topic Re: How reliable is the 5/24 rule for Chase branded cards? in Credit Cards

How reliable is the 5/24 rule for Chase branded cards?

myscorerocks — Sat, 14 Nov 2015 05:14:56 GMT

I have read too many stories about people getting approved after more than 5 cards in 24 months. How true is this? Do they count all cards or only prime cards? There has to be more to this. I planned to apply next month, but have signed up for more than 5 cards in the past 2 years. Thoughts?

Re: How reliable is the 5/24 rule for Chase branded cards?

kdm31091 — Sat, 14 Nov 2015 05:21:22 GMT

Im not sure where you read those stories unless they were old or involved a Slate card. 98 percent of what ive read corroborates a pretty ironclad policy of no more than 5 new accounts in 24 months. Have seen very, very few people bypass this with freedom and CSP.

It seems there is an underlying, ongoing skepticism for this policy, but its very much real.

Re: How reliable is the 5/24 rule for Chase branded cards?

FinStar — Sat, 14 Nov 2015 06:23:58 GMT

OP, inclusive of what kdm mentioned above and if there's doubt from other threads you've read, the only way you'll know for sure is if you roll the dice.

Bottom line, if declined, then there won't be an option to reconsider if UW confirms what's been known for several months. It's really up to you to decide if you wish to risk a HP.

Of course, we're always looking for guinea pigs for the sake of credit science

Re: How reliable is the 5/24 rule for Chase branded cards?

red259 — Sat, 14 Nov 2015 06:36:40 GMT

@myscorerocks wrote:
I have read too many stories about people getting approved after more than 5 cards in 24 months. How true is this? Do they count all cards or only prime cards? There has to be more to this. I planned to apply next month, but have signed up for more than 5 cards in the past 2 years. Thoughts?

I haven't seen many people getting approved for chase branded personal cards after having more than 5 in 24 months. Usually the people I see getting approved for those (out of the people with a lot of new accounts) are people who did not already have a chase card and/or in certain cases people with a very strong banking relationship with chase.

Re: How reliable is the 5/24 rule for Chase branded cards?

myscorerocks — Sat, 14 Nov 2015 07:20:08 GMT

Someone just posted in the approvals for Slate after having more than 10+ cards this year. So, Slate isn't included? This will be my first Chase card and I have been banking with them for less than 2 years.

Re: How reliable is the 5/24 rule for Chase branded cards?

daihashi — Sat, 14 Nov 2015 10:21:36 GMT

I thought that it was only chase branded cards and that co-branded cards were excluded??

I.e. slate counts, Amazon or united explorer doesn't?

Re: How reliable is the 5/24 rule for Chase branded cards?

vanillabean — Sat, 14 Nov 2015 10:31:56 GMT

@myscorerocks wrote:
Someone just posted in the approvals for Slate after having more than 10+ cards this year. So, Slate isn't included? This will be my first Chase card and I have been banking with them for less than 2 years.

Editing your post to include the link would be helpful.

Re: How reliable is the 5/24 rule for Chase branded cards?

Sharingan — Sat, 14 Nov 2015 11:19:22 GMT

@myscorerocks wrote:
I have read too many stories about people getting approved after more than 5 cards in 24 months. How true is this? Do they count all cards or only prime cards? There has to be more to this. I planned to apply next month, but have signed up for more than 5 cards in the past 2 years. Thoughts?

I, too, would be very curious to know where all these stories of people bypassing this rule are coming from. Admittedly, I wasn't too convinced when the news first broke this past summer, but I've seen more than enough credible accounts since then. I still don't believe that Chase makes any exceptions for store cards or cards you determine to not be 'prime.'

I would have to agree with Finstar as well. If anyone has any doubts about the credibility or accuracy of the accounts posted here, by all means, expend the inquiry(ies) and find out for yourself.

Re: How reliable is the 5/24 rule for Chase branded cards?

dstew201 — Sat, 14 Nov 2015 12:33:25 GMT

Hmmm... I was approved for a Slate, denied for a Freedom. Then 2 weeks later approved for Marriott, and recently applied for United Air (2 week message).

Re: How reliable is the 5/24 rule for Chase branded cards?

kdm31091 — Sat, 14 Nov 2015 13:53:30 GMT

The Slate is sometimes excluded from the rule, but it offers no rewards, so there is not much incentive for them to be so strict about it. Freedom and CSP are, like I said, 98 or 99% of the time, part of the rule and it is what it is. You either wait until your accounts age and/or Chase changes the policy (which may never happen).

Re: How reliable is the 5/24 rule for Chase branded cards?

njacks85 — Sat, 14 Nov 2015 14:15:01 GMT

I was just approved last night for a Chase Freedom with a limit of 4.5k with a pre approval mailer. I have had 9 new credit card accounts opened in the past 18 months.
First credit card ever was June 2014.

Re: How reliable is the 5/24 rule for Chase branded cards?

elim — Sat, 14 Nov 2015 14:30:07 GMT

@njacks85 wrote:
I was just approved last night for a Chase Freedom with a limit of 4.5k with a pre approval mailer. I have had 9 new credit card accounts opened in the past 18 months.
First credit card ever was June 2014.

maybe a mailer makes a difference? i can only guess. thanks for the input, every little bit helps :]

congrats on the card!

Re: How reliable is the 5/24 rule for Chase branded cards?

njacks85 — Sat, 14 Nov 2015 14:36:39 GMT

Maybe? I even checked online and had no offer show up but I went ahead and tried anyways.

I don't have stellar credit and even have 3 serious delinquencies too, granted they are paid, but still delinquent account. I've saw on the boards people saying they will deny the application if you have a serious delinquent account.

Re: How reliable is the 5/24 rule for Chase branded cards?

Anonymous — Sat, 14 Nov 2015 15:12:25 GMT

Depends on your credit profile, there's a lot of people that supports the theory of the 5/24, I was one of the "lucky" ones that was able to bypass the rule with a lot more than 5 accounts open in the past 2 years.

I've been living on the US for the past 2 years, my oldest CL is 2 years, my Fico was about 720, Util was low.

Re: How reliable is the 5/24 rule for Chase branded cards?

Jerry45 — Sat, 14 Nov 2015 15:21:34 GMT

5/24 is in effect. Even though I have a Freedom, I could not get pre qualed at Chase, until my 5th account aged over 2 years

Re: How reliable is the 5/24 rule for Chase branded cards?

myscorerocks — Sat, 14 Nov 2015 16:40:18 GMT

This is why I started this conversation. While I believe the 5/24 rule exists, I think there are exceptions. I applied for a Chase card months ago and was denied, but not due to how many cards I had recently opened. My student loans were being rehabbed. They told me to apply again in 6 months. I've opened 11 cards in the past year, but my accounts are averaging 81 months. I think I'll be the guinea pig because I really want a Chase card!

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/OMG-OMG-OMG-CHASE/td-p/4327688

Re: How reliable is the 5/24 rule for Chase branded cards?

Anonymous — Sat, 14 Nov 2015 16:47:18 GMT

I suspect a lot of 5/24 "exceptions" have to do with new cards that are recent enough to not show on credit reports yet. There can be a significant lag time there, since they're (purportedly) denying based on new accounts rather than inquiries.

Re: How reliable is the 5/24 rule for Chase branded cards?

Anonymous — Sat, 14 Nov 2015 16:49:08 GMT

@myscorerocks wrote:
This is why I started this conversation. While I believe the 5/24 rule exists, I think there are exceptions. I applied for a Chase card months ago and was denied, but not due to how many cards I had recently opened. My student loans were being rehabbed. They told me to apply again in 6 months. I've opened 11 cards in the past year, but my accounts are averaging 81 months. I think I'll be the guinea pig because I really want a Chase card!

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/OMG-OMG-OMG-CHASE/td-p/4327688

The approval in the link is for the Slate which has been mentioned as being one that seems to be available despite the rule. Not sure what previous card you applied for but if it wasnt the CSP or Freedom they wouldn't mention the rule as it doesn't apply to their co branded cards. Additionally they don't always provide every reason for a denial. What card are you going to apply for? If it's either of those 2, be prepared for a decline but if you have a HP to waste, guess it's worth the try. Good luck.

Re: How reliable is the 5/24 rule for Chase branded cards?

Open123 — Sat, 14 Nov 2015 16:55:41 GMT

@Anonymous wrote:
The approval in the link is for the Slate which has been mentioned as being one that seems to be available despite the rule. Not sure what previous card you applied for but if it wasnt the CSP or Freedom they wouldn't mention the rule as it doesn't apply to their co branded cards. Additionally they don't always provide every reason for a denial. What card are you going to apply for? If it's either of those 2, be prepared for a decline but if you have a HP to waste, guess it's worth the try. Good luck.

Right, the 5/24 applies only to Chase branded UR based consumer cards; in this case, this applies to only two cards, the Freedom and CSP. From my understanding and a coversation with several of their analysts, after a certain number of new accounts (could be 5, or more), the system won't allow the Analysts to override for an approval, which they were able to in the past, and still may for any of their other cards, inculding the Inks.

With the recent UR devaluation and its $95 fee, this rule most assuredly makes sense for the CSP, especially in light of the newly improved PRG. In its current state, the CSP just, not unlike the PRG, just screams "churn me," especially since URs confer a full 1:1 cash equivalent conversion.

As to the Freedom, not sure why the rule applies here. I can't imagine anyone bothering to churn this card.

Re: How reliable is the 5/24 rule for Chase branded cards?

Anonymous — Sat, 14 Nov 2015 17:03:07 GMT

wow, I had no idea about this rule... I guess I won't be getting any Chase cards for the next 2 years, lol.