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Chase 5/24 reset and Chase business card question

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folks19
Frequent Contributor

Chase 5/24 reset and Chase business card question

I'm falling to 3/24 from 5/24 on the 15th of this month. My question is when does that reset happen? Is it:

- the begining of this month (11/01/2023)

- the actual date of account opening (11/15/2023)

- next month (12/01/2023)

I want to apply for a chase business card but have no personal card with them yet (due to 5/24 Smiley Happy ) so it doesn't count towards 5/24. What's my likelyhood of approval?

18 REPLIES 18
SouthJamaica
Mega Contributor

Re: Chase 5/24 reset and Chase business card question


@folks19 wrote:

I'm falling to 3/24 from 5/24 on the 15th of this month. My question is when does that reset happen? Is it:

- the begining of this month (11/01/2023)

- the actual date of account opening (11/15/2023)

- next month (12/01/2023)

I want to apply for a chase business card but have no personal card with them yet (due to 5/24 Smiley Happy ) so it doesn't count towards 5/24. What's my likelyhood of approval?


I would wait until next month.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 2 of 19
GatoradeZeroGuy
Valued Contributor

Re: Chase 5/24 reset and Chase business card question


@SouthJamaica wrote:

@folks19 wrote:

I'm falling to 3/24 from 5/24 on the 15th of this month. My question is when does that reset happen? Is it:

- the begining of this month (11/01/2023)

- the actual date of account opening (11/15/2023)

- next month (12/01/2023)

I want to apply for a chase business card but have no personal card with them yet (due to 5/24 Smiley Happy ) so it doesn't count towards 5/24. What's my likelyhood of approval?


I would wait until next month.


it's technically on the exact day, but do above and wait for a month ^^ 

chase recon is an inquisition, no use risking yourself going through it if you don't have to

Starting FICO 8:

Current FICO 8:

1/6, 5/12, 12/24




Message 3 of 19
ZackAttack
Established Contributor

Re: Chase 5/24 reset and Chase business card question


@GatoradeZeroGuy wrote:

@SouthJamaica wrote:

@folks19 wrote:

I'm falling to 3/24 from 5/24 on the 15th of this month. My question is when does that reset happen? Is it:

- the begining of this month (11/01/2023)

- the actual date of account opening (11/15/2023)

- next month (12/01/2023)

I want to apply for a chase business card but have no personal card with them yet (due to 5/24 Smiley Happy ) so it doesn't count towards 5/24. What's my likelyhood of approval?


I would wait until next month.


it's technically on the exact day, but do above and wait for a month ^^ 

chase recon is an inquisition, no use risking yourself going through it if you don't have to


I don't think that is true. I remember someone did post on here where they did on the exact day, but when they went to challenge it, they don't factor days; but in months. So if the last card was the 5th applied in May 2021 ... then waiting until one month after May 2023 to apply.

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Message 4 of 19
JoeRockhead
Senior Contributor

Re: Chase 5/24 reset and Chase business card question

Agree that it's best to wait until the following month (12/1). Hard to tell the likelihood of an approval without more information such as what's your history look like, current Fico 8 scores, etc... 

Message 5 of 19
Jordan23ww
Valued Contributor

Re: Chase 5/24 reset and Chase business card question

I know that different people have had different experiences with this. I was told by some peers in the credit community to wait until the 1st day of the following month after dropping below 5/24 to apply for a Chase Card. That's what I did and I got approved. I think if you wanna err on the side of caution then it is worth waiting a few more weeks to the 1st day of the next month. 

      


Message 6 of 19
folks19
Frequent Contributor

Re: Chase 5/24 reset and Chase business card question


@JoeRockhead wrote:

Agree that it's best to wait until the following month (12/1). Hard to tell the likelihood of an approval without more information such as what's your history look like, current Fico 8 scores, etc... 


@JoeRockhead Fico scores are in the 780s. Most recent account from almost year and a half ago. Between 2 - 4 HPs, depending on the agency but none from the past year (so no affect on score). 2.5 years AAoA. 4.5 years AoOA.

The main factor here is 5/24 and applying for a business card without a personal card.

Message 7 of 19
JoeRockhead
Senior Contributor

Re: Chase 5/24 reset and Chase business card question


@folks19 wrote:

@JoeRockhead wrote:

Agree that it's best to wait until the following month (12/1). Hard to tell the likelihood of an approval without more information such as what's your history look like, current Fico 8 scores, etc... 


@JoeRockhead Fico scores are in the 780s. Most recent account from almost year and a half ago. Between 2 - 4 HPs, depending on the agency but none from the past year (so no affect on score). 2.5 years AAoA. 4.5 years AoOA.

The main factor here is 5/24 and applying for a business card without a personal card.


@folks19 Worst thing you have going on is the young AAoA (and it's not anything that should cause a denial). Which may cause a lower SL but I'd be happy with any approval. Chase can be very generous with auto CLIs with good spend and PIF. Not having a personal card is a non factor.

Message 8 of 19
folks19
Frequent Contributor

Re: Chase 5/24 reset and Chase business card question

I'm going to wait until December and apply, and I'll post the results.

Message 9 of 19
SouthJamaica
Mega Contributor

Re: Chase 5/24 reset and Chase business card question


@folks19 wrote:

I'm going to wait until December and apply, and I'll post the results.


Good luck with your application.

 

A Chase Ink card is my one-card wish list, but my time has not come. Hopefully yours has.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 10 of 19
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