Chase 5 card rule

[Anonymous]

Well, I'll chime in with some info. I decided to give it a shot and applied online for a Chase Freedom. I'm in Texas, and they pulled Experian. I got the message, "We need time to review, give us 7-10 days." Yada yada yada. I knew that wasn't typically a positive sign. Got the letter in the mail today. Declined. Sole reason listed, "Too many credit cards opened in the last 2 years." My Ex score is 651. I have 1 derogatory scheduled to fall off in Feb. I still have just cards listed in my first post in this thread. I doubt it will do any good in regards to changing their mind, but I'm going to call the recon number Monday to ask for a bit further explanation out of curiosity.

[elim]

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@red259 wrote:

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@kdm31091 wrote:
"Chase wants to make money, not pay for our travel and get little in return" basically sums it up 100 percent. I wish more people understood that, instead of thinking they should be entitled to get asignup bonus many times, and 5 retention offers of20k points each, yet they never even use the cards.

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Just because someone calls in for a rentention offer does not mean they think they are entitled to something.  

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   IMO it means you AREN'T a trout.  We make and keep our $ by doing these things. I practice this in most areas of my financial world (when i purchase large items for re-sale, when i get a job quoted to me, when i call for retention, etc.). I never expect an offer or deal and I am certainly not entitled to it,  but most of the time it goes my way.  If it might make me some $$$, I'll try. This doesn't mean i think i'm "entitled" and whoever would say such a thing... well... you know, lmao.

[Anonymous]

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@Anonymous wrote:

Well, I'll chime in with some info. I decided to give it a shot and applied online for a Chase Freedom. I'm in Texas, and they pulled Experian. I got the message, "We need time to review, give us 7-10 days." Yada yada yada. I knew that wasn't typically a positive sign. Got the letter in the mail today. Declined. Sole reason listed, "Too many credit cards opened in the last 2 years." My Ex score is 651. I have 1 derogatory scheduled to fall off in Feb. I still have just cards listed in my first post in this thread. I doubt it will do any good in regards to changing their mind, but I'm going to call the recon number Monday to ask for a bit further explanation out of curiosity.

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That was probably a wasted inquiry. I don't think you'll hear anything you didn't already know.

If someone gets declined for Chase card X, can he sometimes get approved for Chase card Y by calling recon without needing to make a separate application? I expect another HP would be necessary.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Well, I'll chime in with some info. I decided to give it a shot and applied online for a Chase Freedom. I'm in Texas, and they pulled Experian. I got the message, "We need time to review, give us 7-10 days." Yada yada yada. I knew that wasn't typically a positive sign. Got the letter in the mail today. Declined. Sole reason listed, "Too many credit cards opened in the last 2 years." My Ex score is 651. I have 1 derogatory scheduled to fall off in Feb. I still have just cards listed in my first post in this thread. I doubt it will do any good in regards to changing their mind, but I'm going to call the recon number Monday to ask for a bit further explanation out of curiosity.

---

That was probably a wasted inquiry. I don't think you'll hear anything you didn't already know.

If someone gets declined for Chase card X, can he sometimes get approved for Chase card Y by calling recon without needing to make a separate application? I expect another HP would be necessary.

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It's inq #7. I'm not gonna sweat it. Maybe I should, I dunno. I was just curious and tried. I don't believe a recon for a different Chase card would work, not sure about a Chase partner card though.

[Anonymous]

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@elim wrote:

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@red259 wrote:

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@kdm31091 wrote:
"Chase wants to make money, not pay for our travel and get little in return" basically sums it up 100 percent. I wish more people understood that, instead of thinking they should be entitled to get asignup bonus many times, and 5 retention offers of20k points each, yet they never even use the cards.

---

Just because someone calls in for a rentention offer does not mean they think they are entitled to something.  

---

   IMO it means you AREN'T a trout.  We make and keep our $ by doing these things. I practice this in most areas of my financial world (when i purchase large items for re-sale, when i get a job quoted to me, when i call for retention, etc.). I never expect an offer or deal and I am certainly not entitled to it,  but most of the time it goes my way.  If it might make me some $$$, I'll try. This doesn't mean i think i'm "entitled" and whoever would say such a thing... well... you know, lmao.

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elim,

With the federal tax lien and a financed vehicle not at 0%, have you considered cash back instead of travel rewards? Even with a waived AF, you can't pay Uncle Sam with MRs (at least not very efficiently).

AP1964,

Most of my inquiries are on Experian, so I guess I think of those as more precious. Is it your 7th inquiry on Experian, or 7th overall across all reports? Either would be okay, but if it's the former it might be good to let those age a bit. Chase does have some good cobrand travel partner cards, but they certainly aren't for everyone.

[Anonymous]

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@Anonymous wrote:

I called to recon an app today (sadly, did not suceed) and the guy I talked to on the phone said he had no idea about the 5/24 rule, had never heard of it before,  and that I was the first person who had asked about it.  He basically said that I was welcome to apply at any point in the future, near or far, after the new accounts I had showed consistent payments.  Basically, I didn't get declined for too many new accounts, I got declined for not long enough history on said accounts.

HTH.

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Hey, I was wondering if you know how long "long enough history" is defined?    6 mos., a year or 2 yrs?

[Anonymous]

I don't, personally. I plan on gardening until April then checking prequals again. We'll see what happens then.

[Haytumaboneaaj]

Chase was my 3rd card.. I applied same year as my first two limits under 2K... II have chase checking.. I was instantly approved for chase sapphire preffered visa S.... That was back in december 2014 my credit profile started January 2014

[Anonymous]

How'd you like to be me, my credit journey started late last year for improvement and I got three new cards over the early part of the year.  Waited and decided to try Chase, wanted a CSP but thought I'd get my hotel cards first and let my score go up to ensure approval.  Got the Chase Hyatt for 5k and IHG for 3k.  Sweet!  Those were my 4th and 5th cards, about a week later the news on the 5 card rule hit!  Now I get to get no new cards for 1.2 years and wait on CSP or just give up on it. If I was getting approved at Chase I should have went CSP, too late, hindsight and all that.

Leaning towards giving up and getting Citi Premier at the beginning of next year, same difference and I'd like a Citi card anyway.

[elim]

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@Anonymous wrote:

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@elim wrote:

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@red259 wrote:

---

@kdm31091 wrote:
"Chase wants to make money, not pay for our travel and get little in return" basically sums it up 100 percent. I wish more people understood that, instead of thinking they should be entitled to get asignup bonus many times, and 5 retention offers of20k points each, yet they never even use the cards.

---

Just because someone calls in for a rentention offer does not mean they think they are entitled to something.  

---

   IMO it means you AREN'T a trout.  We make and keep our $ by doing these things. I practice this in most areas of my financial world (when i purchase large items for re-sale, when i get a job quoted to me, when i call for retention, etc.). I never expect an offer or deal and I am certainly not entitled to it,  but most of the time it goes my way.  If it might make me some $$$, I'll try. This doesn't mean i think i'm "entitled" and whoever would say such a thing... well... you know, lmao.

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elim,

With the federal tax lien and a financed vehicle not at 0%, have you considered cash back instead of travel rewards? Even with a waived AF, you can't pay Uncle Sam with MRs (at least not very efficiently).

AP1964,

Most of my inquiries are on Experian, so I guess I think of those as more precious. Is it your 7th inquiry on Experian, or 7th overall across all reports? Either would be okay, but if it's the former it might be good to let those age a bit. Chase does have some good cobrand travel partner cards, but they certainly aren't for everyone.

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  I pay every month and it's almost over. I'll keep my travel cards thanks   :]