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Chase 5/24 Rule and Business Cards

Established Contributor

Chase 5/24 Rule and Business Cards

I applied for the Chase Ink last week and low and behold it was declined. Today, I get my letter in the mail and the decline reason was:

 

Too many credit cards opened in the last 2 years. 

 

I wonder if this can be reconned. I thought this didn't apply to business cards. Any one else run into this issue?

Starting 11/14 EQ 498 EX 514 TU 507 | Current 4/10 EQ 651 EX 697 TU 692 | Util 11% | Personal Credit - $97,540 | Business Credit - $71,100
Message 1 of 4
3 REPLIES
Super Contributor

Re: Chase 5/24 Rule and Business Cards


lindsaydruart wrote:

I applied for the Chase Ink last week and low and behold it was declined. Today, I get my letter in the mail and the decline reason was:

 

Too many credit cards opened in the last 2 years. 

 

I wonder if this can be reconned. I thought this didn't apply to business cards. Any one else run into this issue?


According to these articles the 5/24 rule is now applicable to the Ink cards:

http://www.doctorofcredit.com/chase-524-rule-now-effect-credit-cards/

http://thepointsguy.com/2016/07/unfortunate-expansion-chase-524-rule/

 

 

 


FICO8 EQ 743 TU 777 EX 752 Total revolving limits 618800 (508800 reporting)
Message 2 of 4
Valued Contributor

Re: Chase 5/24 Rule and Business Cards

As far as I can tell all of Chase's business cards are now under 5/24.

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $5,000, Blaze MC $2,500
Infiniti Financial lease

AU Cards: CSP $37.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 3 of 4
Valued Contributor

Re: Chase 5/24 Rule and Business Cards

OP that sucks. Yes it falls under that 5 i 24 nonsense. You may be able to bypass it with an in branch preapproval if you have one. Some DP's seem to indicate the Marriott business doesn't fall under 5/24.


Message 4 of 4