Bad to apply again before new card reports?

[SouthJamaica]

Since you're interested in more Chase cards, bear in mind that Chase:

1. has the 5/24 rule: 5 or more new personal accounts within the prior 24 months will usually preclude any new account.

2. after you get a Chase account, Chase regularly soft pulls your report to see if you're adding a lot of new accounts, and may close an earlier approved card.

So proceed slowly.

[whatsamonad]

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@SouthJamaica wrote:

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@whatsamonad wrote:

1 HP (the recent one), 820 FICO8, 4.5 year AAoA, 5.5 year oldest card, only one card and one auto loan on my credit report tho, perfect credit history.

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Welcome to the forum.

With your record, it shouldn't be a problem to apply for an American Express card. I don't know what a VX card is.

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Sorry, capital one Venture X!

[SouthJamaica]

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@whatsamonad wrote:

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@SouthJamaica wrote:

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@whatsamonad wrote:

1 HP (the recent one), 820 FICO8, 4.5 year AAoA, 5.5 year oldest card, only one card and one auto loan on my credit report tho, perfect credit history.

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Welcome to the forum.

With your record, it shouldn't be a problem to apply for an American Express card. I don't know what a VX card is.

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Sorry, capital one Venture X!

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It shouldn't be hard to get that one either. But bear in mind that Capital One triple pulls.

[whatsamonad]

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@SouthJamaica wrote:

Since you're interested in more Chase cards, bear in mind that Chase:

1. has the 5/24 rule: 5 or more new personal accounts within the prior 24 months will usually preclude any new account.

2. after you get a Chase account, Chase regularly soft pulls your report to see if you're adding a lot of new accounts, and may close an earlier approved card.

So proceed slowly.

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Any thoughts on a safe velocity for Chase? /r/churning seems to think every 3 months for a new Chase card, which I'm going to prioritize first I think

[SouthJamaica]

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@whatsamonad wrote:

---

@SouthJamaica wrote:

Since you're interested in more Chase cards, bear in mind that Chase:

1. has the 5/24 rule: 5 or more new personal accounts within the prior 24 months will usually preclude any new account.

2. after you get a Chase account, Chase regularly soft pulls your report to see if you're adding a lot of new accounts, and may close an earlier approved card.

So proceed slowly.

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Any thoughts on a safe velocity for Chase? /r/churning seems to think every 3 months for a new Chase card, which I'm going to prioritize first I think

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No thoughts. I would just be guessing.

[jjohnson]

I wondered this too.

I applied for a AMEX Delta Skymiles on a whim, was approved and then tried to apply for BCE and was denied.

6 days later, I applied for the Platinum because I saw I could've applied for the Skymiles and Platinum together and was approved.

I also applied for CLI on all of my cards and was approved on all 4, then the new cards.  All within a 35 day period.

[Brian_Earl_Spilner]

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@whatsamonad wrote:

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@SouthJamaica wrote:

Since you're interested in more Chase cards, bear in mind that Chase:

1. has the 5/24 rule: 5 or more new personal accounts within the prior 24 months will usually preclude any new account.

2. after you get a Chase account, Chase regularly soft pulls your report to see if you're adding a lot of new accounts, and may close an earlier approved card.

So proceed slowly.

---

Any thoughts on a safe velocity for Chase? /r/churning seems to think every 3 months for a new Chase card, which I'm going to prioritize first I think

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Based on Chase's 5/24 eule, they expect an average person to not open more than 1 account every 6 months. That doesn't mean they won't approve if you open more. The main issue is whether when they pull your reports again in 2-3 months to verify if you've been credit seeking. Applying for a second card should be ok, but there's always a risk which is why it's recommended to wait 3 months. You actually just need to wait until chase soft pulls you which could be as quick as a month later.

You'll definitely want to do us bank next. Unlike chase who only looks at approved cards, us bank looks at inquiries. 1 in 12 months should be fine, but anything more will depend on your profile and income. And as mentioned before, your limit from them could be affected by the chase approval. It's not uncommon for them to give an initial $500. If your profile and income are strong, that shouldn't be an issue though. 

[whatsamonad]

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@Brian_Earl_Spilner wrote:

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@whatsamonad wrote:

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@SouthJamaica wrote:

Since you're interested in more Chase cards, bear in mind that Chase:

1. has the 5/24 rule: 5 or more new personal accounts within the prior 24 months will usually preclude any new account.

2. after you get a Chase account, Chase regularly soft pulls your report to see if you're adding a lot of new accounts, and may close an earlier approved card.

So proceed slowly.

---

Any thoughts on a safe velocity for Chase? /r/churning seems to think every 3 months for a new Chase card, which I'm going to prioritize first I think

---

Based on Chase's 5/24 eule, they expect an average person to not open more than 1 account every 6 months. That doesn't mean they won't approve if you open more. The main issue is whether when they pull your reports again in 2-3 months you've been credit seeking. Applying for a second card should be ok, but there's always a risk which is why it's recommended to wait 3 months. You actually just need to wait until chase soft pulls you which could be as quick as a month later.

You'll definitely want to do us bank next. Unlike chase who only looks at approved cards, us bank looks at inquiries. 1 in 12 months should be fine, but anything more will depend on your profile and income. And as mentioned before, your limit from them could be affected by the chase approval. It's not uncommon for them to give an initial $500. If your profile and income are strong, that shouldn't be an issue though. 

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Very interesting. Is there any way to know when they've done a soft pull?

In terms of showing as "credit seeking", any rough idea what you'd classify that as? Applying for another card before they soft pull me? 2 or 3?

Also, yes I want to get the USB Altitude reserve which seems like the only card that's going to be inqury sensitive, which is why I was possibly considering applying before this new account hit my credit, but it seems like they would consider an inquiry similarly to the account reporting anyway so I'm still going to be 1/12 with them either way. Because of that I may wait 3 months to be safe because I am not sure they would want such a recent inquiry, will have to check data points on this. I definitely agree they are next if I want it though, if I were to apply I wouldn't feel comfortable being more than 1/12 and 1/6 or 2/12 and 0/6 probably.

[youngandcreditwrthy]

I thin kits actually better to apply for a new account reports LOL...

that said, both amex and capital one have pre approval features that are just a SP. venture x even has its own pre approval. use those tools to see if you are pre approved!

[youngandcreditwrthy]

Many lenders actually prefer you to wait 3-6 months in between cards as some wont allow more than one app in 30 days, etc.

you just have to decide if the inquriies are worth it and if you NEED it. 

the average person only applies for credit 1-2X per yer so keep that in mind,