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Chase 5/24 rule

GrayStar
New Contributor

Chase 5/24 rule

I find it awkward that chase amended this rule into their policy when consumers like myself want to apply for one of their cards. Truth to be told, I've tried to apply for one of their Freedom cards and was auto denied due to "too many accounts opened within the last 24 months." I'm very disappointed that I have to wait that long just to apply for their card. Mind you that I've only applied and approved for 8 different cards during the past 24 months. Previously years ago, I've used to have their Circuit City Visa card back in 2006 in which it was closed due to inactivity and I've been applying for their other cards since then and they always say no. I'm trying to get back in the door with Chase and I feel like I'm being punished with this strict rule. What's your opinion about this?

Message 1 of 37
36 REPLIES 36
OmarGB9
Community Leader
Super Contributor

Re: Chase 5/24 rule

Well, they're just trying to minimize bonus chasing/churning of their cards. For most consumers outside of these forums, 5/24 is no problem because they don't apply for more than 1 or 2 card(s) a year, if that. Other lenders have implemented similar policies, such as BoA with their 3/12, and US Bank with 1/12.


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Message 2 of 37
CS1974
Valued Contributor

Re: Chase 5/24 rule

Put simply....Their cards, their rules.

 

Do I necessarily agree with it? Nope.   I feel that if someone is using their cards responsibly  and doesn't have outstanding balances...it shouldn't be an issue but it is what it is.

 

It's not a "strict rule" either, btw. There have been numerous people who have obtained cards from them when over 5 cards during the 24 month period. Those people either have a lot of money parked into a chase account or have cards of theirs in good standing and put good use on them. So, I don't find 5/24 to be an official rule because if it was....it'd apply to everyone. Clearly, it does not.

 

July 2020
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Message 3 of 37
CS1974
Valued Contributor

Re: Chase 5/24 rule

Sorry for the denials, btw

 

July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 4 of 37
Moneyklutz
Frequent Contributor

Re: Chase 5/24 rule

In my humble opinion, any credit extended to me is never my 'right' to have it... it's a only a measure of risk vs gain. If I really want something, I study the rules of the game/situation/moment and apply my efforts to maximize my odds of getting it.

 

Chase is only doing what they do to stay in business. It ain't about us as individuals at all Smiley Wink      

Message 5 of 37
Wavester64
Valued Contributor

Re: Chase 5/24 rule


@GrayStar wrote:

I find it awkward that chase amended this rule into their policy when consumers like myself want to apply for one of their cards. Truth to be told, I've tried to apply for one of their Freedom cards and was auto denied due to "too many accounts opened within the last 24 months." I'm very disappointed that I have to wait that long just to apply for their card. Mind you that I've only applied and approved for 8 different cards during the past 24 months. Previously years ago, I've used to have their Circuit City Visa card back in 2006 in which it was closed due to inactivity and I've been applying for their other cards since then and they always say no. I'm trying to get back in the door with Chase and I feel like I'm being punished with this strict rule. What's your opinion about this?


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. If they are afraid a given person that might be a risk for some unknown reason even though like I said earlier they might be strong on all those categories, then how about giving the customer a card with a SL of $500 to start off. They do well after 6-months, raise it to $1000. Another 6-months, $2000. No, they would rather give a card to an 19-year old making $15K a year with little credit history (min. 1-year) then someone who is more establish and has proven to be credit worthy. If it sounds like bitter grapes, its because it probably is. I agree with you on this rule and I believe some individuals should be considered outside of this dumb rule. To me that same 19-year with little credit history is more of a risk then a current CHASE customer with a lot of cards, low util, and no derogs. But like someone said on here, their card, their rules.







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Message 6 of 37
Meanmchine
Super Contributor

Re: Chase 5/24 rule

There are a few ways around the 5/24 rule.

1) Use Chase's Credit Journey weekly to check for green star preapprovals

2) Open a checking / savings account ( there is some dispute as to if this helps or not )

3) Open a JP Morgan brokerage account

3) Go into a branch and ask a loan officer if you are preapproved for a card ( Chase banking relationship needed for this one )

 

If you really want a Chase card, stop apping

Good luck


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>12/2020 CCT EX 821 TU 826 EQ 840


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- One hundred dollars in rubles
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- Nine packs of chewing gum
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- Three lipsticks
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Shoot, a fella' could have a pretty good weekend in Vegas with all that stuff."

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Message 7 of 37
GrayStar
New Contributor

Re: Chase 5/24 rule

Well if that's the case then I guess you gotta be a "full-blown relationship" customer in order to get around their 5/24 rule. I thought it doesn't matter if you have a relationship with them or not. I can understand if they could do a 3/12 rule which is reasonable. I don't think anyone would wait that long just to have their card because by then there would be other cards that would compete with better cashback rewards and other benefits. I guess things can change of course. 

Message 8 of 37
GrayStar
New Contributor

Re: Chase 5/24 rule

It's okay. I guess good things come to those who wait.

Message 9 of 37
ZackAttack
Frequent Contributor

Re: Chase 5/24 rule


@GrayStar wrote:

It's okay. I guess good things come to those who wait.


+1 My 5th card is the Chase Student Freedom and had it since April 2020. I am not sure if banking does help but I started putting 5% of my paycheck into a Chase checking account since Nov of applying. While I am not 21 yet, I like to be ready just in case if I want another Chase card just to see where they would place the first (Student Freedom) after the soft pull does happen while I am enjoying the ride with them.

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Message 10 of 37
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