Chase 5/24 'rule'?

[Anonymous]

I'm relatively new to this, but can someone help clarify this 5/24 'rule'? If I understand correctly, Chase will deny any application if your reports show 5 new accounts in the past 24 months? TIA!

[Anonymous]

Correct, although that rule applies to straight Chase cards (CSP, Freedom, etc) not co-branded cards.

[Anonymous]

---

@Anonymous wrote:

I'm relatively new to this, but can someone help clarify this 5/24 'rule'? If I understand correctly, Chase will deny any application if your reports show 5 new accounts in the past 24 months? TIA!

---

Chase will (most likely) deny applications for their core personal cards (Sapphire Preferred, Freedom, Freedom Unlimited, and Slate) if you have opened 5 or more credit cards in the past 24 months.

Some people have been able to get a Slate anyway (allegedly because it does not offer rewards), and in my case I slid past the rule by applying for CSP and FU when at 4/24. Somehow they ignored their own card approval and let me get to 6/24, though not without a fight.

[BD9]

---

@Anonymous wrote:

Correct, although that rule applies to straight Chase cards (CSP, Freedom, etc) not co-branded cards.

---

Although, reports are saying that Chase will, any day now, extend that rule to their co-branded cards as well.

[Anonymous]

---

@BD9 wrote:

---

@Anonymous wrote:

Correct, although that rule applies to straight Chase cards (CSP, Freedom, etc) not co-branded cards.

---

Although, reports are saying that Chase will, any day now, extend that rule to their co-branded cards as well.

---

No reliable reports, just rumor.

[Anonymous]

As far as the 5/24 goes, I'm currently 11/12, with 7 reporting. Called into recon an app from a few weeks ago. They put me through the wringer. 20 minutes of questions about my short history, why my credit started in my late 20's, verifying everything and anything, Finally approved for the Slate with a SL of $10k. Only other $10k CL reporting is the new Marvel card (haven't even gotten the card yet ). All other CLs are $3k or less. Needless to say, I am still in shock. 

[Anonymous]

What were the 7 if you don't mind me asking? That's 7 CREDIT CARDS that are branded with visa/mc/discover/amex?
Are any of those store cards? Any at all?
With 5/24 you don't even get to be asked questions over the phone, they see 5 and deny.
I only ask because if slate actually is exempt I'll open it now and take the aaoa hit sooner than later, and just pc to cfu eventually

[Anonymous]

When I was denied a Slate due to 5/24, I was told by a CSR and her supervisor that all credit cards, store cards and AU cards counted. Closing cards would not matter. You can remove yourself from AU accounts however.

---

@Anonymous wrote:
What were the 7 if you don't mind me asking? That's 7 CREDIT CARDS that are branded with visa/mc/discover/amex?
Are any of those store cards? Any at all?
With 5/24 you don't even get to be asked questions over the phone, they see 5 and deny.
I only ask because if slate actually is exempt I'll open it now and take the aaoa hit sooner than later, and just pc to cfu eventually

---

[Anonymous]

Store cards don't count, it's pretty much a recurring theme when someone claims they were approved despite 5/24 that it comes out a few cards are store only, and that in cases they're rejected via 5/24 that the "store card" is actually a stores visa/mc. ...Not a "store" card when you can get gas with it.

When I was rejected for CFU last month they told me I opened 7 cards, when I clearly had 8 if they counted store cards on my report at that time, I don't think they mistakenly didn't count that one.

I'm under the impression slate is affected by 5/24, yet people keep saying it isn't(which makes no sense, regardless of it not having rewards). So I just want to see what OP had. I'm rather positive they weren't above 5/24. The reps won't keep talking to you at all after they've reviewed the worry and have seen 5+ credit cards.

[Anonymous]

---

@Anonymous wrote:
Store cards don't count, it's pretty much a recurring theme when someone claims they were approved despite 5/24 that it comes out a few cards are store only, and that in cases they're rejected via 5/24 that the "store card" is actually a stores visa/mc. ...Not a "store" card when you can get gas with it.

When I was rejected for CFU last month they told me I opened 7 cards, when I clearly had 8 if they counted store cards on my report at that time, I don't think they mistakenly didn't count that one.

I'm under the impression slate is affected by 5/24, yet people keep saying it isn't(which makes no sense, regardless of it not having rewards). So I just want to see what OP had. I'm rather positive they weren't above 5/24. The reps won't keep talking to you at all after they've reviewed the worry and have seen 5+ credit cards.

---

All I can give you is my own personal direct experience. When I was denied I had 4 credit cards and 3 store cards (Walmart, Amazon and JC Penny) they denied me and upon recon I was specifically told I exceeded the 5/24. The CSR ran down the list of what I had, naming each account. The supervisor stated, "Any new credit or store card or AU account applies." I asked them about 5 times, "Are you positive?" I have checking and savings with Chase. Not a high roller by any stretch, but definitely a relationship,