A couple of months ago, I applied for a Chase card I really wanted. However, my application was denied due to the 5/24 rule. That made me sit up and take notice that one needs to really keep track of their new credit cards and always stay below the 5 new cards within the past 24 months.
With the spate of announcements of declinations of those applying for the new Chase Sapphire Review (CSR) card due to the 5/24 rule, it has become even more apparent that a goal of staying under that rule is a necessity for any of us wanting a Chase card in the future.
I have heard it rumored that other entities are going to impose this rule, too.
Yep 5/24 is definitely a pain in the rear for the folks on this forum, not so much for the average credit card user. If you want it bad enough, anything is possible and that includes waiting to be able to apply for a chase card. I haven't heard of any other banks thinking of implementing a 5/24 type of rule, but I suppose anything is possible, but it's all just speculation. Imagine though what would happen around here if all major banks implemented a 5/24 rule? 
@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.
I actually agree with you, How's that for flak? 
@creditguy wrote:Yep 5/24 is definitely a pain in the rear for the folks on this forum, not so much for the average credit card user. If you want it bad enough, anything is possible and that includes waiting to be able to apply for a chase card. I haven't heard of any other banks thinking of implementing a 5/24 type of rule, but I suppose anything is possible, but it's all just speculation. Imagine though what would happen around here if all major banks implemented a 5/24 rule?
If all issuers went hard 5/24 it would take all the Prozac on the planet to sufficiently calm the folks of MF and FT 
.
@creditguy wrote:
@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.I actually agree with you, How's that for flak?
+1
I also think the 5/24 is a good rule and I actually hope more banks end up doing it. Keeps churned at bay somewhat.
A lot of people here go on app sprees to rebuild their credit, but they don't actually have to do that. App sprees and applying for everything under the sun because you can could quite possibly slow the rebuild process because of AAoA and inquiries etc. A lot of times app spree folks end up closing cards later, getting wrapped up in AA (Synchrony issues being a prime example) or just racking up debt again because of overexposure before they are ready.
I don't think I've ever been +5/24 until now (when CSR and EDP report)
A lot of people here go on app sprees to rebuild their credit, but they don't actually have to do that. App sprees and applying for everything under the sun because you can could quite possibly slow the rebuild process because of AAoA and inquiries etc. A lot of times app spree folks end up closing cards later, getting wrapped up in AA (Synchrony issues being a prime example) or just racking up debt again because of overexposure before they are ready.
I don't think I've ever been +5/24 until now (when CSR and EDP report)
