If you have excellent credit and you apply for a Chase credit card, you might be declined. The reason? Chase’s 5/24 rule. Keep in mind, this rule is not an official published policy from Chase. What we know about the 5/24 rule is purely based on crowdsourced data.
See our list of the best credit card bonuses here.
That said, there are exceptions to the data that we’ve gathered. But in general, the following points we make below are true…
The 5/24 Rule
Some Chase credit cards are subject to what the industry has coined the “5/24 rule.” Chase will automatically deny your application if you have opened five or more credit cards in the last 24 months. And the rule doesn’t only apply to Chase credit cards, it considers cards across all banks.
When you submit an application for a new Chase credit card, you authorize the bank to access your personal credit report. This report shows the credit card accounts you have with other banks, including opening date and payment history. That’s how Chase determines if you’ve had five or more credit cards opened in the past 24 months.
Which Chase Cards Are Affected?
Chase credit cards that are known to be affected by the 5/24 rule (this is not a comprehensive list):
This information is based on crowdsourced reports. Chase does not officially confirm this list.
Besides the 5/24 rule, there have been reports that Chase will not accept more than two new accounts within 30 days. If you’re below 5/24, we recommend you apply for a new card account less often than every three months.
What Adds to Your 5/24 Score?
The accounts below count toward your 5/24 standing:
- All personal credit cards opened with any bank, even if they’re now closed.
- All personal charge cards.
- Business cards opened with Capital One, Discover and TD Bank.
- Authorized user cards from another person’s personal credit or charge card.
- Specific store cards which are part of a national payment system and can be used elsewhere.
You can erase an authorized user account from your credit report. First, have the primary user contact the bank and remove you as an authorized user. Then, contact the three credit bureaus to remove the authorized user account from your report.
The accounts below do not count toward your 5/24 standing:
- Cards that you applied for but were denied.
- Small business credit cards (except for the ones from banks listed above).
- Auto loans, mortgages and student loans
Depending on how a bank handles a card conversion or upgrade (AKA product change), it might or might not be reported as a new card account. Before completing a product change, ask the bank if it requires a hard credit pull. If so, then it could be a sign that the account will be considered as a new account, which will add to your 5/24 score.
What’s Your 5/24 Score?
The easiest way to find your 5/24 score is by getting a free credit report at Credit Karma. Once you’ve logged in, click on this link. Then go to “Open Date” and sort accounts by date. Count the number of card accounts you opened in the last 24 months. Keep in mind, Chase only looks at the number of accounts opened. It doesn’t matter if you closed the credit card already.
Click here for other ways to get a free credit report.
How To Bypass the 5/24 Rule
There have been some situations where cardholders were able to circumvent the 5/24 rule.
In-branch pre-approvals. Most people apply for credit cards online. But you can still go to a bank branch and sign up for one in person. If you speak to a banker face-to-face, you might find that you’re pre-approved for a Chase card.
Targeted mailers. You might get an offer in the mail, which you can then complete by going online or by visiting a bank branch.
Otherwise, you can simply wait until you’re below 5/24.
Bottom Line
With Chase’s 5/24 rule in effect, you need to be very strategic about when you apply for credit cards. If you’re just starting out in the points and miles world, you’ll want to prioritize getting a Chase card or two first. Just make sure you don’t quickly fill your five slots with Chase cards. That’ll bring unwanted attention to your accounts and risk your relationship with Chase.
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