I'd get whacked with Late Fee and have to pay ridiculous interest rates for a couple of months but figured it was my fault and I needed to take the consequences.
BUT, I also received a letter from Chase threatening to contact my employer over my Late Payment status!
I was so angry. ..I contacted Chase and was basically told that the letter I received is standard process for them and they were sorry if I was mad about it. They acknowledged that they had received my full payment ( about $5k ) and that my payment history had always been exemplary. The agent told me they recorded my payment as 5 days late.
I've begun using my American Express Hilton card and/or my TJX Rewards card.
I will put some small charges on my Chase card for the next few months and see if the interest calculations stop after a few months on full payments. Then, maybe, I'll begin using it again.
Marriott should be rethinking their relationship with this bank.
Sorry to hear about your issue.
I doubt chase would come after you through your employer for a slightly late payment . It's probably just a standard letter that goes out. Chase is usually willing to work with people on issues like that.
Did chase refund your late fee?they likely will if you ask then.
I recently applied for another Chase card (reserve) and was turned down with the same explanation 'to many accounts in the past two years'. However, two of my five accounts is as an authorized user so I had myself removed from one of these. I called Chase and explained that I only was the primary cardholder on three of the cards and the representative asked me to confirm that the two cards as an authorized user (don't know if it made a difference that I now only had one...) wasn't my responsibility and that I didn't manage those accounts. I confirmed.
He then said that I already had a high credit line so it was difficult to give me the $10k which was required. Since I have other accounts with Chase the solution was to transfer 10k from one card to the new. Then I was approved.
I am a living example that there are ways to get around the 5/24 rule.
I also have the Marriott card and no matter how much you use it it more or less pay for itself because you get a one night certificate (cat 1-5 property) despite how much you spend on it. The annual fee is $85 so that's a good deal if you can use that free night.