@Anonymous wrote:Hey everyone,
So back in March, I may have inadvertently bypassed the 5/24 rule by Chase. Between Summer of 2019 and Winter of 2020 I have applied and been approved for the following CC's:
1. Alliant Visa Signature
2. Chase Freedom Unlimited
3. Amazon Prime Rewards Chase Visa
4. Amex Platinum by Schwab
5. Capital One QuickSilver
All are reporting both inquires and open accounts on my Experian report. I decided to apply for the Chase Business Ink Unlimited card in early March, thinking it was a long shot to getting the actual card but wanted to try. So I applied online, they pulled my Experian, and then I got an email saying I need to supply supplemental verification documents to verify my business. I accessed their online portal I received in the email and uploaded my EIN tax document for my business.
After a few days, I called chase to check on my application and low and behold I was approved! But my question is if on my Experian it clearly shows 5 open new accounts within the past 24 months, how was I approved for this card? I want to apply for the World of Hyatt card with Chase but figured I'd get denied for the 5/24 rule, however, it seems I bypassed it once already so why not try again?
Am I crazy or did I actually somehow bypass the 5/24 rule and should I apply for the Hyatt card in hopes of getting by it one last time before saying goodbye to chase for the next 1 1/2 years?
Business accounts are not equal to personal in 5/24 weight, generally speaking, which may explain your loophole. No more poking the Chase bear, stay safe and healthy, physically and financially haha ;-)
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Congrats on your Chase cards. I'm at 6/24 until July 2021, but would love to be able to get around the rule and get the United Explorer card, as once this "situation" is past i'll be flying at least 3-4 times via United before the end of the year.
Also, i'd like the CIC, CIP (which would have to wait anyway due to Chase tightening up lending on their business cards), and even though the categories don't line up with my spending much i'd like the Freedom card to use at least for groceries one quarter of the year. It's a no AF card, so why not?
I'll be at 3/24 next July so i'll go after all four of those cards after then.
Congrats, and I agree about not pushing your luck. If it's a business account, is it possible they used a different credit pull? I still own an LLC from a past life as a consultant. It has its own ITIN (if I remember the acronym correctly), which is used much like a SSN to open accounts. My LLC has credit separate from mine. It is 0/24. Or did you use your SSN when you applied?
Do you have any X factors, like a Chase account that you run a lot of money through?
Now, soapbox time in case someone who works for a Chase partner happens by to see what people are saying about their cobrand cards. I think 5/24 is a questionable policy for core cards, but I think it's a real problem with cobrands. Their partners don't want Chase's unique philosophy about reducing risk, that Amex, Citi and every other lender doesn't seem to find necessary. They want cards in wallets so people buy from them. Amazon wants an Amazon card in your wallet so you shop with them and not Walmart. United wants a United card in your wallet so you fly with them and not with Delta. Not saying it's a big issue. lol/24 is much more common on this board than in America as a whole. But it's a self-inflicted error when it comes to cobrands, and I would suggest that any cobrand partners give some thought to whether they want to stick with Chase. JMO.
