Chase 5/24 Rule

[movinguptheladder]

Hi Everyone, 

So I've been hearing about the 5/24 rule. Well I decided to take my chance and apply for the Southwest Credit card and I was approved the next week I applied for the Chase Freedom and today, I received an email that says, we can't approve you because too many credit cards opened in the last 2 years. What is the difference?

Can someone share some insight for me?

[Anonymous]

You may wish to read some of the many posts on the board about Chase. The 5/24 rule does not apply to cobranded cards.

Chase Freedom falls within the 5/24 rule and thus you were denied for that card. Cards included in that rule are Freedom, CSP, Slate, and other non co-branded cards.

That being said, Chase is within its rights as a lender to look at your specific profile and deny you for any card based on any reason they choose, including too many new accounts.

Just because the cobranded cards don't have a 5/24 rule does not mean that Chase is going to approve any and all profiles regardless of the number of new accounts they have. Probably best to garden for quite some time before applying again.

[Anonymous]

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@movinguptheladder wrote:

Hi Everyone, 

So I've been hearing about the 5/24 rule. Well I decided to take my chance and apply for the Southwest Credit card and I was approved the next week I applied for the Chase Freedom and today, I received an email that says, we can't approve you because too many credit cards opened in the last 2 years. What is the difference?

Can someone share some insight for me?

---

Sapphire Preferred, Freedom, Freedom Unlimited, and Slate cards are what have the 5/24 rule applied to them. 

Whether you were at or beyond 5/24 when you applied for the Southwest card is irrelevant, but clearly when you applied for the Freedom card, you were (probably) at or above 5 new cards opened in the previous 24 months.

[movinguptheladder]

Oh I see it because its a cobranded card. Thanks! I understand now.