Chase 5/24 rule strategies

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Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

- Does have a banking relationship with Chase help?  I have not personally heard that it does, but maybe?
- I have heard if you are denied you can try calling them and offer to trade in an existing Chase card you might have for the new one you want.
- Is it true that being an authorized user counts towards 5/24, but that you can remove yourself from AU status, and it is reflected in Chase's 5/24 count.  (whereas closing an account does not)
- Do business accounts count towards 5/24?  I would think that they do not, but that new applications for business accounts are checked against 5/24.  Thats just a guess.

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Hyatt isn't covered under 5/24. Lots of the cobrand cards aren't. Google doctor of credit and 5/24, he has a list.

gergles (Aug. 28, 2016 @ 1:26p) |

JW10 (Aug. 28, 2016 @ 8:35p) |

I can confirm this. Wife has a Slate. I have a Freedom. She's the only one that can get the FICO.

Dragonsnack (Sep. 01, 2016 @ 8:45a) |

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Become pre-approved for the in-branch applications. Nobody knows how Chase picks these folks.

That, or becoming CPC, are the only sure ways to bypass 5/24.

Your questions:
- No, unless it's enough to be CPC and you actually have them convert you to CPC. There are spotty data points it might make you more likely to be PAd, but not enough that I'd say it matters.
- No, this isn't true.
- Yes, but you will have to call them and beg them to discount the AU.
- Only Chase accounts, because other business accounts don't appear on your credit report. If it shows up on your report, it counts.

Another rub is that store cards are not supposed to be counted towards 5/24 but sometimes they do, so if you're at 5/24 because of a store card (NOT a store-branded Visa/MC), you should call recon and say "one of these is a store card", there have been many successful data points of that working.


paging jaytrader , scummy behavior in thread, paging jay trader ....

I was under the impression that 5 new cards in 24 months would generally result in a denial. Is the cutoff 5 or >5 new cards in 24 months?

so is their a special # for CPC reconsideration?

ryeny3 said:   I was under the impression that 5 new cards in 24 months would generally result in a denial. Is the cutoff 5 or >5 new cards in 24 months?

Five or more.

Accounts there are no help. Denied: had active checking, significant savings, 809 credit score, always paid cards there on time in full. Closed everything out. CHASE seems to be trying to shed retail customers. What next, negative interest on savings?

Time machine.

snork615 said:   CHASE seems to be trying to shed retail customers.
 

  
Nope, just us churners. Hard to blame them, really...

cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

Yes, you are. Read this https://www.reddit.com/r/churning/wiki/index.

canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

  Uh oh...

canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

  You're missing out on potentially thousands of dollars. As a 'greedy member' you'll be doing the facepalm thing many times over once you read about it, and figure out what you've missed.
Doh doh DOH!

canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

  Answer:  Perhaps you are .... Perhaps you are a good guy trying to do the right thing as you know it.
To answer your question,  I need another $1000.  This is an easy way to get it.  https://www.fatwallet.com/forums/finance/1485925
Also, I avoided BT fees or very high interest by using the new to me cards for purchases instead of being content with what I have before engaging in this action.  Besides earning that money, I saved more money by doing so.

canex said:   I barely apply credit cards as it hurts credit score.

 

  
A credit score is like a sports car. You can baby it and brag about it, or you can drive it really fast and enjoy yourself.

Does Chase check a certain credit bureau to determine 5/24?

Gremlin007 said: Does Chase check a certain credit bureau to determine 5/24?

With me it is Experian

snork615 said:   Accounts there are no help. Denied: had active checking, significant savings, 809 credit score, always paid cards there on time in full. Closed everything out. CHASE seems to be trying to shed retail customers. What next, negative interest on savings?
  Charge negative interest on savings...Chase would never do that...

https://www.bloomberg.com/news/articles/2015-04-23/negative-inte...

gremln007 said:   Does Chase check a certain credit bureau to determine 5/24?
  When I did a request for reconsideration, Chase ran all three credit bureaus.
 

Once you have exploited an AU benefit, remove the AU from the account and dispute it off the credit reports as "Ownership - No Longer Liable for this account."

You can also try disputing closed accounts off your credit reports. While you may not succeed in removing them, they will most likely not show up while under dispute.

Don't know if/what you can do for open accounts in good standing. I guess if you are really bold, you can try disputing them and submitting the application while they show under dispute.

If you are way over 5/24, there probably isn't much you can do from a credit report standpoint. If you're married, you at least get two SSN's to work with, but I tend to double down on the really good deals anyway.

I'm more of a moderate churner and set my standards at minimum $400 for a hard pull, so I seem to be able to skate by every time a deal like the Sapphire Reserve shows up.

This may be obvious but I thought I would mention it. Chase provides a credit score now. Part of that detail includes the number of inquiries. I assume they use the same bureau for 5/24 check but perhaps not.

canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

I gave you green.

When did it become a crime around here to ask a simple question? 

gremln007 said:   This may be obvious but I thought I would mention it. Chase provides a credit score now. Part of that detail includes the number of inquiries. I assume they use the same bureau for 5/24 check but perhaps not.
  
Just to be clear, inquiries ≠ new accounts.

dcwilbur said:   
canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

I gave you green.

When did it become a crime around here to ask a simple question? 

  What a rebel! 

doveroftke said:   
gremln007 said:   This may be obvious but I thought I would mention it. Chase provides a credit score now. Part of that detail includes the number of inquiries. I assume they use the same bureau for 5/24 check but perhaps not.
  
Just to be clear, inquiries ≠ new accounts.

  I think you missed gremln007's point...

doveroftke said:   
gremln007 said:   This may be obvious but I thought I would mention it. Chase provides a credit score now. Part of that detail includes the number of inquiries. I assume they use the same bureau for 5/24 check but perhaps not.
  
Just to be clear, inquiries ≠ new accounts.

  
Very true.  I am regretting some of those auto approved accounts from Penfed at the moment.
 

canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:
 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?
 

  
I'll forgive your ignorance, but I will give you a few reasons why:

Chase Sapphire Reserve - 100k point bonus
Chase Sapphire Preferred - 55k point bonus
Amex Platinum - 100k point bonus
Chase Mileage Plus Explorer - 75k miles bonus

The list goes on.  I tripled down on the Chase Mileage Plus (Spouse, Myself, and business card).  I also recall getting Chase Ink with 70k bonus points.  There is also the Citi cards, Amex Cards, Hotel Cards, and so on.

Don't sell your credit cheap, but might as well sell it while banks are buying.  If you are responsible and don't use the cards to spend more than you would have anyway, they are great.  Personally, I use Costco Cash cards to meet my minimum spend requirement, then continue shopping at Costco as I normally would.  If you shop a lot at Amazon, you can do the same with them.  Others may churn so much, they spend a few bucks to indirectly turn the charges into money orders, but that requires a bit of reading and self learning.

Don't let the red discourage you.  We were all noobs once and I feel for you.  Good Luck.

2x50k Southwest cards for companion pass, timed every 25 months.

In general, you should be letting your counter parties tell you when to stop rather than backing yourself off from the goodies. Otherwise you'll never know the limits.

dcwilbur said:   
canex said:   
cameron2003 said:   Many of us know about the Chase 5/24 rule:  They will deny your application if you have more than 5 new lines of credit in the past 24 months.  What strategies are there to deal with this turn of events?  What data points are there?  For example:

 

  
Forgive my ignorance, why do you need FIVE new lines in 24 months in the first place? I barely apply credit cards as it hurts credit score. Am I mssing something here?

 

When did it become a crime around here to ask a simple question? 

  2007

gremln007 said:   This may be obvious but I thought I would mention it. Chase provides a credit score now. Part of that detail includes the number of inquiries. I assume they use the same bureau for 5/24 check but perhaps not.
  YMMV on that
I just logged in
Chase answered
===========================
You asked: "fico"
Your credit card account doesn't offer access to a free FICO® score and the Slate® credit dashboard at this time. We’ll let you know if this feature becomes available with your account. In the meantime, you can order a free credit report from each of the 3 major credit-reporting agencies once every 12 months through AnnualCreditReport.com.

JW10 said:   
gremln007 said:   This may be obvious but I thought I would mention it. Chase provides a credit score now. Part of that detail includes the number of inquiries. I assume they use the same bureau for 5/24 check but perhaps not.
  YMMV on that
I just logged in
Chase answered
===========================
You asked: "fico"
Your credit card account doesn't offer access to a free FICO® score and the Slate® credit dashboard at this time. We’ll let you know if this feature becomes available with your account. In the meantime, you can order a free credit report from each of the 3 major credit-reporting agencies once every 12 months through AnnualCreditReport.com.

Yeah, I'm not seeing it on any of my accounts either.  Grem, where is it?  

Okay ... looked up through credit karma, one source had 6 inquires another had 4 - took my chances and applied for the new chase reserve and got approved.
Hopefully i can time everything to get the $300 annual travel credit twice!! Can't really afford to keep it at $450 per year AF ... after i get the initial bonus and everything.

Already dreading the convo with chase cust service that i need to have after 1 year .. ahhh ahhh .. i really don't have much use for it; i have other cards .. soooo need to cancel this one.

I'm fairly certain they go by new accounts rather than inquiries.

TravelerMSY said:   I'm fairly certain they go by new accounts rather than inquiries.
 Ok I have 5 inquiries of which one is due to a new CU checking account. That is not a new credit line or account, right? Can I pull the trigger?

Credit score shows on the left panel / menu for you. It's below the listing of accounts and UR Points. It says "See your monthly FICO score now".

Agreed that it is new accounts, not inquiries. I found it helpful because I had two different numbers between credit monitoring sources. We'll see what Chase says on approval...

Per Dr. of Credit- if you have only 4 new accounts in the last 24 months, then yes.

I just added mine up. I'm at 16/24  

I should also mention that everyone should be keeping a journal of relevant dates for credit events. Doesn't have to be complicated. I just jot down account opening and closing dates in Apple Calendar. Easier to dig though that than to construct it from a raw credit report. Although you could just take the inquiry list and delete the ones that were for monitoring or credit limit increases or denials.

Does anybody know how exactly are the 24 months defined? Example - opened an account on Sep 2, 2014 - will that vanish away from the counting on Sep 3 or do I have to wait for full September to elapse?

Answers vary depending on who/where you read. Many say you should be okay Sept 3rd in your example. Some say wait until that card billing statement is plugged into the credit bureau for that month.
My experience has been the credit bureaus are slow to remove inquiries. I suspect it may be done in batches.
Bear in mind, the 5/24 rule is NOT restricted to Chase cards. It is ANY new cards in the 24 months prior to application.

Unless you are up against some kind of deadline, I would suggest you cool your jets until a golden opportunity is present and about to disappear.
That said, I would suspect if push came to shove and your FICO is not borderline, you should have a shot at recon if necessary, but not desirable.

Skipping 23 Messages...
doveroftke said:   I think the free credit score from Chase is only on Slate cards.
  
I can confirm this. Wife has a Slate. I have a Freedom. She's the only one that can get the FICO.



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