Question on Chase Apps

[Anonymous]

Hi - I know I've read about the 24 month rule with Chase, where they will not approve an application if you've opened cards with them in the last 24 months.  I was not aware of this, I already have two chase cards and applied for a third.  I was denied because my other two cards were opened in the last year.  On the letter that came, it stated too many accounts were opened in the last 2 years.  Does this new application that I made that was declined reset that 2 year mark, or can I apply for a new card after the two year mark of the newest card I opened with them?  Thanks in advance.

[Anonymous]

The 5/24 rule you are looking at applies to all CC accounts opened in the last 24 months (not just with Chase). Have you opened 5+ CC in the last 2 years? You will have to wait until you have 4 or less new accounts opened in the last 2 years. The declined app didnt reset anything.

[Anonymous]

Is the 5/24 rule only with Chase applications or do other banks also use this method to determine if they will approve or not?

[Anonymous]

Chase is the only one that uses the 5/24 rule, but one of the things all banks look at when deciding whether to approve a new app or not is recent accounts. The more recent accounts you open, the more risk banks see. Chase is the only one who has this rule, but others have similar rules which may or may not be public. 

[csryang]

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@Anonymous wrote:

Is the 5/24 rule only with Chase applications or do other banks also use this method to determine if they will approve or not?

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Only Chase credit card applications have 5/24 rule. You wont be approved for a Chase credit card if you have more than 5 accounts (all accounts not just chase) opened in the past 24 months. A denied Chase application will not count as an open account so it will NOT set you back. There are some Chase cards that are not object to that rule but it's rare. 

There are also reports that you could bypass the rule if you have a preapproval in branch or having a preapproval message with green check mark from your online banking account.

[sjt]

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@Anonymous wrote:

Hi - I know I've read about the 24 month rule with Chase, where they will not approve an application if you've opened cards with them in the last 24 months.  I was not aware of this, I already have two chase cards and applied for a third.  I was denied because my other two cards were opened in the last year.  On the letter that came, it stated too many accounts were opened in the last 2 years.  Does this new application that I made that was declined reset that 2 year mark, or can I apply for a new card after the two year mark of the newest card I opened with them?  Thanks in advance.

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Like the other posters mentioned, Chase 5/24 rule applies to all credit card accounts opened in the last 24 months. So if someone is 5/24 and over, they would have to wait until they are 4/24. It goes by oldest card opened with in the last 24 months. So if that card was opened in 11/15, you would have to wait until 11/17 to be under 5/24.

Also, you should call recon to see the exact reasons for the decline.

[Anonymous]

I was 6/24 (6/2 to be exact) when I applied and approved for Freedom, 2 of the 6 were business cards (one of which was a Chase Ink) so I'm guessing business cards don't count?

[CreditCuriosity]

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@Anonymous wrote:
I was 6/24 (6/2 to be exact) when I applied and approved for Freedom, 2 of the 6 were business cards (one of which was a Chase Ink) so I'm guessing business cards don't count?

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Business cards are hidden from normal Credit reports thus you were under the 5/24 rule as chase couldn't see 1 or 2 of the accounts.

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:
I was 6/24 (6/2 to be exact) when I applied and approved for Freedom, 2 of the 6 were business cards (one of which was a Chase Ink) so I'm guessing business cards don't count?

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Business cards are hidden from normal Credit reports thus you were under the 5/24 rule as chase couldn't see 1 or 2 of the accounts.

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That's why I included the little note about Chase Ink which they certain knew about, putting me at 5/24.

[Khalifa_Jayy]

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Question about the 5/24, myself: Does anyone know if the Chase pre-qual website takes 5/24 into effect? I'm getting 4 cards to choose from and I am not sure if I'm under 5/24. The only way I can be is if my TD (Mor Furniture) account isn't treated as a "credit card," which might be the case.

EDIT: According to CreditKarma both my TD (Mor Furniture) and Wayfair accounts are "charge accounts," compared to my AmEx and BofA cards which are classified as "credit card(s)." I guess I'm safe to proceed?

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AmEx FICO 8: EX [714] | Discover Credit Scorecard FICO: EX [719]