The biggest question underlying many of you points and miles enthusiast could very well be “how many cards can I get from who in a certain time’s span?” Expanding on the who, it’s all the more accurate to say that every banking establishment varies in ways that they implement time-related rules.
This means those inquiry sensitive issuers may have their own way of disqualifying you through your credit report or how much credit cards you hold alone. Three issuers that we will be concentrating on, the most well-known worldwide; American Express, Chase and Citi with some pretty harsh rules to dissuade churners. The list provided below will be a comparison or a glance at how these issuers rules operate under their own domain.
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Limitation Rules – AMEX, Chase, Citi:
Limitations with American Express’s “Once Per LifeTime”:
- Credit Report – No restrictions applicable.
- Sign-up Bonus – Eligible if you have never had the card before.
- Shorter-Term Frame – Only one approved credit card within a 5 day’s window.
- Amex claims that Experian will not allow them to pull twice within 5 days
- Second applcation => pending => Re-evaluated once within the 5 day’s time-frame.
- Longer-Term Frame – 2 credit cards approved within a 90 day’s window
- Reconsideration is possible outside of the 90-days scope.
- Any further applications are automatically denied w/ no hardpull
- Number of Cards – Could apply if you have 4 or 5 credit cards. Current theory states that having a no annual fee card may get you 5 w/ auto-approval.
- 5 CC’s may result in having a new account senior specialist involved.
Limitations with Chase’s “5/24 Rule“
- Credit Report – 5 or more new accounts in the past 24 months will disqualify you from most cards with reconsideration being impossible
- Sign-up Bonus – If you haven’t received the bonus from the card in the past 24 months or you do not currently have the card, you’ll be eligible.
- Shorter-Term Frame – No Restrictions Applicable
- Longer-Term Frame – 2 credit cards approved within a 30 day’s time’s-span
- Defying the 2 CC/30 days will result in a hard-pull
- Number of Cards – No restrictions attached, however, too many Chase cards may limit you to just 1 card in a 30-days span presumably for too many credit request.
Limitations with Citi’s “One Bonus Per 24 Month“
- Credit Report – Disqualification possible if you have more than 6 inquiries in the past 6 months. Before applying, try freezing a bureau and have Citi pull from another.
- Sign-up Bonus – If you have NOT opened or closed a card in the same product family in the past 24 months, you will be eligible.
- Shorter-Term Frame – Only one approved credit card within a 8 day’s occurring time-span.
- Reconsideration is not possible
- Second application is automatically denied with no hard pull
- Longer-Term Frame – 2 applications within a given 65-day’s time-frame
- Reconsideration is only possible outside of the 60-days scope.
- Any further applications are automatically denied w/ no hardpull
- Number of Cards – No restrictions attached.
Conclusion:
Whether it is Chase’s 5/24 Rule, or Amex’s Once Per Lifetime… We hope that this list of the three major banks: Chase, American Express, and Citi and their rules, standards, and limitations will better prepare you for how they operate in terms of who is and is not eligible for a new credit card. The listed banking establishments were mentioned on the premise that they are the most inquiry-sensitive issuers known. Honestly, Chase’s 5/24 Rule and Citi’s one card per same product family in the past 24 months is a lot more forgiving than AMEX’s Once Per Lifetime. Make sure you also check out our complete list of Credit Card Promotions!
