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Chase Sapphire Reserve 5/24 Data Points
Update: The application is now available online.
Today is the official launch date of the Chase Sapphire Reserve card, however for now it is available in-branch only. While that will most likely change tomorrow, a number of people decided to head to their local Chase branch to apply today. Who knew there were so many branches open on Sunday? Anyway, the results regarding the Sapphire Reserve and the 5/24 rule (denials for having 5 or more accounts opened within the past 24 months) are in and they are mixed.
The Reddit Churning group is asking people to participate in a survey reporting their results. You can find the full statistical results here, but the one thing I did notice were a few denials. Instead of just looking at the data, I decided to go into the group’s Sapphire Reserve Megathread to read exactly what people said. Here are a few data points.
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Chase Sapphire Reserve Approvals Over 5/24
Secretary Toaster wrote: “Just got approved in branch (Chicago). monster $33k credit line. I’m at about 15/24, give or take. The rep. was real nice and said he’d been getting a bunch of approvals today. I signed a form that said I was pre-authorized for the CSR, although that wasn’t until after I got approved, for what it’s worth.”
apexbbq wrote: “Just got approved in branch (Williamsburg, NYC)! 8/24. They told me they will expedite the card to me as well.”
Baconjammm wrote: “DP at least 10/24. Approved in branch Brooklyn! 32k limit. CSP holder. 790 score. Banker removed me from wife’s CSP as AU just moments before submitting my app. Wife was only 6/24 and declined after 7-10 day pending result. Banker called lending dept. and wife got to speak with analyst. They wouldn’t budge, cited too many cards opened recently. Her score is 775.” (This one is actually a mixed data point.)
Chase Sapphire Reserve Denials Over 5/24
Clefinch wrote: “So denial at 9/24 was fun. Now to decide if I should apply for Hyatt/BA/Fairmont/Marriott so I don’t waste a hard pull day.”
searcarter90 wrote: “Chalk me up to another denial due to the 5/24 rule. Just came back from applying at my local branch in San Francisco. Received the 7-10 days pending message in the branch, called reconsiderations when I got home and was told I was declined due to too many open credit cards. I have a credit score of 800, an income of $140,000 and have opened 7 cards within the last year.”
Kagaya wrote: “So I got denied after recon for > 5/24 and I am pretty mad at myself (for not applying Monday) and Chase right now.”
awardista wrote: “Okay i gave in and called. denied and the CSR sited too many inquiries in 2 years! Looks like anyone who was pending in branch probably won’t be able to circumvent 5/24.”
The Reddit thread is thousands of comments deep at this point so it is hard to wade through the data points, but one thing is clear. When we saw the leaked online application this past week, more people were approved than anything else. While we do have a few data points indicating approval over 5/24, there are enough stating a denial that it appears stricter metrics are in place.
When the online links open up, I think we will see a flood of new data points that should help us solidify our understanding of how Chase is underwriting approvals for this card. As of now it doesn’t look good for most, but people who are pre-approved and those who are Chase Private Clients do seem to be having success. Good news, but not surprising.
Even though I was lucky enough to get the card during the leaked app, I was hoping the 5/24 guideline wouldn’t be enforced so my wife could get it too. At this point I can’t say I am ready to declare the Sapphire Reserve dead to those over 5/24, but my optimism is a little shaken. I think we will know for sure by the end of tomorrow.
Did you apply for a Chase Sapphire Reserve card today in-branch? Let us know what happened!
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