topic Re: Any updates on Chase 5/24 rule? in Credit Cards

Any updates on Chase 5/24 rule?

Anonymous — Sun, 05 Jun 2016 03:57:17 GMT

I am in building mode with 11 new accounts in the last 2 years. Scores around 705. I want the Chase British Airways and United cards and would prefer to wait until this fall when my scores and limits will be higher, but if this rule is going into effect soon, then I guess I don't really have a choice but to go for it now unless I want to wait 2 years from this fall as that will be my next mini spree of a few cards before I garden for a while. What do you guys think? Any more news on this?

Re: Any updates on Chase 5/24 rule?

Anonymous — Sun, 05 Jun 2016 02:10:45 GMT

United now 5/24. BA is not.

Re: Any updates on Chase 5/24 rule?

Anonymous — Sun, 05 Jun 2016 03:55:41 GMT

Thank you, I wonder if they plan to add it to their rule?

Re: Any updates on Chase 5/24 rule?

RonM21 — Sun, 05 Jun 2016 17:06:04 GMT

You never know. Since implemented some things were not fully known until later on.

Re: Any updates on Chase 5/24 rule?

Anonymous — Sun, 05 Jun 2016 19:22:32 GMT

Apped for the British Airways and got a 7-10 message. Guess we'll see.

Re: Any updates on Chase 5/24 rule?

CreditMagic7 — Sun, 05 Jun 2016 19:33:39 GMT

@Anonymous wrote:
Apped for the British Airways and got a 7-10 message. Guess we'll see.

Good Luck.

Re: Any updates on Chase 5/24 rule?

Anonymous — Sun, 05 Jun 2016 20:53:48 GMT

I got the 30 day email shortly after. My first instinct is to call tomorrow, but many around here seem to say don't.

Re: Any updates on Chase 5/24 rule?

Jamisonke — Sun, 05 Jun 2016 23:04:45 GMT

I'd wait it out. Call to recon if denied.

Re: Any updates on Chase 5/24 rule?

Anonymous — Tue, 07 Jun 2016 02:51:25 GMT

Definitely, sounds like a plan. I got 4 new cards in the last two months, one of them being a Slate (first with Chase) before I knew about the 5/24. So those things work against me, though my score just broke 721 today which helps. Looks like it could go either way, worth it to find out though.

Re: Any updates on Chase 5/24 rule?

datrucking210 — Tue, 07 Jun 2016 03:35:02 GMT

@Anonymous wrote:
United now 5/24. BA is not.

Yup. I received the denial letter over the weekend for my United app that I applied on 5/10 and that was the sole reason I was denied. Felt they held my app as long as they could to deny me. Oh well, gotta continue gardening.

Re: Any updates on Chase 5/24 rule?

Anonymous — Tue, 07 Jun 2016 03:39:12 GMT

@datrucking210 wrote:
@Anonymous wrote:
United now 5/24. BA is not.
Yup. I received the denial letter over the weekend for my United app that I applied on 5/10 and that was the sole reason I was denied. Felt they held my app as long as they could to deny me. Oh well, gotta continue gardening.

They did that to me too basically... after talking with the verifications dept they said I should be getting the card within 3-5 days... 3 days later I got a 5/24 denial letter. Recon lady said she would overturn it since my app was in pre-policy-change but just wasted 45 mins of my time to come back with a new list of denial reasons.

Re: Any updates on Chase 5/24 rule?

Anonymous — Thu, 16 Jun 2016 01:52:28 GMT

Still no word. Was initially getting the 30 message with the robot lady checking the status line, then recently it turned 7-10 days. No new accounts showing up in my Chase login. I feel a denial in the works. Instinctively I felt it was too soon, but I'm confident I'll be ready in September. Hopefully it will steer clear of 5/24 by then.

Re: Any updates on Chase 5/24 rule?

kdm31091 — Thu, 16 Jun 2016 01:59:08 GMT

@Anonymous wrote:
@datrucking210 wrote:
@Anonymous wrote:
United now 5/24. BA is not.
Yup. I received the denial letter over the weekend for my United app that I applied on 5/10 and that was the sole reason I was denied. Felt they held my app as long as they could to deny me. Oh well, gotta continue gardening.
They did that to me too basically... after talking with the verifications dept they said I should be getting the card within 3-5 days... 3 days later I got a 5/24 denial letter. Recon lady said she would overturn it since my app was in pre-policy-change but just wasted 45 mins of my time to come back with a new list of denial reasons.

So they overturned 5/24, but still produced a denial, on different grounds?

I guess analysts can technically override 5/24, but I imagine they are vehemently discouraged from doing so and probably have to have a "real" reason like yours (applied before policy change). They can't/won't just override it because they just want to approve you. They only exceptions I have seen have been either very borderline (exactly 5 accounts in 24 months, or maybe 6) or someone who had a ton of assets with Chase. Other than that, pretty ironclad policy. Since OP is well over 5/24, unfortunately, all signs point to a denial.

Re: Any updates on Chase 5/24 rule?

Anonymous — Thu, 16 Jun 2016 02:30:25 GMT

@kdm31091 wrote:
@Anonymous wrote:
@datrucking210 wrote:
@Anonymous wrote:
United now 5/24. BA is not.
Yup. I received the denial letter over the weekend for my United app that I applied on 5/10 and that was the sole reason I was denied. Felt they held my app as long as they could to deny me. Oh well, gotta continue gardening.
They did that to me too basically... after talking with the verifications dept they said I should be getting the card within 3-5 days... 3 days later I got a 5/24 denial letter. Recon lady said she would overturn it since my app was in pre-policy-change but just wasted 45 mins of my time to come back with a new list of denial reasons.
So they overturned 5/24, but still produced a denial, on different grounds?

I guess analysts can technically override 5/24, but I imagine they are vehemently discouraged from doing so and probably have to have a "real" reason like yours (applied before policy change). They can't/won't just override it because they just want to approve you. They only exceptions I have seen have been either very borderline (exactly 5 accounts in 24 months, or maybe 6) or someone who had a ton of assets with Chase. Other than that, pretty ironclad policy. Since OP is well over 5/24, unfortunately, all signs point to a denial.

Correct. The denial letter I received cited only "too many accounts opened in the past 24 months" as the single reason for denial.

Stern Ms. Chase Lady came up with "too many recent inquiries, not enough business history, and not enough business income". I'm still angry she wasted 45 mins of my time only to do that.

Re: Any updates on Chase 5/24 rule?

Anonymous — Thu, 16 Jun 2016 04:47:21 GMT

@Anonymous wrote:
@kdm31091 wrote:
@Anonymous wrote:
@datrucking210 wrote:
@Anonymous wrote:
United now 5/24. BA is not.
Yup. I received the denial letter over the weekend for my United app that I applied on 5/10 and that was the sole reason I was denied. Felt they held my app as long as they could to deny me. Oh well, gotta continue gardening.
They did that to me too basically... after talking with the verifications dept they said I should be getting the card within 3-5 days... 3 days later I got a 5/24 denial letter. Recon lady said she would overturn it since my app was in pre-policy-change but just wasted 45 mins of my time to come back with a new list of denial reasons.
So they overturned 5/24, but still produced a denial, on different grounds?

I guess analysts can technically override 5/24, but I imagine they are vehemently discouraged from doing so and probably have to have a "real" reason like yours (applied before policy change). They can't/won't just override it because they just want to approve you. They only exceptions I have seen have been either very borderline (exactly 5 accounts in 24 months, or maybe 6) or someone who had a ton of assets with Chase. Other than that, pretty ironclad policy. Since OP is well over 5/24, unfortunately, all signs point to a denial.
Correct. The denial letter I received cited only "too many accounts opened in the past 24 months" as the single reason for denial.

Stern Ms. Chase Lady came up with "too many recent inquiries, not enough business history, and not enough business income". I'm still angry she wasted 45 mins of my time only to do that.

I had something similar (but not as bad happen to me. I saw I was preapproved for Slate, Freedom and CSP via the online tool and applied for the Slate and Freedom that night and received immediate approvals. I got sidetracked and didn't apply for CSP until the next day (again through the prequaled online tool) and got a 7-10 day message. I called the recon line and the woman said that I needed to verify my social which I thought was strange because I was just approved for $22K in credit from Chase. I brought my SSN card into a local branch and explained my situation to the guy (who was really nice and helpful) who noted that I was indeed prequaled for CSP and proceeded to verify my SSN with their system (or whatever needed to be done). After speaking with the analyst or lending department for 30 minutes on my behalf he was told I would need to call back in 4 hours. I did and spoke to the woman for 20 minutes or so only to be told that I had too many new accounts with Chase open. I was annoyed but at least everyone was nice enough and apologized for the confusion.

I've been looking around at how to increase my chances at beating the 5/24 rule and it seems like initiating the application in person through a Chase bankers prequalification tool and having $10k in a savings account may help my chances. I guess I'll try that in a bit and see how it goes.

Re: Any updates on Chase 5/24 rule?

Anonymous — Thu, 16 Jun 2016 05:10:16 GMT

LPMIII wrote
I've been looking around at how to increase my chances at beating the 5/24 rule and it seems like initiating the application in person through a Chase bankers prequalification tool and having $10k in a savings account may help my chances. I guess I'll try that in a bit and see how it goes.

I saw that trick too, definitely worth a try. I plan to try that probably next year.

Re: Any updates on Chase 5/24 rule?

elim — Thu, 16 Jun 2016 06:16:49 GMT

@Anonymous wrote:
@Anonymous wrote:
@kdm31091 wrote:
@Anonymous wrote:
@datrucking210 wrote:
@Anonymous wrote:
United now 5/24. BA is not.
Yup. I received the denial letter over the weekend for my United app that I applied on 5/10 and that was the sole reason I was denied. Felt they held my app as long as they could to deny me. Oh well, gotta continue gardening.
They did that to me too basically... after talking with the verifications dept they said I should be getting the card within 3-5 days... 3 days later I got a 5/24 denial letter. Recon lady said she would overturn it since my app was in pre-policy-change but just wasted 45 mins of my time to come back with a new list of denial reasons.
So they overturned 5/24, but still produced a denial, on different grounds?

I guess analysts can technically override 5/24, but I imagine they are vehemently discouraged from doing so and probably have to have a "real" reason like yours (applied before policy change). They can't/won't just override it because they just want to approve you. They only exceptions I have seen have been either very borderline (exactly 5 accounts in 24 months, or maybe 6) or someone who had a ton of assets with Chase. Other than that, pretty ironclad policy. Since OP is well over 5/24, unfortunately, all signs point to a denial.
Correct. The denial letter I received cited only "too many accounts opened in the past 24 months" as the single reason for denial.

Stern Ms. Chase Lady came up with "too many recent inquiries, not enough business history, and not enough business income". I'm still angry she wasted 45 mins of my time only to do that.
I had something similar (but not as bad happen to me. I saw I was preapproved for Slate, Freedom and CSP via the online tool and applied for the Slate and Freedom that night and received immediate approvals. I got sidetracked and didn't apply for CSP until the next day (again through the prequaled online tool) and got a 7-10 day message. I called the recon line and the woman said that I needed to verify my social which I thought was strange because I was just approved for $22K in credit from Chase. I brought my SSN card into a local branch and explained my situation to the guy (who was really nice and helpful) who noted that I was indeed prequaled for CSP and proceeded to verify my SSN with their system (or whatever needed to be done). After speaking with the analyst or lending department for 30 minutes on my behalf he was told I would need to call back in 4 hours. I did and spoke to the woman for 20 minutes or so only to be told that I had too many new accounts with Chase open. I was annoyed but at least everyone was nice enough and apologized for the confusion.

I've been looking around at how to increase my chances at beating the 5/24 rule and it seems like initiating the application in person through a Chase bankers prequalification tool and having $10k in a savings account may help my chances. I guess I'll try that in a bit and see how it goes.

2 chase approvals within 30 days is their usual max. The third is denied.

Re: Any updates on Chase 5/24 rule?

Anonymous — Sun, 19 Jun 2016 13:57:55 GMT

Got a letter from verification department in the mail this morning. I called them and got approved! SL is 5k. Would definitely have preferred to wait until this fall when my credit profile will be in much better shape, but considering I just also got a 4.8k Slate from them 2 months ago, am a new customer with them, and have a short credit history I will take it! Very pleased.

So, as of now it appears British Airways is not yet part of 5/24 as I was 11/24 at time of app. Although really more like 10/12.

Re: Any updates on Chase 5/24 rule?

galahad15 — Fri, 17 Jun 2016 14:10:12 GMT

@Anonymous wrote:
Got a letter from verification department in the mail this morning. I called them and got approved! SL is 5k. Would definitely have preferred to wait until this fall when my credit profile will be in much better shape, but considering I just also got a 4.8k Slate from them 2 months ago, am a new customer with them, and have a short credit history I will take it! Very pleased.

So, as of now it appears British Airways is not yet part of 5/24 as I was 11/24 at time of app.

Congrats on the successful approval WaveRider!

Re: Any updates on Chase 5/24 rule?

Anonymous — Fri, 17 Jun 2016 19:02:23 GMT

@galahad15 wrote:
@Anonymous wrote:
Got a letter from verification department in the mail this morning. I called them and got approved! SL is 5k. Would definitely have preferred to wait until this fall when my credit profile will be in much better shape, but considering I just also got a 4.8k Slate from them 2 months ago, am a new customer with them, and have a short credit history I will take it! Very pleased.

So, as of now it appears British Airways is not yet part of 5/24 as I was 11/24 at time of app.

Congrats on the successful approval WaveRider!

Thanks!