topic Re: Chase 5/24? Or 4/24? in Credit Card Applications

Chase 5/24? Or 4/24?

Creditplz — Thu, 23 Sep 2021 03:14:21 GMT

DW score is 803 as of today, she usually hovers around that area, and I manage all credit for her

She's currently at 5/24, does this mean she's got a shot at chase or is it really 4/24? Since the 5/24 would be the chase card?.

thanks!

Re: Chase 5/24? Or 4/24?

simplynoir — Thu, 23 Sep 2021 03:42:20 GMT

To keep it simple at the time someone applies for a Chase card they must be at 4/24 or lower in order for the application to not be auto-denied due to 5/24 status. The little work around is if at 4/24 you apply for a Chase business card since that will not appear on someone's personal credit report they'll still be able to apply for a personal card with Chase

I honestly have no clue if green/black checkmarks offers are still a thing that over comes 5/24 since I haven't seen one on my account for a long time

Re: Chase 5/24? Or 4/24?

FinStar — Thu, 23 Sep 2021 03:42:45 GMT

5 revolving accounts opened in the past 24 months. If she's at 4/24 and gets approved, then she'll be at 5/24 when the account reports. So, if she's applying today, count from today's date how many accounts were opened in the past 24 months. The count includes store cards, PLOCs, HELOCs, etc.

Re: Chase 5/24? Or 4/24?

FinStar — Thu, 23 Sep 2021 03:44:44 GMT

@simplynoir wrote:
To keep it simple at the time someone applies for a Chase card they must be at 4/24 or lower in order for the application to not be auto-denied due to 5/24 status. The little work around is if at 4/24 you apply for a Chase business card since that will not appear on someone's personal credit report they'll still be able to apply for a personal card with Chase

I honestly have no clue if green/black checkmarks offers are still a thing that over comes 5/24 since I haven't seen one on my account for a long time

Yes, green/black stars (typically with solid APR) are still a thing to bypass the 5/24 restriction.

Re: Chase 5/24? Or 4/24?

Creditplz — Thu, 23 Sep 2021 03:50:23 GMT

I got a CSR with black check mark a few weeks back, nothing on her online chase with check marks though..

aghhhh she's at 5/24, I'm assuming even a recon wouldn't help... so we will skip! Thanks for the response! Saves us a HP!

Re: Chase 5/24? Or 4/24?

FinStar — Thu, 23 Sep 2021 04:13:29 GMT

@Creditplz wrote:
I got a CSR with black check mark a few weeks back, nothing on her online chase with check marks though..

aghhhh she's at 5/24, I'm assuming even a recon wouldn't help... so we will skip! Thanks for the response! Saves us a HP!

Correct, analysts (even a supv) won't be able to reconsider or overturn. There's been very rare instances where that has happened, but you have a better chance finding a tiny fleck of gold in some river than Chase approving anything 5/24. If she's close enough to clear the 5/24 hurdle, you/DW can wait things out 🤷‍♂️

Re: Chase 5/24? Or 4/24?

JLRDC909 — Thu, 23 Sep 2021 18:49:27 GMT

There has been some posts on here that people 5/24 and more have gotten approved for the CSP as it seems they are really pushing that card lately.

I however tried to push my luck last weekend with the United card. Within seconds it was the 7-10 day message. Not instant decline, which I don't think Chase ever does, but that old 7-10 message.

Robolady still saying the application is under review but I did speak to a rep. She said you have 5 OR more cards open in the past 24 months. I thought she said "it's still under review, but they still won't approve you with that number of accounts opened".

lesson learned here.

Re: Chase 5/24? Or 4/24?

ultimaterewardsguy357 — Thu, 23 Sep 2021 23:32:27 GMT

5/24 is more like 5/25 in my experience. It's often recommended to wait until the month after the card falls off from 5/24 count. Recently, I have seen a lot of people repeatedly be approved for Chase cards (Freedom Unlimited, Bonvoy Boundless, Sapphires, Southwest Business, Inks, etc.) being well over 5/24 - no special link, no pre-approvals, etc. -- This could be a sign that either Chase has relaxed rules or we can expect these applicants to have accounts or that particular card shut down.

Re: Chase 5/24? Or 4/24?

FinStar — Thu, 23 Sep 2021 23:42:46 GMT

@ultimaterewardsguy357 wrote:
5/24 is more like 5/25 in my experience. It's often recommended to wait until the month after the card falls off from 5/24 count. Recently, I have seen a lot of people repeatedly be approved for Chase cards (Freedom Unlimited, Bonvoy Boundless, Sapphires, Southwest Business, Inks, etc.) being well over 5/24 - no special link, no pre-approvals, etc. -- This could be a sign that either Chase has relaxed rules or we can expect these applicants to have accounts or that particular card shut down.

If that were the case, and allegedly with such frequency, why was yours or the above poster not approved? If the 5/24 restriction is "relaxed", there'd be more evidence here, especially in the Approvals forum or other blogs/boards like Reddit, TPG, FT, etc. 🤷‍♂️

Re: Chase 5/24? Or 4/24?

JLRDC909 — Fri, 24 Sep 2021 21:39:53 GMT

Good point. I also have a problem with Chase approving and then shutting down accounts later. While we all know they love the 5/24 thing, novice people might not know and just apply, only to get the card and it be shut down later.

Chase should have better algorithms to spot this from the start. Maybe 12-15 years ago, before the 5/24 rule, when you applied, at the very top of the application, Chase would ask that you checked a box stating you were clear of bankruptcy and serious delinquencies. Maybe they ought the bring back that box for 5/24

Re: Chase 5/24? Or 4/24?

Anonymous — Mon, 27 Sep 2021 02:45:25 GMT

Do AUs count toward 5/24?

Re: Chase 5/24? Or 4/24?

FinStar — Mon, 27 Sep 2021 03:26:05 GMT

@Anonymous wrote:
Do AUs count toward 5/24?

Yes.

Easily explainable if an application merits reconsideration if the sole reason for denial is 5/24.

Re: Chase 5/24? Or 4/24?

zerofire — Wed, 06 Oct 2021 01:06:13 GMT

@Anonymous wrote:
Do AUs count toward 5/24?

Technically no, but since Chase is not checking if the account is yours or someone else's that has authorized you they will still count it against you if it reports.

Re: Chase 5/24? Or 4/24?

Anonymous — Wed, 06 Oct 2021 12:48:32 GMT

I've heard success of RECON if 5/24 includes AU by calling. I just got denied yesterday, was trying to get in before the 100k bonus expired. Will call in a day or so and let you know if it works. 3 of my 5/24 are AU's; one of which is from 2016... but stupid amex posts it as the date they add you as AU so it looks new.

Re: Chase 5/24? Or 4/24?

zerofire — Thu, 07 Oct 2021 15:14:14 GMT

@Anonymous wrote:
I've heard success of RECON if 5/24 includes AU by calling. I just got denied yesterday, was trying to get in before the 100k bonus expired. Will call in a day or so and let you know if it works. 3 of my 5/24 are AU's; one of which is from 2016... but stupid amex posts it as the date they add you as AU so it looks new.

How does that work? The account would have history before the open date if they tried that.

Re: Chase 5/24? Or 4/24?

Anonymous — Thu, 07 Oct 2021 16:25:10 GMT

Whenever they made this change effective, they stopped showing past history - it's only going forward.

I just checked the one that I was added on to in January of 2021. The account has been open since 2016, but it doesn't show any of that history. I've read on several forums now this is how Amex does it. And they won't delete when you are removed as AU, the account shows as closed.

Re: Chase 5/24? Or 4/24?

Anonymous — Thu, 07 Oct 2021 16:14:18 GMT

Talked to recon yesterday, she confirmed my income, asked a few random questions. We went over my credit report and I pointed out the AU cards. She asked if I wanted a $13,500 limit (my current limit with CFU) or $15k. I said 15k. She wasn't able to approve herself and pushed it to secondary. Just logged on a bit ago and was approved. Only a 5k limit, but that's fine. I can always re-allocate.

I just wanted my 100k points!

Data points:

76k income, 767EXP, the other two are 770's & 80's, 4 HP, 2 of which are on the same day for a refi last year. Utilization around 17%, zero negatives on my report.

I'm at 5/24 including (3) AU Cards. My true total is only 2/24.

Re: Chase 5/24? Or 4/24?

expatCanuck — Fri, 22 Oct 2021 14:20:23 GMT

@FinStar wrote:
5 revolving accounts opened in the past 24 months. If she's at 4/24 and gets approved, then she'll be at 5/24 when the account reports. So, if she's applying today, count from today's date how many accounts were opened in the past 24 months. The count includes store cards, PLOCs, HELOCs, etc.

@FinStar

Stated another way -- would it be correct to say that 5/24 a count of revolvers (i.e. - does the count include a mortgage)?

And might you know whether, if the HELOC is above a certain threshold (i.e. - doesn't count as a revolver), it might it be omitted?

Re: Chase 5/24? Or 4/24?

FinStar — Fri, 22 Oct 2021 17:52:53 GMT

@expatCanuck wrote:
@FinStar wrote:
5 revolving accounts opened in the past 24 months. If she's at 4/24 and gets approved, then she'll be at 5/24 when the account reports. So, if she's applying today, count from today's date how many accounts were opened in the past 24 months. The count includes store cards, PLOCs, HELOCs, etc.
@FinStar
Stated another way -- would it be correct to say that 5/24 a count of revolvers (i.e. - does the count include a mortgage)?

And might you know whether, if the HELOC is above a certain threshold (i.e. - doesn't count as a revolver), it might it be omitted?

@expatCanuck-- it excludes mortgage loans from reported DPs.

As far as HELOCs, the jury is still out on that -- mixed results even from back in the day (in most cases, it counted toward 5/24). And, while FICO metrics may have different reporting results when looking at certain thresholds (depending on the scoring model), Chase's algorithms would still be able to 'detect' the tradeline regardless of the limit (sorry, no cloaking device 😜), it just depends on how the lender has it coded on the CRAs. You can be our GP if you wish 😉, I mean...for science of course.

Re: Chase 5/24? Or 4/24?

ultimaterewardsguy357 — Sun, 31 Oct 2021 03:20:48 GMT

@FinStar wrote:
@ultimaterewardsguy357 wrote:
5/24 is more like 5/25 in my experience. It's often recommended to wait until the month after the card falls off from 5/24 count. Recently, I have seen a lot of people repeatedly be approved for Chase cards (Freedom Unlimited, Bonvoy Boundless, Sapphires, Southwest Business, Inks, etc.) being well over 5/24 - no special link, no pre-approvals, etc. -- This could be a sign that either Chase has relaxed rules or we can expect these applicants to have accounts or that particular card shut down.
If that were the case, and allegedly with such frequency, why was yours or the above poster not approved? If the 5/24 restriction is "relaxed", there'd be more evidence here, especially in the Approvals forum or other blogs/boards like Reddit, TPG, FT, etc. 🤷‍♂️

I am just seeing this response. I did not get an email notification. I'll address three things:

First, the whole 5/25 thing. Chase will look at the application from a month-to-month open date, so 4/24 would be from the month that card was opened if that makes sense. My example is below. I am currently 6/24 and will be 7/24 when my AR reports on the first of the month. I won't be under 5/24 until the month after my March card falls off the 2-year mark. Makes sense now?

- 12/2019

- 1/2020

- 3/2020

- 9/2020

- 10/2020

- 1/2021

- 10/2021

Second, the 5/24 approvals have been prevalent in the credit card FB groups that I am a part of. The data points are there and those individuals may not know about the MF forums or care enough to post on here, reddit or TPG (for sure not TPG - most in these groups don't like him and his content).

Third, I have only applied for and was approved for one card being over 5/24 and that was my Ink Cash via BRM -- which I shared my DPs (as I typically do). I don't intend to apply for any personal or remaining Ink cards for a while until I organically fall back down to 5/24.