topic Re: Chase 5/24 is now 2/24?? in Credit Cards

Chase 5/24 is now 2/24??

DoroLucky — Thu, 16 Jun 2016 14:12:50 GMT

Rumor has it that Chase 5/24 is now 2/24. Is there any truth to this?? Please share your experience with this to save so many of us from a wasteful HP.

If this is true, Chase is the wackest of them all smh

Re: Chase 5/24 is now 2/24??

Anonymous — Thu, 16 Jun 2016 14:30:05 GMT

Only one person has mentioned this so I don't think there is anything to it. We don't want to create unnecessary panic on the board.

It is very likely that the person had other issues in their credit report that caused Chase to be concerned.

Re: Chase 5/24 is now 2/24??

zerbherb — Thu, 16 Jun 2016 14:32:40 GMT

i can test that. I am at 3 outta five. 1 in 2015 2 in 2016. The only thing i legitimatelly need is a 1.5% card and the freedom unlimited plays that role well considering i have the king, i will wait till october though.

Re: Chase 5/24 is now 2/24??

Anonymous — Thu, 16 Jun 2016 14:34:22 GMT

I havent heard that but that still isnt THAT bad. 5 accounts in 24 months is still a lot of accounts. 2 in 24 is still more than what your average consumer does. What a lot of people on these forums do isnt representative of the average person. If I was a lender, I would be very leery of granting credit to someone with multiple accounts opened in a relatively short time period. You have to think about it from the lenders perspective.

Re: Chase 5/24 is now 2/24??

lord_kinbote — Thu, 16 Jun 2016 14:38:54 GMT

@zerbherb wrote:
i can test that. I am at 3 outta five. 1 in 2015 2 in 2016. The only thing i legitimatelly need is a 1.5% card and the freedom unlimited plays that role well considering i have the king, i will wait till october though.

OK, we will all sit here and wait patiently until October for you to test. Seriously, why even mention "I can test that" and then in the next sentence say October.

Re: Chase 5/24 is now 2/24??

DoroLucky — Thu, 16 Jun 2016 14:42:01 GMT

@babson wrote:
@zerbherb wrote:
i can test that. I am at 3 outta five. 1 in 2015 2 in 2016. The only thing i legitimatelly need is a 1.5% card and the freedom unlimited plays that role well considering i have the king, i will wait till october though.
OK, we will all sit here and wait patiently until October for you to test. Seriously, why even mention "I can test that" and then in the next sentence say October.

I can always count on my myfico'ers fam for a good laugh

I was thinking the same thing...like come on October???

Re: Chase 5/24 is now 2/24??

Anonymous — Thu, 16 Jun 2016 14:44:42 GMT

@DoroLucky wrote:
@babson wrote:
@zerbherb wrote:
i can test that. I am at 3 outta five. 1 in 2015 2 in 2016. The only thing i legitimatelly need is a 1.5% card and the freedom unlimited plays that role well considering i have the king, i will wait till october though.
OK, we will all sit here and wait patiently until October for you to test. Seriously, why even mention "I can test that" and then in the next sentence say October.
I can always count on my myfico'ers fam for a good laugh

I was thinking the same thing...like come on October???

On the other hand, it was you that posted "Rumor has it" based on one case

Re: Chase 5/24 is now 2/24??

takeshi74 — Thu, 16 Jun 2016 14:45:05 GMT

@Anonymous wrote:
Only one person has mentioned this so I don't think there is anything to it.

Right. One data point doesn't even define a line, much less a trend.

Re: Chase 5/24 is now 2/24??

DoroLucky — Thu, 16 Jun 2016 14:46:24 GMT

@Anonymous wrote:
@DoroLucky wrote:
@babson wrote:
@zerbherb wrote:
i can test that. I am at 3 outta five. 1 in 2015 2 in 2016. The only thing i legitimatelly need is a 1.5% card and the freedom unlimited plays that role well considering i have the king, i will wait till october though.
OK, we will all sit here and wait patiently until October for you to test. Seriously, why even mention "I can test that" and then in the next sentence say October.
I can always count on my myfico'ers fam for a good laugh

I was thinking the same thing...like come on October???
On the other hand, it was you that posted "Rumor has it" based on one case

YES it was me, so???? Anyway I thought I saw 2 different posters but I could be wrong. I'm going to call Chase myself.

Re: Chase 5/24 is now 2/24??

CreditMagic7 — Thu, 16 Jun 2016 14:56:46 GMT

Whether it's 2, 4, 6, or 8 one can always simply pay a visit to their local Chase Branch and go that route to see if there is a card offer available and possibly maybe see that rule bypassed for them

Re: Chase 5/24 is now 2/24??

MyLoFICO — Fri, 17 Jun 2016 14:15:06 GMT

I didn't even apply and got denied for too many new accounts. Chase called me and said "Just incase you were thinking of applying, you are already denied. Too many new accounts. Sucks to be you!" and hung up. No HP though, so I have that going for me.

Re: Chase 5/24 is now 2/24??

Sharingan — Thu, 16 Jun 2016 15:09:18 GMT

Chase may decline most applicants with 5 or more new accounts in the past 24 months for certain products, but they never stated that they won't decline others for less in 24, 12, or even 6 months. This doesn't mean that sweeping new underwriting criteria has has been implemented as there has always been an individual factor considered when assessing an applicant's credit. That is why one may be denied for too many inquiries while another is instantly approved for the same product despite having even more inquiries. Rumors are just that, rumors.

Re: Chase 5/24 is now 2/24??

DoroLucky — Thu, 16 Jun 2016 15:44:12 GMT

Well I am on the phone with a Chase "supervisor" now and she's saying she's NEVER heard of the 5/24 rule LOL. She placed me on hold to research...I hope she don't SP me and see I'm at 19/24

Welp she came back and flat out DENIED any rule exist including 5/24

Before I was involuntarily transferred to her, the rep before me said it was 8/24 not 5

Re: Chase 5/24 is now 2/24??

wachme — Thu, 16 Jun 2016 15:11:24 GMT

There aren't any concrete datapoints that would suggest they all of sudden went from 5/24 to 2/24. That seems highly unlikely and would basically relegate Chase to offering cards to college students and/or those without established credit. Makes no sense.

Re: Chase 5/24 is now 2/24??

DoroLucky — Thu, 16 Jun 2016 15:13:55 GMT

@wachme wrote:
There aren't any concrete datapoints that would suggest they all of sudden went from 5/24 to 2/24. That seems highly unlikely and would basically relegate Chase to offering cards to college students and/or those without established credit. Makes no sense.

and you're absolutely correct!

BTW, did you purposely color coordinate your cards??

Re: Chase 5/24 is now 2/24??

MyLoFICO — Thu, 16 Jun 2016 15:15:03 GMT

I'm gonna call and demand to know all about their 24 rule. I'll tell them my name is Jack Bauer, I have my own 24 rule!

Re: Chase 5/24 is now 2/24??

wachme — Thu, 16 Jun 2016 15:22:06 GMT

@DoroLucky wrote:
@wachme wrote:
There aren't any concrete datapoints that would suggest they all of sudden went from 5/24 to 2/24. That seems highly unlikely and would basically relegate Chase to offering cards to college students and/or those without established credit. Makes no sense.
and you're absolutely correct!

BTW, did you purposely color coordinate your cards??

Lol, no but now that I look at it, it seems way to heavy on the blues. I need some more black and gold cards, maybe even purple ( SPG, I'm looking at you )

They're listed from highest spending power to lowest.

Re: Chase 5/24 is now 2/24??

Anonymous — Thu, 16 Jun 2016 15:25:34 GMT

@wachme wrote:
There aren't any concrete datapoints that would suggest they all of sudden went from 5/24 to 2/24. That seems highly unlikely and would basically relegate Chase to offering cards to college students and/or those without established credit. Makes no sense.

Exactly.

Re: Chase 5/24 is now 2/24??

DoroLucky — Thu, 16 Jun 2016 15:28:47 GMT

@wachme wrote:
@DoroLucky wrote:
@wachme wrote:
There aren't any concrete datapoints that would suggest they all of sudden went from 5/24 to 2/24. That seems highly unlikely and would basically relegate Chase to offering cards to college students and/or those without established credit. Makes no sense.
and you're absolutely correct!

BTW, did you purposely color coordinate your cards??

Lol, no but now that I look at it, it seems way to heavy on the blues. I need some more black and gold cards, maybe even purple ( SPG, I'm looking at you )

They're listed from highest spending power to lowest.

Well it's very very cute. I took mine out my sig but I have multiple colors and it's on purpose

Re: Chase 5/24 is now 2/24??

DoroLucky — Thu, 16 Jun 2016 15:29:58 GMT

@MyLoFICO wrote:
I'm gonna call and demand to know all about their 24 rule. I'll tell them my name is Jack Bauer, I have my own 24 rule!

They will ask for your Chase acct number...I should have told them I'm not a customer but I hate petty lying LOL