5/24 explanation

[JLL2104]

Hi everyone, been a while. You guys helped me so much! So much that I haven't been on the boards in a while.

Want to join the Chase family but don't think I fall within the 5/24 rule. Does the '5' refer to inquiries or new accounts? 
I've also read Chase is loosening up on that rule. I get pre-selected offers in the mail about twice a week...from Chase. Just afraid to pull the trigger 

[AverageJoesCredit]

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@JLL2104 wrote:

Hi everyone, been a while. You guys helped me so much! So much that I haven't been on the boards in a while.

Want to join the Chase family but don't think I fall within the 5/24 rule. Does the '5' refer to inquiries or new accounts? 
I've also read Chase is loosening up on that rule. I get pre-selected offers in the mail about twice a week...from Chase. Just afraid to pull the trigger 

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5 refers to opened accounts. 5/24 still going strong to me, rejections still my forte

[SouthJamaica]

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@JLL2104 wrote:

Hi everyone, been a while. You guys helped me so much! So much that I haven't been on the boards in a while.

Want to join the Chase family but don't think I fall within the 5/24 rule. Does the '5' refer to inquiries or new accounts? 
I've also read Chase is loosening up on that rule. I get pre-selected offers in the mail about twice a week...from Chase. Just afraid to pull the trigger 

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It means 5 new revolving accounts within prior 24 months. Has nothing to do with inquiries.

Chase is not loosening the rule.  But if you are preapproved for a card, that will often overcome the 5/24 rule.

[OmarGB9]

It has already been covered by others, but yes, 5/24 refers to credit accounts, not inquiries. 

Also, be careful of offers you get in the mail, they're usually just marketing. 

[JLL2104]

Thanks everyone! What's the best way to tell if I'm at 5/24? Look at inquiries, right? Also, what does Chase pull? Is it possible to be above 5/24 with one agency and below on another? Make sense? 

[JLL2104]

Also, Chase doesn't have a pre-qual tool that I know of. Is that accurate? 

[FinStar]

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@JLL2104 wrote:

Also, Chase doesn't have a pre-qual tool that I know of. Is that accurate? 

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Correct.

The only pre-qualifications from Chase will be in the form of a pre-approved offer online (i.e. 'Just for you' -- green stars/black stars) or by visiting a branch. As mentioned upthread, any offers you may receive by mail are just marketing.

[TRC_WA]

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@SouthJamaica wrote:

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@JLL2104 wrote:

Hi everyone, been a while. You guys helped me so much! So much that I haven't been on the boards in a while.

Want to join the Chase family but don't think I fall within the 5/24 rule. Does the '5' refer to inquiries or new accounts? 
I've also read Chase is loosening up on that rule. I get pre-selected offers in the mail about twice a week...from Chase. Just afraid to pull the trigger 

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It means 5 new revolving accounts within prior 24 months. Has nothing to do with inquiries.

Chase is not loosening the rule.  But if you are preapproved for a card, that will often overcome the 5/24 rule.

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Chase will be the first cards I apply for when my Ch 13 baddies fall off in the next 16-20 months because I will have 0 new accounts in the last 24 months at that time.

[FinStar]

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@TRC_WA wrote:

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@SouthJamaica wrote:

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@JLL2104 wrote:

Hi everyone, been a while. You guys helped me so much! So much that I haven't been on the boards in a while.

Want to join the Chase family but don't think I fall within the 5/24 rule. Does the '5' refer to inquiries or new accounts? 
I've also read Chase is loosening up on that rule. I get pre-selected offers in the mail about twice a week...from Chase. Just afraid to pull the trigger 

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It means 5 new revolving accounts within prior 24 months. Has nothing to do with inquiries.

Chase is not loosening the rule.  But if you are preapproved for a card, that will often overcome the 5/24 rule.

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Chase will be the first cards I apply for when my Ch 13 baddies fall off in the next 16-20 months because I will have 0 new accounts in the last 24 months at that time.

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@TRC_WA- even if negatives drop off at that point in time, Chase will not approve any applications with the presence of BK on reports. Their BK policy has fluctuated over the years.

[TRC_WA]

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@FinStar wrote:

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@TRC_WA- even if negatives drop off at that point in time, Chase will not approve any applications with the presence of BK on reports. Their BK policy has fluctuated over the years.

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My Ch 13 filed in Feb 2017 falls off in Feb 2024... possibly sooner with EE.  That's when I was planning on applying...

... Unless you are telling me that Chase won't approve anyone who has ever filed BK in their lifetime?