Should You Cancel Existing Chase Cards to Get Approved for New Ones?

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Million Mile Secrets reader Lafayette @DCowboys4lyfe72 tweeted:

I have 4 Chase cards.  If I cancel 2 of those cards, will it help my chances of being approved for 2 new cards from Chase?

Thanks for the question, Lafayette!

You do NOT have to close Chase cards to get new ones.  Because Chase usually considers the total amount of credit they’ve extended to you, not the number of cards you have.

Just remember, Chase now has stricter approval rules.  So if you’ve opened ~5 or more credit cards from any bank (excluding certain business cards) in the past 24 months, it’s unlikely you’ll be approved for most Chase cards.

And closing cards can impact your credit score!

Should You Cancel Existing Chase Cards To Get Approved For New Ones

Chase Offers Some of the Best Points & Miles Cards. Like Cards Earning Chase Ultimate Rewards Points You Can Transfer to Airline and Hotel Partners for Big Travel!

Here’s more about Chase’s approval rules.  And how closing cards can affect your credit score.

Cancelling Chase Credit Cards

Chase has some of the best points & miles cards.  You can get free nights at fancy hotels, award flights, or lots of flexibility, depending which cards you choose. 

So I’m not surprised Lafayette is trying to increase his chances of being approved for new Chase cards!

But he does NOT need to close his Chase cards in order to get new ones.  Because in general, Chase is more concerned with the amount of credit they’ve given you, not the number of cards you have.

Some card issuers limit the total number of cards they’ll approve you for, like American Express, which has an unofficial limit of 5 AMEX credit cards per person.

Should You Cancel Existing Chase Cards To Get Approved For New Ones

Don’t Cancel Your Chase Cards Just Yet! Because There’s NO Official Limit to the Number of Chase Cards You Can Have

A friend of mine has 7 Chase cards!

And often, Chase is willing to reduce your credit line on an existing card to give you credit on a new card.

When deciding whether to close cards, you should also consider how it will affect your credit score.  And you shouldn’t close cards too soon after you’ve received the sign-up bonus.

Should You Cancel Existing Chase Cards To Get Approved For New Ones

Closing Cards Could Affect Your Credit Score, Because According to myFICO.com, 15% of Your Score Is Based on the Length of Your Credit History

Closing cards (especially ones without annual fees!) might not be great for your credit score, either.  Because it will increase your credit utilization and decrease the average age of your accounts.

Great Cards From Chase

Folks might be especially interested in these Chase cards right now because of their sign-up bonuses, bonus categories, and perks:

Chase Sapphire Preferred

With the Chase Sapphire Preferred:

Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.  That’s $625 in travel when you redeem through Chase Ultimate Rewards®.

Earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide.

Chase Ink Plus

With the Ink Plus card:

Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

Earn 5 points per $1 in select business categories.

Chase Southwest Cards

Right now, you can earn 50,000 Southwest points on all 3 Chase Southwest cards when you spend $2,000 on purchases within the first 3 months of opening your account.

Getting 2 of these cards is the easiest way to earn (almost) enough points for the Southwest Companion Pass!

Chase IHG Card

The current sign-up bonus on the Chase IHG card is a good deal:

Earn 60,000 bonus points after you spend $1,000 on purchases in the first 3 months of account opening.

And you can use the points for award stays at luxury IHG brands like Intercontinental Hong Kong.  Or stretch them for more award nights at family-friendly Holiday Inns or PointBreaks hotels.

You can read my post about getting Big Travel with the Chase IHG card here.

Chase Freedom

With the Chase Freedom card, you’ll:

Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate.

Here’s my review of the card.

Chase Freedom Unlimited

The Freedom Unlimited card has the same sign-up bonus as the Chase Freedom.

You’ll earn $150 (15,000 Chase Ultimate Rewards points) after you spend $500 on purchases in your first 3 months from account opening.

But instead of 5X rotating bonus categories you must register for, you’ll automatically get unlimited 1.5% cash back on every purchase.

Here’s my review of the Freedom Unlimited.

And don’t forget to check the Hot Deals page for the latest offers!

Bottom Line

You do NOT have to close Chase cards you already have in order to be approved for new ones.

Because Chase is more concerned with the total amount of credit they’ve given you.  And they’re usually willing move part of an existing credit line to a new card.

Just remember Chase’s stricter approval rules!  And plan ahead when applying for new cards.

Thanks again for the great question Lafayette!  

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Editorial Disclaimer: Neither the responses below nor the editorial content on this page are provided or commissioned by the bank advertisers, and have not been reviewed, approved or otherwise endorsed by the bank advertisers. Opinions expressed here are the author’s alone, not those of the bank advertisers. It is not the bank advertisers’ responsibility to ensure all posts and/or questions are answered.

2 responses to “Should You Cancel Existing Chase Cards to Get Approved for New Ones?

  1. Isn’t if you do not close your existing Chase card you can not open the same card again?

  2. Some Chase cards only allow you to carry one of that card. The Freedom card is an example; the only way people have two is because they have been “grandfathered” in from when two cards of the same type were permitted, or the second card of the same type is due to a card being discontinued and converted into the same type at Chase’s discretion. (e.g. when the Buy.com card was discontinued, Buy.com cards were converted to the Slate; when the PerfectCard MC was discontinued, existing PerfectCard MCs were converted to Freedom cards)
    If you own a business, there may be both a personal and a business version of a card (e.g. Marriott, Southwest) that you could apply for; these are different products.

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