texashoser

OK - more than four. I read that release and it seems like it's specifically referring to Chase cards, not those issued by Citibank, etc.

nsx

The 5/24 rule for Ultimate Rewards cards always included all new cards, even store cards!

Boraxo

Excellent! This should slow further devaluations as there will be fewer RR points chasing the same inventory.

texashoser

OK, but that's not what this release says.

daw4888

What release are you talking about? I think you are reading the Dr of Credit post wrong if that is the one you are talking about.

sdsearch

If you opened 6 or more in the past 24 months, you're definitely dead. If you opened only 4 in the past 24 months, you're fine. If you opened exactly 5 in the past 24 months, YMMV.

And again, this (6+ or 5 or 4) counts all cards (from all banks) that show up on the credit report they pull, plus all cards at Chase (in case they didn't show up on the credit report). It does not count cards, such as some non-Chase charge cards and some non-Chase business cards, that don't show up on any personal credit reports.

At least that's the way it's been working for Chase personal non-partner cards (the only cards affected to date, since May 2015).

(There's additional complication thrown in for those people who are AUs on other's cards.)

sdsearch

What do you mean by release? It's leaked information (as far as what will happen) combined with crowdsourced information (as far as what has happened since May 2015 on Chase personal non-partner cards); there never has been an official release that we've seen.

flyer4512

I read more after I posted the question. I am Grabbing as many chase cards as I can for myself, my dad and my wife right now.

Since my dad doesn't travel I will use his apps going forward for non Chase app banks. Devote my wife strictly to Chase ( companion Pass)sticking to the 5/24 and my apps will vary

As you said, you need a game plan

flyer4512

Since the other thread is locked I figured I would post this here.

For the current Chase cards that have the 5/24 rule does anyone know when the clock started on the 24 months ?

For example if the co branded cards go 5/24 on 4/1/2016 and I don't apply until 4/1/2018 is that the two year time frame they are using or could it be several months back ? If I didn't apply for any cards in that two year time span would I be at zero apps ?

Without this info people won't know the dates they can apply and not have "X" amount of apps in Chase's 24 month time frame.

My plan is to stop all apps for my wife the day the 5/24 starts on co brand cards and going forward just have er get Chase cards for us after a ~2 year Hiatus.

texashoser

I think my confusion stems from reading the dr of credit piece in a vacuum. It appears the 5/24 rule included all cards (not just Chase's) against the five rule. And now they are applying that rule to co-branded cards.

nsx

I think a lot of people are going to try to run the table on cards now and then wait 2 years. I'm still thinking about that. Maybe have one spouse do that and the other hold back.

As to your timing question: As I understand it, Chase looks at your credit report for accounts opened in the 24 months prior to your application. The exact dates for account opening show on your report viewable e.g. on Credit Karma. Account opening date will typically be some days after application date.

flyer4512

We ( my dad, wife and me) got 6 Chase cards ( 1 SW Business Pending) over the past 3 days. My plan is to get my wife an AA card around June 2016 then (assuming things stay the same) her next app will be November 2018 for 2019/20 CP.

My dad doesn't travel so we use his miles/points but CP is useless for him (us) so me and him will continue getting every card we can staying away from Chase. My Wife will be solely Chase.

We have over a million hotel points and a million airline miles in stock so we should be fine for years to come.

We are also going to keep the IHG cards ( 3) open and possibly pay the AF for a free night on our Marriotts.

nsx

The standard plan seems to be one spouse will be the credit card slut and the other will be Chaste.

sdsearch

Your big fallacy in that question is that you assume the Chase policy will be the same in April 2018 as it is forecast to be in April 2016.

Chase has changed its policy once in May 2015, then is supposedly going to change it again March 2016, then supposedly again in April 2016. How likely is it that it will go through no more changes from then until April 2018???

For all we know, by April 2018, it might be 3/24, or 5/18, or 2/12, or perhaps replaced with something more "individually targeted" (for example, taking your history at Chase into account, which for some strange reason it currently doesn't seem to), or perhaps replaced with something totally different.

To me, this seems like a somewhat crude measure they've chosen (someone who churns 2 Chase cards every year but churns at no other banks gets let through, but someone who applies for a burst of cards with other banks while having held 3 Chase cards for a decade, using each regularly, is automatically denied?), so I wouldn't be at all surprised if they adjust it again in the future.

toomanybooks

Also that WN points from credit card bonuses will always count toward CP.

I am still amazed that they still do. People must not use the CP much.