I love credit cards so much!

[Albort]

i think one big unanswered question is where her location is. if no chase airlines in her area, then she doesn’t need to fall below 5/24.

although the best airline to fly go germany is probably Lufthansa. which is chase.

 

[WVMomof3]

This was posted by Million Mile Secrets in Oct 2016

As long as your store card can be used at other stores, it will count toward the Chase “5/24 rule

So maybe you are at 3/24. I am assuming that the cards can just be used at their own store. Amazon is a visa that can be used anywhere, so that would make sense that it counts.

Edit to add, I now see Amazon offers both a store card and a visa, so hmmmm. @peel which card did you get?

 

[AmyAnne]

This was posted by Million Mile Secrets in Oct 2016

As long as your store card can be used at other stores, it will count toward the Chase “5/24 rule

So maybe you are at 3/24. I am assuming that the cards can just be used at their own store. Amazon is a visa that can be used anywhere, so that would make sense that it counts.

Edit to add, I now see Amazon offers both a store card and a visa, so hmmmm. @peel which card did you get?

Another thing is that Chase might be viewing accounts differently now than in 2016. The shutdowns related to too many accounts is a very recent thing. So store cards might not have counted in 2016 but might count now.

 

[AmyAnne]

What happens when you apply for a 6th card in 24 months?

What happened to me is that I waited about a month after my fifth card was more than two years old and applied again. Last year at pretty much this time I applied for the Chase United card. I miscalculated one of the cards -- Chase looks at the exact day -- and was about two weeks off. The recon person told me I had applied for too many cards, and when I went through my list, she told me there was another card that was counting, and exactly when I had applied for it.

So far as I know, other than the general bad effect of having another hard pull reported, there are no specific bad consequences with Chase.

 

[pillow]

update- I already got the 3k points in my RR acct, they post the month before AF is due apparently- so that plus the retention offer is good enough to keep the card for another year!

Whats your anniversary date? My miles haven't posted yet.

Edited: Never mind . . . just read @SouthFayetteFan's comment. Hopefully will see my miles soon!

 

[SouthFayetteFan]

Another thing is that Chase might be viewing accounts differently now than in 2016. The shutdowns related to too many accounts is a very recent thing. So store cards might not have counted in 2016 but might count now.

Paging @peel on this one too.

So I looked through churningsearch for some recent store card recon DPs. I sent messages to 3 people who were having issues (did HUCA, couldn't overcome it). Still waiting on responses from 2 of them but one stated that they successfully reconned and got Chase to exclude a store card in October 2017 so there's a DP at least that recent of it. This person did have to call 3 times though. I'll report back if the others respond.

 

[1GoldenSun]

What is recon?

 

[SouthFayetteFan]

What is recon?

Calling the Bank's Reconsideration Department. You would do this after you've been declined. They will ask you questions regarding why you need the card, etc. and the hope is you can get them overturn a denial into an approval.

 

[WDWRook]

Finally approved for the Freedom. Chase called to move some funds from other cards. Apparently the $89,000 in credit just on Chase cards was the extent they were willing to provide, LOL. Unfortunately, 1-2 weeks until I get the card. I assume I'll have this same issue with any new Chase cards, including a CIP? Would it be better to proactively reduce the credit available on existing cards?

 

[1GoldenSun]

Oh! I'd hate to take that chance if they said no, though. I don't like the sound of that "hard hit!"

I might just go ahead and go for that SPG business card that SouthFayetteFan mentioned. I do like Marriotts. That would give me time to look into DH's credit situation and learn more about all of this while I meet the $5000 initial spend, and try to get removed as an AU on DH's cards. I can also use the time to figure out which of our financial obligations we may be able to pay with credit cards. And DH and I can have a talk. DH is very methodical and take his time making decisions, so he'll need to be presented with all the facts and have time to consider them, so I don't think it would work well to try to get him a new card now. Also, I'd like him to be able to do that CSR/CSP double dip thing (which I still don't understand but hope to soon!) so I need to figure out how we'll spend $8000 in three months.

There's no time for that now so me getting the SPG business card now buys me three months to figure it all out. Then once we get DH the two new Chase cards and spend the $8000, three more months will have elapsed and by then at least one of my Chase cards will be over the 24 month period.


So, the SPG business card definitely doesn't count for the 5/24? I still don't understand what counts and what doesn't. Also, I still don't understand when it's good to cancel a card and when it isn't. How long should I hold onto the new card once i get it? Does it matter? How soon after you get the sign up bonus is it ok to cancel? Canceling those store cards does no good at this point, correct, because it would still be on my record that I applied for them? I also don't really understand how it will help me to get taken off DH's accounts. Will that make the cards disappear from my credit history? If not, does it really help?

Sorry for all the questions! I feel like I know just enough about this now to be even more confused than ever, but I'll get there!

 

[1GoldenSun]

i think one big unanswered question is where her location is. if no chase airlines in her area, then she doesn’t need to fall below 5/24.

although the best airline to fly go germany is probably Lufthansa. which is chase.

Lufthansa is best for Germany? Thanks for the heads up. I live in Tampa but don't mind driving to Orlando, Miami, or Ft. Lauderdale.

 

[gottalovepluto]

....the SPG business card now buys me three months to figure it all out....

I could use an extra 3 months! Gotta get me one of those

All about 5/24: https://www.doctorofcredit.com/chase-524-rule-explained-detail-need-know/

All about credit scores: https://www.creditcards.com/credit-card-news/help/5-parts-components-fico-credit-score-6000.php
Pay special attention to "credit utilization". The more credit you have available the lower your credit utilization will be. Therefore, unless you have to close the card to get another bonus or avoid a fee it's considered better to sock drawer it after you get your bonus. Use the card once every few months. The downside is you have to continue to monitor the card online but having the credit available to cushion my credit utilization ratio is worth it for me. As soon as I start trying to hit a spend my credit takes a hit because I don't have a massive amount of credit available. Heck, I maxed out a Chase Pay offer on CFU, CSP and CSR last month in addition to charging some of my Disneyland trip and my credit took a beating. It will bounce back in the next couple months. (This has nothing to do with carrying the balance, I always pay my balance on time and therefore don't carry a balance but credit card companies report current balances to the bureaus when a statement closes(? I think that's the timing).)

Yes, the AU cards will disappear from your credit history. Sometimes people have to call the bank and/or credit bureaus though because it doesn't process completely.

No apologies for questions around here!! At some point in our financial lives everyone of us here was where you are. You will learn. It will take time. You know that! That's half the battle, people dive in headfirst to this without the time to research and learn first and they burn themselves (hard hits, fees, minimum spends they can't meet). That won't be you as you know this will take research and planning. First churning hurdle cleared!

 

[SouthFayetteFan]

So, the SPG business card definitely doesn't count for the 5/24? I still don't understand what counts and what doesn't. Also, I still don't understand when it's good to cancel a card and when it isn't. How long should I hold onto the new card once i get it? Does it matter? How soon after you get the sign up bonus is it ok to cancel? Canceling those store cards does no good at this point, correct, because it would still be on my record that I applied for them? I also don't really understand how it will help me to get taken off DH's accounts. Will that make the cards disappear from my credit history? If not, does it really help?

First - never apologize for asking questions. If somebody doesn't want to answer them they can just ignore it haha!

Ok here goes:

• I have opened SEVEN AMEX Biz cards in the past 9 months and none report as accounts on my Experian credit report. It is a known fact that AMEX doesn't report business CC accounts on personal reports (this could change in the future but seems highly unlikely).
• What "Counts" and what doesn't can be confusing and we can get into more details on that as you process more - just know that an AMEX biz card won't count or hurt you at this point.
• It makes little sense to cancel a card unless there is an annual fee on it or its preventing you from getting another card in that same family or some other reason. In any event you rarely would want to cancel a card unless it's been open at least for the first year as that looks odd to issuers.
• Once you're off of your husband's cards you can dispute them with the agencies stating you are no longer responsible for that account and they will disappear from your credit history.

EDIT: I assume you know this but that SPG Biz bonus would be 25k + 5k spend = 30k points which turn into 90k Marriott points if you transfer them! Also you can combine your SPG/Marriott points with your husbands so its quite flexible.

EDIT2: MAKE SURE YOU APPLY FOR THE SPG BUSINESS CARD - a mistake that can be made at this juncture is to grab the SPG Personal and that will count for 5/24 lol.

 

[Albort]

Oh! I'd hate to take that chance if they said no, though. I don't like the sound of that "hard hit!"

I might just go ahead and go for that SPG business card that SouthFayetteFan mentioned. I do like Marriotts. That would give me time to look into DH's credit situation and learn more about all of this while I meet the $5000 initial spend, and try to get removed as an AU on DH's cards. I can also use the time to figure out which of our financial obligations we may be able to pay with credit cards. And DH and I can have a talk. DH is very methodical and take his time making decisions, so he'll need to be presented with all the facts and have time to consider them, so I don't think it would work well to try to get him a new card now. Also, I'd like him to be able to do that CSR/CSP double dip thing (which I still don't understand but hope to soon!) so I need to figure out how we'll spend $8000 in three months.

There's no time for that now so me getting the SPG business card now buys me three months to figure it all out. Then once we get DH the two new Chase cards and spend the $8000, three more months will have elapsed and by then at least one of my Chase cards will be over the 24 month period.


So, the SPG business card definitely doesn't count for the 5/24? I still don't understand what counts and what doesn't. Also, I still don't understand when it's good to cancel a card and when it isn't. How long should I hold onto the new card once i get it? Does it matter? How soon after you get the sign up bonus is it ok to cancel? Canceling those store cards does no good at this point, correct, because it would still be on my record that I applied for them? I also don't really understand how it will help me to get taken off DH's accounts. Will that make the cards disappear from my credit history? If not, does it really help?

Sorry for all the questions! I feel like I know just enough about this now to be even more confused than ever, but I'll get there!

because SPG business card is a business card, it doesnt count against 5/24. If your applying for the personal card, then that card will count against you. How long you hold the card is really up to you. The SPG line has been good to its customer and giving a nice retention bonus so it offsets the yearly fee. You should only cancel the card if there is no card to downgrade and the fee isnt worth it to you.

Lufthansa is best for Germany? Thanks for the heads up. I live in Tampa but don't mind driving to Orlando, Miami, or Ft. Lauderdale.

Lufthansa would be good since its a direct fly from TPA to Frankfort. you dont need a stopover elsewhere. You can book with United or Korean Air and fly Lufthansa pretty much.

 

[SouthFayetteFan]

Finally approved for the Freedom. Chase called to move some funds from other cards. Apparently the $89,000 in credit just on Chase cards was the extent they were willing to provide, LOL. Unfortunately, 1-2 weeks until I get the card. I assume I'll have this same issue with any new Chase cards, including a CIP? Would it be better to proactively reduce the credit available on existing cards?

There are varying schools of thought on this. First - if you don't have enough Credit Limit you don't have any to transfer over... BUT it's nicer to get auto-approved. I am one that is in the camp of doing proactive reductions on my credit line to increase odds of auto-approval. OF course keep in mind that this can affect your credit score and utilization if you lower your limits. So it's not necessarily an easy answer. However if you know you're at the limit of what they'll give you - lowering some limits to free up about $10k wouldn't be a bad idea.

 

[KristenB17]

Wow that's awesome.

 

[SouthFayetteFan]

Wow that's awesome.

I'm not sure what you're talking about but...hey it made me think of this:

 

[kmc8826]

Quick clarification/question on the Amex business cards don't count on your 5/24 status. I will be finally 4/24 March 1st. I want to get the CIP. Well mostly I want the 80,000 UR. At any rate, if right now I apply for the Amex Delta Platinum Business will that be okay and not jeopardize getting the CIP? Getting DH 10,000 miles and me taking advantage of the 70K offer is tempting...

 

[1GoldenSun]

Oh, things are starting to make sense now! Some of them, anyway.

I thought when I read that AmEx was a one-time deal that meant you could only get a sign up bonus once wth them. But I guess it's once PER card. So that just means you can't keep cancelling a card and signing up for it again to get the bonus. You can do this with Chase, but you can't have more than five cards that are less than two years old.

So it makes sense to hold onto any card that has no annual fee no matter what, and if there is a fee, keep it if the incentive is worth the AF or cancel it if not. But cancel Chase cards IF you want to reapply for them in future to get the bonus again.

I can sign up for as many AmEx cards as I want, but they will count as one of the 5/24 unless it's a business card. I assume that once I have my 5 Chase cards I can apply for personal AmEx cards because it can't hurt me anymore.

Why would I need to occasionally use a card I'm holding on to? Is it not ok to never use a card and just stick it away somewhere?

 

[Lain]

Finally approved for the Freedom. Chase called to move some funds from other cards. Apparently the $89,000 in credit just on Chase cards was the extent they were willing to provide, LOL. Unfortunately, 1-2 weeks until I get the card. I assume I'll have this same issue with any new Chase cards, including a CIP? Would it be better to proactively reduce the credit available on existing cards?

There are varying schools of thought on this. First - if you don't have enough Credit Limit you don't have any to transfer over... BUT it's nicer to get auto-approved. I am one that is in the camp of doing proactive reductions on my credit line to increase odds of auto-approval. OF course keep in mind that this can affect your credit score and utilization if you lower your limits. So it's not necessarily an easy answer. However if you know you're at the limit of what they'll give you - lowering some limits to free up about $10k wouldn't be a bad idea.

I’m usually of the thought that you shouldn’t proactively reduce your credit lines because you can use them as bargaining chips to get cards approved upon reconsideration.

However, $89k is a lot of extended credit! But maybe your/your household income can support that. I think if you had to reallocate credit to get a Freedom approved, you’re probably at the limit of credit that Chase is willing to extend to you. And if you want to increase your chance at auto-approval for the CIP, proactively reducing your credit lines might be a good idea. (I wouldn’t want to face human recon on a CIP denial.) Besides, all that extended credit won’t do you very much good on a CIP application if it does head to recon because Chase won’t let you reallocate credit from your personal cards to a business card, so having all that credit is not much of a bargaining chip.

ETA: If I were going to reduce my credit lines with a Chase, I’d probably do it 2-3 months in advance of the CIP application so that it’s updated to the credit agencies but also so that I’d have a month or two for my credit score to settle/recover.