@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.
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@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).
@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.