Monday, January 18, 2021
Home Business I Have an 800 Credit Score, but I Can't Get a Chase...

I Have an 800 Credit Score, but I Can’t Get a Chase Card. Here’s Why


#Accounts from nearly two years ago are standing between me and a #Chase card.

There are a lot of perks to having good credit. #You’ll get better terms when you borrow and can unlock better credit card perks. #Put simply, it’s easier to get approved for all kinds of products — easier, but not guaranteed. A high credit score isn’t some magical credit card skeleton key that unlocks any card you want. #It’s a bit more complicated than that.

#Take me, for instance. #Despite having an excellent credit score — just over 800, last time I checked — I’m persona non grata on when it comes to #Chase credit cards. The problem? A sign-up bonus binge in 2019 left me with a few too many new accounts. #Now I’ve run afoul of #Chase’s 5/24 rule.

The notorious 5/24 rule

- Advertisement -

#For every system, there’s someone who’s figured out how to game it. #With rewards credit cards, that game is called churning. #Churners get a new credit card, earn the sign-up bonus, then cancel the card and move onto the next.

#As churning became more popular, credit card companies looked for ways to discourage it. #For example, some issuers put restrictions on how often you can earn a sign-up bonus for a specific card (or family of cards). #Chase took this a step further by instituting its 5/24 rule.

The 5/24 rule says you won’t be approved for a #Chase credit card if you’ve opened five or more credit card accounts in the last 24 months.

#When it was first adopted in late 2016, only the top-tier #Chase #Sapphire #Reserve® was subject to the rule. #But it didn’t take long for #Chase to roll it out to all their in-house credit cards. #And now, nearly all credit cards with a #Chase logo, including many of their co-branded hotel and airline cards, come with their own 5/24 limitations

#Little hope for a workaround

I wasn’t exactly churning cards (I still have most of them), but #Chase doesn’t quite see the difference. #And if you’re over the 5/24 limit, that’s all she wrote. #You can call, you can email, you can send carrier pigeons — no amount of negotiation will help.

#Well, almost. #If you’re over the 5/24 limit because you’re listed as an authorized user on someone else’s card, you might be able to call customer service and explain the situation. #But if you’re legitimately in violation of the 5/24 rule, you’ll only be wasting your time (and that of the customer service rep) by calling for a second opinion.

#Your only other alternative is to make friends with #Chase. #Specifically, if you have another #Chase account — be it another credit card or a checking or savings account — you could be targeted for a #Chase credit card offer. #Ask the teller in your local #Chase branch, or check the “#Just for #You” offer section of your online account.

#My post-5/24 card list

- Advertisement -

#With 2020 being what it was, I wasn’t doing much credit card shopping anyway. #But I’ll be eligible for #Chase cards again early next year. #What will I go after first?

The #Chase #Sapphire #Reserve® is always tempting, as it has many perks for its $550 annual fee. #But with travel still uncertain, that one’s on the backburner. #However, its sibling card, the #Chase #Sapphire #Preferred® #Card, is another matter. #Its smaller $95 annual fee is much more palatable, especially as the card regularly has a 60,000-point sign-up bonus for spending $4,000 in the first three months.

#Of course, the recently-debuted #Chase #Freedom #Flex℠ is also interesting. #Not only are its rewards tempting — it has both quarterly rotating rewards plus a number of static bonus categories — but it also comes with a solid sign-up bonus and no annual fee.

#In the end, I might have to double up and pair the #Chase #Sapphire #Preferred® #Card with the #Chase #Freedom #Flex℠. #That way, I can turn my cash back into #Ultimate #Rewards® points for maximum value potential. #Whatever I choose, I’ll want to be strategic with my applications. #Signing up for a spate of new cards all at the same time is rarely a wise credit move.



[ source link ]
https://www.fool.com/the-ascent/credit-cards/articles/i-have-an-800-credit-score-but-i-cant-get-a-chase-card-heres-why/

##Credit ##Score ##Chase ##Card ##Heres

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments