This is part of the reader question posts that I started last week. You can view more reader questions here. Feel free to email me at firstname.lastname@example.org if you have a question you’d like answered.
Reader Mike recently emailed me asking:
“Hi. Should I apply for the Chase Sapphire, Chase Ink Classic, and Chase Ink Cash cards, simultaneously? Or should I apply for them in sequence (e.g. wait 1-month before applying for the next card)?”
With Chase credit cards there is no set rule on when to apply for a credit cards. I know many people like to take the informal “91 day rule” into account when applying for credit cards overall, but that does not mean you are guaranteed to be approved after 91 days or that you cannot apply prior to the 91 day mark.
The reason why you want to let some time pass between Chase card applications is that you can be denied simply due to “too many recent inquiries.” However, if there is a new limited time offer and you haven’t gone crazy with too many credit card sign apps in the past few months, there is no harm in applying.
Unfortunately, there cannot be a set “right way to apply” as Chase’s approval mechanism isn’t set in stone. However, I can say that the chances of being approved for three Chase applications in one day is nil. With that said, Chase has approved two applications in one day for customers, myself included. If you haven’t applied for any Chase cards in the past 3+ months, I’d suggest apply for two simultaneously (assuming you have good credit history), and then wait at least a month for another application. If you aren’t in any rush to apply for the third card, you can wait for 91 days to lapse to be on the safe side. Since none of the three cards you listed have a limited time sign up offer, I’d apply first for the one that you will use get the most use out of.
Remember, canceling a card also hits your credit report, so if you just recently canceled a bunch of cards for some reason, you should probably hold out on applying for another card.
Also, there is no set maximum number of Chase credit cards you can have open at a given time. However, Chase does put a maximum limit on the amount of total credit they’ll extend to you.Your total credit limit is based on a few different factors, such as income, credit history, customer longevity, etc. Sometimes you can be denied for a credit card because you’ve “used up” all your credit amongst the other Chase cards you have. Upon calling the reconsideration line you can request for Chase to move credit from an existing card to the new card and this will help the approval process. This is why prior to canceling a card you should move your line of credit from the card you are going to cancel to another card that you are keeping. This will ensure to keep a healthy line of credit for new card approvals.
You can check out the current Chase credit card offers here.