Chase looks back 2 years for credit decisions!

[Anonymous]

I applied for the Freedom card online today and was denied. Recon was also a denial. They said too much new credit. I suppose it's because i've been approved for 3 credit cards (Chase, US Bank, AMEX) and 1 auto loan (Wells Fargo) all since March of this year lol. They pulled EX and TU for me here in Ohio. When I got my Freedom Unlimited in March, they pulled EX and EQ.

Now, here is what she told me that I was not expecting...

During the recon, the lady was telling me about the inquiries I have. She was mentioning hard pulls from a long time ago. Well over a year. I asked her how far back they look to make credit decisions. SHE TOLD ME 24 MONTHS. I had to ask her to repeat that because I though i misheard. Thats a shock to me because all I ever hear is that inquiries that are over 1 year old do not affect credit decisions with banks. Appreantly Chase is the exception. Just an FYI for everyone!

Current Scores:

EQ: 752

TU: 766

EX: 733

[Anonymous]

Chase has an unofficial 5/24 rule.

It could be official by now but I think it's been around since 06.

[Anonymous]

Yep! I've heard of this rule. My auto loan would be my 4th open account in the past two years. I was just shocked to hear they look back on inquiries that far. Doesn't help that my apartment and cable service needed my CR. Even if it's 2 HPs it doesnt help any lol. I'm very concious with my credit standing and actually though because of my personal banking history with chase i would have stood a chance.

[Remedios]

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@Anonymous wrote:

Yep! I've heard of this rule. My auto loan would be my 4th open account in the past two years. I was just shocked to hear they look back on inquiries that far. Doesn't help that my apartment and cable service needed my CR. Even if it's 2 HPs it doesnt help any lol. I'm very concious with my credit standing and actually though because of my personal banking history with chase i would have stood a chance.

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How many revolving accounts did you open in the last two years? 

[Anonymous]

3 revolving. Never more that 2% utilization total when reporting dates come around. Pretty sure its my credit age. Those CC accounts started in March with Chase. Then Amex and US Bank in September. My new auto loan had not yet posted.

[Gmood1]

Inqs affect your credit score for only one year. Doesn't mean a UW won't look for reasons not to approve you.

Also understand, just because the UW at Chase nit picked your file. This doesn't mean you won't be approved by other financial institutions.

Sounds like that UW was having a bad day. lol
I would much rather deal with a computer for approval decisions than a cranky UW.😂

[Remedios]

You're still under 5/24. Give it 6 months and try again if you really want that card.

[sjt]

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@Anonymous wrote:

I applied for the Freedom card online today and was denied. Recon was also a denial. They said too much new credit. I suppose it's because i've been approved for 3 credit cards (Chase, US Bank, AMEX) and 1 auto loan (Wells Fargo) all since March of this year lol. They pulled EX and TU for me here in Ohio. When I got my Freedom Unlimited in March, they pulled EX and EQ.

Now, here is what she told me that I was not expecting...

During the recon, the lady was telling me about the inquiries I have. She was mentioning hard pulls from a long time ago. Well over a year. I asked her how far back they look to make credit decisions. SHE TOLD ME 24 MONTHS. I had to ask her to repeat that because I though i misheard. Thats a shock to me because all I ever hear is that inquiries that are over 1 year old do not affect credit decisions with banks. Appreantly Chase is the exception. Just an FYI for everyone!

Current Scores:

EQ: 752

TU: 766

EX: 733

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Chase also focuses on the last 2 years of all asspects of your credit history.

[Brian_Earl_Spilner]

Your inquiries stay on your reports for 2 years. They just stop counting against your score after 1 year. All lenders can see it and can deny you for too many inquiries even if they aren't counting against your score. If you have a reasonable reason, like a car dealer shotgunning your app to 30 banks, you can call in to recon and explain it. At that point, Chase would disregard all the excess inquiries. If you were just credit seeking, they will consider every one 

[Brian_Earl_Spilner]

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@sjt wrote:

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@Anonymous wrote:

I applied for the Freedom card online today and was denied. Recon was also a denial. They said too much new credit. I suppose it's because i've been approved for 3 credit cards (Chase, US Bank, AMEX) and 1 auto loan (Wells Fargo) all since March of this year lol. They pulled EX and TU for me here in Ohio. When I got my Freedom Unlimited in March, they pulled EX and EQ.

Now, here is what she told me that I was not expecting...

During the recon, the lady was telling me about the inquiries I have. She was mentioning hard pulls from a long time ago. Well over a year. I asked her how far back they look to make credit decisions. SHE TOLD ME 24 MONTHS. I had to ask her to repeat that because I though i misheard. Thats a shock to me because all I ever hear is that inquiries that are over 1 year old do not affect credit decisions with banks. Appreantly Chase is the exception. Just an FYI for everyone!

Current Scores:

EQ: 752

TU: 766

EX: 733

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Chase also focuses on the last 2 years of all asspects of your credit history.

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Chase will go back through your entire report, even if your oldest account is 12 years old. If it's available, and you're borderline, they'll look at it.