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DON鈥橳 Get a Chase Credit Card UNLESS You Can Handle These 5 Things! - YouTube
Channel: Money Growth Project
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what's up money growers jacob back here
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with another video hoping that everybody
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watching is growing their money today
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yes i hope you are and today we're
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talking about something that is
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important about uh the world of finance
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and the world of credit and with a big
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big bank actually in terms of the assets
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they manage they are the biggest bank um
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at least here in the us i'm not sure
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about in the world but uh they we're
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talking about chase today okay a bank
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that manages i think three point well
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over three trillion no three point
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something so three trillion plus they
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manage an assets they're a big boy and
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they're the big kid on the block here
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we'll be talking about their credit
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cards uh for chase bank and um you know
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basically
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we're gonna be talking about why you
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should not get a chase card unless
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you're gonna handle these five things
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that comes with uh just how chase
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operates and specifically with their
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credit cards so things i've noticed
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because i have
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four chase cards of my own and part of
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the reason i have forward some of the
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reasons i'm gonna be talking about this
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video um are going to give they gave me
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some experience to talk about this and
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make these points so guys go ahead smash
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the like button on this video and
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subscribe the channel because this
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channel has been growing like crazy so
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it's been good i appreciate it you guys
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have been absolutely awesome at um
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liking videos and sharing and commenting
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and you know and also helping each other
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down in the comments section which i
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love because i love the fact you guys
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help each other because it also helps me
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i learn a lot from you guys down there
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in that comment section so
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i'm going to share today
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things that i have learned from being
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with chase bank getting four credit
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cards on the personal side none on the
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business side and we're going to talk
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about that
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why that is four credit cards uh from
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them in one year i was there actually
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under a year i was able to get approved
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for with them so the first thing we'll
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talk about that's a big pain in the side
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uh for so many people uh when it comes
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to applying for credit cards with chase
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is one of the big things that annoys
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lots of people and that is the good all
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524 rule chase is inquiry sensitive like
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very inquiry sensitive and that is where
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this whole 524 rule comes from because
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they really do care about um all the you
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know new credit cards and all the
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inquiries and all that kind of stuff
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that are showing uh on your credit
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report so the 524 of those you don't do
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not know is if you have been approved
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for five credit cards or more in the
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last 24 months that's a two-year time
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window and you apply for one they are
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very likely to deny you now from the
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data points i've seen um
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if it's like a co-branded car like with
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um amazon or something like that it is
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more likely that you will get approved
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if you're over that 524. again it
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depends uh but that's generally the rule
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i even talked to like
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jace employees who were like yeah like i
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mentioned the 524 we didn't even like
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bother trying to deny it or say well no
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there's no official rule they're like
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yeah this is not their head about the
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524 rule so it's been no problem talking
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employees about it it's no secret they
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don't try to hide it you know or
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anything like that so they do pull from
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experience so understand that they do
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typically pull from experian uh when you
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do apply for a credit card with them um
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now when you apply it's pretty much
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always it will always be a hard inquiry
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when you apply for a credit card with
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trace trace
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chase bank so just understand that um
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that yeah you are going to have to um
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you know
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have that 524 rule they are inquiry
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sensitive and the 524 was a big part of
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that now that's going to bring me to the
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second point i'm going to talk about and
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the 524 rule
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does
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it does apply to your first business
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card with them so i was at the 524 rule
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with chase because i had been approved
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for
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five cards in
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about a year
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yeah it was about a year i'd been
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approved for five cards uh one of them
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was a sam's club card and then the other
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four were chase cards so after i got the
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sam's club card uh next one i applied
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for was actually a southwest car which
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is through chase and then i was digging
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more about digging into more about
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credit cards and learning
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and that kind of thing and that was when
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i really stumbled across chase's 524
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rules like okay well here's where i'm at
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the amount of cards i haven't approved
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for i should probably just keep getting
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chase cards um
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i should probably just keep getting
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chase cards until i um you know hit that
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hit that limit so that was what i did
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and i actually um
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was i
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yeah it was over because i also got a
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navy federal card in that time too so i
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went and i went to apply for a chase
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business credit card because that's who
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i have most of my banking with um
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personal and uh one business one of my
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businesses i have uh with chase bank and
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i went and applied for a business credit
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card and i got denied for and i did
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video here talking about it i got denied
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for that card and i even went into the
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bank
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and asked for reconsideration uh the one
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of the employees the bank called for me
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to see if there's anything he can do and
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they were like nope
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nothing so and she mentioned
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specifically the 524 rule i said but the
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524s i thought that didn't apply to
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business business cards and she's like
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well it doesn't like once once you have
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a business card it doesn't i was like
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okay so that's when i started getting
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like you know i got american express
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business card i got a divi want a divi
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charge card but an american express
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business card because american express
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is not nearly as inquiry sensitive as um
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chase so understand that yeah if you're
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looking to go on the business side of a
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chase that 524 rule could bite you in
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the ass just like it did for me now the
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third thing we'll talk about
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uh when it comes to this and really this
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is a play off of the first two points or
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it dovetails nicely is the fact that if
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you want chase cards and you're in a
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situation where you've been getting a
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fair amount of credit uh with a personal
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or business or whatever it is um you're
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gonna have to do some planning around
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chase's rules this is one thing that
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really bugs people is because they'll
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you know um they'll be gardening for a
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while which is you know they'll take a
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while they don't apply for any cards or
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anything like that just so that they can
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get out of what people call um like you
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know call 524 hell right i mean it's
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really 524 jail but you call 524 hell
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where you see you're stuck in that 524
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um category we're like okay you know
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you're if you apply for the car it's
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gonna be over the limit you're probably
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gonna get denied by chase so you wait
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until that it's been two years like your
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oldest credit card approval has fallen
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off and then you will go and apply it
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people will do that they'll change
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they'll have to alter their
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credit plans some of their finances just
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to accommodate themselves to chase's
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rules so again it's another thing that's
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frustrating for people when it comes to
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chase credit cards especially if you
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started getting credit cards and you
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didn't know about this uh rulerless
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policy with chase it could be really
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frustrating it's like okay well now if i
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want to get this card
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you're like okay i gotta wait eight
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months until my you know last card
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approval falls off and now i'm under the
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524 rule now i can go uh and apply so
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that's what it is with chases that's
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that's frustrating for a lot of people
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is having to plan their credit um
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journey their process and all that kind
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of stuff around chase's rules now the
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fourth thing we'll talk about is um if
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you want to do a credit limit increase
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with chase bank that's a hard inquiry
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too if you request is going to be a hard
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inquiry it's not like uh like my sam's
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club card with uh synchrony where it's
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always a soft inquiry so you could do it
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every month and you know it's not gonna
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affect anything or with maybe federal
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where you can hey do it online or do it
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on the app and it's most likely just to
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be a soft pull no with chase if you ask
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for credit limit increase they are going
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to hard pull you um i asked you know the
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employee whenever i was first applying
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for him and applying for the card she
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was like yeah if you request it it's
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going to be a hard inquiry it's going to
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be hard inquiry um on experian now
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sometimes it is possible that they can
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just give you a credit limit increase on
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their own sometimes on your anniversary
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um so far with my cards that has not
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been the case i've even called an ass
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they're like nope like there's no
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limit increase available to you so
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if you know i don't plan to call and ask
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for an increase on my own anytime soon
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if they give me one great but i don't
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plan to actually ask and take another
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hard inquiry for it and the fifth and
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final thing we'll talk about
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is you can't make more than one payment
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in the same day on a card uh this is
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maybe not be a huge deal to people but
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for me especially the beginning when i
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was you know using credit cards while
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doing youtube um i would use personal
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cards before i had business card i would
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you know like use a personal card and i
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would have to uh i'd put business
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expenses on that and later i just had
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like i would just have one card i put my
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business expenses on but you know for a
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little while it was like okay i would
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have kind of like the mixed expenses on
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there then i'd okay pay the business
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ones from a business account i'd pay the
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other for my personal account and then
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chase wouldn't let me do it so you know
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if that could happen if you're just
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using it for personal expenses and that
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doesn't happen to me anymore because i
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don't have to worry about that and i've
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got a business card so i don't have to
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really worry about that but i just
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understand if you're in like the
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beginning stages of building a business
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um and you don't have business cards yet
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so you know you're trying to like do the
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best you can with your personal cards
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and manage them that way then that could
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be an issue for you so that's something
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that did happen to me it was a little
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bit annoying not a huge deal but just
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something else you want to be on the
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lookout for the bigger thing is the ones
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i already covered earlier in this video
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so if there are some other things with
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chase credit cards that you guys don't
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like you're not very fond of maybe just
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chase bank in general please feel free
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to share them down in the comment
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section below that's how i learn a lot
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in these videos it's from you guys other
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than that i want to tell you guys thanks
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for watching thanks for being so awesome
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and until next time keep growing your
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money
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