Chase 5/24 Rule and What are my odds?

[Anonymous]

Hey everyone, my average account age is 6.7 months and my credit history has only been established around 15-16 months. I have a $6750 line of credit, with technically 6 lines of credit. Kohl's Card, US Bank Student Visa, US Bank Cash +, Paypal Online Credit, and a Chase Freedom Unlimited. My utilization is less than 4%. My girlfriend and I are going on a trip to Italy in August of this year where the plane ticket will cost are $1600, we are staying for free with her brother, but food for two weeks will still cost around $700, and between groceries when I get back this will put me over the $4000 limit in 3 months. I want to apply for the Chase Saphire Preferred primarily for the Travel Bonus of $625 after $4000 is spent. I would not normally be able to hit this without the trip, I know if I am most likely denied I can call and appeal it with their rejection line... I am going to wait until I have a card with them for 6 months where they can see I have used it responsibly before applying. Does anyone have any general advice other than being friendly on the phone and explaining the circumstance in why I would like the card before my trip? 

5 inquiries sounds like I have a chance,  I'd really like the extra points for Chase Saphire Preferred, but I understand I may not be able to. My FICO is 753, 746, and 735. 

[Anonymous]

You sound like you are familiar with the Chase 5/24 rule.  (You mention it in the subject line.)  It looks like you have opened six cards in the last 16 months.  Why exactly do you feel like you have a chance?  As far I can tell you are plainly in violation of 5/24 and will be 7 months from now as well.

Being nice on the phone and explaining why you'd really like the card is not considered grounds for a CSR to waive 5/24.

You may get better and more advice if this thread were moved to the Credit Card forum.  Let me know if you'd like me to ask a mod to do that.

PS.  Circumventing 5/24 used to be possible if a branch manager were to check for you in person and see that you were pre-approved.  Branch managers had a different pre-approval screen and could bypass 5/24 -- that's how I got my CSP 11 months ago.  On the other hand my score were in the 800s and I had a credit history stretching back 15 years, so the pre-app might have been easier for me.

[Shadowfactor]

Do you have any chase products ?
If so, you can check for selected for you Offers when logged in. They will have a green check mark.

Do you have any Prequalified Offers on chase.com/Prequalified ?

Any offers when logged into chase credit journey ?

Recon doesn’t work for 5/24 expect maybe in the case of authorized users. They do count store cards, so I’m guessing they will count the PayPal account if it’s reporting on the agencies whom they hard pull.

There’s been huge discussions about this on the forum. Search using google.

Here’s one that I started. It has some data points and a nice long discussion about 5/24.
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Chase-preapproved-online-but-over-5-24/td-p...

[Anonymous]

Sure if you wouldn't mind cc'ing a mod. I guess I think I should be approved based on utilization ratio that is always typically in 1-3%. The current history I have of complete payments in full per every payment cycle, I do realize the unfortunate side of this is that when I do apply

(6-months from now) I will have my card with them established for 6 months and my longest card 18 months which I do realize is not that long particularly compared to some people who have had it established for 20 years+. I guess I was just looking for advice to see what my best option is, I may check with a branch manager and see 6 months down the line if it only pulled from a particular credit bureau. I do realize the inquiries sound like a lot, but I have 3 that drop off this Fall which would coincidently right after my trip to Italy. I do understand what you are saying, do you have any opinions/advice one way or the other? My scores are (I forget if I mentioned) 753, 746, 735, but I surely do not have near the depth you have. I'm just trying to be hopeful because I would love $625 added to my other $400 or so for my next trip!

[Anonymous]

I will be checking my pre-approved offers down the line approximately 6 months into my account with Chase. I currently do not have any pre-offers, however, one of the reasons for this (I believe) is because of 2 cards in a 30 day period with chase would be frowned up. So, I do not have any pre-qualified offers yet. Reason numero 2, at this point I have 5 hard inquiries on one credit bureau but 4 on 2 other credit bureaus.

[Anonymous]

I am sorry for the double post, admin/mod would you please remove both threads in this section? My apologies.

[Schwartzinator]

You mention six lines of credit, but listed 5, 4 of which count. PayPal Credit is a hidden tradeline and does not matter for the purpose of 5/24. If the sixth line you have is another credit card or any line of credit reoprted to the bureaus that you took out, your probability of approval is effectively zero. Goodwill letters and or recon will not help.

[Anonymous]

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@Anonymous wrote:

I guess I think I should be approved based on utilization ratio that is always typically in 1-3%.

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It seems that you're missing the constraint to your approval here, which is being > 5/24.  You could have the best profile in the world and if you're > 5/24 you're going to get denied.  Unless you can score an in-branch pre-approval or find a pre-qualified offer, you definitely should not apply.