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Chase 5/24 Rule and Future Credit Cards

Carlosjb3
New Contributor

Chase 5/24 Rule and Future Credit Cards

Hello,

 

I apologize in advance if this has already been answered before, I just can't seem to find the answer when I searched the forums.

 

Question: I haven't applied for credit cards in the past 24 months so the 5/24 rule does not apply to me. However, lets say I do get approved for 2 Chase cards will I be able to go on an app spree afterwards? In other words does the 5/24 rule work in reverse? Hopefully this made sense.

 

Thank you.





Fico 8 Scores [Nov 2018]: Equifax 677 | TransUnion 667 | Experian 668
Message 1 of 8
7 REPLIES 7
ImTheDevil
Community Leader
Super Contributor

Re: Chase 5/24 Rule and Future Credit Cards

Bad plan, both in general (current conditions aren't the best for a spree) and with Chase in particular. They'll be doing some "whatcha doin?" SPs for a couple months after approval and don't historically like to see you getting other accounts.

 

Smart move is get one, give it a few months before apping for a second, then 3-6 months later look elsewhere. They've been known to close accounts on people, even closing the second card if approved too close to the first.



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Message 2 of 8
Remedios
Moderator

Re: Chase 5/24 Rule and Future Credit Cards


@Carlosjb3 wrote:

Hello,

 

I apologize in advance if this has already been answered before, I just can't seem to find the answer when I searched the forums.

 

Question: I haven't applied for credit cards in the past 24 months so the 5/24 rule does not apply to me. However, lets say I do get approved for 2 Chase cards will I be able to go on an app spree afterwards? In other words does the 5/24 rule work in reverse? Hopefully this made sense.

 

Thank you.


That depends on whether you want to keep chase cards or not.

 

Also, if you are planning on applying for two Chase cards you might want to make sure that even those applications are spaced apart. 

 

But, if you do decide to go on a spree, any DPs are welcome. 

Message 3 of 8
SouthJamaica
Super Contributor

Re: Chase 5/24 Rule and Future Credit Cards


@Carlosjb3 wrote:

Hello,

 

I apologize in advance if this has already been answered before, I just can't seem to find the answer when I searched the forums.

 

Question: I haven't applied for credit cards in the past 24 months so the 5/24 rule does not apply to me. However, lets say I do get approved for 2 Chase cards will I be able to go on an app spree afterwards? In other words does the 5/24 rule work in reverse? Hopefully this made sense.

 

Thank you.


5/24 doesn't work in reverse, but Chase's general aversion to a lot of credit-seeking behavior does in fact work in reverse. If you were to get approved for 2 Chase cards, after you get them Chase will be soft pulling your credit, watching you like a hawk, and if they see a lot of aggressive credit-seeking afterwards, might just shut both cards down. They do that.

 

So don't.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 4 of 8
igreen
Established Member

Re: Chase 5/24 Rule and Future Credit Cards

Do they frown about if you apply for 3 chase cards with 3 months apart. Would adding a biz card in the mix be a better option, if option 1 does not work. i.e Personal - 3mon - Biz - 3mon - Personal

Current FICO 8s | 05/2021: EX 739 ✦ EQ 712 ✦ TU 723
My AAoA: EX 6yrs ✦ EQ 7.4yrs ✦ TU 5.2yrs
My AoOA: 14.5 years
Message 5 of 8
SouthJamaica
Super Contributor

Re: Chase 5/24 Rule and Future Credit Cards


@igreen wrote:

Do they frown about if you apply for 3 chase cards with 3 months apart. Would adding a biz card in the mix be a better option, if option 1 does not work. i.e Personal - 3mon - Biz - 3mon - Personal


Personally, due to the value of staying on Chase's good side, and Chase's tendency to react violently sometimes against adding multiple cards, I would avoid any kind of schedule like that, and proceed more cautiously.

 

I would add 1 card -- the card I wanted most -- and leave it at that.

 

And then I would wait for preapprovals. Once you're preapproved on their site, with a green "Just for You" checkmark, or with a black star, IMHO that's their way of signalling to you that they're ok with your submitting a new application for an additional card.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 6 of 8
Remedios
Moderator

Re: Chase 5/24 Rule and Future Credit Cards

I don't think you need to wait for pre-approval on the second card especially because most people will not see a pre-approval. 

All you need to do is wait, 3-6 months (6 is better) between Chase apps, and you should be fine unless income makes you hit the bump before you're done applying for multiple chase cards. 

 

Message 7 of 8
igreen
Established Member

Re: Chase 5/24 Rule and Future Credit Cards

Apologies,

 

would Chase - 3months - Citi Premier - 3months - Chase work? Or chase still sees that as too many activities. So 6 months gardening is a must between chase cards?

Current FICO 8s | 05/2021: EX 739 ✦ EQ 712 ✦ TU 723
My AAoA: EX 6yrs ✦ EQ 7.4yrs ✦ TU 5.2yrs
My AoOA: 14.5 years
Message 8 of 8
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