topic Re: Should I abstain from obtaining any CC for Chase??? in Credit Cards

Should I abstain from obtaining any CC for Chase???

Janneman — Wed, 01 Feb 2023 14:41:48 GMT

Hello guys,

I am very much confused and couldn't figure it out as to what I should do. Actually, I do want more of Chase business and personal cards but I am way over their internal rule of 5/24 and it will take at least 2 years for me to be eligible for any of Chase card based on this rule. I mean, I do want Chase cards, but then debating myself its really worth waiting for that long without any card....On one hand, I do want Chase cards for their bonuses and other wonderful benefits but then on the other hand I don't want to wait and deprive myself big and higher credit limits from tons of other banks/CUs...As you guys know well that there are many banks and CUs which could grant very high CL...more than Chase would ever do that....I do have a few Chase cards but I want more of their cards and have not applied anything with Chase in 5-7 years because of 5/24 rules...

I know that this is a personal individual choice, yet still I would like to know what you guys would have done if you were in my situation....Waiting for exactly 2 years without applying for ANY personal cards and depriving yourself for tons CL that you might easily get from other lenders...probably more than $200k-$300k if this credit game is played right??

Thanks

Re: Should I abstain from obtaining any CC for Chase???

iced — Wed, 01 Feb 2023 15:04:54 GMT

If you're just asking what we would do in your shoes, if I really wanted a specific Chase card I would stop chasing other less important/interesting cards and wait to be under 5/24. That said, I've never even been as high 3/24 in my life so I can't really put myself in your shoes regarding your need to get new cards regularly from other banks. It's just not a temptation I experience.

Not sure I agree with other banks willing to do more than Chase would ever do regarding CLs. If they like your profile, they have no issues giving you all the CL you need. My two highest limit cards are both from Chase.

Re: Should I abstain from obtaining any CC for Chase???

Citylights18 — Wed, 01 Feb 2023 15:31:43 GMT

Did you get 5 credit cards within the last month? That is the only way you would be in Chase jail for a full 24 months.

I think most people working around 5/24 time it. As of today I have personals that I opened 11/21 and 6/22 and 7/22 respectively. If I were to add 2 more cards today I would be in Chase jail until 11/21, only 9 months.

9 months can go buy faster than what you'd think because for the two new credit cards let's just say one offers a SUB period of 3 months and the other offers a SUB period of 6 months. By the time you are done with that second SUB period you'd only have to wait like 3 months before you could app for a Chase card.

Re: Should I abstain from obtaining any CC for Chase???

Citylights18 — Wed, 01 Feb 2023 16:21:10 GMT

Here is another point on points. If you want to get the most out of a flexible travel rewards card the way to do that is to buy travel to earn the SUB. If the Sapphire Reserve is 80,000 points SUB and if you can earn the full SUB by spending 4,000 on a vacation on the Chase travel center then you are talking about 120,000 points. It doesn't make as much sense to scalp exclusively for the 80,000. Inflation down the road might also lead to higher SUBs if hotel prices are all higher.

Of course its easy to feel dumb of not taking out an SUB when you have a big spending obligation. That is why I caved in an picked up an Hilton Honors card and I doubt I will ever go on their site and spend 3,000 on a vacation. Maybe $1,000 to round out a purchase. I'm more likely to put meals or a spa on it. But it does make me think twice about scalping for points.

Re: Should I abstain from obtaining any CC for Chase???

SouthJamaica — Wed, 01 Feb 2023 18:16:30 GMT

@Janneman wrote:
Hello guys,

I am very much confused and couldn't figure it out as to what I should do. Actually, I do want more of Chase business and personal cards but I am way over their internal rule of 5/24 and it will take at least 2 years for me to be eligible for any of Chase card based on this rule. I mean, I do want Chase cards, but then debating myself its really worth waiting for that long without any card....On one hand, I do want Chase cards for their bonuses and other wonderful benefits but then on the other hand I don't want to wait and deprive myself big and higher credit limits from tons of other banks/CUs...As you guys know well that there are many banks and CUs which could grant very high CL...more than Chase would ever do that....I do have a few Chase cards but I want more of their cards and have not applied anything with Chase in 5-7 years because of 5/24 rules...

I know that this is a personal individual choice, yet still I would like to know what you guys would have done if you were in my situation....Waiting for exactly 2 years without applying for ANY personal cards and depriving yourself for tons CL that you might easily get from other lenders...probably more than $200k-$300k if this credit game is played right??

Thanks

I don't understand why you would have to wait 2 years without applying for any personal cards.

You just need to go back to your 4th newest personal revolving account. Once that one's 2 years old you're good to go.

Re: Should I abstain from obtaining any CC for Chase???

Janneman — Wed, 01 Feb 2023 18:33:34 GMT

@SouthJamaica

I thought 5/24 means if we get 5 accounts in 24 months then its automatic denial. I got 5 personal cards in December 2022....So, isnt it I would need to wait 2 years in order to get Chase cards??

Re: Should I abstain from obtaining any CC for Chase???

SouthJamaica — Wed, 01 Feb 2023 18:40:10 GMT

@Janneman wrote:
@SouthJamaica

I thought 5/24 means if we get 5 accounts in 24 months then its automatic denial. I got 5 personal cards in December 2022....So, isnt it I would need to wait 2 years in order to get Chase cards??

It's not automatic denial but it's likely denial.

And yes, if you got 5 new personal cards in December 2022, you would have to wait 2 years.

Re: Should I abstain from obtaining any CC for Chase???

mgood — Wed, 01 Feb 2023 19:25:00 GMT

Not what I would do, but what I did do. I slowed down to one new card every 6 months or so until I got down to 4/24, then app'ed for my next Chase card. If you're a serious credit card churner, then I suppose you're always after the next SUB and have little interest in what that card can do for you in the long run. In that case you don't need Chase. If you're not, then I think one every six months is reasonable enough to always have something new to look forward to and keep you under 5/24 indefinitely.

Re: Should I abstain from obtaining any CC for Chase???

Janneman — Wed, 01 Feb 2023 19:33:22 GMT

@mgood

I think getting one card in every 6 months is doable to keep in check for 5/24......

Re: Should I abstain from obtaining any CC for Chase???

mgood — Wed, 01 Feb 2023 19:46:01 GMT

@Janneman wrote:
@mgood

I think getting one card in every 6 months is doable to keep in check for 5/24......

That way by the time all your new cards are 2 years old, you'll be 3/24 or possibly 4/24 and good to go, and still have 3-4 more cards between now and then.

Re: Should I abstain from obtaining any CC for Chase???

captainsensation — Wed, 01 Feb 2023 23:08:46 GMT

I was in the same boat. I didnt have a good enough score at the time so i focused on the other cards i wanted first. Nothing in life is guaranteed. I figured that getting the other cards now would help beef up my credit score and if all i wanted later was chase then i could just work with what i have and get chase later. Having the Amazon rewards visa means i am in the chase network and i will live with that until my other inquiries fall off.

Re: Should I abstain from obtaining any CC for Chase???

coldfusion — Thu, 02 Feb 2023 16:19:11 GMT

I'm solidly in the "Chase is a good bank with good cards" camp. They're the ones that gave me my 1st Big Bank card after I got out of school and I've always had at least 1 active card with them ever since (right now I have 4).

That being said, consistent with a "Finances over Ficos" strategy, I also think that your focus should be on what card or cards work best for you, not necessarily because of the issuer. There are lots of good banks and credit unions with good cards to choose from and I could count on one hand the number of times someone has ever commented on the card I've handed them (other than "We don't accept American Express").

Re: Should I abstain from obtaining any CC for Chase???

RSX — Thu, 02 Feb 2023 16:34:07 GMT

getting 5 cards in December isn't just affecting your ability to get a Chase card - it has other impacts on your Credit Score, that waiting 9-12 months will help resolve as well

not judging - i did a spree last Feb/March - but i am still digging out score wise - i have a bunch of accounts turning 2 and another bunch turning 1yr old in Feb - with associated Inq dropping off as well

so i think a application pause for at least 6 months is a good call

Re: Should I abstain from obtaining any CC for Chase???

mgood — Thu, 02 Feb 2023 16:53:20 GMT

@coldfusion wrote:
There are lots of good banks and credit unions with good cards to choose from and I could count on one hand the number of times someone has ever commented on the card I've handed them (other than "We don't accept American Express").

There are lots of people on the internet who seem to believe that having/using certain cards is a status symbol. In the real world, I don't know anyone impressed by any card other than the Amex black card, because a lot of people have heard about it. I could almost run out of fingers on one hand counting the times someone has commented on my Discover card because it looks like a cassette. Other than that, I can't remember anyone commenting on anyone's card.

Re: Should I abstain from obtaining any CC for Chase???

Anonymous — Thu, 02 Feb 2023 17:03:04 GMT

@mgood wrote:
@coldfusion wrote:
There are lots of good banks and credit unions with good cards to choose from and I could count on one hand the number of times someone has ever commented on the card I've handed them (other than "We don't accept American Express").
There are lots of people on the internet who seem to believe that having/using certain cards is a status symbol. In the real world, I don't know anyone impressed by any card other than the Amex black card, because a lot of people have heard about it. I could almost run out of fingers on one hand counting the times someone has commented on my Discover card because it looks like a cassette. Other than that, I can't remember anyone commenting on anyone's card.

I suspect that outside big cities, and affluent regions, some people might still be impressed by an Amex Plat, because again they have heard of it. We know here that [trigger warning: hyperbole] you can get it if you or a family member have ever had a pulse, but.....

And that leads to "so what". There are times you might want to impress, for business or romance/friendship, or to con someone.

But the clerk at a suburban Walmart, or the waitperson at Chipotle? No so sure!

And on the romance/friendship: is someone shallow enough to be (wrongly) impressed by a card that worthwhile? And for business, someone who doesn't know how easy the card is to get may not be a due diligence kind of contact. For conning, yep, that's good!

Re: Should I abstain from obtaining any CC for Chase???

mgood — Thu, 02 Feb 2023 17:11:43 GMT

@Anonymous wrote:
@mgood wrote:
@coldfusion wrote:
There are lots of good banks and credit unions with good cards to choose from and I could count on one hand the number of times someone has ever commented on the card I've handed them (other than "We don't accept American Express").
There are lots of people on the internet who seem to believe that having/using certain cards is a status symbol. In the real world, I don't know anyone impressed by any card other than the Amex black card, because a lot of people have heard about it. I could almost run out of fingers on one hand counting the times someone has commented on my Discover card because it looks like a cassette. Other than that, I can't remember anyone commenting on anyone's card.
I suspect that outside big cities, and affluent regions, some people might still be impressed by an Amex Plat, because again they have heard of it. We know here that [trigger warning: hyperbole] you can get it if you or a family member have ever had a pulse, but.....
And that leads to "so what". There are times you might want to impress, for business or romance/friendship, or to con someone.
But the clerk at a suburban Walmart, or the waitperson at Chipotle? No so sure!

And on the romance/friendship: is someone shallow enough to be (wrongly) impressed by a card that worthwhile? And for business, someone who doesn't know how easy the card is to get may not be a due diligence kind of contact. For conning, yep, that's good!

My best friend has spent a lot of time working in bars and restaurants. He's seen lots of Amex gold and platinum cards and was not even aware of any status associated with them before I started talking credit cards with him. He can recount in detail the couple of times he was handed a black card. I think the first one was a professional baseball player who impressed him more than the card. But he knew what the card was as soon as he saw it, even though it was the first one he'd seen.

Re: Should I abstain from obtaining any CC for Chase???

Janneman — Thu, 02 Feb 2023 18:10:02 GMT

@RSX wrote:
getting 5 cards in December isn't just affecting your ability to get a Chase card - it has other impacts on your Credit Score, that waiting 9-12 months will help resolve as well

not judging - i did a spree last Feb/March - but i am still digging out score wise - i have a bunch of accounts turning 2 and another bunch turning 1yr old in Feb - with associated Inq dropping off as well

so i think a application pause for at least 6 months is a good call

I dont have any problem score-wise...After obtaining 5 cards, my score is down only for 6 points...and I still have score in mid 800 across all credit reports...So, score is not the issue over here...

The only question in hand is- is it worth waiting for two years for Chase card and deprieve myself big CL from other lenders who might offer much better cards with much higher CL??

Re: Should I abstain from obtaining any CC for Chase???

Janneman — Thu, 02 Feb 2023 18:11:17 GMT

@coldfusion

I totally agree with you that there are much better cards out there....Thanks

Re: Should I abstain from obtaining any CC for Chase???

nytokyobred79 — Fri, 03 Feb 2023 03:18:30 GMT

@Janneman wrote:
@RSX wrote:
getting 5 cards in December isn't just affecting your ability to get a Chase card - it has other impacts on your Credit Score, that waiting 9-12 months will help resolve as well

not judging - i did a spree last Feb/March - but i am still digging out score wise - i have a bunch of accounts turning 2 and another bunch turning 1yr old in Feb - with associated Inq dropping off as well

so i think a application pause for at least 6 months is a good call

I dont have any problem score-wise...After obtaining 5 cards, my score is down only for 6 points...and I still have score in mid 800 across all credit reports...So, score is not the issue over here...

The only question in hand is- is it worth waiting for two years for Chase card and deprieve myself big CL from other lenders who might offer much better cards with much higher CL??

I've been thinking similarly to you. My last app which put me at 5/24 was my CFU( 2nd Chase card) that I got 8/22. I would like to get my hands on either the Prime or perhaps, one of the hotel cards at Chase. I'll be at 4/24 this Dec and 3/24 next Jan. I'm gonna lay low for the year especially since I have gotten 5 cards in about a 12 month period from 12/21-8/22. Garden a bit and then probably app for that new Chase card January next year. Or go for something different as I'm thinking to continue diversifying my lenders.

Good Luck with your plan.

Re: Should I abstain from obtaining any CC for Chase???

AnonHobo — Fri, 03 Feb 2023 06:04:44 GMT

Although you do need to wait until January 2025 to apply for a Chase card, you don't need to abstain from applying for any card until then.

Right now you will be 5/24 until Dec 2024 and then 0/24 in Jan 2025. However, you could apply for a card in Jun 2023, Dec 2023, Jun 2024, and Dec 2024 and be 9/24 at the end of Dec 2024 but 4/24 in Jan 2025 and able to apply for a Chase card.