topic Re: Chase 5/24 Rule and the proper denial reasons in Credit Cards

Chase 5/24 Rule and the proper denial reasons

ThriftySaver — Sun, 26 Feb 2023 23:51:22 GMT

I know Chase has the 5/24 rule where you cannot open 5 cards in the past 2 years. If you get denied for this reason
they will say "Too many credit cards opened in the last 2 years associated with you" But what if you get denied for
"Number of recently opened accounts on credit report" Is that the same thing or different meaning? I tried applying for
a Chase ink with an invite code and I am over 5/24 but the reason this time is different

Re: Chase 5/24 Rule and the proper denial reasons

Hut1 — Mon, 27 Feb 2023 00:16:15 GMT

It's actually 5 new accounts in 24 mos. Those include loans, etc.

Re: Chase 5/24 Rule and the proper denial reasons

nytokyobred79 — Mon, 27 Feb 2023 01:15:29 GMT

@ThriftySaver wrote:
I know Chase has the 5/24 rule where you cannot open 5 cards in the past 2 years. If you get denied for this reason
they will say "Too many credit cards opened in the last 2 years associated with you" But what if you get denied for
"Number of recently opened accounts on credit report" Is that the same thing or different meaning? I tried applying for
a Chase ink with an invite code and I am over 5/24 but the reason this time is different

I was recently denied a new Chase card bc I was over 5/24. On my denial letter, I received the verbiage around "too many credit cards opened in the last 2 years associated with you. "

I'll let Chase experts on here comment on the denial reason but I do wonder if it's bc you used an invite code. But still in the end, they denied based on number of new accounts. I'll let others chime in.

Re: Chase 5/24 Rule and the proper denial reasons

FranknBeans — Mon, 27 Feb 2023 02:38:18 GMT

Thought it was 5 cards in 24 months. I have 3 in 24 months but refi 2 cars 13 months ago so that would put me at 5 accounts in 24 months. Do I not have a chance at a chase card?

@Hut1 wrote:
It's actually 5 new accounts in 24 mos. Those include loans, etc.

Re: Chase 5/24 Rule and the proper denial reasons

JoeRockhead — Mon, 27 Feb 2023 02:55:27 GMT

@FranknBeans wrote:
Thought it was 5 cards in 24 months. I have 3 in 24 months but refi 2 cars 13 months ago so that would put me at 5 accounts in 24 months. Do I not have a chance at a chase card?
@Hut1 wrote:
It's actually 5 new accounts in 24 mos. Those include loans, etc.

The current iteration of the 5/24 rule applies to personal credit cards... business cards, mortgage, auto, student and personal loans aren't counted, so you should be good to apply.

Re: Chase 5/24 Rule and the proper denial reasons

FranknBeans — Mon, 27 Feb 2023 03:03:34 GMT

Thanks. Just got worried because of the comment above. "Number of recently opened accounts on credit report" I would be at 5 accounts in 24 months. I have 1 refi mortgage 2 refi cars and 3 cards in 24 month. Mortgage refi wasn't a hard pull. All three refi were over a year ago.

Re: Chase 5/24 Rule and the proper denial reasons

SweetCreditObsession — Mon, 27 Feb 2023 03:27:20 GMT

It's my understanding that they mean 5 cards....

Re: Chase 5/24 Rule and the proper denial reasons

nytokyobred79 — Mon, 27 Feb 2023 07:37:38 GMT

Agreeing with @SweetCreditObsession & @JoeRockhead bc my denial later stated too many credit cards over past 2 years and also, when I made a recon attempt by phone, they specifically mentioned my new credit card accts as the reason.