@Anonymous wrote:
Long time lurker here.
First just want to say thank you to everyone on the forum, i've learned so much from reading on here. I started my rebuild journey about 6 months ago and so far have cleaned up my profile from mid 500s FICO8 to mid 600s in about 5 months (Payed off the 2 CCs I had, cleaned up 7 collections and got it down to 2 on my report that are both paid off). Anyway I have 2 CapOne card (2,9k and 1k), a Discover card that was formally a secure card that graduated (2k), and a few store card... all putting me right at 5/24 (Higher CapOne card is about 5 years old).
Knowing I still have a lot of work to do, and knowing I recently got a new car so I have all those inquiries, I decided to throw a hail mary pass on a Chase card and applied for a CSP card (Credit Karma said it was a fair bet, but we all know that is a joke).
I was pretty shocked to not see an instant decline due to the 5/24 and the file... and instead see it go to the 30 Days message. Looks like I'll be checking with the robo lady until it moved to one of the other two options! Here is to hoping but keeping my expectations in check. Regardless, I'll be going to the garden for a while!
@Anonymous
You apparently misunderstood the 5/24 rule. Chase will not approve a credit application if you've opened 5 or more revolving credit accounts in the preceding 24 months. That means to be approved you have to be at 4/24 or less unless you have pre-approval (green check mark or black star) in your online account, mobile app, or Chase Credit Journey, or an in-branch pre-approval.
