topic Re: Chase 5/24 UPDATE in Credit Cards

Chase 5/24 UPDATE

Creditplz — Sat, 28 May 2016 23:29:46 GMT

Marriott VS and United cards are all now subject to 5/24 rule.. wife applied for both and just received the denial for both... She has a CSP 30k+ and 770fico's

Re: Chase 5/24 UPDATE

sunkissed — Sat, 28 May 2016 23:40:18 GMT

Thanks for the update!

I will be sitting out for a while - I have 8/24. I had wanted the Ritz card. I won't be under 5/24 until Jan 2017.

You just saved me some heart ache.

Re: Chase 5/24 UPDATE

pip3man — Sun, 29 May 2016 00:24:34 GMT

Damnnn im so lucky. Dunno if the Ritz was affected since it's part of Marriott but got mine (@ 20/24) few days before it allegedly went into effect on the cobranded cards. I'm gonna have to wait until 2018 before I can get the Disney, CSP & FU card but at least I pretty much gotten all the Chase cards I need at this point. Sorry DW got declined!

Re: Chase 5/24 UPDATE

Superpet39 — Sun, 29 May 2016 00:41:37 GMT

@pip3man wrote:
Damnnn im so lucky.

Me too...... when i got the marriot back in march i was at 12/24

sorry about the bad news OP

Re: Chase 5/24 UPDATE

Anonymous — Sun, 29 May 2016 00:45:00 GMT

Anyone know if the Ink is part of the 5/24?

Re: Chase 5/24 UPDATE

thummel — Sun, 29 May 2016 00:53:18 GMT

Glad I decided to pick up the United card and there Amazon card while I could. Only card I see for me from them is the ritz in the possible future.

Re: Chase 5/24 UPDATE

Anonymous — Sun, 29 May 2016 00:53:25 GMT

@Anonymous wrote:
Anyone know if the Ink is part of the 5/24?

Yes it is now

Re: Chase 5/24 UPDATE

Anonymous — Sun, 29 May 2016 00:56:03 GMT

Chase bonus rewards are amazing. I wonder why they decided to do the 5/24. Is it because of the churners? If so, this is why we can't have nice things. If not, then I'm sorry for my previous comment. Kindof. haha

Re: Chase 5/24 UPDATE

Creditplz — Sun, 29 May 2016 01:04:54 GMT

I agree ^, that's why I'm hoping they don't take away my Hyatt, Ink, and SW while they do a review

Re: Chase 5/24 UPDATE

Sharingan — Sun, 29 May 2016 02:19:38 GMT

5/24 definitely keeps the churners away; but it also negatively impacts and groups those of us who do actually keep our Chase cards with the churners and institutes unnecessary obstructions to procuring additional products on demand. To this day, I have every Chase credit card product that I have applied and been approved for (going all the way back to my first Chase card many years ago), so I do find it a bit disingenuous of Chase to go this route, especially toward those without devious intentions. Regardless, I'm fortunate to have only missed out on one card that I wanted and I suppose I'll just need to plan accordingly for it in the future. I still believe this could've been addressed in a better and more fair way, but I guess it's not my business to run nor my money to lend.

Finally, I think if Chase is going to have optional boxes to check mark at the beginning of applications for "clear of bankruptcy/serious delinquencies" and "haven't been denied credit in the last 6 months by Chase," then they should also put one for new accounts in the past 24 months to save people the inquiries.

Re: Chase 5/24 UPDATE

Anonymous — Sun, 29 May 2016 01:51:23 GMT

@Sharingan wrote:
5/24 definitely keeps the churners away; but it also negatively impacts and groups those of us who do actually keep our Chase cards with the churners and institutes unnecessary obstructions to procuring additional products on demand. To this day, I have every Chase credit card product that I have applied and been approved for (going all the way back to my first Chase card many years ago), so I do find it a bit disenguous of Chase to go this route, especially toward those without devious intentions. Regardless, I'm fortunate to have only missed out on one card that I wanted and I suppose I'll just need to plan accordingly for it in the future. I still believe this could've been addressed in a better and more fair way, but I guess it's not my business to run nor my money to lend.

Finally, I think if Chase is going to have optional boxes to check mark at the beginning of applications for "clear of bankruptcy/serious delinquencies" and "haven't been denied credit in the last 6 months by Chase," then they should also put one for new accounts in the past 24 months to save people the inquiries.

I agree. LIke you, I have one card I want, the sapphire preferred bonus. But that is something I can wait on.

Re: Chase 5/24 UPDATE

Anonymous — Sun, 29 May 2016 02:10:47 GMT

@Sharingan wrote:
5/24 definitely keeps the churners away; but it also negatively impacts and groups those of us who do actually keep our Chase cards with the churners and institutes unnecessary obstructions to procuring additional products on demand. To this day, I have every Chase credit card product that I have applied and been approved for (going all the way back to my first Chase card many years ago), so I do find it a bit disenguous of Chase to go this route, especially toward those without devious intentions. Regardless, I'm fortunate to have only missed out on one card that I wanted and I suppose I'll just need to plan accordingly for it in the future. I still believe this could've been addressed in a better and more fair way, but I guess it's not my business to run nor my money to lend.

Finally, I think if Chase is going to have optional boxes to check mark at the beginning of applications for "clear of bankruptcy/serious delinquencies" and "haven't been denied credit in the last 6 months by Chase," then they should also put one for new accounts in the past 24 months to save people the inquiries.

I am disheartened to see that they are denying cobrands for the 5/24 now as well. Seems unfair for the companies like Marriott, Amazon etc.

It is what it is.. but feel bad for people that have no idea about this rule that are applying without knowing. They really need to be upfront aboutt this etc on the application page. Everyone does not know about this great resource myFico. Anyway I think this 5/24 thing will have to be tweaked... there are businesses people that have more than 5 etc. Any Who... I wish the churners would not of ruined it for everyone.

Re: Chase 5/24 UPDATE

Anonymous — Sun, 29 May 2016 02:16:43 GMT

Thanks for the updated info! I guess it will be a long time before I can ask Chase for anything.

Re: Chase 5/24 UPDATE

SouthJamaica — Sun, 29 May 2016 02:49:30 GMT

@Creditplz wrote:
Marriott VS and United cards are all now subject to 5/24 rule.. wife applied for both and just received the denial for both... She has a CSP 30k+ and 770fico's

Thanks for the info. Good to know.

Re: Chase 5/24 UPDATE

kdm31091 — Sun, 29 May 2016 02:54:51 GMT

@Anonymous wrote:
@Sharingan wrote:
5/24 definitely keeps the churners away; but it also negatively impacts and groups those of us who do actually keep our Chase cards with the churners and institutes unnecessary obstructions to procuring additional products on demand. To this day, I have every Chase credit card product that I have applied and been approved for (going all the way back to my first Chase card many years ago), so I do find it a bit disenguous of Chase to go this route, especially toward those without devious intentions. Regardless, I'm fortunate to have only missed out on one card that I wanted and I suppose I'll just need to plan accordingly for it in the future. I still believe this could've been addressed in a better and more fair way, but I guess it's not my business to run nor my money to lend.

Finally, I think if Chase is going to have optional boxes to check mark at the beginning of applications for "clear of bankruptcy/serious delinquencies" and "haven't been denied credit in the last 6 months by Chase," then they should also put one for new accounts in the past 24 months to save people the inquiries.

I am disheartened to see that they are denying cobrands for the 5/24 now as well. Seems unfair for the companies like Marriott, Amazon etc.

I think 5/24 probably impacts very few consumers in the real world. Yes, it impacts those of us in the "credit card world" but the vast majority of people would still be approved (if they otherwise qualify). So doubt Marriott, Amazon, etc are really going to notice a huge difference, especially since many people who have a lot of cards are only using them for the free annual night or other perks, not everyday spend -- so Marriott etc probably doesn't really care too much about those cardholders.

Re: Chase 5/24 UPDATE

yfan — Sun, 29 May 2016 04:13:07 GMT

@Sharingan wrote:
5/24 definitely keeps the churners away; but it also negatively impacts and groups those of us who do actually keep our Chase cards with the churners and institutes unnecessary obstructions to procuring additional products on demand

I suspect keeping churners away is only part of the story of the 5/24 rule. I think it's a broader attempt by Chase to keep away people who would apply for a card, get the bonus, and not use it much on a regular basis after whether they hold on to it or not. And just by the sheer law of numbers, the more cards one racks up, the less likely one is to give a given card regular use and swipes, especially if one acquired several other cards recently.

Re: Chase 5/24 UPDATE

Sharingan — Sun, 29 May 2016 04:43:51 GMT

@yfan wrote:
@Sharingan wrote:
5/24 definitely keeps the churners away; but it also negatively impacts and groups those of us who do actually keep our Chase cards with the churners and institutes unnecessary obstructions to procuring additional products on demand
I suspect keeping churners away is only part of the story of the 5/24 rule. I think it's a broader attempt by Chase to keep away people who would apply for a card, get the bonus, and not use it much on a regular basis after whether they hold on to it or not. And just by the sheer law of numbers, the more cards one racks up, the less likely one is to give a given card regular use and swipes, especially if one acquired several other cards recently.

While that is certainly possible, what about pre-existing open credit cards that fall outside of 5/24? Are those not as capable of detracting use and swipes as recently opened accounts? I've heard of some banks using the broader "too many open credit cards" as a denial reason, so it would behoove Chase to use it too if that's a concern.

Re: Chase 5/24 UPDATE

yfan — Sun, 29 May 2016 06:39:54 GMT

The calculation I think is that when you get new cards, you tend to use them at least for a period of time - whether it is because of the bonus or because of that new card shine. Chase wants to be part of that group for you, but wants to keep that group relatively small. You can have legacy cards open, but the reason for applying for new products probably is to use them.

Re: Chase 5/24 UPDATE

pip3man — Sun, 29 May 2016 10:52:04 GMT

I still don't get how 5/24 is a quick fix to solving churning activities with Chase. It only temporarily prevents it in the short run but once a consumer meets the eligibility again, they can very well resume churning. Chase should come up with a more viable plan to tackle this problem cos this rule does nothing but classify genuine consumers and churners in the same bucket. As with the law of economics, consumers have unlimited wants therefore are always out there looking/applying for the next best card but that doesn't translate to having ulterior motives. And just like someone suggested they should update the application to reference this info so they can save people from unnecessary inquiries. Hopefully they don't start shutting down preexisting accounts upon review if they notice excessive new trade lines.

Re: Chase 5/24 UPDATE

elim — Sun, 29 May 2016 12:05:16 GMT

So Chase actually set in action the co-brand 5/24 on 5/24? lol, crazy. #sux4us