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I just read that CHASE limits its approval to only applicants who have 5 or less new accounts on their CR. I was thinking about applying for a card with them in the near future but I'm a little heavy right now in the new accounts department. I would like to know, how old does an account have to be for CHASE to consider it no longer a new account?
It's no more than 5 new credit cards in the last 2 years, so 2 years would be your answer. This only applies to Chase's main cards (i.e. CSP, Freedom, Slate, possibly Ink, etc), not their co-branded cards. Although there have been some that were approved for the Slate with more than 5 new cards.
@Anonymous wrote:It's no more than 5 new credit cards in the last 2 years, so 2 years would be your answer. This only applies to Chase's main cards (i.e. CSP, Freedom, Slate, possibly Ink, etc), not their co-branded cards. Although there have been some that were approved for the Slate with more than 5 new cards.
LOL!! That knocks me out for a long time considering that a year ago I didn't have any credit cards.
Yeah, it's definitely 2 years. You have to keep in mind that most "average consumers" are not applying for a new credit card every month like some of us do, and so 5 new accounts in 2 years is still "a lot" by most standards.
You may still be able to get a Slate but it's also a no frills, no rewards card, really only useful for BT offers. CSP and Freedom are definitely part of the 2 year restriction.
@Anonymous wrote:
That knocks me out for a long time considering that a year ago I didn't have any credit cards.
2 years isn't a long time in the credit world.