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@Sharingan wrote:
@Imperfectfuture wrote:
@yfan wrote:
@Sharingan wrote:5/24 definitely keeps the churners away; but it also negatively impacts and groups those of us who do actually keep our Chase cards with the churners and institutes unnecessary obstructions to procuring additional products on demand
I suspect keeping churners away is only part of the story of the 5/24 rule. I think it's a broader attempt by Chase to keep away people who would apply for a card, get the bonus, and not use it much on a regular basis after whether they hold on to it or not. And just by the sheer law of numbers, the more cards one racks up, the less likely one is to give a given card regular use and swipes, especially if one acquired several other cards recently.
I can see this. Have the freedom, nice limit, just sitting with a few points. Tend to use Discover more. However, until one has the card, and see it replaced with others, how is one to know if it's worthless? Granted, started to acquire cards in 2014, so could be considered credit newbie.
But then, how does that argument translate to the Chase business cards? It's not as if they are selectively applying the 5/24 rule to only include new business credit cards opened in the last 24 months. I'm sure Chase, like any other bank, expects an applicant to keep personal and business use separate. I am currently 1/24 on business cards, yet I cannot get a Chase Ink or United Business card right now if I wanted to. That leads me to believe that it is mostly sign up bonuses that 5/24 is targeting. That may also be why Chase won't allow most existing customers who are denied due to 5/24 to move credit around to open the new account, likely because it would grant the sign up bonus to an individual that the system has already determined shouldn't get it. Just my thoughts...
Branch pre-approvals are still valid, and I would assume they still do those for business cards too when you open up a business checking account.
Just saying if there's a will there's a way and as a result some of us keep breaking the 5/24 rule... I was pretty shocked when I got offered yet another pre-approval when I went down to the branch, but hey, guess I can get the FU after all once I get a little further into the lazy HELOC process.
Well maybe, having to poop 5.6K temporarily for summer session fees until I can get matriculated and have 3.4K of that come right back to me and another 2.4K for a summer sublet out of Quickpay all out of the Chase account, so we'll see what their analytics department thinks of my checking balance getting slashed in half.
DW was just turned down for the SWA for 5/24
kicking myself for not applying for the Ink even a week sooner... would have been auto approved.
1st recon today was declined after putting me on hold 5-6 times for most of the ~45 minutes I was connected to business recon. Good news is that she said she can override the 5/24 since my application was in before the policy change.
Hopefully tomorrow's recon call is more productive
I had apped on 5/17 for my co-branded card. So I think that I was approved before 5/24/16 I just had to verify it when I got the letter in the mail. I kind of just scooched in there because had I done it later I would be a no go as well. Here I am trying to rebuild my credit. I had like 1 card for 6 months before I apped and then I had to get moving. I guess I never thought they would do it to the cobrand cards. I was wrong from reading the denials. Its a shame for had people known they would not have taken the HP hit.
Can someone confirm if a revovling line of credit, but not credit card, such as Navy Fed's checking LOC, count against 5/24?
Thanks.
Does 5/24 apply to the Chase Disney card?
The Chase Disney Premier Visa Signature ($20,000 limit) was the last Chase card I managed to obtain after 5/24 was reputedly expanded at the end of May, and I definitely would've been declined if it was subject to the "rule" due to new accounts. So, I don't believe it is affected as of yet.
Sadly, it will probably be the last approval I see from Chase for a very long time; but I do have quite a number of their products already.