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@Harvey26 wrote:
Question Fico Family,
My mom is looking at getting the Amazon Prime Visa and according too my calculations she is right on the 5/24 line. Do you think she will be approved? Don't want too have her apply and get denied if we could just wait it out a couple more months.
Can you please clarify on what "right on the 5/24 line"is?
She either got 5 cards in the last 2 years, or she did not. If she's at 5, she already exceeded it.
That in itself is not a guaranteed denial, but it makes approval harder.
When will she be below 5/24, assuming she's already at 5 now?
It seems like the card is now covered under 5/24 - so you should wait until she's below 5/24 ... so 4/24 or less, otherwise she's certain to be declined.
Are any of those cards AU cards? If so, Chase might be flexible with that.
@Harvey26 wrote:
She is at exactly 5/24 no more than that
If you don't want mom doing recon call because you can't do that for her, I'd wait till she's below 5/24
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Have you tried the Chase prequalify page to see if it shows up?
you can't pre-qual for co-brands
Is it not the same if you have a Chase prequal offer on their page that the Amazon Chase card would be a better approval?
It's just marketing. Chase wants you in their CORE products not the affiliate products. They make more money off the core than affiliate. I've yet to see a lender focus their pre-quals on affiliate products. I get bombed with e-mails for affiliate products but they don't carry any weight when I know the lender in question wouldn't take a kind eye to my 15/24 status right now.
My advice is.... If you WANT it the most out of their offerings then put the app in. No one really knows until it's submitted and a decision is made. Even then you can call them and ask for them to overturn a bad decision by the computer. Nothing is final in credit until the ink dries and the card is in hand.
Just to clarify on the bolded innacuracies. Chase partner/co-branded may not be available online, but they can be offered via the branch depending on the customer's profile. CCs that are available are United, IHG, Amazon, Marriott /Bonvoy, etc.
And, speaking of affiliates, Capital One markets pre-approvals for Saks WEMC, GM Buypower, plus other PLCCs. Wells Fargo, Citi, FNBO and BoA are also known to market pre-qualified/pre-approved offers as well (not pre-selected or marketing invites). So, while a plethora of lenders may cater their core products to a variety of consumers, they certainly have a target segment for PLCCs.
As an aside, I wonder if Chase's partners are ok with the 5/24 rule. I think if I were Amazon, I would rather not add special roadblocks, just normal "good credit or bad credit" considerations.
I'm sure the OP has resolved this situation by now one way or the other, but for anyone else reading this, bear in mind that the Amazon Store Card gives the same 5% cash back for Prime members, and it's offered by Sync Bank, which is pretty easy to deal with and certainly has no 5/24 rule. Of course, it's also a store card, not a standard "use anywhere" bank card, but it's a great store card for Amazon shoppers.
@Anonymous wrote:
Does the 5/24 rule mean major credit cards opened like Visa, Mastercard, Discover and AmEx or does it include store cards as well? I just got approved for this card and based on my calculation if it’s only major credit cards I better apply for another Chase card before the AmEx I just got last month starts reporting.
@Anonymous The rule counts any revolving credit account opened in the preceding 24 months. This means they count credit cards of all types, including authorized user accounts, and lines of credit.
@KJinNC wrote:As an aside, I wonder if Chase's partners are ok with the 5/24 rule. I think if I were Amazon, I would rather not add special roadblocks, just normal "good credit or bad credit" considerations.
I'm sure the OP has resolved this situation by now one way or the other, but for anyone else reading this, bear in mind that the Amazon Store Card gives the same 5% cash back for Prime members, and it's offered by Sync Bank, which is pretty easy to deal with and certainly has no 5/24 rule. Of course, it's also a store card, not a standard "use anywhere" bank card, but it's a great store card for Amazon shoppers.
Chase has contractual liabilities with its partners and most of them renewed said partnerships recently (SWA, United, etc.) so it's fairly certain these discussions took place as part of their long term risk and profitability strategies. It's not something that Chase decidedly entertained in a vacuum.