Generic Bank Rules for Applying for New Credit/Length of Time Between Applications?

[Mike1014805]

I don't know if it's been asked before, and I can't really find that much information online (maybe because I'm not asking the question correctly on google). However, I wanted to know if anyone knew the rules on the number of new accounts allowed in a 12-48 month period, before banks decline you for a credit card application?

Chase has their 5 Cards in 24 months rule

US Bank has 1 Card in 12 months rules (2 in 12 if you're extremely lucky)

But what about Capital One, Bank of America and Citi?

And do inquiries count as well with these rules? If so, do they differ/what are they?

[OmarGB9]

Not sure about Citi or BoA, but Cap One is one card every 6 months, with no more than 2 cards total (sometimes 3, if you're lucky), excluding cobranded cards.

As for inquiries, that just depends on the rest of your profile. Sometimes they use it as an excuse for a denial when there may be other reasons at play.

[Anonymous]

Bank of America 3/12-no relationship with them, 7/12 relationship with them. And citi has 1 card for 8 days before you apply for your 2nd....I think. Unsure about the citi one.

[coldfusion]

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@Anonymous wrote:

Bank of America 3/12-no relationship with them, 7/12 relationship with them. And citi has 1 card for 8 days before you apply for your 2nd....I think. Unsure about the citi one.

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Citi has several rules.  You mentioned the1/8 rule, where you have to wait 8 days after an application before you can submit another one, and they also have a 2/60 rule where you can only submit 2 applications within a sliding 60 day window.  It's generally recommended to pad a few days onto that 60 day number as Citibank isn't always good at counting them, adding a couple of extra ensures things go smoothly.  They also have a soft 6/6 rule for accounts/applications in the previous 6 months; it's soft because the actual cutoff point for accounts/applications is profile-specific - some applicants get approved with more,  some get denied with less.

You're correct about the BoA 3/12 and 7/12 rules which factor in cards from all issuers,  they also have the 2/3/4 rule which is specific to BoA cards - no more than 2 BoA cards in a sliding 6 month window, 3 in 12, and 4 in 24.   None of these rules is cast in stone, they will sometimes bend one for someone they perceive as being or having the potential to be a high-value client.

To add another issuer, emperically a US Bank approval can be difficult if you've added more than 1 card from anyone over the previous 12 months.

[Anonymous]

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@coldfusion wrote:

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@Anonymous wrote:

Bank of America 3/12-no relationship with them, 7/12 relationship with them. And citi has 1 card for 8 days before you apply for your 2nd....I think. Unsure about the citi one.

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Citi has several rules.  You mentioned the1/8 rule, where you have to wait 8 days after an application before you can submit another one, and they also have a 2/60 rule where you can only submit 2 applications within a sliding 60 day window.  It's generally recommended to pad a few days onto that 60 day number as Citibank isn't always good at counting them, adding a couple of extra ensures things go smoothly.  They also have a soft 6/6 rule for accounts/applications in the previous 6 months; it's soft because the actual cutoff point for accounts/applications is profile-specific - some applicants get approved with more,  some get denied with less.

You're correct about the BoA 3/12 and 7/12 rules which factor in cards from all issuers,  they also have the 2/3/4 rule which is specific to BoA cards - no more than 2 BoA cards in a sliding 6 month window, 3 in 12, and 4 in 24.   None of these rules is cast in stone, they will sometimes bend one for someone they perceive as being or having the potential to be a high-value client.

To add another issuer, emperically a US Bank approval can be difficult if you've added more than 1 card from anyone over the previous 12 months.

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Confused on bold. 1st one is Citi and another issuer, and 2nd is 2 Citi cards?

[Lou-natic]

You can only submit one application and be approved every 8 days. If you apply for a 2nd card 8 days from the first then you have to wait 60 days to apply for a 3rd Citi card or you will be automaticaly declined. They also (generally, I'm sure someone has at some point) won't approve you for a CLI on an existing line unless you are 0/6 for new cards.

[Anonymous]

@coldfusion  does Wells Fargo, Amex, and Discover have rules?

[markhs777]

Of course all credit cards issuers have "rules" however those rules are not always generic

in many cases. Bottom line line if a lender believes you will be profitable you will be approved.