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.

Reasons why you might get denied for a secured credit card

Currently being unemployed or having insufficient income history from a new job that has only started in the last few weeks. A series of missed payments or defaults on previous credit cards and a bankruptcy filed in the past few months.

In most cases, it's one of the following: Your credit score is too low. You don't have enough income. You have too much debt relative to your income.

Creditors often view part-time workers, students or those with inconsistent incomes as the kind of applicants who might have difficulty repaying debts. That risk can often lead to a denial of credit if you don't apply for the right type of card. If you have a low income, consider a secured credit card.

Chase credit card approval odds are best for people with a credit score of 700+. That means you'll need at least good credit to be approved. Chase credit card approval odds will also be influenced by the applicants' annual income and existing debts.

More Reasons Your Application Was Denied

You may be considered untrustworthy if you have a record of penalties, missed due payments, and reminders. You may also be denied if you got cards before and have not used them. On the other hand, it may be that you don't have a history altogether.

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.

Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

Generally within 14 days of submitting your credit card application, you should receive a decision or a follow-up on your application. It can also take as little as an hour. There are a few major factors that affect the timing.

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.

Does 7 to 10 days mean denial Chase? ›

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.

What you can do about it. It's a good idea to wait three to six months between credit card applications. Otherwise, it might look like you're applying for too much new credit in a short period of time.

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The easiest Chase credit card to get is the Chase Freedom Rise℠, as applicants can get approved for this card with limited credit.

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.

Excessive overdrafts or nonsufficient funds incidents. Unpaid fees or negative account balances, whether from an active or closed account. Suspected fraud or identity theft. Applying for too many bank accounts over a short period of time.

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.