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Best Practice for Chase Applications?

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Best Practice for Chase Applications?

I was going to do an app spree about a year ago, but during my research learned about how the 5/24 rule with Chase works. Fast forward one more year and I'm sitting at 0 inquiries and 0 new accounts in the past 24 months. I was planning to do a long awaited app spree but the more I researched Chase, the more I pumped the brakes. I was previously unaware of this 2/30 rule.

 

So I thought, ok I would just apply for 2 Chase cards and a few other issuers. And then I read that two Chase applications in 24 hours means one will get kicked back and denied. So I  thought, ok I'll just space two Chase apps out over the next week. And then I click on an article that says only 1 Chase card will get approved in a 30 day period. I'm also reading how sometimes multiple new accounts in a short time period will trigger Chase to shut down all your Chase cards.

 

So what the heck is the best practice for getting multiple Chase cards these days? There are a number of other cards I am interested in applying for but I feel I need to make the most out of being under 5/24 while I can. How many Chase cards total should I even aim for these days?

 

Thanks in advance for any input.

Message 1 of 13
12 REPLIES 12
Community Leader
Senior Contributor

Re: Best Practice for Chase Applications?

Hi and welcome to MyFICO

 

Good for you for doing your due diligence. So, before we can provide worthwhile advice, can you give us your other DPs.

 

AAOA

Other CCs and their CLs

Any loans

Any baddies

3 FICO scores

UT

 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 13
New Member

Re: Best Practice for Chase Applications?

Thanks for the response,

AAOA is 7 years and 1 month

27 other CC's with 295k total limits (Chase is the one major issuer that has eluded me)

Mortgage and a student loan with 18% left

No baddies

Scores are 831 / 831 / 835

UT is 0% currently

Message 3 of 13
Frequent Contributor

Re: Best Practice for Chase Applications?

Your average CL is 10,900 ish, assuming that you do have current limits at or above 10k you should be fine apping for any of their personal products - I know nothing about their business cards. Your scores are in line with an approval and as long as everything else is good, you should be able to get whatever you want with a decent SL. If you want multiple chase cards, I’d say 1 now and one in six months just to be safe. Chase can and will open the doors wide for you and will shut them just as quick if you do something they don’t like.

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 3.5k
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Chase Sapphire Preferred 20k
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Apple Card 5k
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NFCU More Rewards 7.8k
Message 4 of 13
Community Leader
Senior Contributor

Re: Best Practice for Chase Applications?


@Flint wrote:

Thanks for the response,

AAOA is 7 years and 1 month

27 other CC's with 295k total limits (Chase is the one major issuer that has eluded me)

Mortgage and a student loan with 18% left

No baddies

Scores are 831 / 831 / 835

UT is 0% currently


OP you look golden for Chase as long as you haven't opened or applied for multiple CCs in the last 6 months. Chase is sensitive to inqs and new accounts. 

 

GL2U

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 13
Valued Contributor

Re: Best Practice for Chase Applications?

Most of what you read is mostly guidelines on how to navigate Chase.

 

5/24 is well known around here and other parts but, it's not 100% nor are the other policies if you have what they want.

 

There are multiple ways around 5/24 if it's a card you really desire and have a use for.  2/30 is a soft rule that can get triggered even with a CLI one month and a new CC app a few weeks later.  It's more of a fraud prevention rule they setup in the computer that reviews apps.  

-- for instance in Nov I went for a CLI and a few weeks later I went for a CSP and it went pending until I called and answered questions and it was approved on the spot after verfication.

 

So, you obviously want at least 2 Chase cards.... What's more important are the cards you want and which one you value more over the other.  Always go for the one you really want and not what is offered.  If you want to roll the dice on the 2nd card that's up to you and timing it out can help.  I did go for 2 at the same time at one point and got instapproved for both the same day.  I went CFU and Amazon and they didn't have a problem with that at all.

 

As said above the 2/30 thing is a soft rule and from my veiwpoint it's mostly on their core producs as you can see with the CLI/CSP situation it flagged it but, with the CFU/Amazon it didn't.

 

So, if you want multiple cards and really wnat the best odds then I would just go into a branch as their approvals are able to override the computer if need be.  This is what I was eluding to above about 5/24 and getting beyond it.  There are plenty of us that play the credit game and bypass the barriers with some of these methods.  I've sene some people in excess of 15/24 getting approved in branch w/o any issues.

 

Obviously if you want Chase you can expect them to be SPing your reports post approval to see what else you're up to and if you do too much too soon after then they may get yanked back and you'll be out of Chase again.  Barclay's will do the same thing if you're being a bit excessive and at a minimum they'll drop your CL while they see how you end up using their cards if they think you're bonus chasing or opening too many products post approval.

 

Being 0/24 though and 830's for scores... you have the pick of the litter when it comes to approvals provided there's not some significant debt issue hiding in the closet that we're not aware of here.  

 

One thing to think about at this point though is the 27 accounts just shy of 300K in aggregate limits.  It's time to cull the heard a bit and clean things up.  I'm guessing like most of us around here you picked up a lot of store cards and held onto them with low limits.  There might be a coupe of 30-50K CL's in there somewhere but, it's time to shift from Quantity to Quality and grow what is worth keeping instead of shuffling through 30 cards to keep them active.  Admittedly I'm over 20 as well but, I could chop many of them (50%) and still keep 400K around after killing anything under 20K.

 

If you feel like diving into the trimming go ahead and list the CC's and dates they were opened with the limits and maybe there's some good contenders in there for high limits to wokr on while weeding out the less useful ones in the process.

500K+ TCL / 800+ FCOs
Message 6 of 13
Super Contributor

Re: Best Practice for Chase Applications?

Some of the advice you find around the Internet about Chase can be outdated, so be careful. Technically speaking they have a 2/30 rule and they will very rarely approve you for more than 2 cards in a month. However, that does not mean it is a good idea to actually apply for 2 Chase cards that close together. These days Chase isn't shy about shutting down one or both of the accounts if they decide you're being too aggressive with seeking credit. Long story short I would suggest at least 3 months between Chase applications at a bare minimum and 6 is better.

 

The above point about overall credit exposure is a good one too, especially as we likely enter a credit tightening enviornment. If you have tons of unsecured exposure relative to income your profile may stick out more than others and not in a good way, at the very least lenders may assume you will barely use the new card(s) they give you, and at worst they assume you're a bad potential debt risk. Just something to think about that IMO may become more relevant than it used to be.

Message 7 of 13
Community Leader
Mega Contributor

Re: Best Practice for Chase Applications?

OP, it's great you're at 0/24 but just like excessive credit seeking, sudden bursts of activity after a period of dormancy can be viewed as a potential negative.
I would not worry about your total exposure with other lenders. They are more sensitive with your overall exposure with them, and you have none.

As far as how many Chase cards, I would not apply for a second one till at least six months pass between them. Get the card, make some payments, get to know each other, then it will be time for the next one.
EX 759 EQ 774 TU 753


Message 8 of 13
Community Leader
Super Contributor

Re: Best Practice for Chase Applications?

You have a profile most here would cry forSmiley Wink. If you had the patience to go 0/24 you can go 1/6 with Chase. The problem i see is hsving to bend to the whims of Chase seeing as you may want a card from a different lender. Keep in mind you want Chase, you dont need them imo. Do whats best for you but of course steady as you goSmiley Wink
#ChaseCreditCardHobby Enthusiast
2022
!
Message 9 of 13
Valued Contributor

Re: Best Practice for Chase Applications?


@Flint wrote:

Scores are 831 / 831 / 835

UT is 0% currently


Nothing to add here besides 0% utilization. You probably all ready know if you are reporting $0 you might be seeing a slight scoring penalty. Your profile surely don't need those extra points for approval. However, you could benefit by letting one card report $20.

Message 10 of 13
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