What impact will the new Chase guidelines have on your plans?

[red259]

Since it seems Chase has heavily restricted the ability to get new cards I started to think about how that impacts my future plans for credit. I had hoped to pick up the ink plus when a good bonus popped up this summer, but given my new accounts and that the card is not co-branded it appears as if it will be a denial. This reduces my incentive to stay in the garden and now I am looking at other lenders as possibilities of picking up a card or two now. How about you all? 

[Anonymous]

No impact. I got the one and only Chase card I wanted.

[Skye12329]

I think i am missing something, can someone link me the thread? I tried searching but not sure what to search :/

[Anonymous]

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@red259 wrote:

Since it seems Chase has heavily restricted the ability to get new cards I started to think about how that impacts my future plans for credit. I had hoped to pick up the ink plus when a good bonus popped up this summer, but given my new accounts and that the card is not co-branded it appears as if it will be a denial. This reduces my incentive to stay in the garden and now I am looking at other lenders as possibilities of picking up a card or two now. How about you all? 

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What have I missed here?  Link?

[red259]

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@Anonymous wrote:

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@red259 wrote:

Since it seems Chase has heavily restricted the ability to get new cards I started to think about how that impacts my future plans for credit. I had hoped to pick up the ink plus when a good bonus popped up this summer, but given my new accounts and that the card is not co-branded it appears as if it will be a denial. This reduces my incentive to stay in the garden and now I am looking at other lenders as possibilities of picking up a card or two now. How about you all? 

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What have I missed here?  Link?

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http://ficoforums.myfico.com/t5/Credit-Cards/New-Chase-Recon-Policy/td-p/4050342

[EdMan63]

No impact. I only have 4 credit cards, 2 of which I got this year. One was the Freedom which I got in Feb. I want to get a CSP in Sept before a business trip in Oct which will help with the bonus spend. Those 2 credit cards I got were the first cards in several years so "too many cards" would not be my excuse. Hopefully my 6 year old paid CO will not stand in the way. It didn't when I got the Freedom which to date has been paid perfectly.

[Anonymous]

Let's not state this as if we have definitive proof that there is a 'new' policy because we don't. Yes there have been posters state that they were told this but others have been approved with more new accounts that what is supposedly allowed under the new rule.  Every creditor will use the 'you have too many new accounts open' justification if they see that as an issue in your profile.  It's just one thing that they look at and I don't believe that Chase has a new policy that they won't approve you for a new card if you've opened more than 5 accounts in a 2 year period.  

[Skye12329]

Well since i have their big 3 cards that are not co-branded this will not personally affect me. However i am considering going for a co-brand card for the bonus and then moving the limit later to one of my cards since they are tough with increases, but thats currently not a issue from my understanding. I just think 1 card for every 2 years is a bit harsh. I wonder if they just mainly want to see some history with them first?

[red259]

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@Anonymous wrote:

Let's not state this as if we have definitive proof that there is a 'new' policy because we don't. Yes there have been posters state that they were told this but others have been approved with more new accounts that what is supposedly allowed under the new rule.  Every creditor will use the 'you have too many new accounts open' justification if they see that as an issue in your profile.  It's just one thing that they look at and I don't believe that Chase has a new policy that they won't approve you for a new card if you've opened more than 5 accounts in a 2 year period.  

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Wait. I am seeing this Chase stuff on multiple boards and websites, so it is well beyond just these forumns. Do we have people with five or more new accounts in the last two years who were approved for a chase card that is not co-branded? Were those new accounts showing at time of Chase app? If so, please link to that post because I have seen a ton of people posting about denials for that very reason and if there is evidence out there the other way then that would be very relevant to my future chase app. 

[Anonymous]

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@Anonymous wrote:

Let's not state this as if we have definitive proof that there is a 'new' policy because we don't. Yes there have been posters state that they were told this but others have been approved with more new accounts that what is supposedly allowed under the new rule.  Every creditor will use the 'you have too many new accounts open' justification if they see that as an issue in your profile.  It's just one thing that they look at and I don't believe that Chase has a new policy that they won't approve you for a new card if you've opened more than 5 accounts in a 2 year period.  

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That's not precisely what is being speculated about. The actual is that Chase will not overturn a denial on recon if the specific reason for that denial was too many accounts in the last two years.