topic Re: How can I bypass the chase 5/24 rules? in Credit Cards

How can I bypass the chase 5/24 rules?

DotaK — Sat, 13 Mar 2021 21:55:28 GMT

How can I bypass the chase 5/24 rules? I recenly applied for a chase IHG credit card and Freedom, and only IHG was approved. I called in and told them that I wanted both cards. They said NO! I have been applied for 5 cards,and 4 new credit cards got approved and 1 US personal line of credit. Does it mean I have to wait another 2 years to get another Chase credit card? Or is there anyone to bypass this?

Re: How can I bypass the chase 5/24 rules?

K-in-Boston — Sat, 13 Mar 2021 22:14:47 GMT

You can either wait until you are 4/24 or lower, get an in-branch preapproval, or get one of the green checkmark or black star offers in your Chase account that are known to usually bypass 5/24. Otherwise, there is no way around it even with Chase Private Bank which requires a minimum $10 MM deposit.

Re: How can I bypass the chase 5/24 rules?

DotaK — Sat, 13 Mar 2021 22:19:56 GMT

Oh, no!! I guess I have to wait another 2 years in order to get a chase card. So sad.

Re: How can I bypass the chase 5/24 rules?

DotaK — Sat, 13 Mar 2021 22:20:57 GMT

Does US personal line of credit count as a credit card?

Re: How can I bypass the chase 5/24 rules?

FinStar — Sat, 13 Mar 2021 22:21:15 GMT

As mentioned upthread by @K-in-Boston, there's no other way to circumvent the 5/24 restriction. Even as CPC, I had to patiently wait for the black star/green star pre-approved offers to eventually display to bypass 5/24 with the last 2 approvals (biz and personal).

Otherwise OP, if none of these potential offers ever display, you'll have to wait 2 years.

Re: How can I bypass the chase 5/24 rules?

K-in-Boston — Sat, 13 Mar 2021 22:23:13 GMT

@DotaK wrote:
Oh, no!! I guess I have to wait another 2 years in order to get a chase card. So sad.

Did you get all of these accounts this month? It's a rolling calculation, so you don't get penalized for 2 years after reaching 5/24 - as accounts age to 24 months that number lowers as long as no additional accounts have been opened.

Re: How can I bypass the chase 5/24 rules?

dragontears — Sat, 13 Mar 2021 22:23:10 GMT

@DotaK wrote:
Does US personal line of credit count as a credit card?

Yes

Re: How can I bypass the chase 5/24 rules?

FinStar — Sat, 13 Mar 2021 22:25:40 GMT

@DotaK wrote:
Does US personal line of credit count as a credit card?

All revolving types of accounts count toward the 5/24 restriction. So, any PLOCs, ODLOCs, CLOCs, HELOCs, etc., will count. That's why it's important to know ahead of time and be aware or understand some lenders' rules or policies because once someone goes into an unplanned application spree, the toothpaste is out of the tube.

Re: How can I bypass the chase 5/24 rules?

DotaK — Sat, 13 Mar 2021 22:39:36 GMT

Yes, I got 4 credit cards aand one personal line of credit this month. So sad!

Re: How can I bypass the chase 5/24 rules?

FinStar — Sat, 13 Mar 2021 22:56:33 GMT

BUT, at least on the upside, you were able to get IHG before the steam ran out. So, not a bad run. I would suggest checking periodically on your Chase portal under "Just For You" to see if any potential offers eventually display. You want to look for black stars with specific APR (pre-qualified) or the lovely green checkmarks (pre-approved) offers.

Alternatively, as already mentioned, visit a branch in the future and check with a personal banker to see whether your Chase profile has any pre-approved offers.

Re: How can I bypass the chase 5/24 rules?

HeavenOhio — Sun, 14 Mar 2021 03:00:52 GMT

@DotaK, the other problem that you may have run into has to do with applying for two Chase cards on the same day. We usually tell people to wait a bare minimum of a month between Chase apps, with three months being much safer.

People report one of two things when applying for two Chase cards the same day. One is that one card will be denied outright. The other is that both cards will be approved, with one of them being closed within a few days.

Re: How can I bypass the chase 5/24 rules?

DotaK — Sun, 14 Mar 2021 06:56:39 GMT

You'r right, I did apply for two chase cards on the same week, one got approved and one got denial.

Re: How can I bypass the chase 5/24 rules?

Wavester64 — Sun, 14 Mar 2021 13:49:19 GMT

@DotaK wrote:
Oh, no!! I guess I have to wait another 2 years in order to get a chase card. So sad.

I feel your pain. As of this writing, it will be another 568-days until I am 4/24

Re: How can I bypass the chase 5/24 rules?

Hoben02 — Mon, 15 Mar 2021 16:33:51 GMT

I bypassed it by going into a chase branch and talking with a rep to see if I was prequalified for any of the chase cards strictly: sapphire, freedom/freedom unlimited and slate.