Chase 5/24 Question

[Makersmark23]

So I'm leaving my well paying day job in 3 weeks to pursue my own business. With this will come a period of very low personal income as I work to invest in the future of my company. I want to apply for a freedom unlimited while I can still report my steady income #, but according to Karma im at 5 accounts on TU and EX in the past 5 years. I want freedom to compliment my CSP, but also the 15mo 0% APR. my scores are 780ish, 4 InQ on TU, 7 on EX

Any advice on whether or not to give it a shot or just go with a different bank?

[OmarGB9]

If you're at 5 or more accounts in the last 2 years, then you'll be locked out. However, if you say you're only at 5 accounts in the last 5 years, then you should be good. But, just to be safe, how many accounts have you opened in the past 24 months?

[Aahz]

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@Makersmark23 wrote:
So I'm leaving my well paying day job in 3 weeks to pursue my own business. With this will come a period of very low personal income as I work to invest in the future of my company. I want to apply for a freedom unlimited while I can still report my steady income #, but according to Karma im at 5 accounts on TU and EX in the past 5 years. I want freedom to compliment my CSP, but also the 15mo 0% APR. my scores are 780ish, 4 InQ on TU, 7 on EX

Any advice on whether or not to give it a shot or just go with a different bank?

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It's 5 accounts in 24 months, so if any of your five accounts in 5 years is more than 24 months old you should be fine.

Regardless, given your overall situation I say app for the card you want first.  Worst that can happen is Chase rejects you for 5/24 and then you go to another creditor (or 2 or 20 ) with a single additional inquiry.  The odds of that Chase inquiry being the thing that gets you a decline are about 10,000 to 1.  

[SouthJamaica]

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@Makersmark23 wrote:
So I'm leaving my well paying day job in 3 weeks to pursue my own business. With this will come a period of very low personal income as I work to invest in the future of my company. I want to apply for a freedom unlimited while I can still report my steady income #, but according to Karma im at 5 accounts on TU and EX in the past 5 years. I want freedom to compliment my CSP, but also the 15mo 0% APR. my scores are 780ish, 4 InQ on TU, 7 on EX

Any advice on whether or not to give it a shot or just go with a different bank?

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I don't see any problem in your applying for the Freedom Unlimited, but you can always check their prequalification site to be sure.

[Anonymous]

I don't think the Freedom Unlimited is on the prequal site yet. The regular Freedom is, but I'm not sure whether being prequalified for the regular Freedom carries over to the Unlimited.

But in any case, I think OP has a good shot at it, especially since they already have history with Chase on the CSP. Good luck!

[RonM21]

I think you should be good to go on this, based on the info you provided.

[Makersmark23]

Applied and got the wait for us to send you a letter message. Boohoo

[Anonymous]

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@Makersmark23 wrote:
Applied and got the wait for us to send you a letter message. Boohoo

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Don't count yourself out yet. Sometimes that's just a information verification from the fraud dept., address, name etc.. So wait to see what the letter says before giving up. Good Luck!

If it is a denial and since you're opening your own biz, try going for the Ink. I think those still fall outside the 5/24 rule. Though I have read that some were now being denied due to too many cards and some are still approved with well over 5/24, so I think is's a YMMV situation. And you can transfer the points from your Ink to your CSP, or the other way around. 

[Makersmark23]

I thought about ink. I just know I won't meet the 5k spend in 3 months right now so it kind of feels like a waste.

[Anonymous]

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@Makersmark23 wrote:
I thought about ink. I just know I won't meet the 5k spend in 3 months right now so it kind of feels like a waste.

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How about the Ink Cash? It's only 3k spend for the $200 bonus. And I believe the bonus can be transferred as points to your CSP, but you'll wan't to double check that transfer option. That also leaves you open to apply for the Ink Plus in the future when you can meet the 5k bonus.