@CreditCuriosity wrote:
Don't believe it.. Sure a few might slip through, but most people don't know what 5/24 really means.. Some think it is just applications and not approvals, while others thing it is inquires etc and a general misunderstanding of the rule. This happened early this year or last year on ink card as well and wasted a HP and I wasn't much over 5/24 at time and many people wasted HP's. Sure one can get around 5/24 for cards like Amazon where their partnership probably has something written into it, etc, but core cards I wouldn't believe one bit until tons of DP's come in from reputatable people of this rule change is official as many have tried to recon to be told the 5/24 rule is certainly still enforced by the UW'er and they are powerless. If you don't mind using a HP or two go for it, but results if violating 5/24 rule are slim at most of approval. Eventually if this economic downturn prolongs chase might loosen it up as they need new business with people that have income and good scores and possibly willing to pay interest vs. approving people with average credit and lower income and likelyhood of higher chargeoffs, but until that rule is offically changed, be cautious
On the whole, I agree, but I finally decided to post on this when I found Doctor of Credit was also giving DP about it, not just Reddit.
“Play the game, but don't believe in it“
