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Hello Friends!
I should probably preface with a very strong YMMV
I searched the forums for hours looking for people in the same situation as me in terms of Chase's 5/24 rule. About 1 minute ago (6/15/16), I applied online and was instantly APPROVED for the CSP then Freedom.
There's been so much debate about whether or not store cards count and whether or not the month/day of the app matters. I don't know the for-sure answers, but here is my experience:
I DID NOT have a prequalification (believe me, I've been checking for months up until the last second before hitting submit on my apps lol!).
I DO NOT have a banking relationship (checking/savings) with Chase nor have I ever.
I have exactly FIVE credit cards opened in the last 24 months, however, my AE store card turned 24 months old on June 8, 2016 so I took a chance .
American Eagle STORE card - June 8, 2014
Chase AARP - June 20, 2015
Sallie Mae - June 20, 2015
BOFA Travel Rewards - June 20, 2015
AMEX BCP - June 20, 2015
FICOs (that I know for sure) are in sig - sitting around 740-750 each as of last month. No baddies. AAoA like 1.2 years
I really really hopes this helps other people who are just wanting a datapoint that matches their apping predicament!
Congrats on your approvals. Store cards do count in the 5/24 rule, but I would venture to guess that since your oldest card was 24 months plus roughly one week old, you technically did not fall under the 5/24 rule.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@creditguy wrote:Congrats on your approvals. Store cards do count in the 5/24 rule, but I would venture to guess that since your oldest card was 24 months plus roughly one week old, you technically did not fall under the 5/24 rule.
Agreed here.
Almost every exception to 5/24 that I've seen has been someone who was either right at 5/24 or very borderline, such as OP. I haven't seen anyone with say, 20 cards in the last 2 years, be an exception.
Glad to see that you can be approved quickly after you're not longer 5/24. So assuming I don't get another card, looks like I can get into Chase in late August....of next year.
Nice. Thanks for sharing.
According to a post in credit card applications, it's now 2/24. At least that's what the knowledgeable CSR's at Chase told another member.
@Anonymous wrote:According to a post in credit card applications, it's now 2/24. At least that's what the knowledgeable CSR's at Chase told another member.
I just read that thread...I'm feeling skeptical though. 2/24 is pretty ridiculous if that's the game Chase wants to play. I'm gonna wait and see what other people are saying before I believe that. Also, if 2/24 IS a thing all of a sudden, I really pushed my luck lol.