Chase Sapphire Preferred

[knowitall]

How long after I close this card can I open it? Do I have to wait 30 days? (I got the bonus more than 24 months ago)

Is there a new rule with chase? My grandfather had CSP, downgraded to freedom, then applied for a new CSP a few days later and was denied Cuz he got the bonus on it within 24 months. They didn't do a pull btw
FYI In the past I've followed the 24 hour rule, and got approved.

[TimT]

Is there a new rule with chase? My grandfather had CSP, downgraded to freedom, then applied for a new CSP a few days later and was denied Cuz he got the bonus on it within 24 months. They didn't do a pull btw
FYI In the past I've followed the 24 hour rule, and got approved.

That seems to be happening a lot lately.

[isaac1]

Sorry if this has been discussed before. Once you get the referral link for your account can it be used effectively multiple times or do you have to get different links for multiple referrals?

[benjie1305]

Sorry if this has been discussed before. Once you get the referral link for your account can it be used effectively multiple times or do you have to get different links for multiple referrals?

Same link.

[isaac1]

Same link.

Thanks

[curry30]

Does anyone know if there is written proof from chase about the 5/24 rule?

[TimT]

Does anyone know if there is written proof from chase about the 5/24 rule?

Its not mentioned in the card details but it must be splashed across their computer screens.

[curry30]

Its not mentioned in the card details but it must be splashed across their computer screens.

But nothing for the public (aka us) to see? I am just having a hard time understanding how they can be enforcing an unwritten rule...

[TimT]

But nothing for the public (aka us) to see? I am just having a hard time understanding how they can be enforcing an unwritten rule...

Not very hard if its in their systems.

[curry30]

Not very hard if its in their systems.

Is it legal though? That's the question...

[TimT]

Is it legal though? That's the question...

Why not ?

[curry30]

Why not ?

What stops them from doing or saying anything then? Better yet, how can they legally enforce it? That's what the terms and conditions are for so you know the policies of the cards and the bank. If it's not in there I don't know how they can justify it in court for example.

[D93]

What stops them from doing or saying anything then? Better yet, how can they legally enforce it? That's what the terms and conditions are for so you know the policies of the cards and the bank. If it's not in there I don't know how they can justify it in court for example.

Nothing is stopping then. Better yet, since when does a bank legally have to give you credit? If they don't like your credit profile, they have all the right to say "we don't want to bank with you".

[TimT]

What stops them from doing or saying anything then? Better yet, how can they legally enforce it? That's what the terms and conditions are for so you know the policies of the cards and the bank. If it's not in there I don't know how they can justify it in court for example.

They give themselves the right to do anything. That's in writing.

[curry30]

Nothing is stopping then. Better yet, since when does a bank legally have to give you credit? If they don't like your credit profile, they have all the right to say "we don't want to bank with you".

That's exactly my point. They don't have to give me credit but they have to give me a reason why they denied me (i.e. my credit is bad, etc.). If their reason is for the "5/24 rule", I would like to see written proof of it.  If they had that policy written in paper or in the application terms and conditions even before I applied, I would understand. But there is no way they can legally justify denying you on an unwritten rule. 

What if someone read their entire website, Chase reps don't tell you about it, and they had no idea about this rule. Not only would this denial negatively affect my credit score, but it also poses a precedent for any bank to say "we have unwritten rules that you can't know about until after you apply". I just don't see the logic.

[D93]

Not only would this denial negatively affect my credit score,

-1

[curry30]

-1

It adds another inquiry. that drops my credit score if I am not mistaken?

[D93]

It adds another inquiry. that drops my credit score if I am not mistaken?

Whether you were approved or denied, it's the same inquiry.

[curry30]

Whether you were approved or denied, it's the same inquiry.

But if I was approved, then my credit score would rebound up because my credit utilization would go down with the added credit. When denied, the inquiry just causes a dip in your credit score.

[D93]

But if I was approved, then my credit score would rebound up because my credit utilization would go down with the added credit. When denied, the inquiry just causes a dip in your credit score.

No need to have an new card for you to have low credit utilization.

Anyway, this conversation is worthless, a bank can do however they please, get used to it. End of story.