I saw a couple recent posts circulating, can't remember if it was on this forum or Reddit, of people being approved for Chase cards over 5/24 so I gave it a try. ""You miss 100% of the shots you don't take." - Wayne Gretzky" - Michael Scott.
I was denied - no real surprise there. But what was interesting was the letter sent to me, which stated I had too many recent accounts open. I think I'm maybe 1/6 mo. 2/12mo 7/24 mo. I've been rebuilding after I was stupid at 22 y/o and had several missed payments when I got over my head after college graduation. Anyways, rebuild has gone well, I have several cards over 10k (which has been one of my main goals), I have a 20k card, and even a 35k AMEX BCE (thanks @Aim_High ). The letter mentioned my Chase Proprietary Score, which I had never heard of. I did a quick forum search and found that most people's CPS is much lower than their actual credit score, whereas mine was actually much higher. My FICO 8 is right at 700 today and my CPS is at 740. Kind of surprising given my only negatives are missed cc payments on my file, the amount of new trade lines I have opened. Being a Finance major who works in banking I conclude, either the internal score they're using is flawed or their 5/24 rule is flawed. Because by definition I can't be both risky under the 5/24 rule and not so risky enough to give me a 740 internal score. One DP I saw was someone had a 40k+ tradeline witha CPS of 668... Furthermore, a CPS of 740 is pretty decent, yet they keep denying my CLI request on my CFU with a SL of 2.2k and I have W2 reported income over 10k/month.. But I will get off my soap box, see the letter below:
Yeah, if my profile shows anything it's that lenders can change their rules when the economy and the banks were pushing to extend credit in 2022 up until early this summer. I feel bad that I see a lot of profiles better than mine not get approved although if you really want the card I do recommend being persistent. I got lucky and talked to a nice rep on the phone that pushed my file through because she resonated with my reason for getting the CSP even though I was approved for the United Explorer just a few days prior. I do think Chase likes having a banking relation because at the time of getting approved I had almost my entire yearly income in a savings account with them and I've shown I can pay off big balances.
@CreditCuriosity wrote:
@FigNewton wrote:yep I totally understand 5/24 is a hard rule. I was not surprised to be declined, but I was surprised by their letter. It almost proves that 5/24 is not indicative of risk mitigation by giving me their internal score. I know a 740 would give most people in this forum a heart palpitation but 740 is nearly prime credit, and was prime for mortgage lending until recently. I'm laughing bc I work for probably their main competitor and I know first-hand out ineffecient these big banks run. My internal score, frankly, should be more down at like 600. And if they score me so highly then approve my CLI..
Charge-offs may be at an all-time high, the country may be in a credit crisis, but that does not detract from the fact that all these card companies are spending big on obtaining high income young Gen Z and Millenials, of which I am one of them.
As a side note, I'd like to see how they're calculating the credit card debt total. It would be a very complicated thing to calculate. I've seen the stories of cc debt reaching $1T. Are they just adding up util for everyone? Because, a good many of us let our balances hit our reports and then PIF. Even as a single adult I regularly have 4-5k hit monthly which I PIF. And if they calculate it that way, it's simply a function of all time high inflation on food, gas, groceries, entertainment, flights, etc.
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As mentioned they don't really care about score nor income(within reason) for the 5/24 rule as they don't like to lose money. I would be applying for a new card every few months with them to collect their sweet bonuses as they are known to have the best collection of cards on the market between personal and business card and their bonuses are wonderful as well. I speculate the 5/24 rule is mainly for people like me that would be trying to get the bonus do the initial spend then likely not use the card ever again. With that said two of the cards I have with them being the CSP and RITZ I put a good amounts of spend on. Other two cards being IHG I just keep for the free right for $45/af and the freedom well just cause it is a very old account with them.
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This exactly. 
@FigNewton, I think you're spot-on with your info but there's a disconnect about the function of 5/24. It never has been about risk mitigation, but as @CreditCuriosity states it's about keeping out people who are only getting cards for the bonuses.
Most 'normal' people aren't bothered by this rule in the least since they might not get but one or two cards every few years (or for some, their entire life) but for card enthusiasts like many on here or for people rebuilding (or otherwise getting multiple cards in a short period) it can be an issue.
There are many people on here - myself included - who had to "slow their roll" once this rule was started in order to get a Chase card. I had to do it twice... once for a CSP (now Freedom Visa) and again when I wanted the Freedom Flex. It was lousy having to sit on my hands for months, but in the end it was worth it and truthfully it was even a good thing, since it forced me to be more thoughtful about cards I added to my wallet.
