Will chase close exiting chase cards, if 5/24 exceeded?

[Tiberius800]

I understand chase will deny new credit cards because of their 5/24 policy. But will they close an existing chase card if a 6th or 7th card is approved? 

[tcbofade]

Not generally, no.

I'm up to 49 accounts and all three Chase cards are open and have been for years.

If you JUST opened a Chase account and immediately open three or four more, they HAVE been known to cancel the new account.

YMMV.

[SouthJamaica]

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@Tiberius800 wrote:

I understand chase will deny new credit cards because of their 5/24 policy. But will they close an existing chase card if a 6th or 7th card is approved? 

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No, they would not.

[OmarGB9]

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@tcbofade wrote:

Not generally, no.

I'm up to 49 accounts and all three Chase cards are open and have been for years.

If you JUST opened a Chase account and immediately open three or four more, they HAVE been known to cancel the new account.

YMMV.

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This is the usual worry. Not when the Chase accounts are already years old.

[CL-Addiq]

How would they know? Can a bank just do SPs in perpetuity? I thought any credit pull needed to be explicitly authorized.

[OmarGB9]

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@CL-Addiq wrote:

How would they know? Can a bank just do SPs in perpetuity? I thought any credit pull needed to be explicitly authorized.

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Oh no, they can and DO perform routine SPs. All they need is permissible purpose, which routine account maintenance counts as.

[jcooks]

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@tcbofade wrote:

Not generally, no.

I'm up to 49 accounts and all three Chase cards are open and have been for years.

If you JUST opened a Chase account and immediately open three or four more, they HAVE been known to cancel the new account.

YMMV.

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You're 49/24?!

[Tiberius800]

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@jcooks wrote:

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@tcbofade wrote:

Not generally, no.

I'm up to 49 accounts and all three Chase cards are open and have been for years.

If you JUST opened a Chase account and immediately open three or four more, they HAVE been known to cancel the new account.

YMMV.

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You're 49/24?!

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lol

[Credit12Fico]

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@tcbofade wrote:

If you JUST opened a Chase account and immediately open three or four more, they HAVE been known to cancel the new account.

YMMV.

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I suspect its credit score that counts the most. If the new accounts don't wreck your credit score, then it shouldn't be a worry. If you are dropping 100 points because of an app spree including chase, then yeah I'd be worrying that Chase will close them. 

[tcbofade]

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@jcooks wrote:

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@tcbofade wrote:

Not generally, no.

I'm up to 49 accounts and all three Chase cards are open and have been for years.

If you JUST opened a Chase account and immediately open three or four more, they HAVE been known to cancel the new account.

YMMV.

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You're 49/24?!

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lol. 

No.

I'm 14/24.

With a total of 49 open credit card accounts.