Chase 5/24 Reconsideration Failure
The other day I wrote about my challenge to Chase’s 5/24 rule. After initially applying for a targeted United MileagePlus Explorer 75K + $50 offer, I was denied for “too many new accounts”. Naturally I tried to get my application reconsidered the normal ways, but was unsuccessful, so I turned to the new super reconsideration department. (AKA Resolutions Department.)
I had requested that my application go to the “Resolutions Department” via Secure Message. I learned about this department from a reader who recently had an application denied and then approved by this department. After requesting the escalation, I was called by someone in this department within a few days. The news wasn’t good though.
On the phone call I was informed that there is no reconsideration for the “too many new accounts” denial. As in, they won’t even look at it. This certainly is in line with data points others have shared so I wasn’t completely surprised. One tiny bit of good news did emerge though. I was told that the Resolutions Department can manually reconsider any application not denied for “too many new accounts”. Good to know!
While I covered the basics of this story yesterday in my recap of all of my recent apps, I thought this should be in a standalone post, because there are a few lessons I learned that I feel can be useful to others.
Based on this experience, these are my takeaways:
- Being targeted for an offer isn’t a sure fire way to avoid the “too many new accounts” denial. I was targeted both in my United account and via a physical mailer.
- Some people are still able to avoid 5/24. For example, Frequent Miler was approved for this very same offer while I was denied. He is a Chase Private Client which may be the reason. In other words, this rule isn’t applied evenly across the board which is not a surprise.
- The Resolutions Department seems to be staffed with senior analysts who are empowered to make decisions. I wouldn’t hesitate to escalate a denial to them as long as it is not for “too many new accounts”.
- I need to re-think a Chase strategy going forward, because I don’t appear to be one of the lucky people immune from 5/24. For that reason, I plan to foster a stronger personal relationship with my local Chase banker so I can ask him to check from time to time for pre-approved offers. Not only will he get a commission and thus hopefully fight for my apps, but in-branch pre-approved offers have been reported in some cases to circumvent 5/24.
As I said in my original post on this topic, I didn’t expect to get an approval from the Resolutions Department, although I am glad that I was able to find out that they can manually reconsider an application as long as it isn’t denied for “too many new accounts”. I suspect that information will be useful for some of you and for others who like me who are denied for being churners, tough news. Thankfully there are other banks and other offers out there and the rules are always changing.