Question:
I decided to apply for the Chase Sapphire Preferred recently as my credit score is now above 740. But they denied me, what should I do?
Answer:
The best thing to do is to call the Chase reconsideration line (888-245-0625). Before you do so you should come up with a game plan for common questions they might ask you. Here are the most common questions they are likely to ask, along with a response for each of them.
1. You have too much credit with Chase already.
If the customer service representative says this, it’s because you have at least one credit card with Chase already. Chase wants to limit their liability, so that one customer can’t just run up a massive bill and not pay them. You should offer to move some of your existing credit limit onto the Chase Sapphire Preferred. The CSP has a minimum limit of $5,000 as it’s a Visa Signature credit card.
Your other option is to offer to cancel cards with them, this should always be your last option as cancelling cards will cause your Average Age of Accounts to decrease when they fall off your credit report.
2. Why do you want this card, you already have X card with Chase?
When you already have a credit card with Chase they’ll sometimes question why you want the Chase Sapphire Preferred. Whatever you do, do NOT say you want it for the sign up bonus. You’ll want to state one of the features of the CSP that your current card doesn’t have. Here are some examples:
- No foreign currency fee (most Chase cards charge ~3%)
- Points earned are flexible
- You earn bonus points on dining and travel
These are the two most commonly asked questions when you call the reconsideration line. Have you been asked anything else? Let us know in the comments.
If they still won’t budge after calling the reconsideration line, you can hang up and try with another representative but this usually won’t make a difference. When you receive your declined mail in the post, Chase are required to give you the credit score they used along with the reason as to why you were denied. Another common reason for them to deny people is that they don’t have any other credit cards with a high limit. If this is the case, try to get one of your current cards limits increased. Alternatively, attempt to apply for another premium card such as the Barclay Arrival.
