What are your plans for Chase after full 5/24 implementation?

[mendelssohn]

What are your plans for Chase after full 5/24 implementation?

 

I was considering a strategy with my wife where one of us doesn't open more than 4 cards over 24 months and the other apps for a lot of cards, but I'm not sure yet.

 

Here's the plan for our current Chase cards:

Me:

Ink Plus-keep

United MileagePlus Business-keep since it may open up more saver award space

CSP-if I ever get back in with Citi, this is going to become a Freedom Unlimited

Freedom-keep

Marriott-keep for the free night

Hyatt-keep for the free night

British Airways-I will try to PC to a Freedom Unlimited for a few months. If that doesn't work, move the limit to my CSP and close the card.

 

My wife:

British Airways-try to PC to a Freedom Unlimited and if that doesn't work, move limit to Marriott

Marriott-keep for the free night

 

One thing we might consider if my wife not applying for too many cards for the next 24 months and then trying to get an IP and CSP. I think we need to wait just over a year at this point to get under that number.

[PotO]

Short of chopping off my fingers, I seriously doubt I'll ever be able to get past 5/24.

 

I'll keep my current Chase cards and app for co-branded Chase cards (assuming they don't go 5/24) and use them as CLI vehicles.

[mendelssohn]

Short of chopping off my fingers, I seriously doubt I'll ever be able to get past 5/24.

 

I'll keep my current Chase cards and app for co-branded Chase cards (assuming they don't go 5/24) and use them as CLI vehicles.

 

I imagine that they are indeed going 5/24.

 

App for any cobranded cards that you want now so you don't miss out. I wasn't expecting to be approved for the Hyatt card, but went for it anyway.

[PotO]

 

Short of chopping off my fingers, I seriously doubt I'll ever be able to get past 5/24.

I'll keep my current Chase cards and app for co-branded Chase cards (assuming they don't go 5/24) and use them as CLI vehicles.

 

I imagine that they are indeed going 5/24.

 

App for any cobranded cards that you want now so you don't miss out. I wasn't expecting to be approved for the Hyatt card, but went for it anyway.

Can you transfer limits from a co-brand to a regular Chase? I'm allergic to AF so not many of their co-brands interest me. Maybe the no-AF Disney.

[mec]

I'd like to imagine that I will get to a point where I wouldn't need to apply for more than 2 cards in 2 years and become eligible, but that day may never come.

[Zobelle]

I've got the Freedom Unlimited and Hyatt in the wind right now. I fully expect a decline but am hoping to at least get the Hyatt.

 

If both or at least the Freedom Unlimited are declined, I'll change my Sapphire over to Freedom Unlimited and close my RC/move limit to CS(or Freedom Unlimited)

 

I'm willing to give up the Marriott to get the Hyatt opened if it comes down to that.

Edited March 29, 2016 by Zobelle

[Cappy]

 

 

Short of chopping off my fingers, I seriously doubt I'll ever be able to get past 5/24.

I'll keep my current Chase cards and app for co-branded Chase cards (assuming they don't go 5/24) and use them as CLI vehicles.

 

I imagine that they are indeed going 5/24.

 

App for any cobranded cards that you want now so you don't miss out. I wasn't expecting to be approved for the Hyatt card, but went for it anyway.

Can you transfer limits from a co-brand to a regular Chase? I'm allergic to AF so not many of their co-brands interest me. Maybe the no-AF Disney.

You can transfer from any Chase to any Chase. Cobrand to Chase Brand and Vice versa

[hegemony]

Does chase still have the 5 new accounts in past 2 years rule too? Or is that only for non-cobranded cards?

[mendelssohn]

It doesn't apply to cobranded cards yet, but rumor has it that is coming in April.

[PotO]

I'd like to imagine that I will get to a point where I wouldn't need to apply for more than 2 cards in 2 years and become eligible, but that day may never come.

I once thought that day would come ... 50 accounts ago.

[Konrad2012]

Does chase still have the 5 new accounts in past 2 years rule too? Or is that only for non-cobranded cards?

LOL. I think that's what this whole thread is about.

[hegemony]

 

Does chase still have the 5 new accounts in past 2 years rule too? Or is that only for non-cobranded cards?

LOL. I think that's what this whole thread is about.

 

 

Not 5 new Chase accounts...5 new accounts per 24 months...

[mendelssohn]

 

 

Does chase still have the 5 new accounts in past 2 years rule too? Or is that only for non-cobranded cards?

LOL. I think that's what this whole thread is about.

Not 5 new Chase accounts...5 new accounts per 24 months...

Yes, 5 or more total cards by any issuer, including AUs, will exclude you from any new Chase card.

[hegemony]

that is not new.

[mendelssohn]

Yes it is, starting April.

 

This was for non cobranded cards only to start.

[Chris58]

Just as a thought, is this assumed new Chase policy a "Loan Underwriting" decision, or is it a "No more new card rewards churning" decision?

 

Only Chase knows for sure, but in their competition with AMEX they COULD simply adopt AMEX policy and say in effect "You can get over on us once, but not twice"?

[PotO]

Is the 30-day notice after a Chase application the kiss of death?

[mendelssohn]

Is the 30-day notice after a Chase application the kiss of death?

 

No. I got the 30 day notice on my Hyatt application and since I had opened 3 other Chase cards this year decided to let it ride. It showed up in my online account about a week later.

[mendelssohn]

Just as a thought, is this assumed new Chase policy a "Loan Underwriting" decision, or is it a "No more new card rewards churning" decision?

 

Only Chase knows for sure, but in their competition with AMEX they COULD simply adopt AMEX policy and say in effect "You can get over on us once, but not twice"?

 

I have a feeling it's a little of both, but mainly an UW decision. They could have very easily changed their 1 bonus per 24 months on a give product policy, but they didn't.

[brandon727]

The 5 new accounts rule I know applies to 5 new credit cards in 24 months, but that does that also apply to any type of new account i.e if i opened 3 new car loans and 2 new home loans in the past 24 months could i still get a chase card?

Edited March 30, 2016 by brandon727

[PotO]

 

Is the 30-day notice after a Chase application the kiss of death?

 

No. I got the 30 day notice on my Hyatt application and since I had opened 3 other Chase cards this year decided to let it ride. It showed up in my online account about a week later.

Good to know. Thanks.

 

I'll hold off calling the recon number for a week. If I don't see the card in my account after a week, I'll start the recon.

[PotO]

 

Just as a thought, is this assumed new Chase policy a "Loan Underwriting" decision, or is it a "No more new card rewards churning" decision?

 

Only Chase knows for sure, but in their competition with AMEX they COULD simply adopt AMEX policy and say in effect "You can get over on us once, but not twice"?

 

I have a feeling it's a little of both, but mainly an UW decision. They could have very easily changed their 1 bonus per 24 months on a give product policy, but they didn't.

If they have data suggesting higher defaults regardless of credit score when over 5/24, I wonder if other lenders won't follow Chase on this policy.

[mendelssohn]

 

 

Is the 30-day notice after a Chase application the kiss of death?

No. I got the 30 day notice on my Hyatt application and since I had opened 3 other Chase cards this year decided to let it ride. It showed up in my online account about a week later.

Good to know. Thanks.

 

I'll hold off calling the recon number for a week. If I don't see the card in my account after a week, I'll start the recon.

 

 

If you are going to recon, you would have to do it now. I'm not sure if that will turn into an automated approval or not though because supposedly in April the new rules take effect.

 

You may want to call.

The 5 new accounts rule I know applies to 5 new credit cards in 24 months, but that does that also apply to any type of new account i.e if i opened 3 new car loans and 2 new home loans in the past 24 months could i still get a chase card?

 

I believe Konrad posted that it is all new accounts.

[Konrad2012]

The 5/24 rule is not about churning. That's a blogger fallacy. There's a massive difference between limiting sign up bonuses and limiting exposure of your overall revolving credit portfolio in the face of rising consumer credit/debt and a shaky global financial picture.

 

From a business perspective, limit rewards and limiting risk have entirely different meanings and implications

Edited March 30, 2016 by Konrad2012

[Konrad2012]

 

I believe Konrad posted that it is all new accounts.

That's what I've read on DDF and FT. Always taken with a grain of salt. FT swears no Citi approvals with 6 INQ's, which Mendelssohn, CV and I have all crushed.