Chase 5/24 rule

[FalconSteve]

My wife was 5/24 because of 2 AU accounts, which we had been told could be excluded on recon and she had over $26k in savings and checking. They still refused to look part the 5/24 rule... it really sucks. Sorry about that.

[GrayStar]

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@SweetCreditObsession wrote:

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. 

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Thank you. When the time comes, I will give Chase another try. Good thing that other banks are not following suit with this rule as of yet so there's still room for other options in the meantime.

[GrayStar]

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@FalconSteve wrote:

My wife was 5/24 because of 2 AU accounts, which we had been told could be excluded on recon and she had over $26k in savings and checking. They still refused to look part the 5/24 rule... it really sucks. Sorry about that.

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Yeah it does sucks to be honest, we have to deal with it for now. I hope Chase considers us for potential offerings in the future. 

[Andypanda]

While I believe it's chase's right to enact such rules, and it has utterly turned me off from chase (I spent over $70,000 with amex personal and business in 2020, all PIF, so chase's loss) what i think chase is looking at us cards ipened and closed in last 24 months, and people who open cards, hit the SUB, and then SD the card.

[FinStar]

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@Andypanda wrote:

While I believe it's chase's right to enact such rules, and it has utterly turned me off from chase (I spent over $70,000 with amex personal and business in 2020, all PIF, so chase's loss) what i think chase is looking at us cards ipened and closed in last 24 months, and people who open cards, hit the SUB, and then SD the card.

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It's important to clarify that they're really not losing out.  They've simply adapted to the environment.   Just like many individuals try to find loopholes or opportunities elsewhere.

So, just about every lender with some form of valuable SUB opportunity will have some form of "deterrent" if you will.  AmEx has lifetime clauses for a variety of their cards/SUBs (unless one waits ~7 years or so to qualify again), plenty of shutdowns and clawbacks in their most recent wave of [RAT] crackdowns.  The days of folks opening multiple and simultaneous BOA Alaska Airlines CCs are over as well, WF also has restrictive language associated with their SUBs, for example.

[randomguy1]

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@Anonymous wrote:

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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 

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Chase pulls at least Experian. They might additionally pulled TU or EQ, depending on what state you are located in. Some people get a double pull, others do not. It could just vary depending on each individual application as well as state.

[Credit4Growth]

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@FalconSteve wrote:

My wife was 5/24 because of 2 AU accounts, which we had been told could be excluded on recon and she had over $26k in savings and checking. They still refused to look part the 5/24 rule... it really sucks. Sorry about that.

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Thank you for that recent post ... The above is not something I thought Chase would be in such steadfast position

When it becomes time to submit my application I will recalculate my 5/24 standing...