@Anonymous wrote: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
Your friend might not have heard about the "5/24 rule" because there's no formal name for it; 5/24 is simply the name derived from a vast number of datapoints about Chase applications. Even Chase's credit analysts will deny there's a 5/24 rule but its one of their underwriting criteria.
If you have opened five or more revolving credit accounts in the preceding 24-month period, your application for a Chase credit card will be denied. The only known workaround for this "rule" is an in-branch pre-approval for credit. Also, occasionally green checkmark offers (personal accounts) or black checkmark offers (business accounts) may override the rule.
Theres that thumbs up thing down below the particluar post that allows you to give kudos for a particular posting...
Amazon Visa used to NOT fall under 5/24 but at this point almost all Chase cards are under it... And an Amazon Chase will count *against* 5/24 .....
@Anonymous wrote:
@Anonymous wrote: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
Your friend might not have heard about the "5/24 rule" because there's no formal name for it; 5/24 is simply the name derived from a vast number of datapoints about Chase applications. Even Chase's credit analysts will deny there's a 5/24 rule but its one of their underwriting criteria.
If you have opened five or more revolving credit accounts in the preceding 24-month period, your application for a Chase credit card will be denied. The only known workaround for this "rule" is an in-branch pre-approval for credit. Also, occasionally green checkmark offers (personal accounts) or black checkmark offers (business accounts) may override the rule.
Thank you for your detailed response. I believe my wording confused her as I did say inquiries instead of revolving accounts. Looks like i'll be pulling the trigger on this around Christmas, after my Discover graduates and I have a few months of on-time payments on my new PayPal card. As I read and hear Chase is not thin file or new file friendly.