Typically those numbers refer to number of new accounts over the last X months, e.g. 5/24 equates to 5 new accounts over the last 24 months
@shadanat wrote:It's the number of new accounts that you have applied for. 1 account within 12 months; 5 account within 24. Some credit card issuers don't like to see that you have went on an app spree and applied for so many cards within that short time. They won't approve you if you are in that threshold. As far as scoring, it depends on what your profile looks like. Many times you will take a small ding on your score when you go on an app spree but you can recover within a couple of months.
It is actually not how many you have applied for, but how many you have opened. A lot of people get confused by this and think it refers to inquiries, but it is only judged by the account actually being opened.
Unless otherwise noted, it refers to number of new accounts / number of months. myFICO members may also state number of inquiries / number of months but with a note stating it refers to inquiries (since inquiries / months can also be important data points). It can also refer to a date, so gotta pay attention to context.
Chase is well known for their 5/24 rule, meaning that their limit is 5 new accounts within 24 months - including the one you are thinking about applying for, ie. your application may be successful if you are 4/24, but will automatically denied if you are 5/24.
Most agree that US Bank's lending practice is a bit more conservative, but no one knows for sure what it is. I would argue, based on all the data points I have read, that US Bank's is closer to 0/6 AND 3/12, meaning they might not deny you if you have 0 new accounts in 6 months and 2 new accounts in 12 months, but will likely deny you if you have opened 3 new accounts in the last 12 months. But US Bank denies they have such a rule and there are outlying data points that have been reported by applicants.
Hope this makes it clear for you.
13Oct22 Exp F8: 812
@GatorGuy wrote:US Bank may have two different criteria. One for existing customers and one new. I applied last year and was denied being at 6/12. They told me then to reapply when I had six months after my newest account.
I was approved six months later for the Altitude Reserve at 4/12 and 0/6. I had no CCs with them but had a car loan from them since 2018.
I remember your post - pretty interesting. Another guy recently got approved for the Altitude Connect (https://ficoforums.myfico.com/t5/Credit-Card-Approvals/US-Bank-Altitude-Connect-Approval/td-p/651482...) and he was 2/6 and 4/12! I think he banked there though. His score they pulled was around 757 if I remember correctly, but his CL was only $2000. Makes me wonder if that was because of the recent accounts? Anyway, US Bank's criteria seem hard to pin down, but if I had to commit to a ball park general best guess average criteria, I've seen a lot of DPs that have convinced me to garden until I'm 0/6 and 2/12 before I apply for my next target - the AR. Cheers