not clear about chase 5/24

[jeffery581]

I do not understand the chase 5/24 rule at all. Can someone please explain in detail what it means? Thank you.

[Creditplz]

They don't like when you have more then 5 accounts opened in the past 24 months, I've been denied for having too many new accounts. UW told me this is to prevent opening accounts just for the sign up bonuses.

[Anonymous]

So is 5 okay? Or is it MORE than 5? (thanks for asking OP I have this ? too despite numerous search efforts.) I've seen it worded both ways. 

[Creditplz]

I've always read 5 or more, I only had 4 accounts but 3 AU, so I assume that AU accounts count too

[Anonymous]

This has been answered every few days - if you do a quick search you will find many many threads about it.

The Chase 5/24 rule applies only to their personal Ultimate Rewards earning cards, Sapphire Preferred, Freedom, and Freedom Unlimited. Occasionally Slate has been cited as well, but it seems less likely to be covered by this rule.

5/24 refers specifically that Chase will automatically deny applications for these 3 or 4 cards if the applicant has opened 5 or more credit cards within the previous 24 months - regardless of their credit profile.

[jeffery581]

Is it prior accounts that have already been opened before chase?

Is it only chase cards?

So confusing. Why would they approve me if I have had 5 or more new accounts with other lenders. Doesn't make sense.

Does it only apply for chase products? i.e    I have a freedom so I can apply for 3 more chase non co-branded cards?

[Peteyglad]

My wife applied for the CSP last night. She has opened 1 card in the last 24 months, but became an AU on 4 of mine in the last 24 months. All showing on her credit report. Approved for 32k with scores near perfect and a six figure income. 

[DoroLucky]

I'm wayyyyyyyyyyyyyyyyyyyyy pass 5/24. I won't be eligible for another 2 years or so lol

[Anonymous]

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@jeffery581 wrote:

Is it prior accounts that have already been opened before chase?

Is it only chase cards?

So confusing. Why would they approve me if I have had 5 or more new accounts with other lenders. Doesn't make sense.

Does it only apply for chase products? i.e    I have a freedom so I can apply for 3 more chase non co-branded cards?

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It's not confusing at all. If you have opened 5 or more credit cards (period, any, from anywhere, doesn't matter if you closed them) in the previous 24 months, they will auto deny you definitely for CSP, Freedom, and Freedom Unlimited... possibly for Slate also. 

It applies as mentioned to ONLY those 3 or 4 core Chase cards.

[jeffery581]

It's confusing if you dont understand it. lol Does this apply after you get the freedom?