Credit Card Application Denied

I have been using only a Chase Freedom card since graduation for 5 years now and applied (and got rejected) for the Sapphire Preferred. This is the only other card I've ever applied for and I always make my payments on the Freedom and keep utilization low. I've also doubled my income since I was granted the Freedom and my credit is a 795. Any idea why I could have gotten rejected for a relatively entry level card with a bank I already use? Will this hurt my credit?