topic Re: Did I just break Chase's 5 card/24 month limit rule? in Credit Card Approvals

Did I just break Chase's 5 card/24 month limit rule?

GoldSorata — Wed, 12 Aug 2015 14:41:39 GMT

So to start with, this wasn't part of my plan. But in the back of my mind I kept thinking if I really had an in with Chase. No other reason than that really.

Back around 2007/2008 I had a couple sizeable COs with Chase during my credit downward spiral. Fast forward to a couple months back and i began to see preapprovals on Chase's website for the Freedom. More recently i started to see them for both the Freedom and the CSP.

So i had the preapprovals but had two things that I felt were against me. A couple COs with Chase and the fact that all my revolving accounts are no more than a year old and the number of accounts should be over their new limit. MY QS hasn't reported yet but my new Barclay Sallie Mae has on all 3 reports. So presently, showing on my reports I have 7 revolving cards that are at most just over 12 months old. 3 CCs and 4 store cards.

I currently don't do very much travel so the CSP isn't any benefit to me. The Freedom I see as an ok card for the 5% categories. I do already have the Discover and i see the Freedom as having limited use. But this overwhelming curiosity seemed to get the best of me. I figured it doesn't have an AF and I could use it for any useful categories. Plus because of the age of my student loans and mortgage it only brings my AAoAs down by 6 months to 8.5 years even with all my revolvers being new. So to appease my morbid curiosity I seem to have about Chase, last night I went ahead and applied using the Freedom prequal. The screen thought for a bit and bam.... "Thank you for your application, we'll notify in writing within 30 days of our decision"

It was late at night so the only thing I could do is check their automated applicaiton line. That told me that more processing was required and I'd hear an update within 2 weeks. I thought to myself, well I took a couple HPs but at least I know. I assumed that was pretty much a straight out denial. I then began reading that the automated line gives out either the 2 week notice or a 7-10 day notice. I read that the 2 week notice can sometimes just be security verification.

This morning I called the backdoor number to confirm whether it was simply a denial or not. The woman I spoke to explained she needed to get me connected with someone in the verification department. After the transfer another woman asked me a couple basic identification questions and then said she had my credit report pulled up. She asked what are some other cards from other banks I've opened, I answered that. Then she asked who my employer was. I answered what the current company name is. Depending on which report, it's a different name as the company name has changed a few times. She then mentioned she had to do something else but first asked if my employer was under a different name. So I explained it has changed names and listed off the couple other older names and I could tell she perked right up when I mentioned the name that matched the report she was looking at. Then she said verification is complete and to hang on a moment while the app finishes processing.

She said I was approved with a $4500 limit. i was hoping they'd match my Discover and Sallie Mae $7500 limits but I now have my answer of whether Chase would truly let me back in. I've read that limit recons generally result in another HP, so I think I'll just leave it. I'm truly off to garden now. I just look at this as an itch I just had to scratch.

Re: Did I just break Chase's 5 card/24 month limit rule?

Anonymous — Wed, 12 Aug 2015 14:49:37 GMT

Interesting data point. I guess YMMV. I am holding off for the hopes of the Freedom bonus coming back this winter. In the mean time I want to app for a couple AMEX cards, but I'm four cards new at this point in less than two years. So I'm nervous to get a few AMEX cards while still wanting the Freedom this year with the 20k bonus (if it comes back). Don't want to have to wait 1.5 years to get the Freedom of the 5 card rule is true. Ugh this is annoying. Nonetheless, congrats on your approval!

Re: Did I just break Chase's 5 card/24 month limit rule?

Anonymous — Wed, 12 Aug 2015 15:05:56 GMT

Congrats on the Freedom approval. The timeframe when you had CO's with them matches up with mine. I had I think 3 cards I burned them on back in 2007/2008. I'm hoping to get back in with at some point so this gives me some hope. Two of mine were 500-800 and one was about 3K. How much did your CO's total if you remember?

Re: Did I just break Chase's 5 card/24 month limit rule?

GoldSorata — Wed, 12 Aug 2015 15:13:05 GMT

@Anonymous wrote:
Congrats on the Freedom approval. The timeframe when you had CO's with them matches up with mine. I had I think 3 cards I burned them on back in 2007/2008. I'm hoping to get back in with at some point so this gives me some hope. Two of mine were 500-800 and one was about 3K. How much did your CO's total if you remember?

They totalled more than that, at least double that amount.

Re: Did I just break Chase's 5 card/24 month limit rule?

CH-7-Mission-Accomplished — Wed, 12 Aug 2015 16:01:41 GMT

Congratulations.

May I ask how much you burned Chase for back in 2007/2008? I burned them for a lot in my BK, but I'm always curious when I hear of people getting back in with them.

Re: Did I just break Chase's 5 card/24 month limit rule?

MissMoni223 — Wed, 12 Aug 2015 16:02:15 GMT

CONGRATS & WELCOME to the Freedom family!!!

Re: Did I just break Chase's 5 card/24 month limit rule?

Anonymous — Wed, 12 Aug 2015 16:47:45 GMT

Congrats! We'll have another data point in about a week. In at 4 cc and 1 store card in the last 10 months. I'm going for CSP tho. If I'm rejected for csp(despite prequal) I'm going to ask of I can get approved for freedom(based on the assumption I may be being rejected for something other than 5/24)

Re: Did I just break Chase's 5 card/24 month limit rule?

GoldSorata — Wed, 12 Aug 2015 20:42:15 GMT

@CH-7-Mission-Accomplished wrote:
Congratulations.

May I ask how much you burned Chase for back in 2007/2008? I burned them for a lot in my BK, but I'm always curious when I hear of people getting back in with them.

I don't recall specifics right now but I'd say it was around $10k

Re: Did I just break Chase's 5 card/24 month limit rule?

happypill — Wed, 12 Aug 2015 21:22:52 GMT

Congrats on the approval!

Like several others here, I had a CO with Chase. Looking back I probably should have let it go to CO in 2008-2009 around the time the company I was set to join went into bankruptcy, but I held out for another year and finally had to let several accounts go to CO in 2010, including one with Chase for about $5k, which I settled in 2013.

I applied for a Chase Southwest last month and reconned with an analyst who took a very close look at my profile and honestly I think she was trying to get it approved. Unfortunately, the CO still shows on my account and will be there until early 2017. She suggested strongly that I should try again after that item fell off my report. So, obviously not a definite answer, but it seems Chase will consider letting you back in once their baddie falls of the report and if things are otherwise strong in your report.

Re: Did I just break Chase's 5 card/24 month limit rule?

9CLINE — Wed, 12 Aug 2015 23:04:13 GMT

Congrats and welcome back 2 the chase family !!!!!!!

Re: Did I just break Chase's 5 card/24 month limit rule?

Anonymous — Thu, 13 Aug 2015 02:11:41 GMT

@Anonymous wrote:
Congrats! We'll have another data point in about a week. In at 4 cc and 1 store card in the last 10 months. I'm going for CSP tho. If I'm rejected for csp(despite prequal) I'm going to ask of I can get approved for freedom(based on the assumption I may be being rejected for something other than 5/24)

what happens if the freedom is denied? app for a cobranded card?

Re: Did I just break Chase's 5 card/24 month limit rule?

Anonymous — Thu, 13 Aug 2015 05:53:06 GMT

Well I'm prequalified for all 3 Chase. I figure the only reason I might get declined for CSP is my highest card will be 2500 when I app. That shouldn't be an issue for Freedom, with my scores being 'solid' and having the prequal. If I get denied......I suppose a branded card? If it'll get tossed into the same apps still. But I'd wrap around to that after my mini spree. Ideally, CSP-> Amex BCE-> Venture and if I have to, finish with a cobranded