While there’s nothing official, anecdotally (and as reported by Doctor Of Credit) it would appear that Chase is no longer consistently enforcing the 5/24 rule.
In this post:
Chase approvals despite being over 5/24 limit
All major credit card issuers have rules when it comes to approving people for cards, intended to maximize profitability and reduce risk. Some of these rules are published, while others aren’t.
Probably the single most well known such policy is the Chase 5/24 rule, whereby Chase typically won’t approve you for a card if you’ve opened five or more new card accounts in the past 24 months (there are some exclusions, so read my guide to the Chase 5/24 rule if you’re not familiar with it).
Chase has for the most part been pretty strict about this in recent years, to the point that there’s no point in applying for a Chase card if you’re over that limit, since you’re not likely to get an exception… until recently.
The moment the Chase Sapphire Preferred® Card (review) has a welcome bonus of 60,000 Ultimate Rewards points upon completing minimum spending. There are quite a few data points online of people being approved for the card despite being over the 5/24 limit (and these aren’t people who are confused about what the limit is).
This is potentially pretty exciting. Let me of course emphasize that there are also lots of data points of people over the 5/24 limit being rejected, which may be because of the 5/24 rule, or may be because of something else.
A while back, there had been reported of some people getting approved for the Ink Business Preferred® Credit Card (review) despite being over the 5/24 limit, though at the time it was believed that this was specific to those cards. That doesn’t seem to be the case.
I think this is at least something worth being aware of. It’s anyone’s guess what exactly is going on here. Has Chase actually eliminated the rule, or modified it somehow? Is Chase doing some sort of testing on the 5/24 rule to determine the profitability of customers over the limit rather than under the limit? It’s anyone’s guess…
Is it worth applying for a Chase card if you’re over the 5/24 limit?
What exactly should you do with this information? Some people are getting approved for Chase cards in spite of being over the 5/24 limit, though we don’t know why, exactly. Everyone has to decide for themselves what to do based on their own credit profile, situation, and risk tolerance for rejection. I’ve written in the past about the impact of credit card denials on your credit score.
Personally I’ll gladly speculatively apply for a credit card, even if I’m not sure I’ll get approved (for example, I recently got rejected for a card). What’s my logic?
- Generally speaking, the only negative impact on your credit report of a denial is that you have an additional inquiry, and that might temporarily ding your score a few points
- Assuming you have an excellent credit score (mine is 830+), a few points won’t make a material difference
- Meanwhile the potential upside from a new credit card can be huge, in terms of the sign-up bonus, additional points from spending, and perks
If I were in the position of having an excellent credit score, being over 5/24 (but not by a ton), and wanting the Chase Sapphire Preferred, I’d definitely consider applying, given the big upside and limited downside. But admittedly everyone has a different risk tolerance and take on that, and there’s no right or wrong answer.
Bottom line
The 5/24 rule is one of the biggest restrictions when it comes to getting approved for Chase cards. While it has been a pretty consistent rule for the past several years, reports suggest that some people are getting approved for Chase cards despite being over the limit. That’s not a guarantee that anyone will get approved, but I do think it’s a data point worth being aware of.
If you’re over the 5/24 limit and end up applying for a Chase card, please share your experience!
I'm at 6/24 but will be 4/24 on June 1. I applied and got denied. Hopefully I can recon in a few weeks and still get the SUB.
Same here.
I just applied with 750s credit scores, I’m at 6/24, and it’s “under review”. I’m guessing it’s as good as rejected?
Was over the 5/24 and got declined but I had a feeling it would happen just due to previously opening 2 Amex cards in the last three months
I am not over and have applied .was declined can't not find out why
I don't think the 5/24 rule was ever an approval factor, but more of a rejection factor.
Got Approved for chase Sapphire
I was over 5/24
RECENTLY APPLIED FOR UNITED BUSINESS CARD AT 6/24 STATUS AND WAS DENIED
I HAVE A SOMEWHAT EXTENSIVE BUSINESS RELATIONSHIP INCLUDING MERCHANT SERVICING ACCOUNT AND TWO BUSINESS BANK ACCOUNT WITH 6 OTHER CHASE CARDS.
credit score of 830
WHEN I CALLED RECONSIDERATION MUCH TOO MY SURPRISE THEY TOLD ME DIRECTLY THAT I WAS DENIED FOR BEING OVER 5/24- RELATIONSHIP WAS IRRELEVANT
Just recently in mid February I had waited for the chase southwest offer which gave you the buddy pass after spending 4K. I am planning on purchasing a new set of couches so perfect timing. I really need / want the buddy pass. I applied and was rejected. Called chase and plead my case all to no avail. They even said you will drop 2 cards in March. I reapplied again in March and still...
Just recently in mid February I had waited for the chase southwest offer which gave you the buddy pass after spending 4K. I am planning on purchasing a new set of couches so perfect timing. I really need / want the buddy pass. I applied and was rejected. Called chase and plead my case all to no avail. They even said you will drop 2 cards in March. I reapplied again in March and still nothing. Chase had not dropped the 2 cards, they probably did at the end of the month but by then the offer had expired. So, in my case no, chase is still enforcing the 5/24
you can seek reconsideration for 30 days after denial. I applied for CIC before offer ended, got denial, called recon after number 5 dropped from chase view (end of month, not approval date) and was approved
Over 5/24, denied for ink.
DoC and others have been reporting this for over a year now, and I can and will say it's rubbish. I've been denied back-to-back for the Amazon Visa, United Explorer, World of Hyatt, Ink Cash, and IHG Premier consistently over the last 18 months. The Ink Cash and IHG cards were denied in the last 45-ish days. I've several accounts with Chase, including the CSP, OG Freedom, and CFU, and Chase Premier Business Checking. I'm...
DoC and others have been reporting this for over a year now, and I can and will say it's rubbish. I've been denied back-to-back for the Amazon Visa, United Explorer, World of Hyatt, Ink Cash, and IHG Premier consistently over the last 18 months. The Ink Cash and IHG cards were denied in the last 45-ish days. I've several accounts with Chase, including the CSP, OG Freedom, and CFU, and Chase Premier Business Checking. I'm 14/24 with a 772 FICO, and use my Chase cards consistently. People who are maybe 6-8/24 with Chase Private Client might be squeaking through the cracks, but I'm somewhat hesitant to poke the bear with too many inquiries from Chase after that many rejections. I'll be under 5/24 in 5/24 (LOL coincidence), so it's not that long a wait.
I’m over 5/24 and a credit rating in the 800s. I got denied for an ink card from Chase. I can’t remember the last time that I was rejected for a credit card if ever.
5/24 depends on the person and relationship
I had 5/24 with 5th being authorized card, chase customer for 10 years, with 815 credit score and got rejected. Some folks with 680 credit scores and 10/24 are getting approved
It is commonly known that business cards do not count against the 5/24 rule.
5/24 has become a negative for at least the other company who co-brands a card with Chase. Amazon voiced their displeasure by considering ending the partnership. Soon after we saw data points of folks over 5/24 being approved. It has long extended to other co-branded cards such as Southwest.
This strategy worked back in 2016 or so. It was Chase saying do business with us first or else you might not be able to for...
5/24 has become a negative for at least the other company who co-brands a card with Chase. Amazon voiced their displeasure by considering ending the partnership. Soon after we saw data points of folks over 5/24 being approved. It has long extended to other co-branded cards such as Southwest.
This strategy worked back in 2016 or so. It was Chase saying do business with us first or else you might not be able to for two years. But nowadays their cards while great, are not extraordinary. I wouldn’t be surprised if United, Hyatt and Marriott followed suit. The latter already has data points for approval over 5/24. Makes sense since the card is also issued by AMEX who will gladly take as much of the pie.
Is there a 5/24 (equivalent) for business cards?
With Chase I've found that the number of inquiries on credit report to be more of an issue than 5/24. And even though a business card may not count against 5/24, Chase does an inquiry for every business card application.
I applied for a chase, united mileage plus visa and I got approved last month .. i got rejected six months ago and supposedly I would have to wait till this May or June. Nope.. maybe they relax the rules.
Does the 48 month rule to get the bonus again always apply?
Yes. The 48 month rule is an official, written policy. 5/24 is something widely known and discussed, but it is not written down in any documents that applicants can see.
I applied for the Marriott Boundless card despite being 7/24. Took a chance, got approved. I am 815 and wasn’t worried about a small ding to my score.
I heard reports of people being approved for inks above 5/24, so I gave it a shot in October. I was at 9/24 on personal cards in my name at the time, at 8/24 now. Applied for ink unlimited, instant approval. Thought I'd try for ink preferred, instant approval. A week later I applied for IHG Business, went pending, then approved. In December I applied for United Business, then Hyatt Business in January. Hyatt I...
I heard reports of people being approved for inks above 5/24, so I gave it a shot in October. I was at 9/24 on personal cards in my name at the time, at 8/24 now. Applied for ink unlimited, instant approval. Thought I'd try for ink preferred, instant approval. A week later I applied for IHG Business, went pending, then approved. In December I applied for United Business, then Hyatt Business in January. Hyatt I had to call and move around credit limit to "make room" for the new card. ZERO mentions of 5/24 when I was pending or before approval. These were all with real business EIN, already had Chase private client checking, business checking. So that was a total of 5 new business cards while above 5/24. Before increased SUB Ink went away in March I tried applying for another ink as sole prop with SSN and denied. Called recon and told 5/24. HUCA twice and same thing. Yesterday, tried for CSP and denied as well at 8/24. Planning to call recon today, but not optimistic as the reports with CSP above 5/24 are instant approvals. It's all weird.
Chase private client checking, business checking.
nice haul, congrats. this must be why they were so generous
DP: Rejected for CIBU for being over 5/24 in April 2023. Some of those 5 accounts were authorized users, called recon, and got approved later.
Not sure if applying to CSP instead would've led to an auto approval. Guess we won't know.
I dont think you fully understand all of this.
Begin an Authorized User doesn't technically count against you on 5/24.
It will confuse Chase and require you to call and have them make note of it, but its very easy to work around.
This has been known for ages. This is not new information. The whole point of the article is that some people, truly who have opened 5 or more personal accounts in their name, are being approved.
A couple of months ago I saw the posts about the Ink Preferred. I was 6/24 and credit otherwise stellar. I was turned down.
Don't believe it for one second. Plenty of people are falling for the reports, applying for a card, being denied, and adding a hard pull on their credit reports.