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Chase sensitivity to Number of cards a person has

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Super Contributor

Re: Chase sensitivity to Number of cards a person has


@N5369087 wrote:

Thanks for your response. So just to make sure I understand you correctly.

Chase doesn't care if I have 20 or more credit cards as long as when I apply for a Chase card.

I have no more then 4 in the last 24 months?

 


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Message 11 of 12
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Frequent Contributor

Re: Chase sensitivity to Number of cards a person has


@N5369087 wrote:

"Yes they don't care the amount of cards per se...."

I had read something from another poster that stated the same thing. Chase doesn't care about the number of cards you have as long as

you do Not have 5 in the last 24 months. My current situation is that I would need to garden until april 20121 to become eligible for Chase.

It might be a better option to just get a few more base or foundation cards with no anual fee, to build up the number of foundation cards.

I have in mind Bank of america cash back, citi double cash, Amex everday cash and everyday card. 

The theory being that once I had the cards they could be ageing while I wait out the Chase 5/24 rule.

Also, after a new card is over 1 year old it is considered "Not new Credit" at least that is how Capitol one considers "new cedit".

So any New cards would no longer be considered "New credit" when I went after Chase.


Inquiries are not scored in the FICO model numbers after they age 1 year, but they will remain on your report for 2 and can be viewed by lenders.  The accounts open a year ago are fairly new, and keep in mind the Capital One report and score is a Vantage model...good for alert monitoring but not much else.  In Chase Land, as the others have said, those cards (EDIT:  Bank LOC's count also) opened less than 2 years prior to your Chase app are new credit, period, end of story.  If Chase looks passed that it is rare. 

 

I would also like to caution you on the number of cards you're trying to put in your wallet so quickly.  You're stating 4 cards as a "foundation," that's quite a bit.  Do the math and take a methodical look at what cards are best for your spending habits and apply based on that.  Does an AF Chase card benefit you beyond the AF with organic spending? Are the other lenders you're looking at sensitive to opening 3 other cards if you are indeed approved (BofA)? Are the limits that you are being approved for now what you would like or should you age your file a bit in hopes of a better SL?  I see your garden goal, that's a good place to start.  Just some food for thought :-)

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Message 12 of 12
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