topic Re: Chase Application - 30 Day Message in Credit Card Applications

Chase Application - 30 Day Message

Anonymous — Mon, 20 Apr 2020 23:48:40 GMT

Long time lurker here.

First just want to say thank you to everyone on the forum, i've learned so much from reading on here. I started my rebuild journey about 6 months ago and so far have cleaned up my profile from mid 500s FICO8 to mid 600s in about 5 months (Payed off the 2 CCs I had, cleaned up 7 collections and got it down to 2 on my report that are both paid off). Anyway I have 2 CapOne card (2,9k and 1k), a Discover card that was formally a secure card that graduated (2k), and a few store card... all putting me right at 5/24 (Higher CapOne card is about 5 years old).

Knowing I still have a lot of work to do, and knowing I recently got a new car so I have all those inquiries, I decided to throw a hail mary pass on a Chase card and applied for a CSP card (Credit Karma said it was a fair bet, but we all know that is a joke).

I was pretty shocked to not see an instant decline due to the 5/24 and the file... and instead see it go to the 30 Days message. Looks like I'll be checking with the robo lady until it moved to one of the other two options! Here is to hoping but keeping my expectations in check. Regardless, I'll be going to the garden for a while!

Re: Chase Application - 30 Day Message

AllZero — Tue, 21 Apr 2020 00:00:33 GMT

Good luck on your application! May the odds be ever in your favor.

Re: Chase Application - 30 Day Message

Anonymous — Tue, 21 Apr 2020 00:11:10 GMT

Thank you, hopefully my banking relationship and investment account with them plays in my favor. I'll update regardless of the decision. Never hurts to have more data points

Re: Chase Application - 30 Day Message

ZackAttack — Tue, 21 Apr 2020 00:37:27 GMT

@Anonymous wrote:
Thank you, hopefully my banking relationship and investment account with them plays in my favor. I'll update regardless of the decision. Never hurts to have more data points

I'm surprised that Chase has not gone to commission fee-free yet.

Re: Chase Application - 30 Day Message

Anonymous — Tue, 21 Apr 2020 00:41:45 GMT

They have, at least for the You Invest stuff: https://www.chase.com/personal/investments/you-invest/pricing

I really like the research tools they have, they are really simple and give some quick insight. Seems like they are adding features to it all the time

Re: Chase Application - 30 Day Message

Anonymous — Tue, 21 Apr 2020 01:00:58 GMT

Great progress! Hopefully, Chase will come through for you.

Re: Chase Application - 30 Day Message

Anonymous — Tue, 21 Apr 2020 02:54:27 GMT

Good luck!

Re: Chase Application - 30 Day Message

Meanmchine — Tue, 21 Apr 2020 03:02:42 GMT

Good luck !

Re: Chase Application - 30 Day Message

Anonymous — Thu, 23 Apr 2020 12:50:13 GMT

Received the denial letter in my messages folder through Online Banking this morning, looks like the reason was too many open accounts (5/24). I'm debating calling recon since 3 of those are store accounts and I assumed they would not apply.

Regardless. It's off to the garden for me!

Re: Chase Application - 30 Day Message

coldfusion — Thu, 23 Apr 2020 14:57:32 GMT

@Anonymous wrote:
Received the denial letter in my messages folder through Online Banking this morning, looks like the reason was too many open accounts (5/24). I'm debating calling recon since 3 of those are store accounts and I assumed they would not apply.

Regardless. It's off to the garden for me!

You made a bad assumption.

However, if you are only an AU on any of those 3 cards a recon is justified as a UW can choose to ignore it with regard to 5/24 qualification.

Re: Chase Application - 30 Day Message

Anonymous — Thu, 23 Apr 2020 15:23:28 GMT

@Anonymous wrote:
Long time lurker here.

First just want to say thank you to everyone on the forum, i've learned so much from reading on here. I started my rebuild journey about 6 months ago and so far have cleaned up my profile from mid 500s FICO8 to mid 600s in about 5 months (Payed off the 2 CCs I had, cleaned up 7 collections and got it down to 2 on my report that are both paid off). Anyway I have 2 CapOne card (2,9k and 1k), a Discover card that was formally a secure card that graduated (2k), and a few store card... all putting me right at 5/24 (Higher CapOne card is about 5 years old).

Knowing I still have a lot of work to do, and knowing I recently got a new car so I have all those inquiries, I decided to throw a hail mary pass on a Chase card and applied for a CSP card (Credit Karma said it was a fair bet, but we all know that is a joke).

I was pretty shocked to not see an instant decline due to the 5/24 and the file... and instead see it go to the 30 Days message. Looks like I'll be checking with the robo lady until it moved to one of the other two options! Here is to hoping but keeping my expectations in check. Regardless, I'll be going to the garden for a while!

@Anonymous
You apparently misunderstood the 5/24 rule. Chase will not approve a credit application if you've opened 5 or more revolving credit accounts in the preceding 24 months. That means to be approved you have to be at 4/24 or less unless you have pre-approval (green check mark or black star) in your online account, mobile app, or Chase Credit Journey, or an in-branch pre-approval.

Re: Chase Application - 30 Day Message

Anonymous — Thu, 23 Apr 2020 15:54:51 GMT

I originally did, I thought it was 5 or below... but then I had read on another site that store cards did not count. Clearly that is not the case, so lesson learned