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Chase has their ‘5/24 rule’ where they won’t approve most new credit cards for many customers with 5 or more new card accounts within the last 24 months.
That’s why it’s a good idea to get a Chase Sapphire Preferred Card right away, for instance, because if you get other cards first you’ll have a hard time coming back to it later. But if you get it now, and get other Chase cards first, it’s almost opening up the freedom to get cards from other issuers.
A couple of weeks ago I wrote that Bank of America was cracking down on issuing new credit cards to customers who have opened several with the bank recently.
Doctor of Credit confirmed new card approval limits for Bank of America. Here are the maximums for new Bank of America card approvals:
- 2 new Bank of America cards within 2 months
- 3 new Bank of America cards within 12 months
- 4 new Bank of America cards within 24 months
Copyright: wolterk / 123RF Stock Photo
That’s a far cry from when they used to approve multiples of the same card on the same day and folks who rinse, repeat quarterly.
The good news is this is a limit on new cards from Bank of America and – unlike Chase – doesn’t factor new accounts opened with other card issuers.
One open question on BofA’s new approach seems to be whether new Bank of America small business cards count towards your 2, 3, and 4 limits or not.