Chase 5/24 Rule

[Anonymous]

For research purpose.

I don't think Chase has any official word for this, so any definition/wording of this rule is largely made up. We know for sure that this "5" includes at least credit cards. Some have suggested that it also include sloan, lease and so on.
For at least my case, I have had more than 5 new accounts of all types in the last 24 months and still had CSP approval. Actually, I have had 5 new CCs, too, just the 5th one not reported yet.
Is there any reported case of people being denied for the *sole* reason of having more than 5 new accounts of all types? Conversely, anyone getting approval with more than 5 new credit cards in the last 24 months?

I think it will be good to get some more clarifications on this rule and know if there are exceptions (like the $10k special consideration when applied in the bank)

edit: spelling

[kdm31091]

Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

[Anonymous]

There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements.  Really isn't much more to add.  It is more then 5 credit card accounts..  It does not include auto loans, mortgages or other installment loans.  If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

[Anonymous]

Accounts: credit cards only or loans/lease also? I have followed this topic since it first mentioned on myfico but I haven't seen anymore say that they're declined for having, say 3 new card, a car lease and a boat loan.  Well-documented? I am not sure.

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@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

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[Anonymous]

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@Anonymous wrote:

There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements.  Really isn't much more to add.  It is more then 5 credit card accounts..  It does not include auto loans, mortgages or other installment loans.  If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

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@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

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This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.

[ddemari]

Unfortunately the rule is a real life thing. of course we would love it to not be. but many people have commented on applying and then reconning and then chase specifically saying no due to new accounts. Some posts I read even commented on chase closing peoples accounts on recon for new card because of their new cards accross the board. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements.  Really isn't much more to add.  It is more then 5 credit card accounts..  It does not include auto loans, mortgages or other installment loans.  If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

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@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

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This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.

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Well not sure who stated its new accounts altogether because it only includes credit cards.  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements.  Really isn't much more to add.  It is more then 5 credit card accounts..  It does not include auto loans, mortgages or other installment loans.  If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

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@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

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This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.

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Well not sure who stated its new accounts altogether because it only includes credit cards.  

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if anyone can show just cause why people with more than 5 new accounts altogether should not apply, let them speak now or forever hold their peace.

I searched and read before I started this. There are people who insist that it's 5 everything because the rule states 5 new accounts, and by definition "account" means everything.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements.  Really isn't much more to add.  It is more then 5 credit card accounts..  It does not include auto loans, mortgages or other installment loans.  If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

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@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

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This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.

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Well not sure who stated its new accounts altogether because it only includes credit cards.  

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if anyone can show just cause why people with more than 5 new accounts altogether should not apply, let them speak now or forever hold their peace.

I searched and read before I started this. There are people who insist that it's 5 everything because the rule states 5 new accounts, and by definition "account" means everything.

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Well they're wrong.  On any given topic here you'll find people giving out incorrect information so that's not unusual.  Sometimes you have to look outside MF forums as well where sometimes these topics are discussed in more detail.  This is the rule:

 If you have more than 5 new credit card accounts reporting in the last 24 months you will not be approved for the Chase Freedom or Sapphire Preferred.  Originally the rule applied to the Slate as well but there have been some approvals for that card because as KDM stated its not an award card and therefore really not used for churning.  The rule does not apply to the Chase business cards.  Not much more to it.  And the rule is well documented in many places.

[redpat]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements.  Really isn't much more to add.  It is more then 5 credit card accounts..  It does not include auto loans, mortgages or other installment loans.  If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

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@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

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This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.

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Well not sure who stated its new accounts altogether because it only includes credit cards.  

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if anyone can show just cause why people with more than 5 new accounts altogether should not apply, let them speak now or forever hold their peace.

I searched and read before I started this. There are people who insist that it's 5 everything because the rule states 5 new accounts, and by definition "account" means everything.

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Well if you are on a credit card board and someone says 5 new accounts, its short for CC accounts.  People just interpreted it incorrectly that's all.