Is Chase 5/24 Retroactive ?

[Taurus22]

Is Chase 5/24 retroactive?  Meaning.....if you apply and get approved for a Chase card (let's say it puts you at 4/24), and you apply and get approved for 2 other cards which puts you at 6/24 after the fact, will Chase retroactively retract their card? 

Just wondering if 5/24 applies permanently for the life of your credit, or only for approval/denial decisions ?

[Remedios]

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@Taurus22 wrote:

Is Chase 5/24 retroactive?  Meaning.....if you apply and get approved for a Chase card (let's say it puts you at 4/24), and you apply and get approved for 2 other cards which puts you at 6/24 after the fact, will Chase retroactively retract their card? 

Just wondering if 5/24 applies permanently for the life of your credit, or only for approval/denial decisions ?

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Depends. Chase has on occasion shut down cards that were part of a "spree" (even a mini spree), while doing nothing at other times.

It's really profile specific, but not "permanent".

If you want to be on a cautious side, avoid other apps for 3-4 months, and avoid applying for multiple Chase cards close together, or surprising them when they SP, which they usually do. 

[Taurus22]

Ok, so I don't currently have any Chase cards. So if I were 0/24 and wanted the Amazon Prime, but I also wanted 2 or 3 other cards.....it would be best to spree the other cards, then wait 8-12 months (to be catious) before trying the Chase, even though I would technically still be under the 5/24 ?

[Remedios]

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@Taurus22 wrote:

Ok, so I don't currently have any Chase cards. So if I were 0/24 and wanted the Amazon Prime, but I also wanted 2 or 3 other cards.....it would be best to spree the other cards, then wait 8-12 months (to be catious) before trying the Chase, even though I would technically still be under the 5/24 ?

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I think you'd be okay with two cards, but that depends on how risk averse you are. 

I'd apply for Chase first, give it some time, then go for the rest of the cards, simply because they might deny you for new accounts, even if you dont go over 5/24. New accounts are the new plague these days. 

It also depends on which other lenders you're talking about. Some are sensitive to presence of new accounts and will deny for them, others may approve but new accounts might be reflected in terms such as lower SLs, higher APR. 

[kdm31091]

Chase is not shy about shutting down accounts if they feel you have been excessively seeking credit. This can happen whether or not you exceed the 5/24 threshold (although most who it happens to are well above 5/24).

In general sprees of any kind are not a great idea these days. Most lenders do not want to see constant credit applications. You can get away with it with some banks more than others, but IMO there is minimal (if any) benefit to sprees anyway, so why risk it?

[Taurus22]

Hmmm, well I'm not really a risk......I usually don't apply for anything unless I'm at least 725-760 scores, I always watch the bureau pulls, and I've never been denied to this point. My credit history is flawless (not being pretentious, just been very strict with my credit) but I know that doesn't always guarantee anything. I will also be coming off of a new mortgage loan in August.....after which point I'll be ready to app for the cards.

The other cards will/may include (definitely Amex BCP),  BBVA Clearpoints, ABoC UnionStrong, Synovus.....

Other possibilities that might make the cut....US Bank Cash+ (#2) , Nusenda Platinum, Target Redcard

May have to spend some extra time to structure how I want to get these in......Just not sure how to handle Chase. I hear so many negative stories on here regarding them....I think that's why I have shyed away from them in general.

[Anonymous]

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@Taurus22 wrote:

Hmmm, well I'm not really a risk......I usually don't apply for anything unless I'm at least 725-760 scores, I always watch the bureau pulls, and I've never been denied to this point. My credit history is flawless (not being pretentious, just been very strict with my credit) but I know that doesn't always guarantee anything. I will also be coming off of a new mortgage loan in August.....after which point I'll be ready to app for the cards.

The other cards will/may include (definitely Amex BCP),  BBVA Clearpoints, ABoC UnionStrong, Synovus.....

Other possibilities that might make the cut....US Bank Cash+ (#2) , Nusenda Platinum, Target Redcard

May have to spend some extra time to structure how I want to get these in......Just not sure how to handle Chase. I hear so many negative stories on here regarding them....I think that's why I have shyed away from them in general.

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Your signature made me go look up that credit union because I thought the name won the prize for oddest name for a financial institution. Jaw dropped when I saw the 5% everything card. Glad I am not eligible or I would have to app. Lol.

[Remedios]

@Taurus22  US Bank is very sensitive to new accounts. More than one or two in a year mean denial for many.

You'd probably want to knock them and Chase out of the way, than garden 6 months, and snag the rest. 

That's just how I'd do it. 

[wasCB14]

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@Taurus22 wrote:

Is Chase 5/24 retroactive?  Meaning.....if you apply and get approved for a Chase card (let's say it puts you at 4/24), and you apply and get approved for 2 other cards which puts you at 6/24 after the fact, will Chase retroactively retract their card? 

Just wondering if 5/24 applies permanently for the life of your credit, or only for approval/denial decisions ?

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It certainly doesn't happen automatically at 6/24. There would be a lot of AA reports if so. I've been 6-8/24 at times and never gotten Chase AA.

Some people with a lot of new accounts have seen closures, but there are two limitations with these reports:

1. Chase may not provide a lot of detail into its reasons for the shutdown.

2. Borrowers whose accounts are closed may not know the significance of, or choose not to share, certain details of their financial activities.

[Taurus22]

@Remedios

Sage advice. I am aware of US Bank's sensitivity, however I did get their card during a 4-card app spree. The 2nd US Bank card hasn't really made the cut yet, just a consideration at this point.

The Amex BCP is a priority for me, and although the Amazon Prime is on my list it may not be an immediate priority. Maybe I should just continue to postpone Chase and stick with my 3% BoA Online Shopping for now.

Chase just seems too much of a PITA.....