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Does Chase actually have a 5/24 rule?

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Anonymous
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Does Chase actually have a 5/24 rule?

My personal friend is an employee for Chase bank and she claims to have never heard of the 5/24 rule, or ever had anyone she's applied on their behalf be denied because of five or more credit inquiries. She did confirm that they check multiple reports (EX,EQ, rarely TU) and they also pull your Lexis Nexis Risk Score. Even if you apply in branch, they have no options to reconsider or alter a denied application as it's sent electronically to their underwriting department. 

 

So, is this 5/24 "rule" a myth? I don't think a friend of ten years would lie to me, though I could be wrong. I want my next card to be the Chase Freedom Unlimited since I received a targetted 4% cashback my first year offer but I have 5 EX, 5EQ and 2TU inquiries. Most are due to fall off in late 2020, early 2021 Smiley Sad

Message 1 of 25
24 REPLIES 24
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?

Not 5 inquiries, 5 cards within a 24 month period.
Not a myth. You can search the forum for horror stories or just google Chase 5/24. It's one of their internal rules.
Message 2 of 25
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?

I'm sure she wouldn't intentionally deceive you either; she just may be in a position that she would be unaware of some underwriting requirements...? And yes, it's new revolving accounts, not inquiries.
Message 3 of 25
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?


@Anonymous wrote:
Not 5 inquiries, 5 cards within a 24 month period.
Not a myth. You can search the forum for horror stories or just google Chase 5/24. It's one of the internal rules.

I'm very familiar with the horror stories on here and Google, but i've always assumed it meant 5 inquiries. By accounts, do you mean new accounts opened in the same year? Sorry if you don't mind explaining it like i'm a five year old.

Message 4 of 25
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?

5 new accounts in 24 months (2 years)
Message 5 of 25
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?


@Anonymous wrote:
I'm sure she wouldn't intentionally deceive you either; she just may be in a position that she would be unaware of some underwriting requirements...? And yes, it's new revolving accounts, not inquiries.

Thank you for not being condescending about my question.. It was probably because of my incorrect knowledge, I stated "inquiries" as that's what I was led to believe. I did not know it was accounts. And by accounts, do you mean accounts opened in a year; or... Sorry, I feel a little dumb.

Message 6 of 25
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?

Opening FIVE new credit card accounts in a TWENTY-FOUR month (2 YEAR) period.
5/24 = opening 5 accounts in 24 months.
Message 7 of 25
joltdude
Senior Contributor

Re: Does Chase actually have a 5/24 rule?

Op..

Folks in here have gotten bitten and burned by this too many times to be a coincidence... Really suggest you take your "friends" knowledge of this with a grain of salt... Its a very sore subject in these parts... 

 

If not just in these forums... Both Flyertalk and Doctor of Credit also discuss this at length....

Its 5 tradelines... not hard pulls... 

If i recall correctly its opening an account.. Accepting or declining the opened account doesnt matter... (<--this part is very much ymmv)

 

-J

 

Message 8 of 25
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?


@Anonymous wrote:
Opening FIVE new credit card accounts in a TWENTY-FOUR month (2 YEAR) period.
5/24 = opening 5 accounts in 24 months.

Pinky swear it's my last time checking lol. By opening, you mean successfully accepted and received said card for the credit account, yes? Inquiries that leave a denial, are not counted towards the 5/24 rule?

Message 9 of 25
Anonymous
Not applicable

Re: Does Chase actually have a 5/24 rule?


@joltdude wrote:

Op..

Folks in here have gotten bitten and burned by this too many times to be a coincidence... Really suggest you take your "friends" knowledge of this with a grain of salt... 

 

If not just in these forums... Both Flyertalk and Doctor of Credit also discuss this at length....

Its 5 tradelines... not hard pulls... 

 

-J

 


Asking because I see the card in your profile. Does the Amazon Chase 5% card have the same rules?

Message 10 of 25
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