Tuesday, October 4, 2022

How Long Does It Take For Chase Credit Card Approval

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How Long Does it Take to Get Credit Card Approval

I applyed for the card last Wednesday and called the next day to verfy my address, was instantly approved on the phone around 10:30 am. The guy told me it may take up to 2 weeks to get the card is that true? The card shows up when I login and on chase pay says it will be ready for use in 10 days. I recently opened a checking account with them and my debt card came in 6 days, so I expected the credit card to be quicker. Will I get it by Tuesday, I’m going out of town and want to use it to start hitting the bonus asap.

Apply For An Instant Use Card

Instant use credit cards are different from instant approval credit cards but also provide fast access to credit. While the approval time may not be instant, with an instant use credit card, youll be given your credit card number right away and can start using it to make purchases digitally.

The following popular issuers offer instant use credit cards:

  • American Express
  • Synchrony Bank

Selecting A Chase Credit Card

Chase has so many credit cards that it’s wise to compare your options. The Chase Sapphire cards are popular among travelers because they’re part of the Ultimate Rewards point program. Chase Ultimate Rewards points are extremely versatile, and you can use them for travel bookings.

You can also choose from cards that earn cash back on purchases, cards with a 0% intro APR, and cards that don’t charge an annual fee. If you’re a business owner, there are also several business credit card options available through Chase.

Think about what type of rewards card you want, a travel credit card, cash back card or a Chase business card. To help you pick a card, here are recommendations on the best Chase credit cards for different financial goals.

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How Long Does It Take To Get A Credit Card From A Major Issuer

If it takes longer than these estimates, it might be a good idea to check in.

If its taking longer than expected, be sure to call the issuer to let them know, says Steiner. They can send a new one and ensure that no charges were made on the other card.

See related: Do you need current income to get a credit card?

The 5/24 Rule Of Chase

How Long Does It Take To Get Approved For A Chase Business ...

The rule of 5/24 is not a rule written, but it is very much alive and well. It says that you cant open 5 or more personal credit cards across ALL BANKS in the last 24 months to be accepted for some Chase credit cards .

What exactly does 5/24 count for?

1. New personal credit cards that every bank has opened for you. Even if you close these accounts later, they are still counted down to the 5/24 law.

2. Retail credit cards, such as cards from Victorias Secret, Best Buy, and Amazon stores.

3. Being linked to someone elses credit card account as an approved customer.

4. Capital One business cards, Discover, and several other banks. The good news is that company credit cards under the 5/24 clause DO NOT count against you.

The 5/24 rule did not affect many personal Chase cards until November 2018. Unfortunately, it seems that the following cards ARE now affected as of November 2018.

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What To Know Before Applying For A Chase Credit Card

Before you think about applying for a Chase credit card, you need to know about Chase’s 5/24 rule. Chase almost always denies applicants who have opened five or more credit cards within the last 24 months.

Check how many credit cards you’ve opened in that timespan. If you won’t pass the 5/24 rule, it’s better to wait and apply later. This is one of the strictest application rules of any credit card company. The only known way to get around it is if you’ve been pre-approved for a Chase credit card.

Your is also important. Most of Chase’s credit cards are aimed at those who have a good credit score or better. If your FICO® Score isn’t at least in the mid-600s, you may want to focus on improving it first.

Is It Hard To Get Approved For A Chase Credit Card

Approval for a Chase credit card will vary with the card being applied for and with each applicant. Some Chase cards, like the Chase Sapphire Preferred, Disney Visa, and the Chase Freedom Unlimited, require a good to excellent credit score. Other cards require a fair credit score. Other factors, such as income and existing debt, are also used to determine credit card approvals. The best way to improve your odds of being approved for a Chase credit card is to work on raising your credit score.

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Apply For Chase Business Cards Before Personal Cards

If youre interested in applying for both personal and business Chase cards, make sure you apply for business cards first. As explained above, while both personal and business Chase cards are subjected to the 5/24 rule, applying for a Chase business card doesnt count as a further card towards that limit. Thats because a Chase business card wont show on your personal credit report in the same way as a personal card.

In other words, get the Ink Business Preferred® Credit Card before you get the Chase Sapphire Preferred® Card.

Why Chase May Approve Your Credit Card Application Immediately

How long does it take to get approved for a credit card?

Here are some of the reasons your Chase credit card application may not be immediately accepted

1. There are so many credit cards you have applied for. For those of us who enjoy the excitement of credit cards for travel rewards , this can be a challenge. After the introduction of the 5/24 rule, Chase is extremely tough on this one scroll down for more detail about these constraints.

2. With Chase, you already have a lot of credit. If you have a few Chase credit cards available already, you might be approaching the top credit cap they are able to extend to you.

3. A small business credit card you are applying for. Small business apps can be more complex than those with personal credit cards. To confirm the information of your business, you may need to provide Chase with some additional documents.

4. On the application, you made a mistake. Often, the pending status of an application may be attributed to a simple typo or other unintended mistakes.

Attempting to open so many cards in a short period of time is one reason why a Chase credit card may not be accepted immediately.

You probably wont be accepted if youve opened 5 + credit cards in the previous 24 months.

Furthermore, your new application is likely to be rejected if you have opened 2 + personal Chase cards or 1 Chase business card in the previous 30 days.

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How Hard Is It To Get The Chase Ink Business Preferred

Cardholders can redeem points for cash back, gift cards, travel, and more . Points dont expire as long as the account is open. Additionally, cardholders get fraud protection and zero liability. Purchase protection covers new purchases for 120 days against damage or theft, up to $10,000 per claim and $50,000 per account.

You may already know why you want the Chase Ink Business Preferred® Credit Card . However, you probably dont know if Chase will approve your application. Before submitting an application, its important to know your approval odds.

What To Do After You Get Your Credit Card

After you receive your physical card in the mail, you will want to activate it before you are able to swipe it. This step is simple: call the number listed on the card and select your pin. This is also the perfect time to get organized by downloading your credit card issuers app so you can manage your credit card in the palm of your hand. Within the app, you can monitor your spending, enroll in autopay, activate rewards and more.

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What Chase Cards Can You Pre

Its unclear exactly which Chase credit cards you can pre-qualify for, but there are three popular cards displayed on Chases pre-qualification page:

  • Additional Cards Annual FeeN/A
  • Foreign Transaction Fee3%

The information related to Chase Slate Edge has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.

The Credit Issuer May Be Experiencing An Overflow Of Applications

Bankncard: Credit Card Approval  How Long Does Take

Sometimes credit issuers receive more credit card applications than they can process. This is particularly common after banks release a new credit card or increase a credit cards sign-up bonus. If youre trying to apply for the latest and greatest credit card at the same time as everyone else, you might have to wait for the credit card issuer to get through all of the outstanding applications.

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Apply For Chase Cards Before Other Cards

While all major card issuers have application restrictions, Chases restrictions are the strictest when it comes to considering the cards youve applied for with other card issuers. As a result Id recommend applying for Chase credit cards early on in your credit journey.

In other words, if youre interested in cards from Amex, Capital One, Chase, and Citi, generally pick up the Chase cards first.

How Can You Check Your Chase Pre

Visit the Chase Pre-Qualification page to quickly and easily check for pre-approved offers online.

Youll need to provide:

  • Full name
  • Address
  • Last four digits of Social Security number

Checking your pre-qualification status wont have any effect on your credit scores. If you go on to actually apply for a card, however, that will result in a hard inquiry, which can affect your credit. And if youre approved, opening a new credit card can affect your in various ways.

You may also get physical mail from Chase, saying youve been pre-approved for certain cards and inviting you to apply. There might be a specific code to claim the offer, but if any Chase offers are currently extended to you, youll probably find them online too.

If youre already a Chase bank customer, you may find custom offers when logging in to your account, as well.

Insider tip

Pre-qualifying for a credit card doesnt mean youre guaranteed approval if you apply! You could still be denied, especially if the contents of your credit reports have since changed drastically.

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Qualify For The Chase Ink Business Preferred Signup Bonus

You can qualify for the Ink Business Preferred® Credit Card bonus offer as long as you spend $15,000 in the first 3 months of account opening. This is one of the best credit card signup bonus offers available.

It doesnt appear that currently owning another Ink business credit card excludes you from this bonus. If you are a returning Ink Business Preferred cardmember, it can be worth asking a Chase representative if you qualify for a second bonus before trying.

Because this is one of the largest signup bonuses you may ever earn, it can be well worth waiting to try once you are sure you can reach this high spending requirement.

The Chase Ink Business Preferred® Credit Card holds the honors of having the most extensive and most valuable ongoing Ultimate Rewards signup bonuses! Its worth $1,250 when booking award travel through Chase as each point is worth 1.25 cents each. But the 100,000 bonus points can be worth more if you can make each point worth at least 1.25 cents each with the 1:1 airline and hotel transfer partners. You only have to be wise with how you transfer your points.

Thankfully, this bonus doesnt have as many restrictions as the Chase Sapphire Preferred bonus, where you cant presently own another Sapphire product or have earned a Sapphire card bonus in the last 48 months.

What Happens After Applying For A Chase Credit Card

Chase Credit Card Approval Tips | Must Know

After you submit your application, Chase could instantly approve or deny it. Chase could also put your application under further review.

An instant approval is obviously the best-case scenario, so we don’t need to go over what to do there. Here’s what to do for the two other responses to your Chase credit card application:

  • Denial: Chase will send you a letter explaining the reason for the denial. You can also call the Chase reconsideration line to ask why you were denied and see if the denial can be overturned. With the right approach and a little luck, a Chase representative may change the decision and approve your application.
  • Under review: Your application has not yet been approved or denied. Chase will send you a letter with its decision, but you can also call in to check your application status. You may want to wait three to five days to give Chase’s system time to potentially approve your application. If you end up with a denied application, you can follow the same procedure of calling and asking the representative to reconsider.

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Can I Check My Credit Card Application Status Online

Yes, you can check your application status online but only if you have an account with Chase if youre a new customer, youll just have to settle with calling the automated phone number above.

For a while, Chase didnt have the ability for you to check your status online but now its very easy. I will break down the steps below.

Can I Have 7 Credit Cards

There is no specific number of credit cards considered right for all consumers. Everyone’s credit history is different. Lenders tolerate different levels of risk, and different credit scoring formulas have different criteria. What one lender views as too many credit cards may not be the same as another.

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I Applied Online For The Disney Visa Credit Card How Do I Know If Ive Been Approved

If you are instantly approved, Chase will notify you in the same window as your application. In some cases, you might receive a message indicating that Chase will require more time to process your application in which case Chase will let you know of their decision through the mail as soon as possible.

The Credit Score Used By Lenders May Be Different Than What You See

Chase Slate credit card review

In lieu of paying a fee to check my credit score, I used my banks free credit score reporting service, which uses TransUnions FICO scores. I thought I had a good credit score in the recommended range for the Chase Freedom Unlimited card.

When I got the decision letter from Chase, however, the score they listed was almost 20 points lower than what my bank had reported. According to the letter, Chase used its own proprietary scoring system and data from Equifax. Although it seems that my credit score was not the tipping point of the decision, the significant difference still surprised me.

The lesson I learned from this is that scores can vary depending on where you get them. Just because youre in the recommended score range doesnt mean youre guaranteed to get a certain card.

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High Credit Limits On Other Chase Credit Cards

If you own other Chase credit cards, your experience might be that your newer cards have lower initial credit limits than your first card. A single bank is only going to extend a certain amount of credit to each person depending on their current credit cards and annual income.

You may not qualify if your available credit limit is below the minimum initial limit. A prime example is the Chase Sapphire Reserve which has a minimum $10,000 starting limit. But if Chase is only willing to offer you up to $8,000 in new credit, you may not qualify for the Sapphire Reserve.

The easiest alternative can be choosing the Chase Sapphire Preferred that has a minimum $5,000 initial limit.

A second possibility can be seeing if Chase can reduce your credit limit on an existing card to qualify for a new card. This trick isnt guaranteed to work, but its a bargaining chip worth exploring if you really want a new card.

You Already Have A Lot Of Credit With Chase

Chase has a number they calculate as to the total amount of credit they want to trust you with. If youre already at that limit, they might hesitate to give you a new credit card with even more of a credit line. Several of us have had this happen to us. Just call Chase and explain why you want this new card . You can offer to reduce the credit line with one of your current Chase cards and basically move it to the new card.

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Chase Credit Card Application Rules

Chase has some very specific credit card application rules that you want to make sure that you are following.Two of the most popular rules are the 5/24 rule and 2/30 rule.

Hopefully, you already had an idea about these rules before you ever applied and you made sure that you were not violating any of these rules.

However, if you just applied and were not automatically approved then you should read up on these rules and you might be able to find out why you were not approved.

If you are in violation of these rules, you stand a very, very small chance of getting approved and you should probably just expect to be denied.

But, if you were not in violation of any of these rules, and you were not automatically approved then you should probably look into calling into Chase reconsideration.

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