topic Re: Chase 5/24 Rule in Credit Cards

Chase 5/24 Rule

Anonymous — Wed, 11 Nov 2015 19:58:49 GMT

For research purpose.

I don't think Chase has any official word for this, so any definition/wording of this rule is largely made up. We know for sure that this "5" includes at least credit cards. Some have suggested that it also include sloan, lease and so on.
For at least my case, I have had more than 5 new accounts of all types in the last 24 months and still had CSP approval. Actually, I have had 5 new CCs, too, just the 5th one not reported yet.
Is there any reported case of people being denied for the *sole* reason of having more than 5 new accounts of all types? Conversely, anyone getting approval with more than 5 new credit cards in the last 24 months?

I think it will be good to get some more clarifications on this rule and know if there are exceptions (like the $10k special consideration when applied in the bank)

edit: spelling

Re: Chase 5/24 Rule

kdm31091 — Wed, 11 Nov 2015 19:59:17 GMT

Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

Re: Chase 5/24 Rule

Anonymous — Wed, 11 Nov 2015 20:17:07 GMT

There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements. Really isn't much more to add. It is more then 5 credit card accounts.. It does not include auto loans, mortgages or other installment loans. If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

Re: Chase 5/24 Rule

Anonymous — Wed, 11 Nov 2015 20:16:56 GMT

Accounts: credit cards only or loans/lease also? I have followed this topic since it first mentioned on myfico but I haven't seen anymore say that they're declined for having, say 3 new card, a car lease and a boat loan. Well-documented? I am not sure.

@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

Re: Chase 5/24 Rule

Anonymous — Wed, 11 Nov 2015 20:18:44 GMT

@Anonymous wrote:
There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements. Really isn't much more to add. It is more then 5 credit card accounts.. It does not include auto loans, mortgages or other installment loans. If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.

@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.

Re: Chase 5/24 Rule

ddemari — Wed, 11 Nov 2015 20:19:48 GMT

Unfortunately the rule is a real life thing. of course we would love it to not be. but many people have commented on applying and then reconning and then chase specifically saying no due to new accounts. Some posts I read even commented on chase closing peoples accounts on recon for new card because of their new cards accross the board.

Re: Chase 5/24 Rule

Anonymous — Wed, 11 Nov 2015 20:21:24 GMT

@Anonymous wrote:
@Anonymous wrote:
There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements. Really isn't much more to add. It is more then 5 credit card accounts.. It does not include auto loans, mortgages or other installment loans. If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.
@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.

Well not sure who stated its new accounts altogether because it only includes credit cards.

Re: Chase 5/24 Rule

Anonymous — Wed, 11 Nov 2015 20:28:52 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements. Really isn't much more to add. It is more then 5 credit card accounts.. It does not include auto loans, mortgages or other installment loans. If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.
@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.
Well not sure who stated its new accounts altogether because it only includes credit cards.

if anyone can show just cause why people with more than 5 new accounts altogether should not apply, let them speak now or forever hold their peace.

I searched and read before I started this. There are people who insist that it's 5 everything because the rule states 5 new accounts, and by definition "account" means everything.

Re: Chase 5/24 R

Anonymous — Wed, 11 Nov 2015 20:35:32 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements. Really isn't much more to add. It is more then 5 credit card accounts.. It does not include auto loans, mortgages or other installment loans. If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.
@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.
Well not sure who stated its new accounts altogether because it only includes credit cards.
if anyone can show just cause why people with more than 5 new accounts altogether should not apply, let them speak now or forever hold their peace.

I searched and read before I started this. There are people who insist that it's 5 everything because the rule states 5 new accounts, and by definition "account" means everything.

Well they're wrong. On any given topic here you'll find people giving out incorrect information so that's not unusual. Sometimes you have to look outside MF forums as well where sometimes these topics are discussed in more detail. This is the rule:

If you have more than 5 new credit card accounts reporting in the last 24 months you will not be approved for the Chase Freedom or Sapphire Preferred. Originally the rule applied to the Slate as well but there have been some approvals for that card because as KDM stated its not an award card and therefore really not used for churning. The rule does not apply to the Chase business cards. Not much more to it. And the rule is well documented in many places.

Re: Chase 5/24 Rule

redpat — Wed, 11 Nov 2015 20:37:39 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements. Really isn't much more to add. It is more then 5 credit card accounts.. It does not include auto loans, mortgages or other installment loans. If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.
@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.
Well not sure who stated its new accounts altogether because it only includes credit cards.
if anyone can show just cause why people with more than 5 new accounts altogether should not apply, let them speak now or forever hold their peace.

I searched and read before I started this. There are people who insist that it's 5 everything because the rule states 5 new accounts, and by definition "account" means everything.

Well if you are on a credit card board and someone says 5 new accounts, its short for CC accounts. People just interpreted it incorrectly that's all.

Re: Chase 5/24 R

FinStar — Wed, 11 Nov 2015 22:32:00 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
There's been plenty of information provided to date and Chase credit analysts themselves have stated the new requirements. Really isn't much more to add. It is more then 5 credit card accounts.. It does not include auto loans, mortgages or other installment loans. If you have 5 or less credit cards reporting at the time of your CSP application, that falls within the rule's parameters so nothing unusual there.
@kdm31091 wrote:
Yes many people have been declined explicitly for the 5 new accounts in 24 months. It is definitely a well documented policy.

The only exceptions I have seen made were for the slate card, probably because it has no rewards. Other than that, you simply have to wait until your new accounts age past the threshold.

This is why I started this topic. Some say for sure it's 5 new CC, some insist it's 5 new accounts.
Well not sure who stated its new accounts altogether because it only includes credit cards.
if anyone can show just cause why people with more than 5 new accounts altogether should not apply, let them speak now or forever hold their peace.

I searched and read before I started this. There are people who insist that it's 5 everything because the rule states 5 new accounts, and by definition "account" means everything.
Well they're wrong. On any given topic here you'll find people giving out incorrect information so that's not unusual. Sometimes you have to look outside MF forums as well where sometimes these topics are discussed in more detail. This is the rule:

If you have more than 5 new credit card accounts reporting in the last 24 months you will not be approved for the Chase Freedom or Sapphire Preferred. Originally the rule applied to the Slate as well but there have been some approvals for that card because as KDM stated its not an award card and therefore really not used for churning. The rule does not apply to the Chase business cards. Not much more to it. And the rule is well documented in many places.

+1 Pretty much what Irish, ddemari, KDM and redpat have mentioned above OP. This is no more than continuing to beat a dead horse with several threads on this topic.

Re: Chase 5/24 R

ddemari — Wed, 11 Nov 2015 22:37:03 GMT

They are not putting up a disclaimer on the application **** Do Not Apply If your Credit is Unclear of 5 New Credit Cards*******

I mean maybe they should, since they used to ask if your credit is clear of bankruptcy and or negative information. But they won't lol.

you can google chase rule online and a lot of the flyer boards, doc of credit sites etc. go into full detail on the chase rule.

Re: Chase 5/24 Rule

Anonymous — Thu, 12 Nov 2015 00:18:17 GMT

I've opened a lot more than 5 accounts and I was approved for a freedom so I say this is not a rule set in stone

Re: Chase 5/24 Rule

tntexans72 — Thu, 12 Nov 2015 00:22:27 GMT

@Anonymous wrote:
I've opened a lot more than 5 accounts and I was approved for a freedom so I say this is not a rule set in stone

As always YMMV!

Would be great if OP broke the 5/24 rule and not knowing = no hard pull, just an auto-declined only!

Re: Chase 5/24 Rule

kdm31091 — Thu, 12 Nov 2015 00:39:45 GMT

@Anonymous wrote:
I've opened a lot more than 5 accounts and I was approved for a freedom so I say this is not a rule set in stone

When? Keep in mind this rule only took effect a few months ago.

Re: Chase 5/24 Rule

Anonymous — Thu, 12 Nov 2015 00:56:22 GMT

Like 3 months ago, i've opened at least 12 ccs in the last 2 years I was approved for 3k . util was 15%

Re: Chase 5/24 Rule

CreditCuriosity — Thu, 12 Nov 2015 01:14:59 GMT

@Anonymous wrote:
Like 3 months ago, i've opened at least 12 ccs in the last 2 years I was approved for 3k . util was 15%

As always YMMV and do you have a banking relationship with them? Just the general consensus is this rule is pretty rock solid, you got around it somehow. Go and buy a lottery ticket while you are hot!

Re: Chase 5/24 Rule

Anonymous — Thu, 12 Nov 2015 02:55:39 GMT

I recently applied and was subsequently denied, solely for having opened too many new credit cards in the past 24 months. Called the recon number and was told the same. I pressed a bit and she put me on hold to speak with her manager. Came back and affirmed, "5 new credit cards in 24 months means no Case branded card approval." For the record, I have checking and savings accounts with Chase.

Re: Chase 5/24 Rule

Anonymous — Thu, 12 Nov 2015 03:42:09 GMT

As I said in one of the other 5/24 threads I also got a Freedom card in September and I've opened way more than 5 new cards in the last 14 months and an auto loan. I do have a checking account with Chase though.

Re: Chase 5/24 Rule

Anonymous — Thu, 12 Nov 2015 04:15:15 GMT

I don't bank with them, people jump into conclusions too fast IMO, there just not enough data.