How Long To Wait To Apply For Chase?

[Anonymous]

I want to apply for the Chase IHG card next month, because they have a limited time offer of 125,000 points after spending $3,000 in three months.  I would like to apply for the IHG card and reach the minimum spend by using it with Plastiq to pay on my student loans.

I was just approved for a SDFCU credit card back in June.  Prior to that I was approved for the Chase Freedom in November of last year.  I have read the horror stories of people having their Chase accounts closed after applying for a Chase card too soon after getting a new card. 

I know Chase really doesn't like back-to-back Chase applications.  But I seem to recall people having their Chase accounts closed after applying for a new Chase card after a recent approval at another financial institution. 

How long should I wait to apply for the IHG card?

[MyFault]

Curious about the responses on this, as I'm looking to get the Chase Bonvoy Boundless next, around December, then I'd like to get the Freedom Unlimited, 2-3 months later.

[Anonymous]

If you are under 5/24 you should feel free to apply.  The stories you read about closings usually involve aggressive credit seeking behavior, including opening cards shortly after (not before) a Chase approval.  But if you space your apps after a Chase approval by at least 2-3 months you should be fine.

[Aim_High]

I have been on a "run" with Chase over the past 15 months.

I have one card dating back 19 years with them.  (Which may be a "plus")

Another card I had but closed and combined limits with the old one several years ago.

No bank deposit accounts with them. (Which may be a "minus")

My apps for the following cards have been accepted in past 15 months:

   Chase Sapphire Reserve ($35K approval, currently $50K)

   Chase INK Business Preferred ($9K approval)

   Chase Freedom ($21.9K approval)

   Chase Marriott Bonvoy Boundless  ($33K approval)

   Total credit line = $138,400 with Chase alone!

I have waited 3 months minimum and up to 6 months in between apps, so that has worked for me.  I would not suggest more often that one app per 3 months to be safe, but you might get lucky.   I don't want to screw up or waste my efforts.

I just applied for the World of Hyatt card, which would be my 5th in 24 months (*although I've read that while you need to be under 5/24 to get approved for the INK - which I was - but that once you get it, it does not count towards 5/24 for new cards since it doesn't show up on your personal credit report.) 

I purposefully waited over three months to apply for Hyatt since my last card even though I had already met the SUB spend on the Marriott card just to give it a little more time.  Fingers crossed ...

[Anonymous]

Maize hit this on the head. A lot of the AA come from seeking behavior AFTER approval by Chase. If you're seeing offers and whatnot, you should be in good shape going forward if under 5/24 or getting black star offers in the app.

[Anonymous]

Thank you for the replies and the information.

Would I be alright to apply now, or should I wait until next month?  I have one HP in July in order to join PenFed.

[Anonymous]

I don't understand the reticence to applying; if the card will be useful to you and you're under 5/24 you should just go ahead and apply for it.

BTW, the 5/24 rules relates to number of credit cards opened in the last 24 months; it has nothing to do with the number of inquiries.

[Anonymous]

Thank you for the additional reply. 

I am hesitant to apply, because I don't want to be one of those that have all of their Chase accounts closed.  I guess I am being paranoid.

In my original post I had said I was thinking of applying next month, and the consensus was that I would be good to go.  However, in my last post I asked if I apply this month, would I still be safe (I realize there are no guarantees).

I realize HPs don't count towards 5/24, but I am not sure if Chase considers recent HPs when deciding to take AA and close all of a customer's accounts. 

Thank you again for your help.

[Aim_High]

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@Anonymous wrote:

I am hesitant to apply, because I don't want to be one of those that have all of their Chase accounts closed.  I guess I am being paranoid.

I realize HPs don't count towards 5/24, but I am not sure if Chase considers recent HPs when deciding to take AA and close all of a customer's accounts. 

I see no problem.  Yes, I think you're overly paranoid but it's good to be cautious.

Who knows what all they take into account when AA happens but it is probably a LOT more extreme and controversial behavior than what you describe.  If your summary of 2 cards opening and one with Chase is complete, I show:

     Chase Freedom – November 2018
     SDFCU - June 2019
     PenFed HP to join – July 2019 (which doesn’t count towards 5/24)

So it's been 9 months since you opened with Chase and 3 months since you opened with another lender.  And you only have two total cards in past 24 months??  And three inquiries on your report? 

As long as your credit score, income, and debt levels pass muster, you'll be fine ...

[Anonymous]

Thank you.

Yes, it has been 9 months since I got my last Chase card. However, it has only been TWO months since I got the SDFCU card.

HPs in the last 12 months include one in July to join Penfed, one in June for the SDFCU card, one in December to join SDFCU, Chase double pulled me in November for the Freedom card, and then I had two last August. One of those was a decline for a FNBO card, and the other was by NFCU for a personal loan that I have already paid off.

I figure the more patient I am, the better off I am. I had planned to wait until December before applying for the IHG, but I don't want to miss the limited time offer.

I am also approaching 200% of my income in CLs. Reading elsewhere online, Chase does not like that.