sdsearch

[xxxx] Did you learn about "digits of precision"? "2 years" is not the same specificity as "24 months". "2.0 years" would be, but does it say that in the letter? Ie, what I mean by "24 (or so)" is that we're not sure how much rounding Chase does, whether they look back 24.0 months from the day of application or 24.5 or 23.5 or 24.0 months from the nth day of the preceding month or what. So for people counting things exactly on their own credit reports, IMHO it's important to note that we don't know that it's exactly 2*365 days from the day you apply. So pad the 24 months to be on the safe side, in case Chase counts a little differently.

As for "5 (or so)", even if it is exactly 5 for many people, it's confusing because of the AU issue at the very least (for people who do AUs, anyway). But do we know yet whether it's exactly 5 for eveyone, or a slightly YMMV number? I'm not sure if we have enough data points of people trying at exactly 4, at exactly 5, at exactly 6, and at exactly 7, without any AUs involved, to discern whether it's the same number for everyone or whether it varies slightly. (Precedent: Over at Citi, the most common inquiries rejection is 6 [on whichever bureau they pulled] in the last 6 months, however for some people this is relaxed to at least 7 or 8.)

sdsearch

Welcome to FlyerTalk, TravelingFitzMe.

Does the Delta Gold Amex show on your credit report as opened in March, or as opened years ago (ie, backdated to the date of an earlier Amex card you had). Amex did credit report backdating until fairly recently, and if Amex did still credit report backdating back in March, then that means that Chase would have only seen 4 of those cards as opened within the past 2 years, not 5.

sdsearch

No, you haven't been following Chase long enough, and now you're putting out incorrect information because you don't know enough about Chase application denial history.

The 5/24 is only since this May, and factors in card openings showing on a credit report from any bank (not Chase specifically).

But well before this May (last year sometime at least?) some people started getting denied by Chase for "seeking rewards", for behavior on Chase cards (not other banks' cards) such as spending for the signup bonus and then never again. That didn't involve credit reports, that only involved Chase's own internal records.

And now, Chase is applying both "rules". We have recent posts in this thread of people denied for 5/24 (UR cards only), and then we have other recent posts in this thread of people denied for "seeking rewards" (on partner cards, where 5/24 currently doesn't seem to apply).

aza72

Good question! According to this, that policy ended 3/21/2015. So if it was early/mid March it could have been backdated if Fitz had an earlier AmEx Card.

TravelingFitzMe

No earlier Amex for me -- it's showing as the correct open date, early March. Not sure how I squeaked by. Again it could be the 16 month gap between cards 1 and 2 were enough of a buffer to avoid being viewed as "too many apps."

Or as aza72 suggested perhaps my two AS cards were lumped as one?

Brugge

Yes, you can always find some angle where just about any statement appears incorrect. In this case I understood RNE to be saying that the 5/24 rule might really be designed to prevent reward seeking. My comment referred to this specific point. I did not intend to imply that no absurd degree of rewards seeking would ever result in a Chase app denial.

It's true that Chase has had a stated, in print, caution about rewards seeking, and no doubt it's possible to get denied for that. But AFAIK the number of reports of app denials for this specific reason are quite small. All I intended to say was that the new 5/24 rule is clearly not designed to merely prevent rewards seeking, since it is being used to deny apps from people who haven't engaged in that sort of behavior at all.

Furthermore, it's my understanding that Chase only applies this to Chase cards. They haven't for instance been denying apps from people who have churned Citi EXEC cards and canceled them, which is the ultimate in "rewards seeking".

aza72

This is my sense as well. The increased restriction on Chase cards is trying filter out high credit risk clients. Reward seekers are caught in the crossfire, but nobody at Chase really cares because they aren't high value customers anyway.

RNE

Did I miss something? Why now? Why is Chase cracking down now? Did high-credit risk clients not exist last year? Or the year before? Maybe that's not it. Maybe "reward chasers" aren't unintended targets of a high-credit risk client dragnet but the intended targets of a reward chaser dragnet.

aza72

Perhaps you missed this? If they have less money to lend, they'd rather lend it to people who will pay it back. Did reward seekers not exist last year either?

Also, I repeat my question. If reward seekers are the target, why are people being declined for the Slate card?

thinkorswim

Hi everyone!

These forums have helped me tremendously, so I thought I'd pay it forward with another data point.

I'm new to the points game and sort of jumped in with both feet -- 14 new cards in the past 18 months. I have 5 cards with Chase and mostly use my CSP for regular spend (about $5k per month).

7/26 -- Applied for United business card, received pending message, called reconsideration line, was given the third degree, and ultimately was denied on the basis of too many new cards.

8/2 -- Applied for IHG rewards card through public offer, received pending message, decided NOT to call the reconsideration line, and was approved two days later.

Also, just confirming the wiki information regarding the automated line. I was given a "7-10 days" message for the United card (denied) and a "2 weeks" message for the IHG card (approved).

Happy fishing.

-TOS

RNE

Today's news from Chase would indicate the bank is not sweeping up "reward chaser" by accident.

http://money.cnn.com/2015/08/05/real...tgage-qualify/

johnec4

I'm pretty new, been lurking on and off for a year or two. Slowly getting into this whole thing. I've already benefited greatly from this forum! (was able to fly me and my new wife to Paris for free for our honeymoon last year!)

I was approved for the Chase Hyatt card two days ago.
I have four credit cards in the past 2 years.

From what I've been reading, it sounds like if I've opened 5 within the last 2 years I'll be denied for the CSP card. So now's my last chance. Should I wait for a bit since I was just approved for another Chase card earlier in the week? If so, how long? (judging from the "Applying for Chase Credit Cards-Read Wiki First [Consolidated]" thread I should be alright, but I wanted to double check with you guys first.

Thanks for your help.

Brugge

Maybe those two things are related in some way, but I can't think of how.

Brugge

Welcome to FT. Excellent first post. Nice to get some more confirmation on those two points.

crazy_p.o.w.

Just applied for a CSP and got the "Thank you for applying" message. Called recon and actually they just wanted to do a verification (have a freeze on all my credit reports). After verifying my identity, the application was submitted and approved. Currently have 4 cards with Chase (SW, UA, CF, and MR). I am also a AU on my wife's card. Surprised I got approved and really surprised by the CL given the other limits I have with their cards. I have paid my balance in full on all the cards every month though.