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Chase 5/24 rule clarification

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Anonymous
Not applicable

Chase 5/24 rule clarification

Hi guys, I was hoping I can get some clarification on the Chase 5/34 rule. I understand that Chase will automatically decline anyone who appllied and was approved for 5 or more personal accounts within a rolling 24 months period.

1) Does his rule apply to only credit cards or personal loans too?

[After not applying for several years, I applied and got 4 personal credit cards less thn a year ago (almost 1 year now) and 1 personal loan (about 7 months ago)].

2) When I do reach the 24 month mark, should I wait until my credit report refreshes in the 25th month? Or, is is very accurate, so if my last account was approved on lets say May 25th, 2018, then I will be immediately elligible on May 26th 2020?

 

Thanks so much.

Message 1 of 5
4 REPLIES 4
K-in-Boston
Credit Mentor

Re: Chase 5/24 rule clarification

1.) Only credit cards and charge cards, including store cards and any cards that you are an authorized user on.

2.) Probably best to wait until the start of the 25th month if you are not 4/24 or lower.

Message 2 of 5
SouthJamaica
Mega Contributor

Re: Chase 5/24 rule clarification


@Anonymous wrote:

Hi guys, I was hoping I can get some clarification on the Chase 5/34 rule. I understand that Chase will automatically decline anyone who appllied and was approved for 5 or more personal accounts within a rolling 24 months period.

1) Does his rule apply to only credit cards or personal loans too?

[After not applying for several years, I applied and got 4 personal credit cards less thn a year ago (almost 1 year now) and 1 personal loan (about 7 months ago)].

2) When I do reach the 24 month mark, should I wait until my credit report refreshes in the 25th month? Or, is is very accurate, so if my last account was approved on lets say May 25th, 2018, then I will be immediately elligible on May 26th 2020?

 

Thanks so much.


If you've only obtained 4 credit cards during the past 24 months, then you're good to go, as far as the 5/24 rule is concerned.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 5
randomguy1
Valued Contributor

Re: Chase 5/24 rule clarification

Message 4 of 5
Citylights18
Valued Contributor

Re: Chase 5/24 rule clarification


@K-in-Boston wrote:

1.) Only credit cards and charge cards, including store cards and any cards that you are an authorized user on.

2.) Probably best to wait until the start of the 25th month if you are not 4/24 or lower.


I was 5/24 with a store card from Samsung (8/18) and was approved for Chase World of Hyatt. Samsung card can only be used in store and they don't give you a physical one. However its labled the same as DSNB Macy's in Chase Credit Journey as a "Revolving Charge Account". The AMEX portion of the account is labled "Credit Card Revoling Terms". If its store only without it being a VISA/MC/AMEX I don't think it counts against the 5/24.

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