All of the major credit card issuers have different rules when it comes to applying for their cards. Furthermore, these rules are constantly changing, as banks try to optimize their strategy as to what kind of card members they’re looking for.
Continue reading: Credit Card Application Rules By Bank: Restrictions To Know When Applying
Share your questions, experiences, and thoughts below.
Chase absolutely still enforces 5/24. I was denied for a Sapphire in spite of having an 800+ credit score and $200k+ income, and the rep at reconsideration explicitly told me this was the reason why, and even used "5/24" terminology.
@ Vishant -- I hear you, and it still seems to be enforced for some people, but absolutely not all people. There are tons of data points out there of people being approved for Chase cards despite being over the limit. So I'm not sure what determines whether one is subjected to this or not, but it's a lot less consistent than in the past.
It seems like Wells Fargo also implements a 5/24 rule similar to Chase. Are you aware of any other rules regarding the WF portfolio of credit cards?
Chase has very recently changed the Sapphire rules. It used to be that you could get a new sign up bonus every 48 months if you product changed to a Freedom and did the Sapphire Switcharoo (went from Reserve to Freedom then singed up for Preferred for example). Now it seems that it's once in a lifetime bonus. Was about to do a switcharoo, but I'll be downgrading from Reserve to Preferred with a product change now with no SUB.
Regarding CapitalOne, I was rejected for a Venture X card in spite of an 800+ credit score:
Based on your credit report from one or more of the agencies on the back of this letter, there are too many active credit cards based on your loan history
One of their specialists indicated no more than 4 or 5 "active" cards; however I wonder how Ben and so many others in this arena who have many more cards were approved for a Venture X card????
I’m at 3/12 and want to open the new atmos card while that mileage bonus is still available. Anyone know how strict BOA is with this?
Chase absolutely still enforces 5/24. I was denied for a Sapphire in spite of having an 800+ credit score and $200k+ income, and the rep at reconsideration explicitly told me this was the reason why, and even used "5/24" terminology.
@ Vishant -- I hear you, and it still seems to be enforced for some people, but absolutely not all people. There are tons of data points out there of people being approved for Chase cards despite being over the limit. So I'm not sure what determines whether one is subjected to this or not, but it's a lot less consistent than in the past.
It seems like Wells Fargo also implements a 5/24 rule similar to Chase. Are you aware of any other rules regarding the WF portfolio of credit cards?
Chase has very recently changed the Sapphire rules. It used to be that you could get a new sign up bonus every 48 months if you product changed to a Freedom and did the Sapphire Switcharoo (went from Reserve to Freedom then singed up for Preferred for example). Now it seems that it's once in a lifetime bonus. Was about to do a switcharoo, but I'll be downgrading from Reserve to Preferred with a product change now with no SUB.
Regarding CapitalOne, I was rejected for a Venture X card in spite of an 800+ credit score:
Based on your credit report from one or more of the agencies on the back of this letter, there are too many active credit cards based on your loan history
One of their specialists indicated no more than 4 or 5 "active" cards; however I wonder how Ben and so many others in this arena who have many more cards were approved for a Venture X card????
I’m at 3/12 and want to open the new atmos card while that mileage bonus is still available. Anyone know how strict BOA is with this?