Over 5/24? How I got pre approved the Chase Sapphire Reserve!!!

Please read my disclaimer.

Two weeks ago, I wrote a blog entry on our journey in getting the Chase Sapphire Reserve. img_0210
When I said our,  I meant me and my wife, Nancy. Click here for that blog entry, The Hamilton of Credit Cards. In a nutshell, as someone who uses airline miles and credit card bonus points that supplement our desire to travel around the world, finding the right credit card is key to this hobby. I’m a firm believer that NOT all credit cards are created equal.There were two credit cards that were out of reach for me, the Chase Sapphire Preferred (CSP), and the Chase Sapphire Reserve (CSR). Why?  It was all because of:

The Chase 5/24 Rule

…five credit cards opened in the past 24 months. Simply put, it means that “You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months.”

So I had to take a look at my portfolio of credit cards and counted them, how many of them were opened within the past 24 months, including other card issuers and not just Chase. I counted the # of credit cards I opened myself, and I also counted the # of times Nancy included me as an Authorized User on her credit card account.

  • 10/24 – 10 cards under my own name
  • 4/24 – 4 cards where I am an Authorized User
  • Total – 14/24 cards opened within 24 months

Since I was 14/24,  Chase did not think I was worthychase-sapphire-preferred enough to get one of their prestigious cards. I wanted the Chase Sapphire Preferred (CSP) click for more info – so badly – the 50,000 bonus points are good enough for two roundtrip tickets to Hawaii (click here to apply or for more info). I applied for it three times and failed (between 2015 and 2016). It was not because of my income, not because of my credit score, but because of the # of new credit cards I had opened within the past 24 months. I also applied for the Chase Ink+ card twice, and failed. My ego was hurt. Well, not really, but it bothered me. I vowed to find a way for this to work in my favor.

Wandered Aimlessly Around Lisbon
Walking around Lisbon (Aug 2016)

Then in the summer of 2016, Chase rolled out their newest lucrative card, the Chase Sapphire Reserve (CSR) with all the bells and whistles plus a whopping 100,000 bonus points. I was roaming around the streets of Lisbon when this was rolled out. I knew I’d fail if I applied, so I didn’t. Instead this was the timeline of 2016 activities I did to chase Chase (pun intended).

Chasing Chase – a true story starring DaddyTravels

  1. March – applied for Chase Sapphire Preferred for the 3rd time in 18 months, declined for having too many cards open
  2. April –  got approved for two new Chase cards IHG and Hyatt
  3. August – Chase introduced the CSR with 100K bonus, I did not apply
  4. September – no pre approvals for any cards, did not get any card offers
    • I applied for Chase Ink+ – declined for having too many credit cards open
    • Nancy applied for CSR, got declined for having too many credit cards open,
    • Enlisted the assistance of a Chase Private Client banker/friend to get the denial reconsidered, no change.

      CPC Bankers are approachable, and they helped me, too.
  5. October – I lowered my credit card limits on 4-5 cards that I was not using (by $30K-$40K). I consulted a few folks on Reddit.
  6. Early November – I started getting a pre approval for Slate and Freedom Unlimited (I didn’t apply for them though)
  7. End of November – Cleaned up our Authorized User statuses. We were  AUs on about 4-5  accounts. Chase also had us work with their Credit Bureau team to reflect the AU removal from our credit report. The only AU I kept was my wife’s CSP. I use the CSP a lot so I kept myself as an AU.
  8. Early December – one week after we cleaned up our AU status, my wife dropped down to 7/24, she got a CSR pre approval, she applied…GOT IT. With me, no change.
  9. Mid-December – checked with a banker again, no change other than Slate and Freedom Unlimited pre approvals for me. Banker had an idea, “maybe the reason you’re not getting a Chase Sapphire offer was because you already have a Chase Sapphire card (even though you’re only an AU).”
  10. December 19 (Monday) – I removed myself as an AU on my wife’s CSP, then I was transferred to the Credit Bureau team with Chase to reflect the removal from my credit report. I also had the banker update my income info under my Chase profile.
  11. December 22 (Thursday) – I called my banker and I heard the beautiful words, “Alas! You’re now pre approved the Chase Sapphire Reserve!!!”

By the time I got this pre-approval, I went from being 14/24 to 8/24.
Yaaassssss!!! So, did I hallelujah-49-728apply? No, not just yet. What???? Well, I’m taking this in stride. Nancy just got her CSR two weeks ago. We managed to move her due date to 12/28 which gave us the opportunity to take advantage of $300 Travel Credit. We billed our timeshare maintenance fee using the CSR. Plus, we still have to meet the $4,000 spend on her CSR which will be no problem. I will apply for the CSR eventually. I don’t have any plans on applying for any other cards right now.

screen-shot-2016-12-22-at-11-09-00-pmscreen-shot-2016-12-22-at-11-09-16-pm

What’s the takeaway?

Research, research, research. I asked lots of questions from the experts. While the journey to getting the coveted pre approval might have taken awhile, it gave me something to strive for. It allowed me to also review my credit report. In the end, it was all very worth it.

What about you? Do you have a similar situation that prevented you from getting your coveted card? What did you do?

15 Comments

    1. I didn’t borrow $30K-$40K, I think what I wrote or what I meant was, I had 4-5 different credit cards that I wasn’t using, and they had no annual fee. I decided, after checking with a few folks on Reddit, that maybe I’ll get an offer if I have lower credit limits on some of my cards since I wasn’t using them anyway. So I reduced them by $5K or in some cases, one of them I reduced by $7K. After doing that, I started seeing a preapproval from Chase (Slate and Freedom Unlimited)….

        1. You just call the credit card company, check your current limits and decide from there how much you want to reduce it by. Please know that there are arguments to both sides – reduce or not reduce. I’m not saying it’s the right or wrong thing to do, but it’s what I did.

  1. I love This post! It’s very encouraging but I’m afraid I’ve missed the 100k sign up Bonus. Question; how did you work w the credit bureau company to reflect your au removal?

    1. Gloria, thank you. When I called Chase to get myself removed as Auth User on a few of my wife’s accounts, I also asked Chase to transfer me to “their” Credit Bureau specialist….so all they had to do was transfer me. It took another 5 minutes of conversation…and that was it. Amex and Citi DID NOT offer that option…only Chase.

  2. Thanks Jason! What kind of things or requests did you say to them? E.g. “I canceled my AU on this credit card so could you reflect that in my credit history?” Did you get any push back? I’m thinking I might be in the same situation as you because I’m an AU on my dads sapphire reserve and I really don’t want to remove myself but do you think that’s what got you over the line once you removed yourself from the sapphire product? I also already have the sapphire preferred (as a primary holder) so I’m afraid that’s another obstacle for me. But I’m like you on this in that I don’t want to give up! I’m determined to get the reserve without waiting 2 years lol Thanks again for a great post on your experience and advice 🙂 keep it up 8)

    1. Hi no pushback from the credit bureau. They knew what to do once you have your AU removed. Please know that I am not guaranteeing this would work for you or any body else. Mine just happened to have fallen in to place. Imagine, I removed my AU status on my wife’s CSP on a Monday, and like clockwork, that Thursday, I got preapproval for the CSR. You have to factor in that I have also NOT applied or gotten approved for any new Chase card in over 6 months. So if you have a new Chase card approved within the past 6 months, that might also prevent you from getting pre approval. I hope this helps, and I hope you get yours too before the March 11 or 12 deadline.

        1. Hi Gloria, one more thing, should you choose to do this AU removal process with the credit bureau, they should advise you that the removal should take 3 business days. For me, it was right on the dot. Removed it on Monday, got the pre approval on Thursday (by checking with a Chase rep inside a branch). I read this a few weeks ago that Chase temporarily cancelled doing pre approval checks on the CSR. My suggestion for you is to still “try” and get a banker check if there’s any pre approvals for you. If not, then you decide if you should try and apply again. If it were me, and I did all of that to remove the AU, I’d try and apply again BEFORE the March deadline 🙂 http://www.doctorofcredit.com/chase-removing-pre-approvals-chase-sapphire-reserve-supposedly-temporarily/

  3. Thanks for the heads up Jason. Unfortunately, I dont think its gonna work for me. I removed all my AU except for my Dad’s CSR (wanted to leave that as a last resort), but since I got that card in Oct 2016 I don’t think it’ll do any good removing it since i’m within 6 months and especially now that pre approvals are out the door. I’m so pissed. I read a comment the other day that this college kid with 50k in loans, no income and less than $3500 in his bank accounts got pre approved for the CSR. I’ve been with chase over 10 years, no debt and top 10% income. They’re just after new customers and don’t reward their current ones. I’m over Chase and already planning on how I can remove my business from them. Sucks for me, but I’m glad that you and Nancy and many others (except that college kid) got the card :p

    1. Yeah….the 6 months rule of no Chase cards in the past 6 months could hurt your chances. Ugggghhh!!! Well, something else will turn up, I’m sure. I think Chase will rollout another card later this year…not sure what. So for now, I’m behaving. I’ve not applied for anything since getting the CSR….ok Gloria….take care…if you end up getting it, let me know 🙂

  4. We were declined twice for this card–even through reconsideration, working with a banker and declined for the Ink Business card too (after upping our business accounts with Chase)–all because of the 5/24 rule. I made it my mission to get approved for this and get the points before the March 12 cutoff. Through working with daddytravels, we were able to call and remove authorized users on our accounts, getting us under the 5/24. I was approved for the Reserve FINALLY today!! Can’t thank you enough for helping us!

    1. Jenny!!! What a journey!! I looked at the history of our messages, and they went as far back as Jan 3rd. So glad it all worked out for you. It looks like we had a similar situation – I got denied the Ink, worked with a banker etc….but it wasn’t until I cleaned up my AUs….that’s when things worked out. Congrats!!! Let’s stay in touch!!!

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