PSA: Thinking about apping for new Chase CSP and Freedom Bonuses (or Slate)? Read this first!

[Anonymous]

This week alone, I've read about three people applying for these cards with no chance whatsoever of getting them.

This past May, Chase implemented the "5/24 rule", meaning that if you have more than 5 new accounts in the past 24 months (reporting on your CR), they simply will not approve you for their prime cards (CSP, Slate, and Freedom). This includes new AU accounts (Remove yourself, confirm on CR, then app if below 5/24) This does not apply to co-branded cards (SW, United, etc) Save your HP and don't apply, at least not online, for any of the above if you're over this threshold. Your app WILL go to pending and then denied.

There HAS been some success for people over this number, but that involves going in branch, pre-qualifying in branch, and having a banker recon for you. The online pre-qual ignores this rule, so you will still so pre-qual, but will be denied on app (False advertising for sure)

Mods: Please consider this as a potential warning sticky in this forum. Even with all the information in the other forums, people are still apping with zero chance of approval.

[Anonymous]

We know.

[tr24]

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@Anonymous wrote:

We know.

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You speak for the world? 

[Tryingtogetbetter]

Is a charge account treated the same as a credit card? On my CR I have some accounts as Charge Account and others as Credit Cards. So would those count into the 5/24 rule?

[elim]

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@tr24 wrote:

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@Anonymous wrote:

We know.

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You speak for the world? 

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   http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?filter=labels&q=5%2F24

[Anonymous]

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@tr24 wrote:

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@Anonymous wrote:

We know.

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You speak for the world? 

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There have been a dozen or so threads posted about it.

[Anonymous]

I'll lend some support to OP here.

Even though WE know (anyone who's posted a few times on this board), a lot of newer folks or lurkers may not know. If you ask Average Joe on the street if he knows the 5/24 rule, you will get a blank stare. Yet, that same individual might be sorely disappointed when he gets denied for a Chase card. 

Chase is a big and influential enough issuer, and the rule is so rigid, that it might be worth a sticky.

But, I'm just an ordinary member and that's my two cents on the matter 

[tntexans72]

Chase is making this tough. I think they are eliminating the churners. It's rare that a person can get 3 Chase cards within 30 days now. Most are limit to just two cards within 30 days and you can't grab two of the same card because you have to wait 24 months to cash on the bonus for the 1st card. Hopefully other lenders don't follow suit. 

[NRB525]

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@Anonymous wrote:

There HAS been some success for people over this number, but that involves going in branch, pre-qualifying in branch, and having a banker recon for you. The online pre-qual ignores this rule, so you will still so pre-qual, but will be denied on app (False advertising for sure)

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The In-Branch attempt is what I am planning, likely late summer 2016. If I waited until I got to 5 cards in the last two years, it would be July 2017, presuming zero new apps, and I doubt I will be happy to wait that long

The combination at that time of nearly a year with no apps (Oct 1 last app) and my history with Chase, including an active checking account and very active Freedom card, I am hopeful will get the CSP approved.

Worst case scenario, they don't give me one. But knowing the 5/24 rule I would not have gotten one online anyhow.

[adelphi_sky]

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@tntexans72 wrote:

Chase is making this tough. I think they are eliminating the churners. It's rare that a person can get 3 Chase cards within 30 days now. Most are limit to just two cards within 30 days and you can't grab two of the same card because you have to wait 24 months to cash on the bonus for the 1st card. Hopefully other lenders don't follow suit. 

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They are probably cutting down on those who take the rewards and run. But there are people who have new accounts that have a history of actually holding onto their cards. In addition, some people open new lines of credit for consolidation, their car lease is up and they get into another lease, etc. I think they may be a bit too strict if they followed that rule to the letter. Which is why I think there are certain cases out there where people don't clear the 5/24 rule and are getting approved anyway. 

I have always though that numbers don't show everything. They could be turning down someone who could be a recent recipient of a trust fund, lottery winner, big bonus, or a new higher paying job. There are multiple reasons why people have opened up 5+ credit lines in 2 years. 

I don't know. Has there been a study that suggests if a person opens up 5 new applications in 25 months, they are a higher risk?