Chase “Relationship” and 5/24

[Anonymous]

As we all know, 5/24 is a big topic around here and questions as well as opinions abound regarding the “value” of a banking relationship. I will give neither an opinion nor advice and readers can opine and/or take from it what they will. I hope some small piece of information will prove helpful to someone.

As my signature indicates, I am 12/24 as I write. Inquiries within 12 months are also shown because those effect scoring. However, inquiries are much higher in the space between 12 and 24 months and correlate to the 12 newest tradelines, some HP CLIs, and some apps that were denied.

I decided I wanted to establish a relationship with a bank that had several products of interest to me. Chase fit the bill. I travel for work and get reimbursed, so CSP (recently upgraded to CSR) filled a need. I coupled that with Freedom. I was eligible for Premier Checking and Savings for free due to my military affiliation, so I opened those. I then closed my Fidelity and TD Ameritrade self directed brokerage accounts and transferred them to a new Chase You Invest self-directed Account because I get 100 free trades per year with Premier Checking & Savings.

Last month my Chase credit cards hit 1 yr and within the past 2 weeks I’ve received “offer just for you” because of your relationship with Chase as well as targeted emails all pushing the Freedom Unlimited with a set APR, 0% APR for the first 12 months, and the somewhat standard $150 SUB for $500 spend in first 3 months. All indications are that my 12/24 won’t be an issue.

I haven’t pulled the trigger, but not for fear of denial but because I’m still considering buying a home and do not want a new tradeline and the HP that would be associated.

Just some points to ponder. If you find this entirely unhelpful I’m sorry. If you can take something helpful and use it or share it, great, I always want to contribute if I can! Sharing of our information and experiences is what I found makes this forum invaluable!

[Anonymous]

As someone interested in getting in good with Chase I found this very informative. 

Thank you!

[Anonymous]

It's been well documented here in the past that the green check marks (offers for you) bypass the 5/24 rule. I remember reading about someone who had cold apped and got denied, only to get the green checkmark and be approved a few days later. Unless something changed in the last few months, the green checkmarks are a great way to get a Chase card while being over 5/24.

[HeavenOhio]

@Anonymous, if you're buying a home, the ideal setup is to garden for a year. That produces a lovely bonus of about 20 points for your AoYA (age of youngest account) reaching a year old. And by the time you reach that point, your inquiries will have become unscorable.

[Anonymous]

@HeavenOhio Thanks, that’s the plan since last March. My apartment lease expires in June, and we all know leases generally require a 60 day notice requirement, so by the end of April. I’ve been looking at homes, I’m eligible for a VA loan. My middle mortgage score right now is 726 and my 3 tradelines that are youngest will hit 1 year in March. We’ll see how I feel soon, as a single guy who travels 60% of the year for work I’m just not sure I want a house. But it’s best to have options!

[800FICOGoal]

---

@Anonymous wrote:
 I was eligible for Premier Checking and Savings for free due to my military affiliation, so I opened those. I then closed my Fidelity and TD Ameritrade self directed brokerage accounts and transferred them to a new Chase You Invest self-directed Account because I get 100 free trades per year with Premier Checking & Savings.

I think the piece of data your left out was the size of the account transferred to Chase. It leaves me wondering whether it takes five figures or six figures to make Chase forget 5/24. I understand if you don't want to give specifics, but some indication of size would complete your example.

[Brian_Earl_Spilner]

---

@800FICOGoal wrote:

---

@Anonymous wrote:
 I was eligible for Premier Checking and Savings for free due to my military affiliation, so I opened those. I then closed my Fidelity and TD Ameritrade self directed brokerage accounts and transferred them to a new Chase You Invest self-directed Account because I get 100 free trades per year with Premier Checking & Savings.

I think the piece of data your left out was the size of the account transferred to Chase. It leaves me wondering whether it takes five figures or six figures to make Chase forget 5/24. I understand if you don't want to give specifics, but some indication of size would complete your example.

---

Bingo. As a former Chase employee I can tell you for a fact Chase doesn't give a fico about relationships unless you're a private client or invest with them.

[800FICOGoal]

---

@Brian_Earl_Spilner wrote:

Bingo. As a former Chase employee I can tell you for a fact Chase doesn't give a fico about relationships unless you're a private client or invest with them.

---

Unfortunately, I only have enough to become a semi-private client.  My hope is that my account will help "grease the wheels" when I do apply for CSP/CSR. 

[Caught750]

800 and Brian, I can’t disagree more. A month ago I had ONE checking account and was over 12/12. Had an in branch pre approval for EVERYTHING. Everyone says Chase doesn’t want to do this or like that. Well Chase gave my highest limit (by a TON according to my CRs) at the lowest APR. It doesn’t take 5 or 6 figures. I barely had 4. Now I have $25k exposure and 2 banking accounts.

[Anonymous]

---

@Caught750 wrote:
800 and Brian, I can’t disagree more. A month ago I had ONE checking account and was over 12/12. Had an in branch pre approval for EVERYTHING. Everyone says Chase doesn’t want to do this or like that. Well Chase gave my highest limit (by a TON according to my CRs) at the lowest APR. It doesn’t take 5 or 6 figures. I barely had 4. Now I have $25k exposure and 2 banking accounts.

---

I was curious about if Chase cares for their lower income customers... I am in the $18K range and I would be putting my direct deposit through but since I try to run all cash through cash back cards, my balance ends up going to between $75-150 most months. Didn’t really figure I would be a customer Chase would consider breaking 5/24 for.