Chase 5/24 rule or not?

[uswala]

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.  

[Anonymous]

There are data points of people being approved by bankers in branch, but I would ask him flat out. Bankers also are incentivized to get people to app for things, so depending on your relationship with them this is something to consider. 

[Anonymous]

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@Anonymous wrote:

There are data points of people being approved by bankers in branch, but I would ask him flat out. Bankers also are incentivized to get people to app for things, so depending on your relationship with them this is something to consider. 

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This was implied in hanales' post, but I'll say it more blatantly...they're incentivized to get people to app and may not be aware of or care about the 5/24 rule and may just be trying to meet some quota and not have any idea if you have any chance to be approved or not. 

I don't think it was Chase, I think it was B of A, that there was a story on here recently about someone's Grandma or elderly mom or aunt or something where they were sold a total line of BS by the banker in branch. But I don't think it's an isolated incident. 

[yfan]

 The 5/24 seems to be a general guideline, not a hard and fast rule that applies to everyone.

If you are gardening, don't let distractions move you. There are always going to be cards and offers. But you won't always be able to put off building your credit.

[uswala]

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@yfan wrote:

 The 5/24 seems to be a general guideline, not a hard and fast rule that applies to everyone.

If you are gardening, don't let distractions move you. There are always going to be cards and offers. But you won't always be able to put off building your credit.

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I do not have any plans for apping. Was just curious about this 5/24 rule.

[pizza1]

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@uswala wrote:

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@yfan wrote:

 The 5/24 seems to be a general guideline, not a hard and fast rule that applies to everyone.

If you are gardening, don't let distractions move you. There are always going to be cards and offers. But you won't always be able to put off building your credit.

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I do not have any plans for apping. Was just curious about this 5/24 rule.

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they could have also just been telling you were "preapproved" to keep you.  I would of asked to see their computer screen.  If its in their system at the bank, I would think it would also be on their prequalififed check on their website too. Check the website...but Id say that the 5/24 still stands more than likely. 

[LadyJEsq]

The 5/24 "rule" seems to be just another general denial no different from other general denials such as too many inquires. While some will be denied for 5/24, others will be approved, presumably because their overall credit profile supports approval.

[myjourney]

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@LadyJEsq wrote:

The 5/24 "rule" seems to be just another general denial no different from other general denials such as too many inquires. While some will be denied for 5/24, others will be approved, presumably because their overall credit profile supports approval.

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And we've seen cases of this as well ....few and far between but supporting data

[uswala]

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

[someone379]

I got a mail Slate invite as well - Was kind of surprised... I don't want slate would would love a Freedom... Was wondering if they were backing down on that rule.