Chase 5/24 rule or not?

[Anonymous]

Muster up $10k in cash and store it in a Chase Savings account...another rumor on the internet granting people approvals.

I'm in the garden till fall 2017 when the flood gates open and I begin the Chase Appocolypse because I'm no longer under 5/24 Rule. 

[elim]

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@uswala wrote:

So, today both me and DW got invites in mail to apply for Slate! 

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   I got an invite for slate saturday. I have 16 accounts in 2 years... not biting.  It must be my Xmas spend posting, lol

[uswala]

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@Anonymous wrote:

Muster up $10k in cash and store it in a Chase Savings account...another rumor on the internet granting people approvals.

I'm in the garden till fall 2017 when the flood gates open and I begin the Chase Appocolypse because I'm no longer under 5/24 Rule. 

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My Freedom was approved that way on my banker's recommendation after being denied twice before that. 

[SouthJamaica]

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@uswala wrote:

I am resolved on not adding getting any new card. Still, I keep checking if I have offers available. Chase has been giving me no offer since last few months, understandably as I had 6 new accounts (5 reporting) in last 24 months. Additionally, I have 6 new (5 reporting) accounts as AU (owned by my DW). Same goes for my DW.

The weird thing is that we visited branch on Friday to close our saving account with them and the banker told us both of us are preapproved for their card. Now, I know what they see is pretty solid, however, we surely have opened too many new cards for Chase to be comfortable with

I am confused now regarding their 5/24 rule.  

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Disregard the banker telling you that you're preapproved; they're under pressure to sell-sell-sell.

Keep to your resolve not to get any new cards. Don't be seduced.

[Anonymous]

I applied for the Slate this week because I wanted a decent BT card for some of the money I spent overseas, so it does apply for the Slate as well. Got hit with the 5/24. I was pre-approved for all 3 main Chase cards before my I got my CSP in April, which was my last card before applying for the Slate. Pre-approvals disappeared then and never returned. And yes, the CSP was my 5th card in two years. Anyway, I reconned twice and the analysts said there's nothing they can do. I even offered to move my limits on my other cards and they said nope. Am I stonewalled, or should I keep trying?

[longtimelurker]

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@Anonymous wrote:

I applied for the Slate this week because I wanted a decent BT card for some of the money I spent overseas, so it does apply for the Slate as well. Got hit with the 5/24. I was pre-approved for all 3 main Chase cards before my I got my CSP in April, which was my last card before applying for the Slate. Pre-approvals disappeared then and never returned. And yes, the CSP was my 5th card in two years. Anyway, I reconned twice and the analysts said there's nothing they can do. I even offered to move my limits on my other cards and they said nope. Am I stonewalled, or should I keep trying?

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What are thre three main chase cards apart from the Slate?  Usually think of Slate, Freedom and CSP as the non-co-branded ones.

And on your question, experience seems to be that if you are hit by the 5/24 rule, it cannot be overridden via recon, which is why it has got so much attention here.

[Anonymous]

I'll also add that not all Chae branch employees are aware of a 5/24 rule. A month ago I was in a local branch conducting some business on my checking account. I noticed the sample credit cards displayed on the guy's desk and asked him about the 5/24 rule. He had no clue what I was talking about. At first, he thought I meant several inquiries and said some banks will deny based on that. I explained more about the 5/24 rule as it was told to me by a CSR and her supervisor. The guy was bedfuddled, said he had never heard of that.

[Anonymous]

I got hit with the 5/24 rule yesterday. I have 3 new accounts by myself and 4 accounts as an AU. The analyst told me to take myself out of the AU accounts and to reapply in 30 days.

[NRB525]

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@longtimelurker wrote:

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@Anonymous wrote:

I applied for the Slate this week because I wanted a decent BT card for some of the money I spent overseas, so it does apply for the Slate as well. Got hit with the 5/24. I was pre-approved for all 3 main Chase cards before my I got my CSP in April, which was my last card before applying for the Slate. Pre-approvals disappeared then and never returned. And yes, the CSP was my 5th card in two years. Anyway, I reconned twice and the analysts said there's nothing they can do. I even offered to move my limits on my other cards and they said nope. Am I stonewalled, or should I keep trying?

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What are thre three main chase cards apart from the Slate?  Usually think of Slate, Freedom and CSP as the non-co-branded ones.

And on your question, experience seems to be that if you are hit by the 5/24 rule, it cannot be overridden via recon, which is why it has got so much attention here.

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It's the same three cards. The situation was preapproval for Slate, CSP, and Freedom in the March timeframe, then app / approved for the CSP which put the number of cards over 5/24 and no Slate, no Freedom after April.

[takeshi74]

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@uswala wrote:

The weird thing is that we visited branch on Friday to close our saving account with them and the banker told us both of us are preapproved for their card. Now, I know what they see is pretty solid, however, we surely have opened too many new cards for Chase to be comfortable with

I am confused now regarding their 5/24 rule.   

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Never rely on preapps.  They are just marketing.  As other have stated, bankers receive incentive for pushing product (i.e. always consider your sources).  5/24 applies as far as we know.  Stick to your plan.  Don't let marketing make decisions for you.