LOL/24 meaning?

[xboxhaxorz]

So i browsed google and couldnt find anything, i imagine 24 is 24 credit card inquiries but i dont get the LOL part

Thanks

[Jordan23ww]

So Lol/24 is a way of saying you're way over the 5/24 rule that Chase goes by for credit card approvals. In most situations if a person has been approved for 5 or more new revolving credit card accounts in the last 24 months, and they apply for a credit card with Chase, Chase will automatically deny it. They usually mention the number of new accounts opened recently as the reason for the denial. So many people got denied for credit for this reason and by sharing their information of recent approvals and denials it was determined that 5 new accounts in 24 months or 5/24 is the point you more than likely get denied by Chase. So when someone is 5/24 that is what they are referring too. With that said, LOL/24 basically means they are sooooooo far over 5/24 it is laughable and not even worth mentioning.  So they already know they have no shot at an approval right now by Chase.  

[CreditCuriosity]

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@Jordan23ww wrote:

So Lol/24 is a way of saying you're way over the 5/24 rule that Chase goes by for credit card approvals. In most situations if a person has been approved for 5 or more new revolving credit card accounts in the last 24 months, and they apply for a credit card with Chase, Chase will automatically deny it. They usually mention the number of new accounts opened recently as the reason for the denial. So many people got denied for credit for this reason and by sharing their information of recent approvals and denials it was determined that 5 new accounts in 24 months or 5/24 is the point you more than likely get denied by Chase. So when someone is 5/24 that is what they are referring too. With that said, LOL/24 basically means they are sooooooo far over 5/24 it is laughable and not even worth mentioning.  So they already know they have no shot at an approval right now by Chase.  

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Correct to add what is annoying though is someone yields an approval for Chase or Citi or UsBank CC and known to be conservative and said approved with lol/24.  This doesn't help out at all with datapoints to see how lenders are trending on lending/approval or denial criteria.  I prefer when someone says exact # of new accounts vs lol/24.  I personally finds it very annoying when someone does that without other important information on approval or denial.

[Tcal]

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@CreditCuriosity wrote:

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@Jordan23ww wrote:

So Lol/24 is a way of saying you're way over the 5/24 rule that Chase goes by for credit card approvals. In most situations if a person has been approved for 5 or more new revolving credit card accounts in the last 24 months, and they apply for a credit card with Chase, Chase will automatically deny it. They usually mention the number of new accounts opened recently as the reason for the denial. So many people got denied for credit for this reason and by sharing their information of recent approvals and denials it was determined that 5 new accounts in 24 months or 5/24 is the point you more than likely get denied by Chase. So when someone is 5/24 that is what they are referring too. With that said, LOL/24 basically means they are sooooooo far over 5/24 it is laughable and not even worth mentioning.  So they already know they have no shot at an approval right now by Chase.  

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Correct to add what is annoying though is someone yields an approval for Chase or Citi or UsBank CC and known to be conservative and said approved with lol/24.  This doesn't help out at all with datapoints to see how lenders are trending on lending/approval or denial criteria.  I prefer when someone says exact # of new accounts vs lol/24.  I personally finds it very annoying when someone does that without other important information on approval or denial.

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Honestly same.  it makes otherwise good DPs less credible imo. 

Like for all I know they might consider something like 10/24  'LOL' level.

[coldfusion]

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@Tcal wrote:

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Like for all I know they might consider something like 10/24  'LOL' level.

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There was never any formal exact figure or defined threshold that I can remember, but historically among churners it inferred a range that was higher than that.  Nowadays as the term has been more widely adopted there's even less of a consensus as to what LOL/24 actually implies.

5 years ago I used to consider it as somewhere in the 20/24 range but in the current economic climate and the enhanced scrutiny on applicants current financial postures and increased sensitivity to potential churning my perception has shifted.  (at my peak I was at 50+/24 and I knew of a couple of members here around that time who were even higher than me)

[Hoben02]

You can get around the lol/24 in my case I have an existing relationship with chase and I applied in branch and found I was preapproved for all their bank cards