@Josh2942 wrote:
I just got approved for my 7th chase card. The IHG with $7k My first approval for a co branded card above the minimum $5k. My first Chase card was in March of last year. A freedom with $500 limit. Before that I moved all my assets to Chase. Checking and saving. Had a lease on a 2014 Mazda. Paid in full one year lease than moved to a 2015 Mazda lease. That lease is around $13k for two years. But back to the cards. I have a Sapphire Preffered with $10,000 the freedom now has $10,000 I have a Hyatt with $6,000 a Marriot with $5,000. Amazon Visa with $4,000. Slate for $1,500. And now the IHG with $7,000. Got every sign up bonus to. Total credit lines around 170k income $200,000. Never missed a payment and have utilization of 1.5%. Do you think they would have a problem with me closing the Marriot and IHG over to the freedom for a total of $23,000
I wouldn't be closing a card that was literally just opened. That can be viewed as a backdoor way of trying to get a CLI. Given your exposure with Chase I'd just chill and maintain your accounts normally at least for a year. You don't need to pay the AF on cards that have no value to you, but changing things around with new accounts does not seem like a good course of action. It may get someone at Chase to look closer at your accounts and that is probably not something you want happening until they age some.
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@Anonymous wrote:
@Josh2942 wrote:
Never missed a payment and have utilization of 1.5%. Do you think they would have a problem with me closing the Marriot and IHG over to the freedom for a total of $23,000Cool stuff...congrats on the new card. I usually wait awhile before combining limits...no need to call attention to a new account too early. I do remember reading "somewhere" that they want to see how you deal with a new card before allowing you to move limits. Maybe I dreamed it up though but I vaguely remember "something" like that. Are you afraid of them shutting you down due to 7 cards?
I can confirm an 8th card with Chase and Finstar recently reported his 7th Chase so you don't have to worry getting co-branded cards. It really does seem confined to "real" Chase cards.
I too had read the horror stories but I can speak from experience with a 7th and 8th Chase card (most are co-branded) just days ago.
I have noticed one thing is that my new limits are significantly lower post June My pre-June max limits were 17K for a Ritz and 17K for a IHG. My 2 new cards... $5K Amazon and 3.5K Disney card. Maybe I am hitting internal Chase limits or maybe it's new underwriting rules... I dunno. I just know it's alot lower limits for me on these last 2 cards.
I have Freedom, CSP, SWA, Slate, IHG, Ritz, Amazon, Disney within the last 2 years. The Amazon and Disney were just like 2 days ago...special thanks to Finstar for reporting that a 7th Chase was possible or I wouldn't have dared apply.
And surprise, suprise, it was a single EQ pull for BOTH cards. Not 2 pulls, not Experian.
To each their own, but I'd never want to have 7 or 8 cards with a single lender. Too many eggs in the basket. There's only so much exposure before you get flagged. Approval doesn't mean someone isn't going to look at your accounts down the line.
I think it's par for the course that the more accounts you get with them, the limits will tend to be lower.
While nobody can say "omg you have 7 accounts OP, you'll be shut down" I would certainly hesitate to suggest it's a great idea to have so many with one lender. Yes there are people around here with that many, but income level and files are all different, so the risk level for Chase is always different. It's not as simple as "so and so has 8 cards with Chase so you can/should too!", that's all. Regardless, OP has to do take the data and do what they are comfortable with.
