The reason is probably because the chrooted environment can’t resolve DNS.

Test it with

ping incredigeek.com

If it is not resolving, edit “/etc/resolv.conf” and change/add your nameserver.  Or just replace everything in it with

echo "nameserver 4.2.2.2" > /etc/resolv.conf

It should now be able to resolve and you should be able to use yum, or dnf.

yum update