walterj

If you check out the threads for citi hilton or citi aadvantage, b of a alaska, it is collective experience that lowering your credit limits after reaching the required spending, results in more automatic approvals for later applications for both citi and bank of america credit cards.

smurov

Thanks for the response - let me phrase my question better. If I want to apply for the new Chase Sapphire Reserve, do they focus on the credit limits I currently have with Chase or do they focus on my credit limits across the board with all banks? Citi gave me very high limits on the 2 cards I have with them...

YesLetsDiscuss

I'm at 6/24 right now. One will roll off next month. One I was an AU, which is now cancelled. I'm trying to get that off my CR so I can be at 4/24 in a month. Two questions:

1) What is likely to happen if I apply for two chase cards at the same time (CSP and the new CSReserve)? I have only the Freedom right now and long history with chase, excellent score.

2) To get the AUs off my CRs, I disputed with TU through CK. Next day, it was off my CR with an email confirmation! I disputed with EQ and EX on their websites. With EQ, over the last 10 days, I've received three emails saying that they've received the dispute and can take upto a month. With EX, no emails, no dispute number (I did note it), no updates on the status page, even after 10 days. Is it usually like this?

sdsearch

The same thing as would happen if you didn't apply for them at the same time, in that just because you apply for them at the same time doesn't mean they process them at the same time. As soon they approve the first one, they may include that in the count when looking the second one. (Many people report, after applying for 2 cards at once, that one was approved nearly immediately but the other one went "pending" for quite a while.)

So if you're going to fail 5/24 on the second card if you space the applications, you're also likely to fail 5/24 on the second card if you apply for both at the same time.

Having said that, some people fail 5/24 by having 5 cards (that Chase counts as opened in the past 24 months), and some people pass at 5 and fail at 6 (ie, "more than 5"). We cannot tell you which category of people you fall into.

RobertHanson

Not for every bank for sure. Citi will only let you apply for a second card @8 days from your first app, then makes you wait @65 days for your third. With Barclays more than one app every 6 months is too much, and even that may be too soon. YMMV

I wouldn't be too quick to jump into this game. Take your time, do some studying, and go slow. AFAIK, the best card to apply for will be the new 100,000 points (super) CSP, which is due out in August. If you have the credit to get approved, and can handle $5K in spend over 3 months, I don't think there is any card out there that would be more valuable. IMHO...

ssimon86

If I ask chase to lower my CL, is it easy to get back if I am denied another card, or does it result in hard pulls, etc?

sdsearch

You replied to smurov's previous post which they later mentioned was not well worded, and you don't seem to have read their followup at post 1433. The question was not about what other banks do, but whether Chase counts the total of credit limit on other banks' cards or just the total of credit limit on its own cards.

YesLetsDiscuss

Thanks, sdsearch. Does Chase typically consolidate the HPs if a couple days apart?

Dr Jabadski

We’ve read reports of better offers (e.g. no first year annual fee, higher bonus) for Chase cards for applications submitted in person at a branch. We’ve also read reports that being a Chase Private Client (CPC) may for all practical purposes allow circumventing the 5/24 concerns. Curious if anyone has any experiences or knowledge as to whether being a CPC would allow for circumventing the 24 month concerns for bonuses. In other words, just as a CPC banker can initiate a reconsideration for an application, which seems to carry more weight than a customer initiated reconsideration, can they do the same thing (successfully) for a bonus for a new (repeat) account of the same type within 24 months of receiving a bonus? Thanks.

penner42

I see in the wiki that you can no longer move credit from a Chase business card to a Chase personal card. I'm hopefully planning on trying for the Sapphire Reserve when it's available.

I've currently got 5 personal Chase cards, and if I reduced those all down to $5k limits, that would only free up $5900 in credit. Probably enough, but my business card (2) limits are substantially higher.

While I can't transfer credit after the application, does anyone know or think it would be useful to reduce the business credit lines in advance? They're much higher than I'll need for any spending.

I'm also willing to cancel at least one, probably two, of my personal cards. (Amazon Visa and United Select, though I'd probably prefer to keep the latter.)

Edit: I guess there's really no harm in lowering my business card limit, since that doesn't affect my personal credit score anyway.

sdsearch

First for all, HPs have nothing to do with 5/24. For 5/24 evaluation, Chase counts the cards on your credit report that have "opened on" dates in the past 24 months, and adds to that any Chase cards you opened in the past 24 months that don't show up on your credit report (either because they were opened too recently, or because they're business cards).

Second, it's not Chase that consolidates HPs, it's the credit bureau. But the credit bureaus only consolidate to remove anything that might possibly be a duplicate. Certainly two HPs a couple days apart would not have any chance of being a duplicate, so no credit bureau will consolidate them.

Likely duplicates are HPs which have the same date and from the same source (sometimes the whole bank, sometimes just a division within the bank). Any HPs that differ in the date or differ in the source will not be considered likely duplicates and thus will not be consolidated.

gnomey

i would think the sum of credit limit are only for chase cards. in other words, chase would only care how much $ they extended for your credit limit.

i dont think they care how much credit limit other banks (e.g., BOA, Citi) extend to you. how would they know anyway? from credit report ? i do not know the answer to this question myself actually

mikex163

There have been reports of banks (do not know if Chase is one of them) that do not give you credit because you have too much credit overall, not only with that specific bank. They can easily know for the credit report, so that's not the issue.
Never happened to me though, so not speaking from personal experience.

NYCRuss

There is a lot of data indicating the opposite. Banks are more likely to extend high credit limits if an applicant has demonstrated the ability to handle high limits wth other institutions.

It's best to keep credit limits as high as possible, except with an institution where you want to apply for more credit that limits overall exposure.

felicity5

Where do you see that in the wiki? I don't think that's true.