That is just it though - a lot of folks don't get 1-2 starter cards. Once they get into approval range, they open the flood gates with apps and scrape up anything they can get including tons of store cards. Then their credit score skyrockets like it would having 1-2 cards anyways, then they start going after cards that are true keepers.
By that time they are well over 5/24 because they overestimate the time a rebuild actually takes (in most cases about a year if they dealt with their baddies successfully).
It also doesn't help that Chase's rule here was sudden and still fairly recent. Surely, folks are taking their rule into consideration for their goals moving forward, since chase has proven they are serious about it.
By that time they are well over 5/24 because they overestimate the time a rebuild actually takes (in most cases about a year if they dealt with their baddies successfully).
It also doesn't help that Chase's rule here was sudden and still fairly recent. Surely, folks are taking their rule into consideration for their goals moving forward, since chase has proven they are serious about it.
@Anonymous wrote:
@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.Agreed. 5 cards in 2 years is ALOT. I haven't apped for a card since 2012.
I haven't apped since last Tuesday, so I'm not doing too badly, either 
(Seriously, it will be 5 months next week. And that was just Penfed, and I am doing fine with just a savings acct for now)
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@creditguy wrote:
@Anonymous wrote:
@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.The beauty of the board is having diverse opinions and that is very good. I do agree with you on the above post and it is a good rule. I get baffled when people get upset about the rule and with Chase. There are many, many banks out there with similar products.
I can also understand why some people don't care for them but we all have to remember, if Chase / JP Morgan didn't bail out the U.S government in 1895, we wouldn't have the financial system we have now. So lets give Chae some credit here.
Let's be even honest with ourselves, how many people on here can genuinely say they will keep the card - CSR past the one year mark? My guess is not alot.
I will give John Pierpont Morgan the man credit for saving the financial system in 1895, but not chase since they were not associated with JP Morgan then. And the government returned the favor to chase in 2008.
Chase is part of JP Morgan hence the reference. One big umbrella. And, yes the U.S government returned the favor yet people only bemoan how Chase got the bailout without referencing the overall picture out how the financial system survived in the first place.
Chase drives me crazy at times but lets give credit where credit is due.
Chase had nothing to do with the bailout back in 1895...
Chase wasn't part of J.P Morgan back in the day, so I agree with the other poster.
I think many people would give Chase more credit if their CEO wasn't a jerk on top of the recent bail out.
@Anonymous,
I think you are missing the point here. Yes, Chase was not part of it but Chase is now part of JP Morgan with the Chase brand is its retail arm. You are aware decisions for Chase are made by JP Morgan correct?
I hope you read the whole thread before responding. Not going to delay the thread so have a good evening!
I replied to your first message and didn't see the rest where you corrected yourself. So I give you kudos for that. 