Should I abstain from obtaining any CC for Chase???

[Janneman]

Hello guys,

I am very much confused and couldn't figure it out as to what I should do. Actually, I do want more of Chase business and personal cards but I am way over their internal rule of 5/24 and it will take at least 2 years for me to be eligible for any of Chase card based on this rule. I mean, I do want Chase cards, but then debating myself its really worth waiting for that long without any card....On one hand, I do want Chase cards for their bonuses and other wonderful benefits but then on the other hand I don't want to wait and deprive myself big and higher credit limits from tons of other banks/CUs...As you guys know well that there are many banks and CUs which could grant very high CL...more than Chase would ever do that....I do have a few Chase cards but I want more of their cards and have not applied anything with Chase in 5-7 years because of 5/24 rules...

I know that this is a personal individual choice, yet still I would like to know what you guys would have done if you were in my situation....Waiting for exactly 2 years without applying for ANY personal cards and depriving yourself for tons CL that you might easily get from other lenders...probably more than $200k-$300k if this credit game is played right??

Thanks

[iced]

If you're just asking what we would do in your shoes, if I really wanted a specific Chase card I would stop chasing other less important/interesting cards and wait to be under 5/24. That said, I've never even been as high 3/24 in my life so I can't really put myself in your shoes regarding your need to get new cards regularly from other banks. It's just not a temptation I experience.

Not sure I agree with other banks willing to do more than Chase would ever do regarding CLs. If they like your profile, they have no issues giving you all the CL you need. My two highest limit cards are both from Chase.

[Citylights18]

Did you get 5 credit cards within the last month? That is the only way you would be in Chase jail for a full 24 months.

I think most people working around 5/24 time it. As of today I have personals that I opened 11/21 and 6/22 and 7/22 respectively. If I were to add 2 more cards today I would be in Chase jail until 11/21, only 9 months.

9 months can go buy faster than what you'd think because for the two new credit cards let's just say one offers a SUB period of 3 months and the other offers a SUB period of 6 months. By the time you are done with that second SUB period you'd only have to wait like 3 months before you could app for a Chase card.

[Citylights18]

Here is another point on points. If you want to get the most out of a flexible travel rewards card the way to do that is to buy travel to earn the SUB. If the Sapphire Reserve is 80,000 points SUB and if you can earn the full SUB by spending 4,000 on a vacation on the Chase travel center then you are talking about 120,000 points. It doesn't make as much sense to scalp exclusively for the 80,000. Inflation down the road might also lead to higher SUBs if hotel prices are all higher.

Of course its easy to feel dumb of not taking out an SUB when you have a big spending obligation. That is why I caved in an picked up an Hilton Honors card and I doubt I will ever go on their site and spend 3,000 on a vacation. Maybe $1,000 to round out a purchase. I'm more likely to put meals or a spa on it. But it does make me think twice about scalping for points.

[SouthJamaica]

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@Janneman wrote:

Hello guys,

I am very much confused and couldn't figure it out as to what I should do. Actually, I do want more of Chase business and personal cards but I am way over their internal rule of 5/24 and it will take at least 2 years for me to be eligible for any of Chase card based on this rule. I mean, I do want Chase cards, but then debating myself its really worth waiting for that long without any card....On one hand, I do want Chase cards for their bonuses and other wonderful benefits but then on the other hand I don't want to wait and deprive myself big and higher credit limits from tons of other banks/CUs...As you guys know well that there are many banks and CUs which could grant very high CL...more than Chase would ever do that....I do have a few Chase cards but I want more of their cards and have not applied anything with Chase in 5-7 years because of 5/24 rules...

I know that this is a personal individual choice, yet still I would like to know what you guys would have done if you were in my situation....Waiting for exactly 2 years without applying for ANY personal cards and depriving yourself for tons CL that you might easily get from other lenders...probably more than $200k-$300k if this credit game is played right??

Thanks

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I don't understand why you would have to wait 2 years without applying for any personal cards.

You just need to go back to your 4th newest personal revolving account. Once that one's 2 years old you're good to go.

[Janneman]

@SouthJamaica 

I thought 5/24 means if we get 5 accounts in 24 months then its automatic denial. I got 5 personal cards in December 2022....So, isnt it I would need to wait 2 years in order to get Chase cards??

[SouthJamaica]

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@Janneman wrote:

@SouthJamaica 

I thought 5/24 means if we get 5 accounts in 24 months then its automatic denial. I got 5 personal cards in December 2022....So, isnt it I would need to wait 2 years in order to get Chase cards??

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It's not automatic denial but it's likely denial.

And yes, if you got 5 new personal cards in December 2022, you would have to wait 2 years.

[mgood]

Not what I would do, but what I did do. I slowed down to one new card every 6 months or so until I got down to 4/24, then app'ed for my next Chase card. If you're a serious credit card churner, then I suppose you're always after the next SUB and have little interest in what that card can do for you in the long run. In that case you don't need Chase. If you're not, then I think one every six months is reasonable enough to always have something new to look forward to and keep you under 5/24 indefinitely.

[Janneman]

@mgood 

I think getting one card in every 6 months is doable to keep in check for 5/24......

[mgood]

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@Janneman wrote:

@mgood 

I think getting one card in every 6 months is doable to keep in check for 5/24......

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That way by the time all your new cards are 2 years old, you'll be 3/24 or possibly 4/24 and good to go, and still have 3-4 more cards between now and then.