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My situation is....weird. I had no credit until 26 months ago other than some medical debt. Now the oldest medical debt is 6 years old and I haven't pulled my scores in awhile but they are in the 700's.
Aug 2013- secured card now closed.
Dec 2013 - A Cap One card now at 4,800 - 0 balance
March 2014- Freedom Card now at 8000 - one of two daily cards that I PIF every month
March 2014 - Cap One card now at 2500 - 0 balance
December 2014 - New mortgage
December 2014 - CSP $5,000 - other daily user car PIF every month
Jan 2015 - Target card $900 - monthly useage PIF
Jan 2015 - Lowes card $5,000 - occaisional useage PIF
June 2015 - small student loan $1500
August 2015- small student loan $2400
I work full time and I'm working on another degree. I just found out that one of my rentals needs a new roof - about $5,000. Shiz. I am not sure I'm going to be able to continue working and complete my final semester and I have considerable reserves (most of it at Chase, BTW - for about ten years.) I don't HAVE to work and I have the cash to pay for the roof but I would rather finance it on an interest free card to get me through until at least May so I can manage cash flow in a worst case scenario. I apped for a Slate one week ago.
Got a denial in the mail last night. Reason - "Too many cards opened in the last two years."
Well, you've got me there. I get a slew of offers in the mail in a daily basis- for AMEX, Barclays, Discover, BOA, etc. I know my credit is desireable but if I'm going to take another card I need it to be one with a zero interest credit offer to meet my need. (With work and school I'm not maximizing my rewards but streamlining things for simplicity and to prevent a mistake.) Should I recon? Is it worth it? What are my alternatives? I'm a bit miffed that 10 minutes after I apped they sent me an offer to increase my limit on my CSP and then the next day an offer for auto financing....but won't give me a Slate!
You feel victim to the 5 accounts in 2 years with Chase.. Rule is if you have more than 5 accounts opened in the last 2 years then it disqualifies you for a Chase branded card including the CSP/Freedom and usually the Slate as well... Co-branded cards are not included some of these include the Marriott, United, SWA for example you can obtain those cards still outside the 5x24 month stupid rule the have now. Hope this helps!
I would look at another 0% card as they are tons of them as you don't necessaily need a BT card which the slate really is intended for.. Some you might want to consider would be the Citi DP(24 months 0% apr I believe), Venture one (0% for 12 months I believe or 15?) and a slew of other cards out there that offer 0% APR for extended periods of time.. Amex has them as well, but I would shy away from doing this with Amex.
@edcb wrote:My situation is....weird. I had no credit until 26 months ago other than some medical debt. Now the oldest medical debt is 6 years old and I haven't pulled my scores in awhile but they are in the 700's.
Aug 2013- secured card now closed.
Dec 2013 - A Cap One card now at 4,800 - 0 balance
March 2014- Freedom Card now at 8000 - one of two daily cards that I PIF every month
March 2014 - Cap One card now at 2500 - 0 balance
December 2014 - New mortgage
December 2014 - CSP $5,000 - other daily user car PIF every month
Jan 2015 - Target card $900 - monthly useage PIF
Jan 2015 - Lowes card $5,000 - occaisional useage PIF
June 2015 - small student loan $1500
August 2015- small student loan $2400
I work full time and I'm working on another degree. I just found out that one of my rentals needs a new roof - about $5,000. Shiz. I am not sure I'm going to be able to continue working and complete my final semester and I have considerable reserves (most of it at Chase, BTW - for about ten years.) I don't HAVE to work and I have the cash to pay for the roof but I would rather finance it on an interest free card to get me through until at least May so I can manage cash flow in a worst case scenario. I apped for a Slate one week ago.
Got a denial in the mail last night. Reason - "Too many cards opened in the last two years."
Well, you've got me there. I get a slew of offers in the mail in a daily basis- for AMEX, Barclays, Discover, BOA, etc. I know my credit is desireable but if I'm going to take another card I need it to be one with a zero interest credit offer to meet my need. (With work and school I'm not maximizing my rewards but streamlining things for simplicity and to prevent a mistake.) Should I recon? Is it worth it? What are my alternatives? I'm a bit miffed that 10 minutes after I apped they sent me an offer to increase my limit on my CSP and then the next day an offer for auto financing....but won't give me a Slate!
Was it an instant denial? Or were you in pending purgatory for a few days?
DAng it....is that credit cards only or is it other LOC's as well?
Thanks for this - because I really only need to float the balance until summer - when I can start paying it off over a period of a few months. 12 would def do it for me. Huge help!
@CreditCuriousity wrote:You feel victim to the 5 accounts in 2 years with Chase.. Rule is if you have more than 5 accounts opened in the last 2 years then it disqualifies you for a Chase branded card including the CSP/Freedom and usually the Slate as well... Co-branded cards are not included some of these include the Marriott, United, SWA for example you can obtain those cards still outside the 5x24 month stupid rule the have now. Hope this helps!
I would look at another 0% card as they are tons of them as you don't necessaily need a BT card which the slate really is intended for.. Some you might want to consider would be the Citi DP(24 months 0% apr I believe), Venture one (0% for 12 months I believe or 15?) and a slew of other cards out there that offer 0% APR for extended periods of time.. Amex has them as well, but I would shy away from doing this with Amex.
@OmarGB9 wrote:
Unfortunately not that surprising. 5/24 rule keeps people from obtaining the Freedom/Slate/CSP if they have more than 5 new accounts in the last 2 years.
This is so mind boggling to me considering all 200 (exaggerating) of my new accounts in last 2 years and was approved for the the Slate recently.
@Anonymous wrote:
@OmarGB9 wrote:
Unfortunately not that surprising. 5/24 rule keeps people from obtaining the Freedom/Slate/CSP if they have more than 5 new accounts in the last 2 years.This is so mind boggling to me considering all 200 (exaggerating) of my new accounts in last 2 years and was approved for the the Slate recently.
Really? C'mon you guys. Not everyone keeps up with the "5/24" rule. I DO have a life, and I was completely surprised because of my hx with them and the quality of other accounts....to someone who is a more average credit user - yes, it was a little surprising. It isn't like they ask you - or warn you - of the "5/24" rule. Apparently that is something known to hardcare credit folk which, unfortunately, I don't have the time to be right now. So make fun of me, be sarcastic, that is fine....
But that is also why I came here to ask if the recon was worth it....because I am aware that I do not know everything.
@edcb wrote:
@Anonymous wrote:
@OmarGB9 wrote:
Unfortunately not that surprising. 5/24 rule keeps people from obtaining the Freedom/Slate/CSP if they have more than 5 new accounts in the last 2 years.This is so mind boggling to me considering all 200 (exaggerating) of my new accounts in last 2 years and was approved for the the Slate recently.
Really? C'mon you guys. Not everyone keeps up with the "5/24" rule. I DO have a life, and I was completely surprised because of my hx with them and the quality of other accounts....to someone who is a more average credit user - yes, it was a little surprising. It isn't like they ask you - or warn you - of the "5/24" rule. Apparently that is something known to hardcare credit folk which, unfortunately, I don't have the time to be right now. So make fun of me, be sarcastic, that is fine....
But that is also why I came here to ask if the recon was worth it....because I am aware that I do not know everything.
I cant speak for anyone but I don't think anyone was making fun of your or being sarcastic. It's usually talked about on every Chase thread so they were just informing that the 5/24 rule is out there. Not being condescending. I myself was just approved as I was saying above and I have opened over 10 cards in past 2 years so I guess its a profile by profile situation.
@Anonymous wrote:
@edcb wrote:
@Anonymous wrote:
@OmarGB9 wrote:
Unfortunately not that surprising. 5/24 rule keeps people from obtaining the Freedom/Slate/CSP if they have more than 5 new accounts in the last 2 years.This is so mind boggling to me considering all 200 (exaggerating) of my new accounts in last 2 years and was approved for the the Slate recently.
Really? C'mon you guys. Not everyone keeps up with the "5/24" rule. I DO have a life, and I was completely surprised because of my hx with them and the quality of other accounts....to someone who is a more average credit user - yes, it was a little surprising. It isn't like they ask you - or warn you - of the "5/24" rule. Apparently that is something known to hardcare credit folk which, unfortunately, I don't have the time to be right now. So make fun of me, be sarcastic, that is fine....
But that is also why I came here to ask if the recon was worth it....because I am aware that I do not know everything.
I cant speak for anyone but I don't think anyone was making fun of your or being sarcastic. It's usually talked about on every Chase thread so they were just informing that the 5/24 rule is out there. Not being condescending. I myself was just approved as I was saying above and I have opened over 10 cards in past 2 years so I guess its a profile by profile situation.
Was your app status ever pending or did you get instantly approved? If so, was it a 7-10 day pending or a 30 day pending? Some people think that there is a big difference between the two. But of course exceptions exist.