Did a big spree last month that I posted about recently. Though I mistakenly continued the spree after the post to experiment and this is why I'm regretting it.
App'd for 2 Chase on same day both approved at first (CSP & Disney). Great! Thought I was an outlier to the rule but nope. Got the cards last week and this morning I received a notice from Chase they're closing the Disney card.
Reasons : TOO MANY REQUESTS FOR CREDIT OR REVIEWS OF CREDIT
SUFFICIENT CREDIT AVAILABLE WITH CHASE
Anyway for those interested the total spree since mid Feb was:
BoA cash rewards
US Bank Cash+
Citi double cash
Wells Fargo Propel
HSBC cash rewards
Amex Prime Business card
Honorable mention here CapOne, triple pull denied app, no recon available. This one still stings.
Well I hope this serves as good datapoint to some and learn from my mistake.
Fico scores were 780-790. They are now at 738-750 with Experian being lowest.
The score Chase showed on my closure letter was 756 Experian (2/25)
Thank you for sharing. I will keep all this in mind when I come out of the garden.
That is some app spree.......I'm curious, did you note which bureau each one pulled for you?
Well Barclays reports to the bureaus in like 3 days so I'm not so sure they will like 6 accounts immediately showing up after them. I hope the AA is over but I'm skeptical.
Unfortunately this is basically normal with Chase now and is why I strongly recommend anyone and everyone space out Chase apps by 6 months and even longer if you are applying for other cards in the meantime. Applying for 5,6,7+ cards at a time across banks is asking for trouble. They have seen all the blogs etc recommending double dipping and all of these things had become more and more popular so the result is that they aggressively seek to lock out this type of behavior.
Score and credit profile are IMO basically totally irrelevant with these situations. It's simply an algorithim that determined you are too agressive in seeking credit/chasing rewards/etc. Your score and profile will not save you, because the decision had nothing to do with creditworthiness and everything to do with aggressive credit seeking and reward chasing. I don't say it to be harsh, just that it can and does happen to anyone at any credit score level.
As the OP unfortunately discovered a Chase same-day double app nowadays usually leads to the 2nd card being shut down within a few weeks.
The most current strategy with known successful data points, if you are not subject to the Chase 5/24 and 2/30 rules, is to apply for your preferred card and if instantly approved wait and apply for the 2nd card on the very next day.