topic Re: Chase - how many apps is "credit-seeking"? in Credit Card Applications

Chase - how many apps is "credit-seeking"?

Anonymous — Sun, 29 Sep 2019 20:02:59 GMT

How many cards can I open in a short period of time before I'm in danger of Chase revoking a card?

Just getting started in rebuilding my credit, after many derogs (late payments + one BofA CO) two years ago.

This month opened a CapitalOne QS1 ($3000 SL) and Chase FU ($1000 SL). Only other open card is a CapitalOne secured ($500 CL) from a year and a half ago. (The BofA CO is much older and paid off so raising my AAoA.) My FICO is 665-670, neither of the new cards have reported yet.

I really want to get into the Chase ecosystem for the rewards cards (CSP or CSR) while rebuilding my credit. I need to garden for a while, but since I've heard that Chase doesn't like to be your highest LOC I was thinking of opening one more card soon. Just opened a NFCU (grandfather was USAAF in WW2) account, current plan is to app for a card w/ them in about three months.

Re: Chase - how many apps is "credit-seeking"?

Remedios — Sun, 29 Sep 2019 20:19:56 GMT

Hi and welcome to the forums @Anonymous

Simple answer, according to Chase, 5 cards in 24 months is too much.
People with stronger profiles and/or long history with Chase may be approved in excess of that number, but that's their general philosophy

Also, with your relative short positive history, and "barely in" approval from Chase, I'd wait at least a year for best results.

Re: Chase - how many apps is "credit-seeking"?

Anonymous — Sun, 29 Sep 2019 20:28:36 GMT

Thanks Remedios.

I'm definitely not going to apply for another Chase card for a year or so.

What I'm worried about is stories of Chase seeing too many cards in too short of a time as credit-seeking, bust-out fraud, etc., and then cancelling the card they've already given you.

Re: Chase - how many apps is "credit-seeking"?

Remedios — Sun, 29 Sep 2019 20:45:16 GMT

I see what you're saying

Well, it's done now. There is always a possibility of AA due to opening too many new cards right along the Chase card, but still less than when applying for multiple Chase cards in a short period of time.

More than likely, everything will be fine. Dont apply for any more cards, use them as you normally would and dont sweat it.

Just dont open any more accounts for a while. Enjoy what you have right now.

Re: Chase - how many apps is "credit-seeking"?

Anonymous — Sun, 29 Sep 2019 20:50:25 GMT

There's no simple answer... It's related to their internal scoring assessment.

It could be Chase+0 Chase+1 Chase+2 and so on.

If you're worried about it then don't apply for anything else for at least 6 months according to your $1K approval it's somewhat borderline and there would be some scrutiny in SP's for the next few months anyway to evaluate your behavior. To be on the safer side sit in the garden for 12 months while waiting for your next Chase product and work on your CL's to get above 5K for CSP and 10K for CSR. Cap1 only lets you hit them up for CLI's every 6 months so, you might hit 5K+ before 12 months are up but, unless something miraculous happens 10K+ probably won't happen with them.

If you have the slots for x/24 consider Amex to boost you over the 10K hurdle in 6 months with the chance of boosting you over 10K w/ the 3X policy on CLI's since you can do 61 days and 6 months from that date even with a lower CL you can still the the landing for 10K+.

Work on your reports in the meantime to clean anything off that's keeping your scores low or might trigger a manual review.

While NFCU hands out CL's like candy most lenders don't consider CU CL's when assigning a new accounts a CL as much as they do with competitive lenders like BOA,AX, Disco, WF, etc.

Re: Chase - how many apps is "credit-seeking"?

Anonymous — Mon, 30 Sep 2019 00:41:01 GMT

Food for thought, and something I’ve wondered:

@Obscure, you mentioned that CU limits often aren’t considered when someone like Chase is looking for a consumer to have a $5k/$10k line already, before granting CSP or CSR. I hadn’t heard that before.

What if OP were looking at a lender like Synch, or already had them, as they’re a major bank rather than a CU. Would Chase see a $10k line on a Synch-backed Lowe’s card as enough to grant a CSR (obviously with the profile to support the typical UW that Chase would want)? Would a card like that serve as the “mine canary” for a high credit line that they like to see before granting a similar line? Or would they discount it out-if-hand as a store card, despite being backed by a bank?

I’ve never seen it brought up before and I’m just curious. That card isn’t hard to grow to $10-12k and if it would serve the purpose to demonstrate that a potential CSR applicant can manage a line that size, it might be a way in for some.

Ever see any DPs or read any tales one way or the other like this?

Re: Chase - how many apps is "credit-seeking"?

Anonymous — Tue, 01 Oct 2019 01:07:06 GMT

@Anonymous wrote:
While NFCU hands out CL's like candy most lenders don't consider CU CL's when assigning a new accounts a CL as much as they do with competitive lenders like BOA,AX, Disco, WF, etc.

Ah, hadn't heard that before!

My plan then is hang out in the garden for a solid stint, then app for say an AX BCE and go for 61/3x. If I can't get that, fall back to NFCU (or maybe Disco, but none of their programs really appeal to me at all).

In the meantime I'll try my hand at writing some gw letters.

Re: Chase - how many apps is "credit-seeking"?

8bitmachinegun — Tue, 01 Oct 2019 09:41:58 GMT

Wait a sec...your grandfather being in the military can qualify you for an NFCU card?? My grandfather was in the Army in WW2 (as was my half-brother in the 2nd Gulf War), though I don’t know what NFCU would accept as proof.

Re: Chase - how many apps is "credit-seeking"?

AllZero — Tue, 01 Oct 2019 09:45:48 GMT

^ Call them. The are open 24/7.

Re: Chase - how many apps is "credit-seeking"?

Anonymous — Tue, 01 Oct 2019 10:39:32 GMT

Agreed that calling is best, but often people have said that all they needed was a copy of the relative’s DD214 to qualify.

Re: Chase - how many apps is "credit-seeking"?

8bitmachinegun — Tue, 01 Oct 2019 10:52:20 GMT

For the uninformed, what is DD214? And is it possible to get one if your grandfather has passed away?

Re: Chase - how many apps is "credit-seeking"?

Anonymous — Tue, 01 Oct 2019 11:04:32 GMT

The DD214 is the form a service member receives when discharged. It’s proof of service and severance from. And yes, if your grandfather has passed, I believe you can request a copy through the local VA.

Re: Chase - how many apps is "credit-seeking"?

AverageJoesCredit — Tue, 01 Oct 2019 12:42:05 GMT

Re: Chase - how many apps is "credit-seeking"?

Aim_High — Tue, 01 Oct 2019 20:25:38 GMT

@Anonymous wrote:
How many cards can I open in a short period of time before I'm in danger of Chase revoking a card?

You hear about Chase's 5/24, but from my understanding, that is only an internal rule they have for approving a new CHASE card. It has nothing to do with the point they would seek AA against an existing cardholder for excessive credit-seeking elsewhere. That being said, they are a conservative bank and don't like to see frantic activity on your report. So if you got approved for a Chase card and then ran out with a bunch of new apps, they might reconsider and CLD or close accounts. My advise is just to keep it slow and steady with new cards, but you don't need to stay under 5/24 unless you plan to apply for more Chase cards. Since you have some new cards, maybe garden for a few months. One new card systematically every 3 to 6 months won't cause AA in most cases. How far you can push it probably depends on many factors including your history with them, FICO score, and how many cards you are opening. Just be reasonable and you'll be fine.

Re: Chase - how many apps is "credit-seeking"?

CreditInspired — Tue, 01 Oct 2019 21:25:41 GMT

@Anonymous wrote:
How many cards can I open in a short period of time before I'm in danger of Chase revoking a card?

Just getting started in rebuilding my credit, after many derogs (late payments + one BofA CO) two years ago.

This month opened a CapitalOne QS1 ($3000 SL) and Chase FU ($1000 SL). Only other open card is a CapitalOne secured ($500 CL) from a year and a half ago. (The BofA CO is much older and paid off so raising my AAoA.) My FICO is 665-670, neither of the new cards have reported yet.

I really want to get into the Chase ecosystem for the rewards cards (CSP or CSR) while rebuilding my credit. I need to garden for a while, but since I've heard that Chase doesn't like to be your highest LOC I was thinking of opening one more card soon. Just opened a NFCU (grandfather was USAAF in WW2) account, current plan is to app for a card w/ them in about three months.

Hi and welcome,

Chase can revoke a card at anytime, even if you have not applied for any new accounts. There are many variables that can cause revocation: Applying and getting declined will show inquiries. A drop in FICO scores. Of course, opening too many accounts. Yes, Chase is 5/24, but Chase can get spooked after reviewing one's account and either CLD or close it.

So my suggestion is no more applying, especially since you are in a rebuilding stage. Take it slow and easy.

Re: Chase - how many apps is "credit-seeking"?

Anonymous — Tue, 01 Oct 2019 22:14:52 GMT

According to Chase, if you have to ask how many is credit seeking... you are already guilty of credit seeking No soup for you!