5/24 explanation

[FinStar]

---

@TRC_WA wrote:

---

@FinStar wrote:

---

---

@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.

---

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?  

---

It has to be completely off all CRAs. Sometimes Chase can double pull separate CRs. So, let's say it gets removed from TU through the EE process, but it's still on EQ, wait until it's off EQ as well. And, no freezing of CR shenanigans either since they'll want you to unlock/unfreeze a specific CR if your application is to be processed. Just how they roll.

[TRC_WA]

---

@FinStar wrote:

---

---

It has to be completely off all CRAs. Sometimes Chase can double pull separate CRs. So, let's say it gets removed from TU through the EE process, but it's still on EQ, wait until it's off EQ as well. And, no freezing of CR shenanigans either since they'll want you to unlock/unfreeze a specific CR if your application is to be processed. Just how they roll.

---

Thanks for the tip.  I've never had a Chase card but I've heard how they are with 5/24 so the BK policy doesn't surprise me either.  Looks like I'll be waiting till it's off all 3 reports.  Not a huge deal either way!

[SouthJamaica]

---

@JLL2104 wrote:

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? 

---

No, it's got nothing to do with inquiries. You have to find out when you got your most recently acquired revolving accounts.

[SouthJamaica]

---

@TRC_WA wrote:

---

@SouthJamaica wrote:

---

@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 

---

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.

---

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.

---

That's probably not a great idea. 

1. Chase is hostile to bankruptcies.

2. Chase likes to see history with other accounts.

Chase is tough.

[TRC_WA]

---

@SouthJamaica wrote:

---

1. Chase is hostile to bankruptcies.

2. Chase likes to see history with other accounts.

Chase is tough.

---

Already commented... Ch 13 won't be on the reports... and I have a lot of history both prior to the Ch 13 and will have 2 years history after it.  Either way I'm not staying awake all night OCDing about Chase cards... just saying that I plan on applying but I'm not going to until it's the perfect time to do so.

Never had one before but that's mainly due to always being over the 5/24... I applied for the Freedom once and was denied for that reason... only Chase app I've ever done.

[KLEXH25]

---

@JLL2104 wrote:

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? 

---

Count how many revolving credit accounts you have opened from April 2020 until now. It will be the same across all three bureaus. 

[JLRDC909]

For some applicants, they are able to skate around the 5/24 rule, but I personally can't, even with an 815 Fico score and no negs/baddies, and good income. 

5/24 is the number of open/revolving cards you have opened in the past 24 months. I honestly believe that when Chase runs applications, this is one of the first things the algorithms looks for. 

Chase does turn down applicants for excessive inquiries. This is a fuzzy area as they don't seem to reveal what is considered excessive. My guess is they are looking at a lot of inquiries in a short amount of time. 

There has been some reports that Amazon Prime, Southwest, and United can skirt around the 5/24 rule, I've personally tried all three and no luck. Right now I'm at 5/24 and will be under in June so I will try back at that time.