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Getting around Chase's 5/24 rule

jrrsmith18
Contributor

Getting around Chase's 5/24 rule

So I want to get the CSP but since I've opened 12 accounts in the past 2 years I'm sure they'd say no. I have the ritz card and wanted to hear if anyone has gotten around the 5/24 rule by moving credit from a current chase card to start the new account.
Message 1 of 18
17 REPLIES 17
FinStar
Moderator

Re: Getting around Chase's 5/24 rule

Good luck!  IIRC, this hasn't been a successful route for some folks (even on reconsideration).  Now, while everything can be YEMV, it's possible someone could have gotten approved (i.e. Freedom or CSP) but it's fairly certain that the decision was based on the individual's overall profile (among several factors).  And, if X person did, those chances are not necessarily portable for your outcome.  Only way to know for sure is when you apply.

Message 2 of 18
red259
Super Contributor

Re: Getting around Chase's 5/24 rule


@jrrsmith18 wrote:
So I want to get the CSP but since I've opened 12 accounts in the past 2 years I'm sure they'd say no. I have the ritz card and wanted to hear if anyone has gotten around the 5/24 rule by moving credit from a current chase card to start the new account.

I dunno when in the past 2 years you have opened those accounts. If you opened most of them within the past six months or year then I think you are wasting and inq by applying. If most of the accounts are over a year old then I would wonder if you have any Chase UR card. If not maybe you can get one. If you already have a chase UR card it is very unlikely that you will be approved. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 3 of 18
takeshi74
Senior Contributor

Re: Getting around Chase's 5/24 rule


@jrrsmith18 wrote:
So I want to get the CSP but since I've opened 12 accounts in the past 2 years I'm sure they'd say no. I have the ritz card and wanted to hear if anyone has gotten around the 5/24 rule by moving credit from a current chase card to start the new account.

Reallocating doesn't change the number of new accounts you have on your reports.  Reallocating will only help if you've hit your internal limit and don't have the headroom for a new card.  If you run into the 5/24 issue there's no way around it.  You have let the time lapse.

Message 4 of 18
jb002
Frequent Contributor

Re: Getting around Chase's 5/24 rule

For a CSP, I think you're out of luck, sorry. Cobranded should be fine though.
812 FICO (TransUnion) | 809 FICO (Experian)
Chase Sapphire Reserve - $60,000 | Barclays AAdvantage Aviator Red - $36,500 | Amex Blue Cash Everyday - $30,000 | Fidelity Visa Signature - $20,000 | Chase Freedom - $20,000 | Bank of America Cash Rewards $22,000 | Wells Fargo Plat Visa (runt of the litter!) - $4,400
TOTAL: $192,900
Message 5 of 18
Windowguy
Valued Member

Re: Getting around Chase's 5/24 rule

I do not believe the 5/24 rule is totally accurate. I opened 7 new accounts in August 2015 and on 12/31 I open Slate and on 02/01/16 I open Chase Freedom and both were pre-qualified offers. 

Message 6 of 18
Anusara
Senior Contributor

Re: Getting around Chase's 5/24 rule

I remember reading another thread a few months ago filled with folks that have been the exception to the 5/24 Rule @ Chase. Search the forum, I'm sure you will find it. Best of luck to you!
Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 7 of 18
red259
Super Contributor

Re: Getting around Chase's 5/24 rule


@Windowguy wrote:

I do not believe the 5/24 rule is totally accurate. I opened 7 new accounts in August 2015 and on 12/31 I open Slate and on 02/01/16 I open Chase Freedom and both were pre-qualified offers. 


There are exceptions here and there but they are not extremely common. Do you bank with Chase? (that can help), Were any of your seven accounts AUs, business  or store cards? (those don't necessarily count towards the 5/24 rule). Also, I do not think it applies to people who are apping for their first chase UR card (I know that is not the case for you, but for others that can make a difference). 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 8 of 18
jrrsmith18
Contributor

Re: Getting around Chase's 5/24 rule

So I used the backdoor number for chase lending and spoke with an anaylist about possibly getting around the 5/24. He said that is one reason they can't overturn for reconsideration. I asked about taking away credit from the ritz and he also says that wouldn't know if it is possible unless they have your credit report in front of them. Really do want the CSP but in the interest of saving inquiries I'm going to hold off. Only 14 months till that chase rule doesn't apply to me and no inquiries on my report.
Message 9 of 18
red259
Super Contributor

Re: Getting around Chase's 5/24 rule


@jrrsmith18 wrote:
So I used the backdoor number for chase lending and spoke with an anaylist about possibly getting around the 5/24. He said that is one reason they can't overturn for reconsideration. I asked about taking away credit from the ritz and he also says that wouldn't know if it is possible unless they have your credit report in front of them. Really do want the CSP but in the interest of saving inquiries I'm going to hold off. Only 14 months till that chase rule doesn't apply to me and no inquiries on my report.

Moving credit over has nothing to do with it. You may have a chance if you do not already have a Chase UR card. Also, they look at new accounts not inqs. If this is the card you really want and you are going to not app for anything for 14 months so you can get the CSP then I see no reason not to take the chance for the CSP now. In 14 months the score impact of the inq will be gone. The 5/24 looks at number of accounts not inqs. Why not try and see, since you don't seem to have much to lose if you are going to garden anyway. 

 

Update: I was only looking at the cards in your signature and then I read you have opened 12 new accounts. I don't know how many of those are within the past year. You could be denied for too many new accounts, so I'd wait until most if not all your accounts are at least a year old which sounds like it will be in two months. Otherwise the logic remains the same. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 10 of 18
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