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5/24 explanation

JLL2104
Contributor

5/24 explanation

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 

Message 1 of 17
16 REPLIES 16
AverageJoesCredit
Legendary Contributor

Re: 5/24 explanation


@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 


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

Message 2 of 17
SouthJamaica
Mega Contributor

Re: 5/24 explanation


@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.


Total revolving limits 748700 (630200 reporting) FICO 8: EQ 705 TU 717 EX 687

Message 3 of 17
OmarGB9
Community Leader
Super Contributor

Re: 5/24 explanation

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. 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 4 of 17
JLL2104
Contributor

Re: 5/24 explanation

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? 

Message 5 of 17
JLL2104
Contributor

Re: 5/24 explanation

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

Message 6 of 17
FinStar
Moderator Emeritus

Re: 5/24 explanation


@JLL2104 wrote:

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


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.

Message 7 of 17
TRC_WA
Senior Contributor

Re: 5/24 explanation


@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.

BK 13 filed : 2-28-17 BK 13 discharged : 3-22-22
FICO8 current as of : 6-1-23 EQ: 674 TU: 663 EX: 669
Hard INQs last 12 months: EQ: 5 | TU: 9 | EX: 5
WF Platinum $1000 WF Reflect $6000 Verizon Visa $4000 Ollo MC $4000
Mission Lane Visa $1850 Credit One Platinum x5 $3000 Credit One Wander $1700 Upgrade Visa $2000
PenFed Gold Visa $2500 Amex Delta Gold $10,000 Care Credit $8000 Petal 1 Visa $2900 Cap One QS $500
NFCU CashRewards $2000 Apple Card $1500 Best Buy $2000 Amazon $2800
Wells Fargo auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $37k 6.79%
Total CL: $54,750 --- Total CC UTI: 14% --- AAoA: 12.5 years --- Income: $100k
Last CC app: 5-27-23 Gardening until: 6-1-25
Message 8 of 17
FinStar
Moderator Emeritus

Re: 5/24 explanation


@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.


@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.

Message 9 of 17
TRC_WA
Senior Contributor

Re: 5/24 explanation


@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?  

BK 13 filed : 2-28-17 BK 13 discharged : 3-22-22
FICO8 current as of : 6-1-23 EQ: 674 TU: 663 EX: 669
Hard INQs last 12 months: EQ: 5 | TU: 9 | EX: 5
WF Platinum $1000 WF Reflect $6000 Verizon Visa $4000 Ollo MC $4000
Mission Lane Visa $1850 Credit One Platinum x5 $3000 Credit One Wander $1700 Upgrade Visa $2000
PenFed Gold Visa $2500 Amex Delta Gold $10,000 Care Credit $8000 Petal 1 Visa $2900 Cap One QS $500
NFCU CashRewards $2000 Apple Card $1500 Best Buy $2000 Amazon $2800
Wells Fargo auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $37k 6.79%
Total CL: $54,750 --- Total CC UTI: 14% --- AAoA: 12.5 years --- Income: $100k
Last CC app: 5-27-23 Gardening until: 6-1-25
Message 10 of 17
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