topic CHASE - 5/24 RULE in Credit Card Applications

CHASE - 5/24 RULE

Anonymous — Mon, 22 Apr 2019 23:54:23 GMT

Question is, why do some get approved with several cards over the 5 allowed within the 24 month period and others do not? In otherwords, is it a rule that is made to be broken?

I had been blacklisted by Chase due to including them in a BK back in 2006. Just almost 2 years ago and was declined, score was in mid low 600s. I called to try and recon and after several questions and on hold a few times the csr asked me about the BK and the chance of getting the decision overturned was gone.

Fast forward to today, scores all in the 720s and just about $100K total credit with less than 1% util reporting. several cards and lOCs from $5K to $20K decided to see if I was still blacklisted and apped for the CSP and within 30 seconds was declined. I called the backdoor today to ask what the reason for denial was and is there anything I can tell them that will turn their decision around.

After verifying me he said oh yes, this is a very typical reason for denial and went into the 5/24 rule. He said you are completey credit worthy and we would love to have you as a customer, but we can't overturn.

Has anyone every called a 2nd time and get someone to overturn?

Re: CHASE - 5/24 RULE

thornback — Mon, 22 Apr 2019 23:58:11 GMT

From what I've read (here)... those who bypassed 5/24 (1) did so by going into a branch to be approved; or (2) were existing cardholders and received a pre-approved offer on their account.

Re: CHASE - 5/24 RULE

Brian_Earl_Spilner — Tue, 23 Apr 2019 00:01:45 GMT

It can be bypassed, but you have to be an existing client of theirs and they need to offer it to you.

Re: CHASE - 5/24 RULE

Anonymous — Tue, 23 Apr 2019 00:03:18 GMT

Oh and took an 11 point hit to my EX for the App.

Re: CHASE - 5/24 RULE

Anonymous — Tue, 23 Apr 2019 00:08:25 GMT

@Anonymous wrote:
Question is, why do some get approved with several cards over the 5 allowed within the 24 month period and others do not? In otherwords, is it a rule that is made to be broken?
I had been blacklisted by Chase due to including them in a BK back in 2006. Just almost 2 years ago and was declined, score was in mid low 600s. I called to try and recon and after several questions and on hold a few times the csr asked me about the BK and the chance of getting the decision overturned was gone.
Fast forward to today, scores all in the 720s and just about $100K total credit with less than 1% util reporting. several cards and lOCs from $5K to $20K decided to see if I was still blacklisted and apped for the CSP and within 30 seconds was declined. I called the backdoor today to ask what the reason for denial was and is there anything I can tell them that will turn their decision around.
After verifying me he said oh yes, this is a very typical reason for denial and went into the 5/24 rule. He said you are completey credit worthy and we would love to have you as a customer, but we can't overturn.
Has anyone every called a 2nd time and get someone to overturn?

Should I assume you applied for a Chase Sapphire Preferred card without first checking to see if you were pre-qualified?

The 5/24 rule is a hard rule for the most part; but there are exceptions. If you have a pre-existing banking or credit relationship with Chase and you receive a "Selected for You" Offer (also called a "green checkmark" offer in these forums) in Chase's mobile app, your online account, or Chase Credit Journey you are likely to be approved even if you're over 5/24.

But the surest way to bypass the rule is to get an in-branch offer by going to a branch location and asking a personal banker if you have any pre-approved offers for credit cards. But you must also have a current depository or credit relationship with Chase before you can get in-branch offers.

It helps to keep in mind that the Sapphire cards are Chase's consumer flagship credit cards, so you shouldn't just apply without first considering your odds of approval.

Re: CHASE - 5/24 RULE

Omw800 — Tue, 23 Apr 2019 00:12:40 GMT

Yikes 😬11 points is a lot, I’d be pissed if I lost that much for a hard pull. As others have mentioned, there seems to be flexibility if you’re a client banking with Chase. They will make an offer to you when you log into your account. There will be a little green light and a message that says special offer for you, I think

Re: CHASE - 5/24 RULE

Anonymous — Tue, 23 Apr 2019 01:44:29 GMT

Can someone at a branch approve a credit app?

Re: CHASE - 5/24 RULE

mikesonthemend — Tue, 23 Apr 2019 01:55:14 GMT

@Anonymous wrote:
Can someone at a branch approve a credit app?

If their computer allows it.

Re: CHASE - 5/24 RULE

Remedios — Tue, 23 Apr 2019 01:58:50 GMT

@Anonymous wrote:
Can someone at a branch approve a credit app?

No, credit cards are not approved inside branches. It's a centralized process and it's not handled on "banking end".

You can apply in a branch, but that's it

Re: CHASE - 5/24 RULE

Anonymous — Tue, 23 Apr 2019 13:40:01 GMT

I was blacklisted for years with Chase because of a CO with a bank it absorbed. When I applied last year, I was at least at 6/24. Five of the HP/New Accounts were within a year. I did have a checking account with Chase but I was not the primary account holder. Did not go into a branch to apply. No email/snail mail pre-qualifications. Applied online and instantly approved. yes, two HP. From what I have read others have gotten approved with the same criteria.

Re: CHASE - 5/24 RULE

Streetervillelady — Tue, 23 Apr 2019 14:54:49 GMT

@Anonymous wrote:
Oh and took an 11 point hit to my EX for the App.

I hate to say it but you're lucky. In the past Chase recon has done another HP to discuss a reconsideration!

Re: CHASE - 5/24 RULE

Anonymous — Tue, 30 Apr 2019 20:34:39 GMT

Long time lurker to the forums making my first post. I felt compelled to add my personal experience as it falls into the category of the rule being broken. I've been cleaning up my credit. A few months ago my fico was around 700 (some a bit lower, some a bit higher). I had paid of a bunch of card and closed First Premier and Credit One. Util was around 19%. I got a Discover, BofA Travel Rewards and 2 Amex's (Gold and Delta) in quick sucession. I was turned down for Chase Southwest. Got a Macy's card about a month later. Paid down some more cards within the last 2 months and I've been fully paying off my new cards. My fico is about 720 with 7% util now. Last month, I was approved for Chase Amazon. I was not expecting it since I'd been turned down consistently by Chase over the years. Two weeks ago, I got a pre-approved Citi offer and got a new Citi card. I had planned to start gardening since I now have something like 10 inquiries. But, last week I decided on a whim to try for the Chase Southwest card again. Got a "we need to review your application" message. Today, fraud prevention called, verified my address and I was approved for $7000. Perhaps it helped that I am now a Chase customer, but I didn't go through any special hoops to avoid the 5/24 rule. Just one data point, but thought I'd throw it out there.

Re: CHASE - 5/24 RULE

Anonymous — Sat, 05 Oct 2019 04:49:10 GMT

So I have had a regular Chase Freedom card for a long time. Like it is my oldest credit card on my report. I have some stories about that experience but I will save those for another time. I also have a Chase Checking Account.

The purpose of this post is to talk about the Chase 5/24 rule. Sorry this might be kinda long but let me explain.

I have used creditkarma for a while also. Earlier this year, CK started telling me I was prequalified for several cards. They told me for months that I was pre-approved for Chase cards and Amex cards. Well the Amex and Chase pre-qualification tools kept saying no pre-qual offers. Wanting to be cautious I thought I would have a better shot with Chase as Amex is known for being more conservative with lending.

I went ahead and applied for the Chase Freedom Unlimited card. I am pretty sure I only had my experian report unlocked because it looked like Chase mostly pulls experian. I was immediately denied and immediately called the recon line. The representative sounded sympathetic but said she could not approve my account because of too much new credit and she was not allowed to override that factor. She would not confirm an exact 5/24 rule only that there was too much new credit on my file.

That cost me an HP on my Experian for nothing which kind of sucked.

Fast forward 6 or 7 months and I have unfrozen all my reports for a few months. All of a sudden I start getting all sorts of prequal offers for credit on my Chase online account.

I was prequal for Sapphire, the Southwest Arilines Card, and the Freedom Unlimited. All of the offers showed credit limits around 18k and all showed specific APR's that were the lowest offered and not a range of APR's. After reading threads here I felt pretty confident that this was a firm prequal offer because it was on my Chase account and the APR's were firm not a range of APR's.

I still waited a month or so to accept the offer and Chase sent emails to remind me of the offers.

Last night I finally applied. I thought of relocking my TU and EQ files since they just pulled Experian the last time, although I think my other files were locked last time.

But to my surprise, Chase pulled two HP's on both Experian and TU at the same time. I had never heard of anyone but Capital One pulling multiple bureaus, so be careful when applying in the future. You might want to lock one or the other, although I am not sure if that will prevent Chase from offering credit. I am not thrilled they pulled both.

Then I got the dreaded we will let you know message. I usually try to wait all day to see if I hear something or to give the lender a chance to do any reviews, but I heard nothing from Chase. I ended up calling the recon line later in the day. The representative was nice and said it looked like just a verification issue. He transferred me to a third party verification line and within a minute, I was approved.

I am happy I was approved, but the final CL ended up only being 10.9k. I am grateful I was approved, but I don't understand why there was such a big difference between the prequal amount and my new CL. There is no derogatory information on any of my reports. I called the recon line back and they said once an account is approved they can no longer recon the CL without a formal request and another HP. I told them nevermind and will just stay with my current CL. I do still have the lowest APR.

I do not know my TU Fico, but my Experian Fico was about a 726. My Credit Utilization across all bureaus is 28%. I will try to find out my TU Fico if Chase sends it with the card and will post it here. BTW, I did have about 5 MC and Visa apps in the last 2 years, so if you are prequal on the Chase site, it appears you are good to go over by one.

I mainly wanted to post here to let you all know that and to know that Chase pulled both EX and TU so I got the Freedom Unlimited but it took 2 HP this time.

Edit, someone said I can get my TU FICO from Discover so I did. My TU FICO is also 726. Both my Fico's (myfico lol) were 726, although I am not sure if Chase uses the same model as Discover and EX do on their monitoring. Thank you and good night.

Re: CHASE - 5/24 RULE

randomguy1 — Sat, 05 Oct 2019 04:26:24 GMT

^^if you have a Discover or Barclay's cars, you can get a TU FICO score.

Re: CHASE - 5/24 RULE

Wavester64 — Sat, 29 Feb 2020 18:12:36 GMT

@Anonymous wrote:
I was blacklisted for years with Chase because of a CO with a bank it absorbed. When I applied last year, I was at least at 6/24. Five of the HP/New Accounts were within a year. I did have a checking account with Chase but I was not the primary account holder. Did not go into a branch to apply. No email/snail mail pre-qualifications. Applied online and instantly approved. yes, two HP. From what I have read others have gotten approved with the same criteria.

Do you happen to know what your FICO was at the time you were approved? :-)

Re: CHASE - 5/24 RULE

Anonymous — Sun, 01 Mar 2020 19:17:14 GMT

Back in 2/2/18 EQ was definitely over 800, and the others were in the upper 700's. I had tried the year prior after being approved for Discover and AmEx, but was denied. That's when I called CSR and was told it was because I had a years old CO.

Re: CHASE - 5/24 RULE

Green456 — Sun, 01 Mar 2020 22:15:12 GMT

@Brian_Earl_Spilner wrote:
It can be bypassed, but you have to be an existing client of theirs and they need to offer it to you.

Yeah I was >5/24, I hold joined accounts with my wife and got approved.

Re: CHASE - 5/24 RULE

Wavester64 — Tue, 31 Mar 2020 16:10:51 GMT

@Anonymous wrote:
I was blacklisted for years with Chase because of a CO with a bank it absorbed. When I applied last year, I was at least at 6/24. Five of the HP/New Accounts were within a year. I did have a checking account with Chase but I was not the primary account holder. Did not go into a branch to apply. No email/snail mail pre-qualifications. Applied online and instantly approved. yes, two HP. From what I have read others have gotten approved with the same criteria.

I'm envious