@Wavester64 wrote:
@GrayStar wrote:I find it awkward that chase amended this rule into their policy when consumers like myself want to apply for one of their cards. Truth to be told, I've tried to apply for one of their Freedom cards and was auto denied due to "too many accounts opened within the last 24 months." I'm very disappointed that I have to wait that long just to apply for their card. Mind you that I've only applied and approved for 8 different cards during the past 24 months. Previously years ago, I've used to have their Circuit City Visa card back in 2006 in which it was closed due to inactivity and I've been applying for their other cards since then and they always say no. I'm trying to get back in the door with Chase and I feel like I'm being punished with this strict rule. What's your opinion about this?
I hate this dumb rule. They should look a little deeper than having some computer auto-deny you because of being over 5/24. How about are you a current customer? What's your utilization? How many derog's do you have on your account? If all those answers come up strong (even if I am 10/24 or even 15/24) to me that shows I am creditworthy and should be given a chance at one of their cards. If they are afraid a given person that might be a risk for some unknown reason even though like I said earlier they might be strong on all those categories, then how about giving the customer a card with a SL of $500 to start off. They do well after 6-months, raise it to $1000. Another 6-months, $2000. No, they would rather give a card to an 19-year old making $15K a year with little credit history (min. 1-year) then someone who is more establish and has proven to be credit worthy. If it sounds like bitter grapes, its because it probably is. I agree with you on this rule and I believe some individuals should be considered outside of this dumb rule. To me that same 19-year with little credit history is more of a risk then a current CHASE customer with a lot of cards, low util, and no derogs. But like someone said on here, their card, their rules.
It also shows that you are credit seeking and/or SUB chasing (see highlighted). In my opinion, the 5/24 rule is only around to help stop Chase from getting too many churners. A typical customer might not come across this issue because they aren't getting more than 2 cards a year. A good example is my wife, who hasn't had a new credit card in years. I don't believe the 5/24 rule is around because of credit risk, as you are implying.
In saying that, I also do not like the rule. If anything, it should only apply to their core cards. I think co-branded cards should be allowed to slip by, or have a higher threshold, like 10/24. I also think they should only count actual credit cards in 5/24, and not things like my Dell and Google accounts. I once posted a scenario about a typical person being shutout of Chase by 5/24 with what I considered to be typical credit behavior, but that could have been averted if those finance accounts didn't count. I don't think a typical consumer would think that getting a 0% financing account when buying furniture or a cell phone could cost them from getting a Chase credit card (at least temporarily).
