Someone give me objective advice!

[Anonymous]

I'm getting the itch to app for Chase. I realize once my new Cap One and Discover cards report, I won't get a Chase card for two years (assuming they keep this new policy) Right now I only have 3 accounts within two years.

Opinions?

Credit profile looks like this (scores in siggy)

2 paid collections on TU/3 paid collections on EX and EQ

No late payments/chargeoffs

Short AAoA... 7 months 

Inquiries: 9 EX, 8 TU, 5 EQ 

I realize it'd be ideal for some of the HPs to fall off, but I don't want to miss out and have to wait two years. It wouldn't be the end of the world, though. I'm cool with what I have. I don't prequal for anything with them. I'd be interested in Freedom or CSP if I have a shot in hell of being approved. Thoughts? 

[TRC_WA]

I'd wager "too many recent inquiries" and the collections will be an issue.

[Anonymous]

Have you tried the pre-qual site to see if you qualify for any of their cards?

I haven't tried it, but I hear it is fairly accurate.

[Anonymous]

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@TRC_WA wrote:

I'd wager "too many recent inquiries" and the collections will be an issue.

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I also figured this would probably be an issue. Just needed to hear it from someone else I guess!

[Creditaddict]

What "new" policy?

I got approved just over a week ago for my 5th Chase card (Zappos) and they pulled EX with over 90 INQ's and 40+ new accounts in last 24 months

[Anonymous]

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@Creditaddict wrote:

What "new" policy?

I got approved just over a week ago for my 5th Chase card (Zappos) and they pulled EX with over 90 INQ's and 40+ new accounts in last 24 months

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Thank you for saying this! I didn't want to start talking about things like that as I am a new member. But I have kept seeing folks say, oh if you have over 5 new accounts in the last 2 years, or if you have 5+ accounts with chase in last 2 years... and I have applied for friends and family with over 5 new accounts and they got it just fine.

[Anonymous]

If you think your credit file supports it, go for it. Getting a denial only gives you a better idea of when you will have a better chance to get a card.

The "new policy" always deserves air quotes. In my opinion the "new policy" is a blanket boilerplate reason to deny people their cards, not wanting to cite any other legitimate concerns, more than likely because they do not exist.

If you have 90 cards and perfect payment history on all of them even if half were within the past 24 months, the "too new many accounts, and too many inquiries" kind of becomes null and void.

[SecretAzure]

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@Anonymous wrote:

If you think your credit file supports it, go for it. Getting a denial only gives you a better idea of when you will have a better chance to get a card.

The "new policy" always deserves air quotes. In my opinion the "new policy" is a blanket boilerplate reason to deny people their cards, not wanting to cite any other legitimate concerns, more than likely because they do not exist.

If you have 90 cards and perfect payment history on all of them even if half were within the past 24 months, the "too new many accounts, and too many inquiries" kind of becomes null and void.

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The denial reason goes through a lottery. If your profile doesn't suit their tastes, they simply pick any small detail, relevent or not, and deny you for it.

-Too many new account

-Too many inquiries

-Not enough history of on time payments

-Low average age of open accounts

-This one time you forgot to pay a card and paid it the very next day

Or however many other small things that they don't like may be used to deny you.

[Anonymous]

Exactly ^^^

I had a CO with Chase 7 years ago and it finally fell off, so I apped again. Got the "too many new accounts and inquiries".

So I called the EO office after my initial recon was gone, and worked with a lady for a week about it.  Eventually it came down to the original denial reason and I was assured "it isnt due to previous relations with JPMChase".

Well two weeks later I finally went back home to pick up my mail (I'm working out of town) and I get a letter that doesnt list anything about accounts or inquiries, just the previous relationship.

So I called back in, and shes like uhhh, ohhh uhhhh yeah, I do see something on there, but theres the other "stuff" too.

Yeah yeah chase, whatever. Seeya again in two years when I have 0 inq, 0 new accounts and a spotless credit report. Then lets see what the reason is.

[SecretAzure]

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@Anonymous wrote:

Exactly ^^^

I had a CO with Chase 7 years ago and it finally fell off, so I apped again. Got the "too many new accounts and inquiries".

So I called the EO office after my initial recon was gone, and worked with a lady for a week about it.  Eventually it came down to the original denial reason and I was assured "it isnt due to previous relations with JPMChase".

Well two weeks later I finally went back home to pick up my mail (I'm working out of town) and I get a letter that doesnt list anything about accounts or inquiries, just the previous relationship.

So I called back in, and shes like uhhh, ohhh uhhhh yeah, I do see something on there, but theres the other "stuff" too.

Yeah yeah chase, whatever. Seeya again in two years when I have 0 inq, 0 new accounts and a spotless credit report. Then lets see what the reason is.

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"At this time we're not accepting applications with similar credit profiles to yours" Lol...no but I wish you luck. There plenty of fish in the credit sea.