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Chase 5/24 App or not?

nastalgia
Valued Member

Chase 5/24 App or not?

Hey Guys, I have been thoroghly researching this chase 5/24 rule because I want to apply for one soon but wanted to see if you credit guru's would advise me to wait or go for. In the past 24 months i have the following cards

1. Bank of America rewards card (AU acct) - account is almost 12yrs old with excellent payment/89% utilization/not my debt

2. Citi Simplicity card (AU acct) - 2yrs 4 mos old/excellent payment/0.4% utilization/not my debt

3. US Bank secure card (mine) - 2yrs 6 mos old/excellent payment/0% utilization/US Bank hasn't graduated it yet

4. Cap one Platinum secured card (mine) - 1yr 7 mos/excellent payment/10% utilization/autoCLI from 200 to 500 last year

5. Discover IT card Graduated (mine) - 11 mos/excellent payment/52% utilization/autoCLI from 200 to 1500 after 5 months

6. Citi Diamond secured card (mine) - 11 mos/excellent payment/0% utilization/Citi hasn't grduated it

7. Amazon Prime charge card Synchrony Bank (mine) - 8 mos/excellent payment/0% utilization/no auto CLI yet

8. SECU credit card (mine) - 9 mos/excellent payment/70% utilization

9. Personal loan (mine) - 1yr/excellent payment

10. Consolidated Sallie Mae (mine) - listed as 3 mos although its a 16yr old account

11. Refinanced Auto loan (mine) - 7 mos/excellent payment

Average of Acct is currently 5yrs 6 mos, I've recently frozen and gardening till March next yr or even further but I want my next card to be a chase card before anything else.. I have a very good credit mix. overall credit utilizations at 68% Credit scores as follows

TU card score 8/9 - 672/677

EX card score 8/9 - 690/701

EQ card score 8/9 - 645/646

Which of these account will be counted against me in my quest for a chase card? I read somewhere that The Chase Slate card don't factor in the 5/24 rule but it also don't come with any rewards. I have no banking relationship with chase, I prefer Credit unions.

Message 1 of 18
17 REPLIES 17
TSlop
Established Contributor

Re: Chase 5/24 App or not?

One thing that I'd do (if you haven't done it already) is sign up for Chase credit journey. Do that, plus see if you are pre-qualified for anything. I just recently saw I wasn't pre-qualified for anything (I have 2 Chase cards). After signing up for credit journey, I became pre-qualified for a lot of stuff.

Personally, if I see a pre-qualification, I'd app. I know it not a guarantee, but I don't app for random cards all year. Chase can and does approve over 5/24, so, if it was me and I was pre-qualified, I'd take the shot. I don't app randomly all year, so I'm not scared of an HP.

Message 2 of 18
Jnbmom
Community Leader
Senior Contributor

Re: Chase 5/24 App or not?

As far as I know, all cards including Slate are factored in, and since you are already at 5/24l with 4, 5, 6, 7 and 8, it's best to wait until card 4 hits 2 year mark.

 

I would also try to get your utilization down, that would be a nice score bump.

 

With alot of secured cards in your profile,  do you have any negatives?

EXP 758 TU 783 EQ 729
Message 3 of 18
Drwaz99
Established Contributor

Re: Chase 5/24 App or not?


@TSlop wrote:
One thing that I'd do (if you haven't done it already) is sign up for Chase credit journey. Do that, plus see if you are pre-qualified for anything. I just recently saw I wasn't pre-qualified for anything (I have 2 Chase cards). After signing up for credit journey, I became pre-qualified for a lot of stuff.

Personally, if I see a pre-qualification, I'd app. I know it not a guarantee, but I don't app for random cards all year. Chase can and does approve over 5/24, so, if it was me and I was pre-qualified, I'd take the shot. I don't app randomly all year, so I'm not scared of an HP.

This is exactly what I would do as well. It might take a couple of weeks to a month once you sign up (profile dependent) to start seeing prequalified offers, but it's the best option at the moment.

https://www.chase.creditviewdashboard.com/CreditView/login.page

US Bank Altitude Reserve 18.1k
Chase Freedom Unlimited 18.5k
Chase Freedom 11.7k
American Express Bonvoy Brilliant 22.5k
American Express Bonvoy Business 20k
American Express Amazon Business Prime 14k
Barclays Aviator Business 5k
Citibusiness AAdvantage 11.9k
Citi Double Cash 15k

Fico 8s as of 06/10/2021:




Message 4 of 18
SoCalifornia
Frequent Contributor

Re: Chase 5/24 App or not?

Is there a specific Chase card that you are seeking? I would personally hold out, but I'm not a huge risk taker. Like mentioned above, it's a good idea to allow the bank to get familiar with you and develop a relationship. Chase can be (for any number of reasons) skittish and it's always best to represent your best current profile when diving into their pool.


Message 5 of 18
nastalgia
Valued Member

Re: Chase 5/24 App or not?


@Jnbmom wrote:

As far as I know, all cards including Slate are factored in, and since you are already at 5/24l with 4, 5, 6, 7 and 8, it's best to wait until card 4 hits 2 year mark.

 

I would also try to get your utilization down, that would be a nice score bump.

 

With alot of secured cards in your profile,  do you have any negatives?


I don't have any collections or judgements on any of my credit files but after a recent Sallie Mae consolidation my old defaulted loans became paid charge offs which is not hurting only my TU credit scores.

Message 6 of 18
nastalgia
Valued Member

Re: Chase 5/24 App or not?


@TSlop wrote:
One thing that I'd do (if you haven't done it already) is sign up for Chase credit journey. Do that, plus see if you are pre-qualified for anything. I just recently saw I wasn't pre-qualified for anything (I have 2 Chase cards). After signing up for credit journey, I became pre-qualified for a lot of stuff.

Personally, if I see a pre-qualification, I'd app. I know it not a guarantee, but I don't app for random cards all year. Chase can and does approve over 5/24, so, if it was me and I was pre-qualified, I'd take the shot. I don't app randomly all year, so I'm not scared of an HP.

I tried to sign up for the credit journey online but the website seems to be down so I will try another time. currently my credit files are forzen due to a recent security breach at stockX which affectted my info on the dark web. I will have to unfreeze it first

Message 7 of 18
Drwaz99
Established Contributor

Re: Chase 5/24 App or not?


@nastalgia wrote:

@TSlop wrote:
One thing that I'd do (if you haven't done it already) is sign up for Chase credit journey. Do that, plus see if you are pre-qualified for anything. I just recently saw I wasn't pre-qualified for anything (I have 2 Chase cards). After signing up for credit journey, I became pre-qualified for a lot of stuff.

Personally, if I see a pre-qualification, I'd app. I know it not a guarantee, but I don't app for random cards all year. Chase can and does approve over 5/24, so, if it was me and I was pre-qualified, I'd take the shot. I don't app randomly all year, so I'm not scared of an HP.

I tried to sign up for the credit journey online but the website seems to be down so I will try another time. currently my credit files are forzen due to a recent security breach at stockX which affectted my info on the dark web. I will have to unfreeze it first


The website worked for me just now. You will need to unfreeze your TU (as you mention) to get it to work. They can't soft pull you with it frozen. 

US Bank Altitude Reserve 18.1k
Chase Freedom Unlimited 18.5k
Chase Freedom 11.7k
American Express Bonvoy Brilliant 22.5k
American Express Bonvoy Business 20k
American Express Amazon Business Prime 14k
Barclays Aviator Business 5k
Citibusiness AAdvantage 11.9k
Citi Double Cash 15k

Fico 8s as of 06/10/2021:




Message 8 of 18
nastalgia
Valued Member

Re: Chase 5/24 App or not?


@SoCalifornia wrote:
Is there a specific Chase card that you are seeking? I would personally hold out, but I'm not a huge risk taker. Like mentioned above, it's a good idea to allow the bank to get familiar with you and develop a relationship. Chase can be (for any number of reasons) skittish and it's always best to represent your best current profile when diving into their pool.

I don't have any specific chase card per say I just wanna get my foot in the door first. I know I have a lot of secured cards that haven't matured yet so I'm just gardening for now but also wanted to know the information ahead of time. Personally waiting for my Cap One card to hit 2yrs or mature which ever one comes first. I appreciate everyones input and responses, this forum is such a great resource. 

Message 9 of 18
Remedios
Moderator

Re: Chase 5/24 App or not?

OP, if you're trying for a prequal, Chase uses TU for that purpose.
Even when you drop below 5/24 you should wait a little till your scores go up (TU in particular).
Easiest way to do this in your case is to get utilization down. It's really too high for an approval with anything that would resemble decent terms, especially from Chase.

Message 10 of 18
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