topic Re: Chase “Relationship” and 5/24 in Credit Cards

Chase “Relationship” and 5/24

Anonymous — Sat, 16 Feb 2019 05:32:46 GMT

As we all know, 5/24 is a big topic around here and questions as well as opinions abound regarding the “value” of a banking relationship. I will give neither an opinion nor advice and readers can opine and/or take from it what they will. I hope some small piece of information will prove helpful to someone.

As my signature indicates, I am 12/24 as I write. Inquiries within 12 months are also shown because those effect scoring. However, inquiries are much higher in the space between 12 and 24 months and correlate to the 12 newest tradelines, some HP CLIs, and some apps that were denied.

I decided I wanted to establish a relationship with a bank that had several products of interest to me. Chase fit the bill. I travel for work and get reimbursed, so CSP (recently upgraded to CSR) filled a need. I coupled that with Freedom. I was eligible for Premier Checking and Savings for free due to my military affiliation, so I opened those. I then closed my Fidelity and TD Ameritrade self directed brokerage accounts and transferred them to a new Chase You Invest self-directed Account because I get 100 free trades per year with Premier Checking & Savings.

Last month my Chase credit cards hit 1 yr and within the past 2 weeks I’ve received “offer just for you” because of your relationship with Chase as well as targeted emails all pushing the Freedom Unlimited with a set APR, 0% APR for the first 12 months, and the somewhat standard $150 SUB for $500 spend in first 3 months. All indications are that my 12/24 won’t be an issue.

I haven’t pulled the trigger, but not for fear of denial but because I’m still considering buying a home and do not want a new tradeline and the HP that would be associated.

Just some points to ponder. If you find this entirely unhelpful I’m sorry. If you can take something helpful and use it or share it, great, I always want to contribute if I can! Sharing of our information and experiences is what I found makes this forum invaluable!

Re: Chase “Relationship” and 5/24

Anonymous — Sat, 16 Feb 2019 02:42:39 GMT

As someone interested in getting in good with Chase I found this very informative.

Thank you!

Re: Chase “Relationship” and 5/24

Anonymous — Sat, 16 Feb 2019 03:14:13 GMT

It's been well documented here in the past that the green check marks (offers for you) bypass the 5/24 rule. I remember reading about someone who had cold apped and got denied, only to get the green checkmark and be approved a few days later. Unless something changed in the last few months, the green checkmarks are a great way to get a Chase card while being over 5/24.

Re: Chase “Relationship” and 5/24

HeavenOhio — Sat, 16 Feb 2019 05:10:29 GMT

@Anonymous, if you're buying a home, the ideal setup is to garden for a year. That produces a lovely bonus of about 20 points for your AoYA (age of youngest account) reaching a year old. And by the time you reach that point, your inquiries will have become unscorable.

Re: Chase “Relationship” and 5/24

Anonymous — Sat, 16 Feb 2019 05:28:52 GMT

@HeavenOhio Thanks, that’s the plan since last March. My apartment lease expires in June, and we all know leases generally require a 60 day notice requirement, so by the end of April. I’ve been looking at homes, I’m eligible for a VA loan. My middle mortgage score right now is 726 and my 3 tradelines that are youngest will hit 1 year in March. We’ll see how I feel soon, as a single guy who travels 60% of the year for work I’m just not sure I want a house. But it’s best to have options!

Re: Chase “Relationship” and 5/24

800FICOGoal — Sat, 16 Feb 2019 06:03:53 GMT

@Anonymous wrote:
I was eligible for Premier Checking and Savings for free due to my military affiliation, so I opened those. I then closed my Fidelity and TD Ameritrade self directed brokerage accounts and transferred them to a new Chase You Invest self-directed Account because I get 100 free trades per year with Premier Checking & Savings.

I think the piece of data your left out was the size of the account transferred to Chase. It leaves me wondering whether it takes five figures or six figures to make Chase forget 5/24. I understand if you don't want to give specifics, but some indication of size would complete your example.

Re: Chase “Relationship” and 5/24

Brian_Earl_Spilner — Sat, 16 Feb 2019 06:09:21 GMT

@800FICOGoal wrote:
@Anonymous wrote:
I was eligible for Premier Checking and Savings for free due to my military affiliation, so I opened those. I then closed my Fidelity and TD Ameritrade self directed brokerage accounts and transferred them to a new Chase You Invest self-directed Account because I get 100 free trades per year with Premier Checking & Savings.

I think the piece of data your left out was the size of the account transferred to Chase. It leaves me wondering whether it takes five figures or six figures to make Chase forget 5/24. I understand if you don't want to give specifics, but some indication of size would complete your example.

Bingo. As a former Chase employee I can tell you for a fact Chase doesn't give a fico about relationships unless you're a private client or invest with them.

Re: Chase “Relationship” and 5/24

800FICOGoal — Sat, 16 Feb 2019 06:43:29 GMT

@Brian_Earl_Spilner wrote:
Bingo. As a former Chase employee I can tell you for a fact Chase doesn't give a fico about relationships unless you're a private client or invest with them.

Unfortunately, I only have enough to become a semi-private client. My hope is that my account will help "grease the wheels" when I do apply for CSP/CSR.

Re: Chase “Relationship” and 5/24

Caught750 — Sat, 16 Feb 2019 11:09:28 GMT

800 and Brian, I can’t disagree more. A month ago I had ONE checking account and was over 12/12. Had an in branch pre approval for EVERYTHING. Everyone says Chase doesn’t want to do this or like that. Well Chase gave my highest limit (by a TON according to my CRs) at the lowest APR. It doesn’t take 5 or 6 figures. I barely had 4. Now I have $25k exposure and 2 banking accounts.

Re: Chase “Relationship” and 5/24

Anonymous — Sat, 16 Feb 2019 11:38:01 GMT

@Caught750 wrote:
800 and Brian, I can’t disagree more. A month ago I had ONE checking account and was over 12/12. Had an in branch pre approval for EVERYTHING. Everyone says Chase doesn’t want to do this or like that. Well Chase gave my highest limit (by a TON according to my CRs) at the lowest APR. It doesn’t take 5 or 6 figures. I barely had 4. Now I have $25k exposure and 2 banking accounts.

I was curious about if Chase cares for their lower income customers... I am in the $18K range and I would be putting my direct deposit through but since I try to run all cash through cash back cards, my balance ends up going to between $75-150 most months. Didn’t really figure I would be a customer Chase would consider breaking 5/24 for.

Re: Chase “Relationship” and 5/24

Caught750 — Sat, 16 Feb 2019 11:41:18 GMT

I have higher income (pushing 6 figures) but didn’t have it moving through Chase. The banker was pushing to get my banking but I wasn’t sure. After my CSP approval I’ve moved all of my banking. Chase has been nothing short of fantastic to deal with for me.

Re: Chase “Relationship” and 5/24

Anonymous — Sat, 16 Feb 2019 11:57:20 GMT

@Caught750 wrote:
I have higher income (pushing 6 figures) but didn’t have it moving through Chase. The banker was pushing to get my banking but I wasn’t sure. After my CSP approval I’ve moved all of my banking. Chase has been nothing short of fantastic to deal with for me.

Well if you weren’t pushing it all through Chase than the net effect is still tantamount to lower income. Good DPs. If I ever decide I want a Chase card enough to have a bank as my primary financial institution, I’ll certainly consider it. They seem to love to break 5/24 for their banking clients lately, there are posts about green checks and branch offers multiple times a week. It’s the only reason I would ever think about banking with them.

Re: Chase “Relationship” and 5/24

Caught750 — Sat, 16 Feb 2019 12:11:18 GMT

It was honestly THE reason I opened a Chase account. I’m hoping to trigger one more offer before a super strict garden stay.

Re: Chase “Relationship” and 5/24

800FICOGoal — Sat, 16 Feb 2019 12:21:52 GMT

@Caught750 wrote:
800 and Brian, I can’t disagree more. A month ago I had ONE checking account and was over 12/12. Had an in branch pre approval for EVERYTHING. Everyone says Chase doesn’t want to do this or like that. Well Chase gave my highest limit (by a TON according to my CRs) at the lowest APR. It doesn’t take 5 or 6 figures. I barely had 4. Now I have $25k exposure and 2 banking accounts.

I wasn't stating anything definitive. I'm just trying to get an idea as to what thresholds will Chase make an exception to the 5/24 rule. I thought it had to be somewhat significant. Althought five figures could mean as low as $10,000.

Re: Chase “Relationship” and 5/24

Caught750 — Sat, 16 Feb 2019 12:38:14 GMT

I’ll tell you I barely had $2k sitting in an account when I got past 5/24 for CSP

Re: Chase “Relationship” and 5/24

UpperNwGuy — Sat, 16 Feb 2019 13:25:56 GMT

I have a shiny new Chase branch that just opened in my neighborhood a few months ago, but I'm unwilling to park all my money at Chase because the interest rates are not competitive on either their checking or savings accounts. I can do much better at either of my two credit unions, PenFed and Navy. The only way using Chase would make sense for me is if I moved my mutual fund investments from Vanguard to Chase's brokerage, but that would limit my investment options.

My view is that the best way to satisfy the 5/24 requirement at Chase is to stop applying for new credit until your numbers drop below 5/24. I was at 5/24 eighteen months ago, and now I'm at 1/24. My plan is to get to 0/24 in five months before going back to Chase for another card.

Re: Chase “Relationship” and 5/24

Gmood1 — Sat, 16 Feb 2019 13:41:39 GMT

I would NEVER put all my eggs in one basket. And certainly not in one named Chase. 😊😂
Be careful, don't let your desires to get Chase CC's blind you from the fact. If anything ever goes south with a Chase account. They will lock you out of every dime, you carry in their basket.😉

I had a family member locked out of her Chase bank accounts. And it wasn't her that had issues with Chase, it was her daughter. lol
Keep believing they are the Bee's Knee's. That bee will sting at the blink of an eye!

Re: Chase “Relationship” and 5/24

Caught750 — Sat, 16 Feb 2019 14:04:47 GMT

Definitely can’t argue with Gmood. I’ll likely open an Alliant CU account and keep a month or two worth of money in savings there, just in case. I know some people have had issues with Chase. I also know most people have not. Unless I personally have an issue with Chase they will be my primary FI. Chase is certainly not the only game in CCs or Banking but they have some of the best CCs out there and their banking works for me. Fact is, most consumers never find a board like this and think nothing of having absolutely EVERYTHING with Chase. 99.99% of them will never have an issue.

Re: Chase “Relationship” and 5/24

Gmood1 — Sat, 16 Feb 2019 14:22:02 GMT

Well, hopefully you won't Chasing750.
If you do, it will already be too late.

I get the relationship part. I do something similar. I just don't allow those accounts to be my main bank.
I have accounts with banks like Citi, Wells Fargo, US bank, Union Bank, BMO-Harris, Ally, USAA, NASA FCU, Penfed, Navy Fed, Bethpage, Alliant, DCU and many others. Those that I have CCs with only contain small deposits. Nothing over $1000.

Re: Chase “Relationship” and 5/24

Anonymous — Sat, 16 Feb 2019 14:35:29 GMT

@UpperNwGuy wrote:
I have a shiny new Chase branch that just opened in my neighborhood a few months ago, but I'm unwilling to park all my money at Chase because the interest rates are not competitive on either their checking or savings accounts. I can do much better at either of my two credit unions, PenFed and Navy. The only way using Chase would make sense for me is if I moved my mutual fund investments from Vanguard to Chase's brokerage, but that would limit my investment options.

Right, I am always amazed to see people with sizeable savings accounts at the big banks. Many internet banks are offering 2.4+% whereas chase is still less than 0.1 (standard is 0.01%). Similarly their CD rates are horrible. I guess if you really want a Chase card and are over 5/24 and you believe it will help, maybe worth it for a short while. But then move the funds out! Other institutions offer 250 times more. That's a big price to pay for a relationship.