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Chase 5/24 question (6/24)

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Anonymous
Not applicable

Chase 5/24 question (6/24)

A few days ago I applied for a Chase Freedom card after receiving a mailer for $200 after spending $500, but when I applied it went under reivew. I got a letter today that said to call about my Visa Signature application from the Fraud department. My concern is, I also applied for another Amex card the month before which hasn’t posted to my credit report yet, so when I applied for Chase I was actually at 6/24 but they don’t know that. That was not my plan, I just didn’t know about their 5/24 rule until looking up what a Chase review means on this forum. The letter stating Visa Signature gets me kind of excited, but I definitely don’t want to ruin anything with Chase, this would also be my first card with them. It says if I don’t respond within 14 days they will cancel the application, I definitely want the card, but if something bad happens in the few months after I called in to verify, I definitely don’t want to risk it.
Message 1 of 11
10 REPLIES 10
red259
Super Contributor

Re: Chase 5/24 question (6/24)


@Anonymous wrote:
A few days ago I applied for a Chase Freedom card after receiving a mailer for $200 after spending $500, but when I applied it went under reivew. I got a letter today that said to call about my Visa Signature application from the Fraud department. My concern is, I also applied for another Amex card the month before which hasn’t posted to my credit report yet, so when I applied for Chase I was actually at 6/24 but they don’t know that. That was not my plan, I just didn’t know about their 5/24 rule until looking up what a Chase review means on this forum. The letter stating Visa Signature gets me kind of excited, but I definitely don’t want to ruin anything with Chase, this would also be my first card with them. It says if I don’t respond within 14 days they will cancel the application, I definitely want the card, but if something bad happens in the few months after I called in to verify, I definitely don’t want to risk it.

I don't really understand the question. Why wouldn't you call? They made clear if you don't call they will cancel the application and then you will have ZERO chase cards. I fail to see any reason in this situation for you not to call in. The worst that can happen is you get denied the card which is what will happen if you don't call in. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 2 of 11
UpperNwGuy
Valued Contributor

Re: Chase 5/24 question (6/24)

They asked you to call, so you should call.

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Message 3 of 11
Anonymous
Not applicable

Re: Chase 5/24 question (6/24)

I guess my question is how strict are they on the 5/24 rule? If they approve me I will be at 5/24 to them right now, but in another month or so they’ll see that I am actually at 6/24 and I don’t want to risk them closing the card or something else. I am ok with zero Chase cards, it just seemed that the sub offer was a no brainer not to take up and I’m sure I would get some other use of the 5% categories. I just don’t want anything bad to happen.
Message 4 of 11
Anonymous
Not applicable

Re: Chase 5/24 question (6/24)

From what I've seen, they are strict with the 5/24 rule. If they are only seeing Chase as your 5th card, who knows?

 

BUT if you don't call in... you absolutely have no Chase card.  Call in, answer their questions. If they mention Amex & 5/24... tell them you didn't know of the rule when you responded to their mailer. That is the truth, right? 

 

If you get denied for 5/24 or another reason, you can always reapply when you are 4/24. imo, Ignoring their letter will probably red flag you in future applications.

 


@Anonymous wrote:
I guess my question is how strict are they on the 5/24 rule? If they approve me I will be at 5/24 to them right now, but in another month or so they’ll see that I am actually at 6/24 and I don’t want to risk them closing the card or something else. I am ok with zero Chase cards, it just seemed that the sub offer was a no brainer not to take up and I’m sure I would get some other use of the 5% categories. I just don’t want anything bad to happen.

 

Message 5 of 11
K-in-Boston
Credit Mentor

Re: Chase 5/24 question (6/24)

It sounds like this is more of an identity verification call.  Chase doesn't typically ask you to call to deny you for 5/24; they would just send you a denial letter. I also have seen a grand total of zero instances where someone has retroactively had their Chase card closed because they went over 5/24 after being approved for a card.  There are people here who app spree all the time getting a 5/24 card while their reports still show that they are below that and continue to get cards at the same time.  This is your chance to get the card, take it.

Message 6 of 11
Anonymous
Not applicable

Re: Chase 5/24 question (6/24)

Ok great that is more what I was hoping. I should have originally stated that the letter I received and my expectation is being approved when I call them, i just didn’t know they had a strict rule in place. I love the cards I have and don’t want to risk something happening to them if for some reason Chase opened and closed my account in a few short months, but the offer I received from Chase was too hard to pass up. I was just surprised it wasn’t an instant approval, then after reading on here I started worrying they might think I’m trying to trick the 5/24 rule and notice it one or two months later.
Message 7 of 11
Shadowfactor
Valued Contributor

Re: Chase 5/24 question (6/24)

I agree that I’ve never seen chase close a card for being over 5/24 after the account was open.

They can and have closed cards if you go crazy and pick up several new cards within a short period right after getting approved but one Amex is not going crazy.

Call, answer whatever questions they have and enjoy your new card.




Total Revolving Limits $254,800

Message 8 of 11
Anonymous
Not applicable

Re: Chase 5/24 question (6/24)


@Anonymous wrote:
A few days ago I applied for a Chase Freedom card after receiving a mailer for $200 after spending $500, but when I applied it went under reivew. I got a letter today that said to call about my Visa Signature application from the Fraud department. My concern is, I also applied for another Amex card the month before which hasn’t posted to my credit report yet, so when I applied for Chase I was actually at 6/24 but they don’t know that. That was not my plan, I just didn’t know about their 5/24 rule until looking up what a Chase review means on this forum. The letter stating Visa Signature gets me kind of excited, but I definitely don’t want to ruin anything with Chase, this would also be my first card with them. It says if I don’t respond within 14 days they will cancel the application, I definitely want the card, but if something bad happens in the few months after I called in to verify, I definitely don’t want to risk it.

You already took the HP, might as well call and find out.  no sense in letting it go to waste. 

Message 9 of 11
601flyguy
Established Contributor

Re: Chase 5/24 question (6/24)

Sounds like an approval pending verification to me.
2019 Spend Summary
$944,008 Amex BRG
$91,953 Amex SC
$58,351 Discover It
$50,046 BofA CR
$36,146 Amex PRG
$6,774 Cap1 QS
$963 Amex CM

$1,188,241 Yearly Spend
Message 10 of 11
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