CSP denial (too many new accounts in 24 months)

[Anonymous]

Any bank in this day and age is going to tighten up their underwriting.  Especially for what is a signature card for Chase.  People need to know this going in, and don't apply ignorant. 

[Anonymous]

Sorry to hear. It's definitely a card worth staying in the garden for to hopefully open when you can.

[Anonymous]

I've never heard of this 5x24 rule before. Wish I had. 

I used to just pay cash - until I was listening to Clark Howard speaking about the pitfalls of using a debit card. 

So, I applied for a CC from my bank. I was approved for $1000.  

Then I read about the credit utilization should be kept to a minimum - and I wanted to get a new bike which would cost about 500 bucks. After realizing I could use a CC as a payment system, as opposed to a financing tool, the utilization factor was limiting my purchasing power - although I could just pay cash, I wanted the rewards - so I applied for the Discover IT and USAA Amex. Got approved for 11k and 10,300. 

So, I froze my credit and just used those for a few months. Then, I saw some travel cards and I was about to take a trip, and then I read that the more credit lines I had, up to a certain point, the better off I'd be. So, now I have 10 Credit cards, most have limits of 2000. 

I went to join a credit union - but to do so, I had to unfreeze my credit - so I've applied to a few more places - got denied by all except Amex, which gave me the blue card, limit 2k, and they also approved a cli for an extra 700. 

I can see why a bank would get nervous with me applying all over the place - but while my credits unfrozen, I want to up the limits on the smaller limit cards if possible - so there's probably a dozen hard pulls per bureau. A short term problem. Over time - I'll have a much stronger score. No pain, no gain. 

I should add that two of those accounts are Chase Slate and an Amazon Visa which is backed by Chase. And the Amazon was card 9 in a 6 month time frame. 

[Anonymous]

As already mentioned, it is the 5/24 rule. There's nothing you can do, but wait. Chase seems to be very strict with this rule.

Before my 5th new acc (in the past 24 months) reported on my CR, I got offers and prequals, but after the 5th acc reported, I got nothing.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Another victim of 5/24..... I wish there was a sticky that allowed people to make an informed decision on whether they should apply.

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I don't think a sticky is needed for a couple of reasons.  First, people tend to ignore sticky posts.  There have been many threads about the underwiting criteria of Chase when it comes to the 5/24 'rule'.  If posters are not seeing them and still applying, there is absolutely no reason to think that they'll read a sticky post and not apply.  We have a sticky post about backdoor numbers and yet people constantly ask for numbers to call.  We have an ongoing mega thread about Amex 3X CLIs and yet people constantly post questions about the topic.  It's been shown on any kind of forum that sticky posts tend to be ignored by members of those forums.  Second, as Captool stated, there have been reports of people approved despite them having more than 5 new accounts so Chase does make exceptions.  We just dont know why they do in those cases.

All that we can do is hope posters will post before they apply and give them fair warning about their chances.

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So true. I'm new to these forums and have seen the above almost every damn day. I found those stickies long ago and have since bookmarked them for easy access. One of my favorite saying goes: "Do not miss the donut by looking through the hole."

Edit: typo