Is there an internal limit on cards for Chase within 5/24?

[Anonymous]

Hi,

So I've seen people get shut down with Chase for "too many new accounts" despite being under 5/24.

Example: Person opens Freedom and CSP one week then a week or even a month later they open another Chase card. Then shortly after all are closed by Chase. I've read a few threads about this.

I'm just wondering what a good spacing would be between opening accounts with them?

Here's my breakdown:

Freedom opened 07/14 - Not concerned about this one too much because it's oldest
Slate/FU opened 02/16 - PC'd to FU this one is under 2 years old so maybe
Ink Cash opened 02/17 - New Account concerned

Strongly considering applying for either Ink Preffered or CSP by mid summer. Currently at 4/24 with the Ink Cash opened even though it's not reporting I'm assuming it counts.

Since I'm at 3 Chase accounts already and 2 of them are fairly recent I don't want them to deny me or shut me down for that. Thoughts?

[Anonymous]

I think Chase will deny new apps if you're either 5/24 or more than 2 apps within 30 days. Otherwise I've seen people with literally almost every Chase card available! lol

[Anonymous]

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@Anonymous wrote:

Example: Person opens Freedom and CSP one week then a week or even a month later they open another Chase card. Then shortly after all are closed by Chase. I've read a few threads about this.

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Well, there are equal examples of people opening multiple Chase accounts at the same time and being OK.  I opened a CSP and Amazon both today... so I would hope that I don't see AA as a result.  I actually asked after opening the CSP first if I opened an Amazon a little later today if it would have any impact at all on the CSP and was told that it would not by two different CS people (one in person, one on the phone).  I'm sure those that have opened a lot of other accounts in relative close proximity would be under more of a watchful eye in this case, but who knows.

[CreditInspired]

I thought the 5/24 was for any 5 new CCs opened in a 24-month period. Please correct me if I'm wrong.

So, if I opened a NFCU Siggy, a CitiDC, a DiscoverIT, a Macy's, and a CapI, that would be considered 5/24 and "too many accounts opened." So in this scenario, Chase would not give one a new account.

[Anonymous]

Yes it's with other banks too. Although if you have a green check mark offer from Chase then they will bypass 5/24 and give you the card.

[Anonymous]

Chase has an internal "credit" limit per customer, but I do not believe that they have a maximum number of products. I'm at 6 personal Chase cards. My wife is at 5 personal chase cards... However, when she applied for her last Chase card (despite being under 5/24) they had to reallocate some credit b/c several of her credit lines are very high. She still got the card though.

My understanding of 5/24 isn't about credit risk. It's about incrasing proftiability of their products to reduce the number of "churners" who get them or only open the card for the bonus/benefits without usign the card. They are looking for quality and proftiable cardmembers.

Yes, 5/24 includes all personal accounts reported to CRs regardless of issuing bank. The scoring system also automatically includes AU accounts; however, the recon line can exempt the AU accounts under certain circumstances (e.g., never used the card and didn't know you had the AU account). 5/24 usually excludes other bank business cards not reported on your personal CRs. However, I do believe that it includes Chase business products.

[simplynoir]

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@CreditInspired wrote:

I thought the 5/24 was for any 5 new CCs opened in a 24-month period. Please correct me if I'm wrong.

So, if I opened a NFCU Siggy, a CitiDC, a DiscoverIT, a Macy's, and a CapI, that would be considered 5/24 and "too many accounts opened." So in this scenario, Chase would not give one a new account.

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This is what I've read as well. In fact supposedly this includes business cards too along with store/co-branded cards. So, those wanting in with Chase better be pretty clean new accounts wise. But if anyone could confirm this that would be nice.

Edit: I guess it is. Nice to know though that customers already in seemed to be exempt from this rule.

[Anonymous]

Ah - I posted mainly because I've seen AA for opening too many Chase accounts close together. It's completely different to space them out by years, then it's easy to get multiple.

My concern is them saying 3 within 24 months with them is too many, I hope not but just don't want to waste a HP.

Also, what do you think looks better Ink Preffered or CSP?

We really need the Ink Preffered for our business we app'd for the Ink cash thinking it waived FTF's but it doesn't so it's pretty useless for us because we put 90% or more of our business spending on overseas purchasing. I hope they would give me the opportunity to reallocate to be able open it.

When your wife had to reallocate was the app denied and you reallocated on recon or how did that come about?

Trying to figure everything out.

[CreditInspired]

Yep, thejoshuatree, that's how I was able to bypass 5/24 by having the green checkmarks 😁

[HeavenOhio]

It seems to me that I've read reports here of "surprise" reallocations, i.e. an approval along with an automatic reshuffling of limits. But it wasn't a big issue because people could call in and reshuffle again. I think if I smelled that possibility, I'd make sure that my balances were low enough to handle a CLD. Or I'd be prepared to make a payment or two to accommocate it.

I think we've also see reports of reallocations during recon.

Is it possible to PC the Ink Cash to the Ink Preferred?