Chase - how many apps is "credit-seeking"?

[Anonymous]

How many cards can I open in a short period of time before I'm in danger of Chase revoking a card?

Just getting started in rebuilding my credit, after many derogs (late payments + one BofA CO) two years ago.

This month opened a CapitalOne QS1 ($3000 SL) and Chase FU ($1000 SL). Only other open card is a CapitalOne secured ($500 CL) from a year and a half ago. (The BofA CO is much older and paid off so raising my AAoA.) My FICO is 665-670, neither of the new cards have reported yet.

I really want to get into the Chase ecosystem for the rewards cards (CSP or CSR) while rebuilding my credit. I need to garden for a while, but since I've heard that Chase doesn't like to be your highest LOC I was thinking of opening one more card soon. Just opened a NFCU (grandfather was USAAF in WW2) account, current plan is to app for a card w/ them in about three months.

[Remedios]

Hi and welcome to the forums @Anonymous 

Simple answer, according to Chase, 5 cards in 24 months is too much.
People with stronger profiles and/or long history with Chase may be approved in excess of that number, but that's their general philosophy

Also, with your relative short positive history, and "barely in" approval from Chase, I'd wait at least a year for best results.

[Anonymous]

Thanks Remedios.

I'm definitely not going to apply for another Chase card for a year or so.

What I'm worried about is stories of Chase seeing too many cards in too short of a time as credit-seeking, bust-out fraud, etc., and then cancelling the card they've already given you.

[Remedios]

I see what you're saying 

Well, it's done now. There is always a possibility of AA due to opening too many new cards right along the Chase card, but still less than when applying for multiple Chase cards in a short period of time. 

More than likely, everything will be fine. Dont apply for any more cards, use them as you normally would and dont sweat it. 

Just dont open any more accounts for a while. Enjoy what you have right now. 

[Anonymous]

There's no simple answer... It's related to their internal scoring assessment.

It could be Chase+0 Chase+1 Chase+2 and so on.

If you're worried about it then don't apply for anything else for at least 6 months according to your $1K approval it's somewhat borderline and there would be some scrutiny in SP's for the next few months anyway to evaluate your behavior.  To be on the safer side sit in the garden for 12 months while waiting for your next Chase product and work on your CL's to get above 5K for CSP and 10K for CSR.  Cap1 only lets you hit them up for CLI's every 6 months so, you might hit 5K+ before 12 months are up but, unless something miraculous happens 10K+ probably won't happen with them.

If you have the slots for x/24 consider Amex to boost you over the 10K hurdle in 6 months with the chance of boosting you over 10K w/ the 3X policy on CLI's since you can do 61 days and 6 months from that date even with a lower CL you can still the the landing for 10K+.

Work on your reports in the meantime to clean anything off that's keeping your scores low or might trigger a manual review.

While NFCU hands out CL's like candy most lenders don't consider CU CL's when assigning a new accounts a CL as much as they do with competitive lenders like BOA,AX, Disco, WF, etc.

[Anonymous]

Food for thought, and something I’ve wondered:

@Obscure, you mentioned that CU limits often aren’t considered when someone like Chase is looking for a consumer to have a $5k/$10k line already, before granting CSP or CSR. I hadn’t heard that before.

What if OP were looking at a lender like Synch, or already had them, as they’re a major bank rather than a CU. Would Chase see a $10k line on a Synch-backed Lowe’s card as enough to grant a CSR (obviously with the profile to support the typical UW that Chase would want)? Would a card like that serve as the “mine canary” for a high credit line that they like to see before granting a similar line? Or would they discount it out-if-hand as a store card, despite being backed by a bank?

I’ve never seen it brought up before and I’m just curious. That card isn’t hard to grow to $10-12k and if it would serve the purpose to demonstrate that a potential CSR applicant can manage a line that size, it might be a way in for some.

Ever see any DPs or read any tales one way or the other like this?

[Anonymous]

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@Anonymous wrote:

While NFCU hands out CL's like candy most lenders don't consider CU CL's when assigning a new accounts a CL as much as they do with competitive lenders like BOA,AX, Disco, WF, etc.

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Ah, hadn't heard that before!

My plan then is hang out in the garden for a solid stint, then app for say an AX BCE and go for 61/3x. If I can't get that, fall back to NFCU (or maybe Disco, but none of their programs really appeal to me at all).

In the meantime I'll try my hand at writing some gw letters.

[8bitmachinegun]

Wait a sec...your grandfather being in the military can qualify you for an NFCU card?? My grandfather was in the Army in WW2 (as was my half-brother in the 2nd Gulf War), though I don’t know what NFCU would accept as proof.

[AllZero]

^ Call them. The are open 24/7.

[Anonymous]

Agreed that calling is best, but often people have said that all they needed was a copy of the relative’s DD214 to qualify.