Any new 5(+)/24 approvals lately? Update - Chase 5/24 still very alive

[M_Smart007]

@JLRDC909,

Sorry for your Chase denial

Thank you for sharing such detailed DP's for the rest of the forum members.

It could possibly save someone from going through the same process.

[JLRDC909]

Not a problem. I'm not donating my body to science when I go, but I will do my human part and donate a hard pull for the sake of the group (in the name of science. Ha). 

Just wanted to put all those DPs in. Of course someone else might have lower scores and way over 5/24 and they get approved.  Sometimes approvals and denials have no rhyme or reason. 

[s_haliz]

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@JLRDC909 wrote:

Today I decided to try for the United Explorer card. I'm right at 5/24 and will be under (3/24) in July, thought that I would test the waters to see what others have said about being 5/24+ and being approved for Amazon. United, and Southwest. 

Applcation spun round and round and the dreaded 7-10 day (denial) showed up. I knew that I would not get approved. I never have the luck of some being approved over 5/24. 

But I decided to call recon and see what (if anything) could be done. Although the estimated wait time was 1 minute it was nearly 30. However, if I were to ever be declined, it was possibly by the nicest and most knowledgeable agent I could have ever had. 

Started off with the "text to verify identity". So she told me I was declined due to aggressive credit seeking. I played dumb. She said if you are 5/24 or over 5/24 the computer automatically picks that up and declined the application. She told me "I can take a look at the application and manually look at it". I was on hold for 2-3 minutes. She came back and told me that past 5 accounts I had opened. Looking at a regular CR, this would take a long time but she told me on their end it's highlighted. She told me the issuers and the dates opened. I asked her if it was not for 5/24 would she have approved and she said she would have made the recommendation to approve the application. 

she did tell me that Chase counts the full 24 months. If you opened an account on 1/1/2020 and another one 1/30/2020 that they would both age off on 2/2/2022 that it would not be 1/1/2022 and 1/30/2022. She told me to be mindful of that when I apply under 24. 

Some DPs:  All scores are hovering near 800. TU is the lowest at 789

July puts me 3/24. 

total available credit $200,000

Inq: TU:1, EQ:3 with current United application and EX: 8. 

annual income $95k

pay off cards monthly:  current debt $1000, <than 1%. 

So the 5/24 seems to still be alive and breathing 

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Sorry to hear your situation. 

I am stuck at 2 weeks message for my Chase Business Ink Cash that I applied on January 25th. I am not in a 5/24 scenario and good FICO scores and less than 2% utilization. My total credit is $242K. Keeping my fingers crossed. This forum (and elsewhere) says that "2 weeks  message" usually is a good sign. Let see what happens.   

[JLRDC909]

Yes, 2 weeks is usually approval. 30 days also. 7-10 days is a No!  

[Remedios]

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@JLRDC909 wrote:

Yes, 2 weeks is usually approval. 30 days also. 7-10 days is a No!  

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Nope.

30 days is "no one got to your app yet" 

2 weeks "we're working on it, can go either way" 

7-10 days "we either need something from you or you're denied" 

[Remedios]

Also, while 5/24 is alive and well, when account reaches 24 calendar months, it stops "counting" 

One can wait till the following month of that gives them warm fuzzies about the odds, but it's not necessary.

Plenty of DPs in approvals, including my own regarding when an account becomes excluded from 5/24 calculations 

[JLRDC909]

So if I am interpreting this correctly. If I opened the account on 6/6/2020 then the 5/24 ends on 6/6/2022 and NOT on 7/1/2022?  

[Remedios]

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@JLRDC909 wrote:

So if I am interpreting this correctly. If I opened the account on 6/6/2020 then the 5/24 ends on 6/6/2022 and NOT on 7/1/2022?  

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I would give it a few extra days, but no need to wait a full month. 

When Amazon prime card had prequal, I had none while over 5/24. Two days after an account went past 24 months, system recognized it and I got prequal (then applied for Flex lol). 

Others have replicated same result since.

If you are more comfortable with waiting till the following month, you certainly can, that wouldn't hurt, but it's not necessary.

Another thing, being under 4/24 means nothing to chase if three of those accounts are relatively recent. If 3 of them are from the last six months, it's still excessive credit seeking (according to them) but not necessarily automatic disqualification, that's where the whole "It's all about your profile" starts. 

[mgood]

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@Remedios wrote:

Another thing, being under 4/24 means nothing to chase if three of those accounts are relatively recent. If 3 of them are from the last six months, it's still excessive credit seeking (according to them) but not necessarily automatic disqualification, that's where the whole "It's all about your profile" starts. 

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I'm pretty sure that's why I got turned down in December 2020.
I was 0/24 when I applied and was approved for a Discover it.

Then I thought "I probably could have gotten a Chase card."
Later that day, or possibly the next day, I appled for a CFU and was declined at 1/24.

I believe that had I applied for the Chase card first, it would have sailed through the approval. But since I had just opened another account, they saw it as "excessive credit seeking." (My file was very thin at the time.)

[folks19]

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@mgood wrote:

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@Remedios wrote:

Another thing, being under 4/24 means nothing to chase if three of those accounts are relatively recent. If 3 of them are from the last six months, it's still excessive credit seeking (according to them) but not necessarily automatic disqualification, that's where the whole "It's all about your profile" starts. 

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I'm pretty sure that's why I got turned down in December 2020.
I was 0/24 when I applied and was approved for a Discover it.

Then I thought "I probably could have gotten a Chase card."
Later that day, or possibly the next day, I appled for a CFU and was declined at 1/24.

I believe that had I applied for the Chase card first, it would have sailed through the approval. But since I had just opened another account, they saw it as "excessive credit seeking." (My file was very thin at the time.)

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@mgood I doubt that's the case because a new card doesn't usually report until the first statement closing, though there are exceptions. Do you know if your new Discover card reported?