Should I apply for Chase Freedom? - 3 Chase apps already approved in 60 days

[sigep]

Hey all, I'm new here.  I've been readin the forums for a few months have certainly learned a thing or 2, so here's my dilemma:

Before I knew about AOR's and which banks oulled what reports, I began my rag-tag journey to better rewards...

I've had the Costco True Earnings card (40k)  and Quicksilver (pc'd - 7.5k) for about 7 years each.  I own a lawn business so I thought it would be a good time to start making some changes to maximize my earnings.

On April 6th I apped for Cash+            - instant approval 7k  (Bookstores / fast food)    

On April 27th, I apped for Ink Cash     - instant approval 12k (Business meals)              - 30k bonus

On May 7th, I apped for Ink Plus          - recon approval 5k                                                    - 60k bonus

On May 25th, I apped for IHG               - instant approval 2k                                                   - 80k bonus

The Ink Plus is the only fee card I have.  My Ink Cash card was upgraded to the 30k bonus for me a few days ago.  Yay.  I wanted to start moving my spending over to Chase because the rewards system is hard to compete with. We wanted to start using rewards for travel and I fly Southwest a LOT (not very interested in apping for the Chase SW card). We also stay in IHG hotels, so the IHG (80k bonus) card made sense.

I noticed when I was recently approved that my limits started plummeting.  Started at 12k, ended with a 2k.  happy with how it all turned out.  got some fantastic rewards promotions, but I'm left with a few rewards categories that I can't maximize on.  Enter Chase Freedom.  Truth be told, I'd mainly just use it for the gas 6 months a year to get those UR rewards and keep the other months on my Amex or Ink (2UR/$).  I considered the Sallie Mae card but I'm unsure if I could get approved right now.  My score was a 740 in April, today it's a 724.  Chase has absolutely exploded my EX report... 5 INQS. (AAoA is now 5.2 yrs).  The IHG hasn't reported yet (I havent even rec'd the card yet) so only 1 new account is TECHNICALLY showing on my personal report (Cash+).

I run about 3-4k a month in business expenses through my Ink cards now (was running through my Amex) so that makes my life SO much easier.  Keeping expenses seperate is a huge plus!  I'd "like" the Freedom, but like I said... mainly for gas and the amazon bonus in q4.  Is this $200 bonus rare? I've googled it and it seems it can come and go.  Should I jump into the garden now and wait for a $250/$300 offer or is that a pipe dream?

I'd eventually like to get the CSP as well.  Do the ink cards count against me as far as the "4 Chase cards max" goes? I've read conflicting reports that its 4 "personal" accounts.  The CSP isn't a must have right now... I've already purchased our vacation for this year on my Amex so what's done is done.  I get the travel perks from the Ink Plus card so I'm not 100% sure I'd even need a CSP.  $95 to charge $4k worth of travel a year... meh.  I get the 2 UR/$ bebefit from the Ink Cash so CSP would only be for travel.

Thanks all!

Sig

[virgo]

I have four cards with Chase.  Got the Freedom and Slate in 11/13 and exactly 6 months later apped for the Hyatt and Marriott. 

There is no limit on cards but I think they need to be spaced out.  And they seem to approve two at a time. 

I haven't checked but the only limit there might be is a cap on total limit overall. Ive read that it may be 40,000.00. The other thing is, they may nott approve and really frown on apping forthesame type of card.  That might be why you had to re-con the Ink Plus since you already have the Ink Cash. 

One thing for sure, they have the best re-con dept.

Good luck.

[dodgerslv]

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@sigep wrote:

Hey all, I'm new here.  I've been readin the forums for a few months have certainly learned a thing or 2, so here's my dilemma:

Before I knew about AOR's and which banks oulled what reports, I began my rag-tag journey to better rewards...

I've had the Costco True Earnings card (40k)  and Quicksilver (pc'd - 7.5k) for about 7 years each.  I own a lawn business so I thought it would be a good time to start making some changes to maximize my earnings.

On April 6th I apped for Cash+            - instant approval 7k  (Bookstores / fast food)    

On April 27th, I apped for Ink Cash     - instant approval 12k (Business meals)              - 30k bonus

On May 7th, I apped for Ink Plus          - recon approval 5k                                                    - 60k bonus

On May 25th, I apped for IHG               - instant approval 2k                                                   - 80k bonus

The Ink Plus is the only fee card I have.  My Ink Cash card was upgraded to the 30k bonus for me a few days ago.  Yay.  I wanted to start moving my spending over to Chase because the rewards system is hard to compete with. We wanted to start using rewards for travel and I fly Southwest a LOT (not very interested in apping for the Chase SW card). We also stay in IHG hotels, so the IHG (80k bonus) card made sense.

I noticed when I was recently approved that my limits started plummeting.  Started at 12k, ended with a 2k.  happy with how it all turned out.  got some fantastic rewards promotions, but I'm left with a few rewards categories that I can't maximize on.  Enter Chase Freedom.  Truth be told, I'd mainly just use it for the gas 6 months a year to get those UR rewards and keep the other months on my Amex or Ink (2UR/$).  I considered the Sallie Mae card but I'm unsure if I could get approved right now.  My score was a 740 in April, today it's a 724.  Chase has absolutely exploded my EX report... 5 INQS. (AAoA is now 5.2 yrs).  The IHG hasn't reported yet (I havent even rec'd the card yet) so only 1 new account is TECHNICALLY showing on my personal report (Cash+).

I run about 3-4k a month in business expenses through my Ink cards now (was running through my Amex) so that makes my life SO much easier.  Keeping expenses seperate is a huge plus!  I'd "like" the Freedom, but like I said... mainly for gas and the amazon bonus in q4.  Is this $200 bonus rare? I've googled it and it seems it can come and go.  Should I jump into the garden now and wait for a $250/$300 offer or is that a pipe dream?

I'd eventually like to get the CSP as well.  Do the ink cards count against me as far as the "4 Chase cards max" goes? I've read conflicting reports that its 4 "personal" accounts.  The CSP isn't a must have right now... I've already purchased our vacation for this year on my Amex so what's done is done.  I get the travel perks from the Ink Plus card so I'm not 100% sure I'd even need a CSP.  $95 to charge $4k worth of travel a year... meh.  I get the 2 UR/$ bebefit from the Ink Cash so CSP would only be for travel.

Thanks all!

Sig

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first of all congrats on all Chase approvals. If it was me i would wait at least a couple of months before apping for another chase card. Build your internal score with them to have a better shot at not only an instant approval but a nice limit to go with it. I have 5 Chase cards and i got all of them within 13 months. I did space them out though in 3-4 months from each other. I also have a banking relationship with them for almost 3 years so im sure that helps. I realized that my approvals kept getting bigger each time. Like you said, your limit approvals are getting lower so i would lay low for at least a couple of months with chase. But if you do go for it then good luck and let us know the outcome.

[longtimelurker]

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@virgo wrote:

I haven't checked but the only limit there might be is a cap on total limit overall. Ive read that it may be 40,000.00. 

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Total limit must vary by individual.   I have more than that, and others here have $100K or $250K Palladiums, so no, $40K isn't the limit!

[sigep]

My only small issue is that I will be seeking a mortgage next September (2015) so I'd like all inquiries to be 1+ yr old. Is it feasible to think that August would be long enough to wait to app?

[j_casteel]

Awesome success with Chase!

IMO, I'd give it a bit of time and then go for the Freedom; you mention August so that should be fine.

Good Luck!

[Kenny]

I guess if it's a must app thing you could and if denied you could ask to move 5k from the 12k line you were just approved for.

To me, why such the rush? If it was an important card, you should have apped for it instead of one of the others. I just think probably too many -- playing with fire with Chase. Maybe not, I hope for your sake you're totally fine and nothing will come of it.

[sigep]

Great! Thank you for all of the help and positive support.

[CreditUnionFan]

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@sigep wrote:
My only small issue is that I will be seeking a mortgage next September (2015) so I'd like all inquiries to be 1+ yr old. Is it feasible to think that August would be long enough to wait to app?

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If

If the Freedom is what you seek, try to find out how long the $200 promotion will run through. If you have $5k you can reassign from another Chase card, then you don't have to wait that long... 

[lg8302ch]

I would also recommend to space out Chase apps and this especially for Freedom as the terms are variable. You want to end up with 13.99% and not 22.99% APR and Signature version rather than Platinum