Chase 5/24 Sapphire Preferred Question

[Bmn5940]

So I'm planning on staying in the garden until I get my scores and grow my current cards as much as possible. Also I have no need for any new cards. Anyway my goal is to eventually get the CSP due to my often travel. I know about the no more than 5 accounts opened within 24 months rule and wanted to know if I'm still within the rule. My cards are opened as followed:

Authorized User Amex ED: 4K Limit added May 26th 2016
Cap 1 QS one: 2,300 limit opened June 28th 2016
Amex BCE: 1500 limit opened January 1st 2017
Chase Slate: 500 limit opened January 20th 2017
Citi TYP Student: 500 limit opened February 1st 2017

Also have multiple student loans that were opened summer fall and spring

Also have a personal loan(car loan) through local bank: opened July 16th 2016


I was unclear if authorized user accounts count towards the 5/24 rule and also if personal loans/students loans count

I'm not looking to apply for this card anytome soon but want to make sure I'm setting myself up to get a better chance of approval.
I've never been late on any of my student loan payments, car payment, or credit card payments. I always stay below 30% utilization and try to either PIF or carry a small balance on all my cards. I don't plan on missing or being late on any payments as I have a steady job while in college. Just wanted to hear from others about the 5/24 rule and also what I should be aiming for to get this card. Thanks for reading!


Also I want to PC my slate to a freedom. I've read through these forums people have done it as early as a few months after opening and also read some were denied until they had the card a year. I'm not in a huge rush I just hate spending money on a card and getting nothing out of it, but want to keep building a good relationship with chase so I spend 30% then PIF with my slate.

Any advise to help me get on track for this card is appreciated!!!

[Anonymous]

Yes AU accounts count towards 5/24.  If you wanted to apply now your best approach would be to remove yourself as an AU and make sure it is no longer being reported.  You could always go back on the account later if you so desired.  But before applying for the CSP, you need to let your CHase account age for 6 months or so and let the othes mature as well.  It is not likely that Chase would jump from a $500 limit for the Slate to the minimum $5K limit needed for the CSP at this point in time.

[Bmn5940]

Yes that is my plan to let my smaller cards age and keep building a good relationship with chase. I have no interest in applying for this card anytime soon as I said before I just want to give myself a plan for making sure I'm under 5/24 and getting my approval odds higher. It's certainly my goal to have this card by 2018!!

[newhis]

+1

It will be hard to get CSP with your young file and low limits.

Have you tried the 3X CLI on your Amex? You didn't say if the card started with $1,500 or $500 and got the CLI.

I read that Amex AU cards report the date when the AU is added and not the original open date. I guess if you are removed on that card and it no longer show on your reports, if you decide to get as an AU again it will not report the open date as 05/26/2016 but the day you are added again. Just something to consider because it can hurt your AAoA.

If I were you, I'll wait at least until July 2017, see if there is a pre-approval (online and in branch). Most reports say that if you are pre-approved you can get the card. I'll visit a branch to proceed, I feel that they can talk with lending if not instantly approved. Sometimes the welcome bonus is higher in branch.

[Bmn5940]

Thank you for you reply! Yeah I'm in absolutely no rush to get this card I just was curious about the 5/24 rule and also setting myself up so I can get this card in the future.

Edit: Yes my Amex SL was $500 and I applied for the 3X increase and got it at the 61 day mark!

[Bmn5940]

Also should see a cap 1 increase around June/July 

Cap1 bumped me from 300 to 2300 at 5th statement automatically hoping for another big increase again. Maybe over 3k? Fingers crossed 🤞 

Citi SP increase should be about August

Hoping around my 6th month mark with chase they see all my usuage and payments and bump me a little.

Amex I'll do the 3X again about September/October (181 day mark)

Really excited to keep growing my cards and getting that CSP in the future!!!

[ls2016]

The Chase 5/24 rule is quite interesting! My daughter was denied on 3/8/17 for the Chase Freedom then reconed it to an approval on 3/13/17 because of the "too many new credit card accounts within a 24 month period." The lending service rep that she talked to (with me during a conference call since she's only 19) specifically stated that he was excluding the store cards and the AU cards from her list, pending that she's not responsible for the payment and have never used the AU and store cards (which are also AU accounts). Once the rep did that, it placed her at 3 accounts in her name within a 24 month period instead of 7. This was just on 3/13/17, so I believe they do not count if you're not responsible for the AU accounts in any way (payments or purchases). Just sharing my daughter's experience. After the lengthy conversation with the Chase lending services' rep to sort out the credit card accounts, my daughter was approved. Some believe they count, some say they don't. I think it varies. Good luck!