JPMorgan Explored New Options for Rejected Card Applicants
The bank has discussed partnering with private-credit firms to fund applicants who currently fall outside its standard lending criteria.
Updated on Sept. 23, 2026 in Credit Cards
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JPMorgan has contacted more than a dozen private-credit firms to explore potential partnerships for underwriting credit card applications that the bank currently rejects. The move aims to help the issuer approve more customers while maintaining its current risk profile.
Why it matters
The bank is seeking ways to satisfy co-brand partners, such as United Airlines and Marriott, who are concerned about application rejection rates. By exploring second-look funding, JPMorgan may expand its ability to extend credit to consumers with scores below its usual threshold.
JPMorgan approached 12 firms to potentially fund applications currently outside the bank's typical credit box. While 85% of its balances currently belong to consumers with FICO scores of 660 or higher, the bank is exploring ways to capture more of the 300 to 850 credit range.
The players
JPMorgan
The largest U.S. credit-card issuer by purchase volume that manages significant co-brand portfolios.
Blue Owl
A private-credit firm identified as one of the lenders approached by the bank for potential funding partnerships.
Blackstone
A global investment firm and potential partner for funding consumer credit originations.
KKR
An investment firm that provides private credit and was contacted regarding second-look credit card applications.
Sixth Street
A private-investment firm that is among the entities being considered to take on credit risk for the bank.
The details
JPMorgan currently manages risk by prioritizing applicants with FICO scores of 660 and above, which accounts for the vast majority of its portfolio. If the bank proceeds with a second-look program, it would share rejected applications with private lenders like Blue Owl or KKR. These firms would then provide the funding for applicants that fall below the bank's internal threshold, effectively allowing for card originations outside the bank's balance sheet.
Timeline
2018: Walmart ended a long-standing partnership with Synchrony Financial.
September 23, 2026: JPMorgan's inquiry regarding potential underwriting partnerships was disclosed.
Money Landscape
JPMorgan is navigating the same pressure points that have previously caused high-profile splits between retailers and credit card issuers. This effort follows a pattern set by the 2018 end of the Walmart and Synchrony Financial partnership, as issuers seek to avoid similar friction.
Consumers who have previously been denied credit cards from major issuers may eventually see more opportunities if these partnership models are implemented. Any potential change to application outcomes remains speculative, so consult a professional regarding how credit applications affect your score.
The takeaway
JPMorgan is evaluating ways to expand its credit box by offloading risk for applicants it would otherwise reject. If you are shopping for new credit, consider tracking how your FICO score trends, as that metric continues to be the primary driver for approval across major banking institutions.
Further reading
Learn more about the current Credit Cards landscape and how bank policies affect consumer access to credit.
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