Credit limit increase request backfired at Chase last month

I asked Chase for a credit limit increase last month, thinking my 720 score and 4 years of on-time payments would get a yes. They pulled a hard inquiry and then denied me, saying my revolving utilization across all cards was too high. I had about $6,400 out of $18,500 total, which is 34%, so I get their point but still felt burned. The inquiry dropped my score by 12 points, and now I'm kicking myself for not paying down balances first. What really gets me is they wouldn't tell me the exact threshold they wanted me under. Has anyone else had this happen where a denial led to a sudden mortgage or car loan problem later?

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