topic Re: Chase 5/24 'rule'? in Credit Card Applications

Chase 5/24 'rule'?

Anonymous — Wed, 20 Apr 2016 14:18:36 GMT

I'm relatively new to this, but can someone help clarify this 5/24 'rule'? If I understand correctly, Chase will deny any application if your reports show 5 new accounts in the past 24 months? TIA!

Re: Chase 5/24 'rule'?

Anonymous — Wed, 20 Apr 2016 14:27:50 GMT

Correct, although that rule applies to straight Chase cards (CSP, Freedom, etc) not co-branded cards.

Re: Chase 5/24 'rule'?

Anonymous — Wed, 20 Apr 2016 15:10:23 GMT

@Anonymous wrote:
I'm relatively new to this, but can someone help clarify this 5/24 'rule'? If I understand correctly, Chase will deny any application if your reports show 5 new accounts in the past 24 months? TIA!

Chase will (most likely) deny applications for their core personal cards (Sapphire Preferred, Freedom, Freedom Unlimited, and Slate) if you have opened 5 or more credit cards in the past 24 months.

Some people have been able to get a Slate anyway (allegedly because it does not offer rewards), and in my case I slid past the rule by applying for CSP and FU when at 4/24. Somehow they ignored their own card approval and let me get to 6/24, though not without a fight.

Re: Chase 5/24 'rule'?

BD9 — Wed, 20 Apr 2016 18:13:05 GMT

@Anonymous wrote:
Correct, although that rule applies to straight Chase cards (CSP, Freedom, etc) not co-branded cards.

Although, reports are saying that Chase will, any day now, extend that rule to their co-branded cards as well.

Re: Chase 5/24 'rule'?

Anonymous — Wed, 20 Apr 2016 18:16:16 GMT

@BD9 wrote:
@Anonymous wrote:
Correct, although that rule applies to straight Chase cards (CSP, Freedom, etc) not co-branded cards.
Although, reports are saying that Chase will, any day now, extend that rule to their co-branded cards as well.

No reliable reports, just rumor.

Re: Chase 5/24 'rule'?

Anonymous — Wed, 20 Apr 2016 19:28:18 GMT

As far as the 5/24 goes, I'm currently 11/12, with 7 reporting. Called into recon an app from a few weeks ago. They put me through the wringer. 20 minutes of questions about my short history, why my credit started in my late 20's, verifying everything and anything, Finally approved for the Slate with a SL of $10k. Only other $10k CL reporting is the new Marvel card (haven't even gotten the card yet ). All other CLs are $3k or less. Needless to say, I am still in shock.

Re: Chase 5/24 'rule'?

Anonymous — Fri, 22 Apr 2016 20:54:18 GMT

What were the 7 if you don't mind me asking? That's 7 CREDIT CARDS that are branded with visa/mc/discover/amex?
Are any of those store cards? Any at all?
With 5/24 you don't even get to be asked questions over the phone, they see 5 and deny.
I only ask because if slate actually is exempt I'll open it now and take the aaoa hit sooner than later, and just pc to cfu eventually

Re: Chase 5/24 'rule'?

Anonymous — Sat, 23 Apr 2016 02:18:48 GMT

When I was denied a Slate due to 5/24, I was told by a CSR and her supervisor that all credit cards, store cards and AU cards counted. Closing cards would not matter. You can remove yourself from AU accounts however.

@Anonymous wrote:
What were the 7 if you don't mind me asking? That's 7 CREDIT CARDS that are branded with visa/mc/discover/amex?
Are any of those store cards? Any at all?
With 5/24 you don't even get to be asked questions over the phone, they see 5 and deny.
I only ask because if slate actually is exempt I'll open it now and take the aaoa hit sooner than later, and just pc to cfu eventually

Re: Chase 5/24 'rule'?

Anonymous — Sat, 23 Apr 2016 02:58:39 GMT

Store cards don't count, it's pretty much a recurring theme when someone claims they were approved despite 5/24 that it comes out a few cards are store only, and that in cases they're rejected via 5/24 that the "store card" is actually a stores visa/mc. ...Not a "store" card when you can get gas with it.

When I was rejected for CFU last month they told me I opened 7 cards, when I clearly had 8 if they counted store cards on my report at that time, I don't think they mistakenly didn't count that one.

I'm under the impression slate is affected by 5/24, yet people keep saying it isn't(which makes no sense, regardless of it not having rewards). So I just want to see what OP had. I'm rather positive they weren't above 5/24. The reps won't keep talking to you at all after they've reviewed the worry and have seen 5+ credit cards.

Re: Chase 5/24 'rule'?

Anonymous — Sat, 23 Apr 2016 09:42:36 GMT

@Anonymous wrote:
Store cards don't count, it's pretty much a recurring theme when someone claims they were approved despite 5/24 that it comes out a few cards are store only, and that in cases they're rejected via 5/24 that the "store card" is actually a stores visa/mc. ...Not a "store" card when you can get gas with it.

When I was rejected for CFU last month they told me I opened 7 cards, when I clearly had 8 if they counted store cards on my report at that time, I don't think they mistakenly didn't count that one.

I'm under the impression slate is affected by 5/24, yet people keep saying it isn't(which makes no sense, regardless of it not having rewards). So I just want to see what OP had. I'm rather positive they weren't above 5/24. The reps won't keep talking to you at all after they've reviewed the worry and have seen 5+ credit cards.

All I can give you is my own personal direct experience. When I was denied I had 4 credit cards and 3 store cards (Walmart, Amazon and JC Penny) they denied me and upon recon I was specifically told I exceeded the 5/24. The CSR ran down the list of what I had, naming each account. The supervisor stated, "Any new credit or store card or AU account applies." I asked them about 5 times, "Are you positive?" I have checking and savings with Chase. Not a high roller by any stretch, but definitely a relationship,

Re: Chase 5/24 'rule'?

Anonymous — Sat, 23 Apr 2016 15:06:46 GMT

@Anonymous wrote:
@Anonymous wrote:
Store cards don't count, it's pretty much a recurring theme when someone claims they were approved despite 5/24 that it comes out a few cards are store only, and that in cases they're rejected via 5/24 that the "store card" is actually a stores visa/mc. ...Not a "store" card when you can get gas with it.

When I was rejected for CFU last month they told me I opened 7 cards, when I clearly had 8 if they counted store cards on my report at that time, I don't think they mistakenly didn't count that one.

I'm under the impression slate is affected by 5/24, yet people keep saying it isn't(which makes no sense, regardless of it not having rewards). So I just want to see what OP had. I'm rather positive they weren't above 5/24. The reps won't keep talking to you at all after they've reviewed the worry and have seen 5+ credit cards.
All I can give you is my own personal direct experience. When I was denied I had 4 credit cards and 3 store cards (Walmart, Amazon and JC Penny) they denied me and upon recon I was specifically told I exceeded the 5/24. The CSR ran down the list of what I had, naming each account. The supervisor stated, "Any new credit or store card or AU account applies." I asked them about 5 times, "Are you positive?" I have checking and savings with Chase. Not a high roller by any stretch, but definitely a relationship,

Yes to this. I applied for the United Explorer. Denied, called on recon. After a review, and clarification of what were individual and AU accounts, they noted that I was still at 7/24. This included store cards and bank cards. When I received the letter, all the reasons for denial were about the amount of accounts and that they were new. The best one was "Too many open accounts and/or too much available credit"..........??????? Too much available credit? Um, ok.

Re: Chase 5/24 'rule'?

Anonymous — Sat, 23 Apr 2016 18:43:06 GMT

^^ Sounds like you weren't 5/24'd at all based on your letter. Specifically since there's been quite a few reports that 5/24 hasn't hit cobranded. To a person maybe they apply? Or they just don't know the hardfast rule their own company applies. Especially since there are tons of cases where an AU doesn't apply on recon. Imo sounds like both had other reasons to deny and they just picked one

Re: Chase 5/24 'rule'?

BeingMaryJane — Sat, 23 Apr 2016 19:26:09 GMT

Wait.... Store cards don't count? I definitely am not over if they don't count.

Re: Chase 5/24 'rule'?

Anonymous — Sat, 23 Apr 2016 19:41:19 GMT

My 7/12 I indicated are (4) Cap1 - 2 QS, 2 Platinum. Total CL $5,850 (1) Synchrony Marvel MC. CL $10k (1) Ford Motor Credit 39mo Lease - 20k (1) Amex Delta Sky Miles. CL $1k. No store cards whatsoever. Originally denied for a 7yo CO on Equifax. Convinced the CSR on recon to look at the EX report they also pulled, which is clean. 715 Fico8. 19 INQs in 2016 alone (bad experience with a horrible car dealership). They asked about my age vs. credit history, obscene number of INQs, limited history, small credit lines, etc. I believe the 20k lease, 39 months with .5% APR sold him. I also have several accounts which have not yet reported.

Re: Chase 5/24 'rule'?

Anonymous — Sun, 24 Apr 2016 01:03:54 GMT

Lease doesn't count. So your 6/12.
Few weeks ago? Marvel card came out a week ago. 5/12.
And you're saying you opened up two separate qs and platinum this year? Sure you aren't referring to a product change....which doesn't count ? Not to knock you but that seems very odd that someone would open those cards 4x in a short Span

Re: Chase 5/24 'rule'?

Anonymous — Sun, 24 Apr 2016 13:45:40 GMT

I don't buy that 5/24 will even hit co-branded cards. It doesn't make a lot of sense, especially if I am a partner.

If I am Marriott, Disney, etc., I don't want you limiting my customers based on something no other banks are doing. I can understand Chase wanting to limit risk, overexposure, churning, or whatever motivated 5/24 in the first place (to me it's churning #1), but when suddenly as a partner I lose a marketing and/or loyalty retention channel it's not going to sit well.

Maybe they have some great new risk analysis that shows people over 5/24 are more likely to cost them $$. I'm just not convinced.

Re: Chase 5/24 'rule'?

Anonymous — Sun, 24 Apr 2016 14:56:50 GMT

@BeingMaryJane wrote:
Wait.... Store cards don't count? I definitely am not over if they don't count.

Yes they count. Any revolving credit account counts

Re: Chase 5/24 'rule'?

Anonymous — Sun, 24 Apr 2016 15:27:14 GMT

I apped for a Disney card with no annual fee about a week ago. I can tell you that I have way more than 5/24. I was approved instantly for the card.

Re: Chase 5/24 'rule'?

Anonymous — Sun, 24 Apr 2016 18:04:55 GMT

@Anonymous wrote:
I apped for a Disney card with no annual fee about a week ago. I can tell you that I have way more than 5/24. I was approved instantly for the card.

Co branded cards aren't part of of the 5/24 as of right now