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Million Mile Secrets reader, Bobby, commented:
How important is diversifying your relationships with different banks?
Is there anything wrong with this or am I just overthinking it? Will Chase allow me to apply for 2 cards on the same day and 4 in 6 months?
Chase has some of the best travel reward cards available. So it’s no wonder why Bobby wants to sign-up for so many of them!
How many Chase cards are too many? And why should you apply for cards from different banks?
How Many Chase Cards Can You Have?
When you apply for too many cards within a relatively short period of time, it’s a red flag. Banks get concerned that you may not be able to pay your bills on time.
Lately, Chase has become more strict in an effort to target folks who sign-up for cards, earn the bonus, then cancel right away. So if you’ve applied for ~5 or more cards (from any bank) within the last 2 years, your application may not be approved for Chase Ultimate Rewards cards which include:
- Chase Freedom
- Chase Ink Business Cash Credit Card
- Chase Ink Plus
- Chase Sapphire Preferred
- Chase Slate
Bobby is getting close to this limit.
Ultimately, whether or not Bobby will be approved for new Chase cards, in part, depends on his credit score and relationship with Chase.
Note: Some folks have been approved for 2 Chase cards in 1 day. But it depends on many factors, and there are no guarantees.
Make Sure You’re Building a Solid Foundation With Chase!
Everyone should have a no annual fee card because you never have to cancel. This will help you build a long-term relationship with the bank and get approved for more cards in the future.
I’ve kept my Chase Sapphire Preferred card for years and paid the annual fee. Because, for me, it’s worth it for the Big Travel I get when I transfer points to Hyatt, United Airlines, and Southwest.
I love to use my Chase Ultimate Rewards points for international trips in Business Class and First Class on United Airlines partners such as Lufthansa.
And I recently moved Chase Ultimate Rewards points to Hyatt so I could surprise my mom for her 60th birthday with a stay at the luxurious Park Hyatt Sydney!
It’s Important to Spread Out Your Applications
Banks use different credit bureaus to view your credit report. By applying for cards from different banks you can spread out your credit pulls. This will help ensure you can get approved for more credit cards and earn more miles and points for Big Travel.
Over the long-term, it’s important to sign-up for credit cards from banks other than Chase. That’s because banks typically do NOT like to see lots of inquiries on 1 credit report.
If you’re applying for lots of cards, banks worry that you’re a risk and you may not be able to pay your bills.
While it’s not an exact science, there are databases that will give you an idea of which credit bureau the bank will use for your application.
This year, Chase developed new rules to discourage folks from signing-up for cards only to earn the bonus then turn around and cancel.
So if you have ~5 or more new cards (from any bank!) in the last 24 months, your application for Chase-branded cards may be denied.
But this rule is targeting folks who cancel cards right after earning the bonus. And there are exceptions. So you may be able to get approved for more.
In order to help ensure you can keep getting approved for Chase cards, it’s a smart move to sign-up for a no annual fee card like the Chase Freedom or Ink Cash early on. These cards will help you build trust with Chase.
for cards from different banks is important. Because banks do NOT like to see lots of inquiries on 1 credit report.