Chase 5/24 rule

[GrayStar]

Thanks for those suggestions and I will definitely sign up for Credit Journey so I can start the process of having a healthier credit profile. It's one of the biggest financial goals I want to achieve. I will get there. 

[OmarGB9]

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@GrayStar wrote:

And that's why we can't have finer things in life because people who don't even need it messes it up for people who really deserve it. If they couldn't afford the $450 annual fee for the CSR then why bother to apply. What a shame. 

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If we're talking about life in general, I agree; a few people mess it up for everyone. However if we're talking about credit, well, credit is a privilege. SUBs are gifts.

And I don't think it's because people couldn't afford the $450 AF, but rather they were trying to game the system and just didn't want to pay it.

[myquestionsfico]

I'll be checking Credit Journey, which pulls Experian.  Remind me, for new accounts, what credit bureau does Chase hard pull from?  Experian?

[FinStar]

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@myquestionsfico wrote:

I'll be checking Credit Journey, which pulls Experian.  Remind me, for new accounts, what credit bureau does Chase hard pull from?  Experian?

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Chase has been known to HP any of the 3 CRAs.  In a variety of cases, a combination of 2 CRAs.

[myquestionsfico]

That is just the worst.  I would love to get a Sapphire Preferred or Freedom Unlimited Card, but I'm really turned off by their policy.  I'll hit 5/24 in August, and I've been holding off because of that, but the more I think of it, I'm not sure I would even pull the trigger if I could.

[MrT_521]

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@Wavester64 wrote:

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I hate this dumb rule. They should look a little deeper than having some computer auto-deny you because of being over 5/24. How about are you a current customer? What's your utilization? How many derog's do you have on your account? If all those answers come up strong (even if I am 10/24 or even 15/24) to me that shows I am creditworthy and should be given a chance at one of their cards.

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I don't think Chase implemented this rule so much because of credit risk. It's to curb churning. And, we have to admit, we do it. In fact, in many cases it's probably churners who are restricted by 5/24. The average person would never bump this limit, or even be aware of it.

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@OmarGB9 wrote:

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If we're talking about life in general, I agree; a few people mess it up for everyone.

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Yes. This is why we take our shoes off at TSA security. Or going further, it's why we have security at airports in the first place. 99.999999% of passengers are no threat. It's the 1 out of a billion that necessitate its presence.

[sxa001]

If anything the rule keeps me from going to hog wild with cards.  I was blocked from getting CSR in 2017 because of 5/24 and don't want to run into that again.  The rule can be a little annoying at times, but I do see the point.  

I am at 1/24 right now, planning to add a few new cards in a few months, one being the IHG Premier from Chase, my plan moving forward is to stay no more than 4/24.  It would be great to be able to take advantage of a nice SUB if one popped up without worrying about 5/24. 

[Anonymous]

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@myquestionsfico wrote:

I'll be checking Credit Journey, which pulls Experian.  Remind me, for new accounts, what credit bureau does Chase hard pull from?  Experian?

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From my experience, they've pulled Experian and Transunion 

[myquestionsfico]

Dual pulls are the worst.

[SweetCreditObsession]

It's tough but many of us hold out to meet the criteria because we feel it's worth it. Can the wait be maddening? Sure but for some of us, this credit journey is a marathon  rather than a sprint, anyway, so it's doable and worth it. Best wishes on choosing your own path.