topic Re: Chase Freedom app question in Credit Cards

Chase Freedom app question

Jaylima91 — Mon, 12 Sep 2016 01:28:18 GMT

Hello everyone,

Long story short, I just applied for the Chase freedom knowing I would be denied due to the 5/24 rule. I received the 7-10 day message. I have a CSP with a 35K CL and I want to reallocate some of that CL to the new Chase Freedom card. What are the chances that I speak to their lending dept and have them perform this task? Thanks everyone!

Re: Chase Freedom app question

Anonymous — Mon, 12 Sep 2016 01:32:51 GMT

You're not going to get approved if you're over 5/24.

Re: Chase Freedom app question

Jaylima91 — Mon, 12 Sep 2016 01:35:42 GMT

@Anonymous wrote:
You're not going to get approved if you're over 5/24.

I am aware of that. I am also aware of the fact that in some cases they're able to reallocate existing CL to new a new application, unless that's false.... not sure

Re: Chase Freedom app question

noobody — Mon, 12 Sep 2016 01:45:08 GMT

Chase will NOT reallocate CL to open a new account if you are over 5/24.

Re: Chase Freedom app question

newhis — Mon, 12 Sep 2016 02:23:14 GMT

I have read that they allow rellocate if you are at max internal limit with them and they consider to approve your app. Good luck, I hope you get it.

Re: Chase Freedom app question

Jaylima91 — Mon, 12 Sep 2016 02:30:10 GMT

Hopefully someone else can add additional feedback on this scenario. Thank you all

Re: Chase Freedom app question

Anonymous — Mon, 12 Sep 2016 03:08:51 GMT

You won't be able to reallocate. 5/24 determines whether or not you're able to open a new account. Reallocating among accounts already open would be okay. Reallocating to a new account would not be approved. Afraid you've wasted an HP, maybe leverage it for a CLI or something

Re: Chase Freedom app question

ezdoesit — Mon, 12 Sep 2016 03:52:03 GMT

@Jaylima91 wrote:
Hello everyone,

Long story short, I just applied for the Chase freedom knowing I would be denied due to the 5/24 rule. I received the 7-10 day message. I have a CSP with a 35K CL and I want to reallocate some of that CL to the new Chase Freedom card. What are the chances that I speak to their lending dept and have them perform this task? Thanks everyone!

There are plenty of people getting approved while over the 5/24. Everyone is making it sound like it's not possible and there is no chance I thought Chase was stricter on that rule with a CSR app.

If your scores are good and you don't have a tremendous amount of inqs. I would say it was worth taking a chance plus if you don't get approve just call in and talk to someone and explain your case.

Re: Chase Freedom app question

Anonymous — Mon, 12 Sep 2016 04:27:50 GMT

@Jaylima91 wrote:
@Anonymous wrote:
You're not going to get approved if you're over 5/24.
I am aware of that. I am also aware of the fact that in some cases they're able to reallocate existing CL to new a new application, unless that's false.... not sure

I guess I don't understand the question. How can you relocate CL when you won't get approved for the card from the get go?

Re: Chase Freedom app question

TruBlu — Mon, 12 Sep 2016 05:05:53 GMT

Anecdotal info suggests that Chase isn't a stickler on the 5/24 for new apps, if you have an existing relationship with them and if a preapproval is sought/available from a branch.

Personally I don't know how true this is, but there have been a bunch of CSR approvals lately using the same tactic. Perhaps you can give that a shot should a phone recon fail? Of course it might cost you another pull or a double...

Re: Chase Freedom app question

kdm31091 — Mon, 12 Sep 2016 12:42:31 GMT

Unfortunately you have wasted a hard pull. Reallocating limits does not allow someone to bypass 5/24. If it did, most people would have no trouble getting around 5/24.

You are able to reallocate limits if the account is basically going to be approved anyway, and the issue is just overall exposure. With 5/24, that's not the issue, the issue is the number of credit applications. Opening a new account by reallocating limits wouldn't make sense to Chase in this situation.

Sorry, maybe you can use the HP for a CLI or something though

Re: Chase Freedom app question

Anonymous — Mon, 12 Sep 2016 12:50:15 GMT

@TruBlu wrote:
Anecdotal info suggests that Chase isn't a stickler on the 5/24 for new apps, if you have an existing relationship with them and if a preapproval is sought/available from a branch.

Personally I don't know how true this is, but there have been a bunch of CSR approvals lately using the same tactic. Perhaps you can give that a shot should a phone recon fail? Of course it might cost you another pull or a double...

5/24 is new apps only, right!

Exceptions, at least of the CSR, seem to be:

Those applying early with the dev link (no longer available)

Chase Private Clients

Those with a pre-approval at the branch.

Now I haven't been following closely, but are there exceptions outside those categories?

Re: Chase Freedom app question

Jaylima91 — Mon, 12 Sep 2016 13:06:05 GMT

Status update: I'm pretty confused. I tried recon 3 times and I was denied all 3 times. I decided a while later to recon for the last time. I actually got a nice lady on the line who actually took her time to review my application. She noticed that I don't have 5 new accounts within the last 24 months, I actually have 4 and one will drop off in November. That confused the heck out of me, since the system automatically denied me due to the 5/24 rule. I asked her if she can review my new application and if possible reallocate CL from my csp. She said of course and started to work on that. Fast forward 10 minutes, she's almost done with the reallocation and she comes back on the and tells me that my application went into further review and I'll get a letter within 1-2 weeks. I'm not sure if it's verification or something of the sort. Not sure what to do from this point. Should I call and ask again or should I just wait the 1-2 weeks?

Re: Chase Freedom app question

Anonymous — Mon, 12 Sep 2016 15:06:47 GMT

Call in another day and you'll probably learn of the decision. If you're 4/24 there is a real chance, good luck