@Nyrell wrote:I'm personally not too sure about the Chase 5/24 rule. In September of 2016 I applied for the Sapphire card and was instantly approved for a $23K limit in spite of being at 6/24. Last week, at 9/24, applied for the Freedom Card and was approved with a $24K limit. No problem at all.
When you applied for these cards, did you have an established relationship with Chase? Whether they adhere to the 5/24 Rule sometimes depends on how much they want you as a customer.
While Chase values an established banking relationship, that often doesn't allow customers to bypass the 5/24 Rule. For example, I'm a Chase Private Client but nonetheless have been declined for CSR and other cards due to the 5/24 Rule.
However, if you have good credit and you're not a customer, sometimes Chase will make an exception and approve you to win your business. Perhaps that explains your approvals...
@Anonymous wrote:Ridgeback, I would talk to my private banker about getting me the card. The first Mrs Backwoods and myself were BOA private banking clients. And the forrner Mrs. Backwoods was a Town President for them. There was nothing PB would not do for us. For our biz I borrowed $100K on very short term notice. When the former Mrs backwoods wanted to do so some upgrades totaling about $30K round the house she called up PB office and they put the money inour account even before we had signed the papers. I would think Chase PB could do the same for you.
Good idea! However, Chase Private Client (CPC) doesn't quite confer the same relationship as being part of JP Morgan's Private Bank. CPC was created to bridge the gap between retail banking (<$250,000 invested) and Chase Private Bank (>$5 million invested).
We do have a good relationship with our CPC banker, but she isn't able to pull quite as many strings as a Private Banker would. Still, having a Chase banker on your side is helpful. CPC clients used to be exempt from the 5/24 Rule, but that's not true anymore. Private Banking clients can get the new JP Morgan Reserve card, something the rest of us including CPC clients cannot.
@Anonymous wrote:
Does chase understand if you're at/over 5/24 when they send you pre-approved offers? On the chase app under "Your Offers", I'm pre-approved for the CSP, FU, and slate with all of those cards having a specific APR not a range APR.
I've heard that's always a good sign of approval. My credit history is flawless. 100% on time payments, no baddies, no collections, scores between 750-760. The only thing that would keep me from getting any of these cards is the 5/24.
Many people have conflicting answers, so I'm wondering if anyone has ever been approved for a chase card with good history but over 5/24.
Not from personal experience, but from the many posts I've seen on the subject, if you receive a preapproval in the mail, online, or at the branch, you are not going to be barred by 5/24.
