How will the anticipated Chase 5/24 change your app strategy

[myjourney]

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@pizza1 wrote:
my strategy will now be pushed to June 2018, lol

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Another one 2020

Push that Lol

[Anonymous]

Could someone clarify something for me. Is it 5 credit inquiries in 24 months or 5 new credit accounts in 24 months. I have only opened 3 cards in the last 2 years but I have 7 inquiries (3 from credit card apps, 4 from AT&Tx2, Tmobile, Comcast). I was going to apply for the CSP in July for the travel rewards but now I'm worried that although I finally have the scores and income I won't be eligible.

[Anonymous]

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@Anonymous wrote:
Could someone clarify something for me. Is it 5 credit inquiries in 24 months or 5 new credit accounts in 24 months. I have only opened 3 cards in the last 2 years but I have 7 inquiries (3 from credit card apps, 4 from AT&Tx2, Tmobile, Comcast). I was going to apply for the CSP in July for the travel rewards but now I'm worried that although I finally have the scores and income I won't be eligible.

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5 credit cards opened in the previous 24 months.

Doesn't matter if they are still open or not, just that you opened them in the past 24 months because they show up on your reports.

[Anonymous]

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@Anonymous wrote:
Could someone clarify something for me. Is it 5 credit inquiries in 24 months or 5 new credit accounts in 24 months. I have only opened 3 cards in the last 2 years but I have 7 inquiries (3 from credit card apps, 4 from AT&Tx2, Tmobile, Comcast). I was going to apply for the CSP in July for the travel rewards but now I'm worried that although I finally have the scores and income I won't be eligible.

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5/24 means in regards to accounts opened. Can mean store cards or credit cards. Of course, inquiries and all the other conditions for denial could still come into play.

[Themanwhocan]

Everyone seems to state the rule as "you will be denied if you have exceeded 5 cards in the past 24 months". 

However, I seem to recall when this rule was first mentioned, that is was "if you are not instantly approved, then you will be denied on manual review if you exceed 5 cards in the past 24 months". Its that "if you are not instantly approved" part that I wonder about...

[ridgebackpilot]

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@Themanwhocan wrote:

Everyone seems to state the rule as "you will be denied if you have exceeded 5 cards in the past 24 months". 

However, I seem to recall when this rule was first mentioned, that is was "if you are not instantly approved, then you will be denied on manual review if you exceed 5 cards in the past 24 months". Its that "if you are not instantly approved" part that I wonder about...

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In my experience, your application for a Chase Ultimate Rewards-earning card will be instantly denied if you've opened five or more credit card accounts in the past 24 months. The 5/24 rule doesn't apply to other credit accounts such as auto loans or mortgages.

As you know, this rule currently doesn't apply to co-branded cards such as Southwest, Marriott, and Hyatt, but rumor has it Chase will extend the rule to cover all cards next month...

[kdm31091]

I'm sure they've adjusted the automatic approval system to include 5/24. I have heard of very very few people getting around it and those who did usually got a Slate card.

I think it's a pretty ironclad policy at this point until something changes.

[Anonymous]

Hmm...8 cards over the past 2 years and my last 2 had been CSP first then the Chase Freedom....Not sure? Plus I had a CO from Chase in 2007. I had to backdoor my CSP then Freedom was instant. 

[red259]

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@Anonymous wrote:

Hmm...8 cards over the past 2 years and my last 2 had been CSP first then the Chase Freedom....Not sure? Plus I had a CO from Chase in 2007. I had to backdoor my CSP then Freedom was instant. 

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Maybe check the report they pulled to see what is showing and what may not be showing. Stranger things have happened. 

[Anonymous]

Oh that charge off was due to idenity theft. I just let it fall off. When I was a young and dumb 19 year old I didn't care about my credit. They saw ther CO and asked about it. Then I got the approval. They pulled my TU and EX I think.