topic Re: Chase 5/24 Question in Credit Cards

Chase 5/24 Question

Makersmark23 — Thu, 09 Jun 2016 02:57:28 GMT

So I'm leaving my well paying day job in 3 weeks to pursue my own business. With this will come a period of very low personal income as I work to invest in the future of my company. I want to apply for a freedom unlimited while I can still report my steady income #, but according to Karma im at 5 accounts on TU and EX in the past 5 years. I want freedom to compliment my CSP, but also the 15mo 0% APR. my scores are 780ish, 4 InQ on TU, 7 on EX

Any advice on whether or not to give it a shot or just go with a different bank?

Re: Chase 5/24 Question

OmarGB9 — Thu, 09 Jun 2016 03:21:54 GMT

If you're at 5 or more accounts in the last 2 years, then you'll be locked out. However, if you say you're only at 5 accounts in the last 5 years, then you should be good. But, just to be safe, how many accounts have you opened in the past 24 months?

Re: Chase 5/24 Question

Aahz — Thu, 09 Jun 2016 03:38:24 GMT

@Makersmark23 wrote:
So I'm leaving my well paying day job in 3 weeks to pursue my own business. With this will come a period of very low personal income as I work to invest in the future of my company. I want to apply for a freedom unlimited while I can still report my steady income #, but according to Karma im at 5 accounts on TU and EX in the past 5 years. I want freedom to compliment my CSP, but also the 15mo 0% APR. my scores are 780ish, 4 InQ on TU, 7 on EX

Any advice on whether or not to give it a shot or just go with a different bank?

It's 5 accounts in 24 months, so if any of your five accounts in 5 years is more than 24 months old you should be fine.

Regardless, given your overall situation I say app for the card you want first. Worst that can happen is Chase rejects you for 5/24 and then you go to another creditor (or 2 or 20 ) with a single additional inquiry. The odds of that Chase inquiry being the thing that gets you a decline are about 10,000 to 1.

Re: Chase 5/24 Question

SouthJamaica — Thu, 09 Jun 2016 03:44:27 GMT

@Makersmark23 wrote:
So I'm leaving my well paying day job in 3 weeks to pursue my own business. With this will come a period of very low personal income as I work to invest in the future of my company. I want to apply for a freedom unlimited while I can still report my steady income #, but according to Karma im at 5 accounts on TU and EX in the past 5 years. I want freedom to compliment my CSP, but also the 15mo 0% APR. my scores are 780ish, 4 InQ on TU, 7 on EX

Any advice on whether or not to give it a shot or just go with a different bank?

I don't see any problem in your applying for the Freedom Unlimited, but you can always check their prequalification site to be sure.

Re: Chase 5/24 Question

Anonymous — Thu, 09 Jun 2016 03:57:16 GMT

I don't think the Freedom Unlimited is on the prequal site yet. The regular Freedom is, but I'm not sure whether being prequalified for the regular Freedom carries over to the Unlimited.

But in any case, I think OP has a good shot at it, especially since they already have history with Chase on the CSP. Good luck!

Re: Chase 5/24 Question

RonM21 — Thu, 09 Jun 2016 04:35:20 GMT

I think you should be good to go on this, based on the info you provided.

Re: Chase 5/24 Question

Makersmark23 — Thu, 09 Jun 2016 18:47:07 GMT

Applied and got the wait for us to send you a letter message. Boohoo

Re: Chase 5/24 Question

Anonymous — Thu, 09 Jun 2016 19:21:00 GMT

@Makersmark23 wrote:
Applied and got the wait for us to send you a letter message. Boohoo

Don't count yourself out yet. Sometimes that's just a information verification from the fraud dept., address, name etc.. So wait to see what the letter says before giving up. Good Luck!

If it is a denial and since you're opening your own biz, try going for the Ink. I think those still fall outside the 5/24 rule. Though I have read that some were now being denied due to too many cards and some are still approved with well over 5/24, so I think is's a YMMV situation. And you can transfer the points from your Ink to your CSP, or the other way around.

Re: Chase 5/24 Question

Makersmark23 — Thu, 09 Jun 2016 19:28:46 GMT

I thought about ink. I just know I won't meet the 5k spend in 3 months right now so it kind of feels like a waste.

Re: Chase 5/24 Question

Anonymous — Thu, 09 Jun 2016 19:39:01 GMT

@Makersmark23 wrote:
I thought about ink. I just know I won't meet the 5k spend in 3 months right now so it kind of feels like a waste.

How about the Ink Cash? It's only 3k spend for the $200 bonus. And I believe the bonus can be transferred as points to your CSP, but you'll wan't to double check that transfer option. That also leaves you open to apply for the Ink Plus in the future when you can meet the 5k bonus.

Re: Chase 5/24 Question

vagrants — Thu, 09 Jun 2016 19:42:06 GMT

Applying in-branch "can" bypass the rule I heard....but since you already applied, not useful info any more

Re: Chase 5/24 Question

Anonymous — Thu, 09 Jun 2016 19:43:40 GMT

@Anonymous wrote:
@Makersmark23 wrote:
I thought about ink. I just know I won't meet the 5k spend in 3 months right now so it kind of feels like a waste.
How about the Ink Cash? It's only 3k spend for the $200 bonus. And I believe the bonus can be transferred as points to your CSP, but you'll wan't to double check that transfer option. That also leaves you open to apply for the Ink Plus in the future when you can meet the 5k bonus.

AND Ink Cash also came with 0% financing, last I checked.

That being said, the Ink family cards DO fall under 5/24 now as well. So you may do best to see the outcome on your current app. I think personal and business at the same time would still result in another pull, so no reason to pull the trigger exactly right now.

And if you're still within the 5/24 AND think you might want Ink, don't let the new-ness of your business deter you. If Chase likes you, they are often very generous even with a new business (I got my biggest SL yet on my Ink Plus.)

Re: Chase 5/24 Question

Makersmark23 — Thu, 09 Jun 2016 22:15:50 GMT

Just called recon and they declined me for too many accounts. Verified with the recon person that k had only 5, she said yes and declined regardless. Only reason was too many accounts in 24 months.

I knew the risk but it's my first decline ever in 7 years of playing the credit game. Super frustrating wasting a hard pull. Just take my business to a company that has some more sensible policies I guess.

Re: Chase 5/24 Question

Anonymous — Fri, 10 Jun 2016 00:16:44 GMT

Chase issued my first ever denial after a double pull last fall when I applied for the CSP. I got burnt by the term 5/24 which is a little misleading because the 5th is actually the Chase card one is applying for. I think 4/24 is a more accurate discription but I can see the logic in calling it 5/2/4.

I was a little bitter at first but then they had to go and create the Freedom Unlimited which is on my want list now. I have to wait until next May and I will have to recon because auto-approve won't happen with AU accounts counted.

Re: Chase 5/24 Question

Anonymous — Fri, 10 Jun 2016 00:34:36 GMT

I wanted to apply for Chase Freedom when all my inquiries drop but unfortunately, it doesn't exist anymore. I really like the the rotating categories since I already have Discover It. I won't be interested in another 1.5% cash back card. What a bummer. I wouldn't apply for a Chase Freedom Unlimited if you already have QS.

Re: Chase 5/24 Question

Anonymous — Fri, 10 Jun 2016 01:06:54 GMT

@Anonymous wrote:
I wanted to apply for Chase Freedom when all my inquiries drop but unfortunately, it doesn't exist anymore. I really like the the rotating categories since I already have Discover It. I won't be interested in another 1.5% cash back card. What a bummer. I wouldn't apply for a Chase Freedom Unlimited if you already have QS.

I'm not really sure what you mean when you say that the Freedom doesn't exist anymore - it's still available for application on Chase's website.

I'm guessing that you got that impression from the fact that on Chase's main credit card page, it only lists the Chase Freedom Unlimited, Slate, and CSP. But if you click on 'Browse all credit cards' or 'Cash back credit cards', the Freedom is right there - next to the Freedom Unlimited, actually.

So despair not, the Freedom is still in existence (for now)! It's a great card.

Re: Chase 5/24 Question

Anonymous — Fri, 10 Jun 2016 01:09:10 GMT

@Anonymous wrote:
@Anonymous wrote:
I wanted to apply for Chase Freedom when all my inquiries drop but unfortunately, it doesn't exist anymore. I really like the the rotating categories since I already have Discover It. I won't be interested in another 1.5% cash back card. What a bummer. I wouldn't apply for a Chase Freedom Unlimited if you already have QS.
I'm not really sure what you mean when you say that the Freedom doesn't exist anymore - it's still available for application on Chase's website.

I'm guessing that you got that impression from the fact that on Chase's main credit card page, it only lists the Chase Freedom Unlimited, Slate, and CSP. But if you click on 'Browse all credit cards' or 'Cash back credit cards', the Freedom is right there - next to the Freedom Unlimited, actually.

So despair not, the Freedom is still in existence (for now)! It's a great card.

Supposedly you can't apply for it in branches anymore and they will be converting Freedom holders cards to Freedom Unlimited later which kind of makes me want to PC my FU to normal Freedom just to rack up more URs on the 5% categories before they're gone.

Re: Chase 5/24 Question

kdm31091 — Fri, 10 Jun 2016 01:18:34 GMT

The Freedom still exists but seems to be being phased out. Branch applications are no longer taken and the card has certainly been buried on Chase's website, plus the rumors of it going away after this year.

So for the time being yes you can still apply, but who knows when the online app will be yanked. If they are getting rid of the card at the end of the year (per the rumors) I'd assume the apps will go away sooner than later.

Re: Chase 5/24 Question

Anonymous — Fri, 10 Jun 2016 01:32:27 GMT

If the Chase Freedom really is going away, they better inform the Vice President and Manager of Public Relations at Chase, because he doesn't seem to be in on it!

http://www.doctorofcredit.com/will-chase-freedom-card-discontinued/

Re: Chase 5/24 Question

Anonymous — Fri, 10 Jun 2016 01:35:42 GMT

My inquiries won't all drop until 10/2017 so Freedom will be gone. It's okay. It would be a waste to apply for credit when I already have all that I need. The only card I would like now is the Golden 1 Platinum Credit Card with 7% APR and 3% cash back on dining (all year long.)

Well hopefully Chase Freedom won't discontinue. I think I'll change my plans for applying towards it anyhow. I basically have all the best cash back cards available accept for the union Golden 1. I don't carry a balance but 7% sounds nice, unlike all the 20%+