Update On My First Post-5/24 Application

Filed Under: Chase, Credit Cards
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Yesterday was an exciting day for me, as I finally fell under Chase’s 5/24 limit (meaning there were fewer than five new card accounts showing on my report as having been opened in the past 24 months). Technically I fell under the limit in mid-September, but generally it makes sense to wait until the first day of the following month to apply, to be sure all three credit bureaus correctly reflect this info.

If you haven’t been following the series of posts I’ve written about this, see these posts, as they explain my strategy:

The reason I’ve been waiting to get under the 5/24 limit is so that I can get the following two Chase small business cards, which would greatly complement my existing portfolio of cards:

The strategy I decided on

There are mixed reports as to whether or not you can be approved for two Chase cards the same day. I want to be conservative here, especially since I’m getting these cards for the long-term value they’ll provide me with. So I decided I’d apply for the Ink Business Preferred℠ Credit Card, which is the card that I want most.

Then I decided I’ll wait a month, and then apply for the Ink Business Unlimited℠ Credit Card. Then I’ll get the other cards I’ve been interested in (which have nothing to do with 5/24).

How did my Chase Ink Preferred application go?

First thing yesterday morning I woke up and applied for the Ink Business Preferred℠ Credit Card. Chase is one of the tougher issuers when it comes to getting approved for business cards, or at a minimum, they typically don’t approve people instantly.

So I wasn’t surprised to find that when I applied I received a message thanking me for my request, and telling me that they needed longer to review my application.

My dad had a similar experience when he applied for this card a few months ago, and he got approved without doing anything. However, I decided to phone up Chase and speak to a credit analyst to move things along.

The analyst took a few minutes to review my application, and then asked me a few questions:

  • I was asked about the nature of my business
  • I was asked about my gross business revenue and income in 2016, 2017, and projected income for 2018
  • I was asked why I wanted this card

Based on the information provided she said that she was recommending my application for approval, and that a senior credit analyst would just need to sign off on it (which is quite normal, in my experience). So that means I’m now conditionally approved, and I was told I should receive the Ink Business Preferred℠ Credit Card within a week. That’s fantastic news. The entire call took about 12 minutes.

Mainly I was just happy to find out that I didn’t screw up my math when determining my 5/24 status, and that I indeed seem to be correct.

Now what?

While there are lots of other credit cards I want, now I just have to wait and be patient. I’ll wait for the approval to formally come through on the Ink Business Preferred℠ Credit Card, and then I’ll wait 30 days from that day until I apply for the Ink Business Unlimited℠ Credit Card. After that I’ll consider the other cards I’ve been waiting for.

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Comments
  1. Lucky, any number in particular that you called for a status update? Just applied for the card myself and got the same message.

  2. Lucky which cards get us access to the priority pass lounges?
    I don’t think you have covered threat before.

  3. Chase seems to be requiring documentation on businesses if it’s a new business such as a dba certificate.

  4. This post makes me feel so much better. Normally, my CC applications go through without any struggle but I applied for the ink unlimited and got the same message as you and thought “oh geez..here we go.” I’m glad I’m not the only one.

  5. @ AJ — Very normal! I actually don’t think I’ve seen an instant approval on a Chase business card for anyone I’ve helped with these applications ever. Fortunately an approval does eventually seem to come through, even if you don’t push it through.

  6. @Lucky: I recently fell below 5/24 and applied for a Chase PERSONAL card the very next day. Was instantly rejected because of “too many cc opened in the last 24 months.” So I waited 30 days and applied again for the same card. Got the message in your screen shot above, and a a few days later was turned down by mail. The justification again was: “too many cc opened in the last 24 months.”
    I’m going to fall to 3/24 later this month, so I decided to just wait a bit and try again, but is there any other strategy I should consider? (And yes, I’m certain about my x/24 status).

  7. I was under 5/24 last month but was rejected for Business Preferred due to too many CC’s opened in last 24 months too. I had to call and explain that I wasn’t financially responsible for a couple of cards that I’m an authorized user. Once I told them this, they asked the business questions (I have a legitimate business that does lots of banking and loans with Chase) and was recommended for approval pending senior analyst’s review. Then I applied for a MileagePlus explorer card and had to do the same thing again.

  8. @ Lucky – since it’s been a while, did you remember to unfreeze your credit report? I had forgotten for a recent chase application and was reminded later.

  9. Hi Lucky,

    I did a similar strategy as you, but I did not call. I read somewhere that calling might actually decrease your chances of getting approved.

    Here’s what I did:
    – 6/20/2018 I became under 5/24 status
    – 7/18/2018 Applied for Chase Ink Business Preferred -> instant approval
    – 8/18/2018 Applied for Chase Ink Business Unlimited -> Received the message “We’ll let you know our decision by U.S. mail. This could take up to 30 days”

    What I did was called the automated status line 800-432-3117 based on this Chase approval guide on Reddit

    https://imgur.com/a/oXlPW

    After a few days, the automated status line told me that I will know in 2 weeks.
    Based on the algorithm flow chart, this is good news.

    Then I tried a few days later and it said I was approved.

    I never spoke to a real life representative, which was perfect!

  10. In terms of when you escape from the chains of the 5/24 rule, my guess is that Chase queries one or more of the credit reporting agencies to see how many accounts have been opened in the past 24 months. My experience is that the account I opened in late August didn’t get reported until the first billing date in September.
    If folks apply for a Chase card based on the actual dates of the application/approval, I would not be surprised that they might get rejected. Best to wait as Lucky did.
    BTW Chase offers free credit credit score reporting and among the data reported is the number of accounts opened in the past 2 years. Seems like checking this would be a worthwhile thing to do.

  11. But if you went to 4/24 and applied for a card, aren’t you now back at 5/24? How are you also talking about the other Chase business card, too?

  12. @sb Chase business cards do not count toward Chase 5/24 status.

    So while you have to be under 5/24 to apply for the Chase Ink Business Preferred, it doesn’t add to your 5/24 status. It doesn’t really show up on your personal credit report. So therefore, Lucky remains 4/24 after applying for the card.

  13. I was a bonehead and got my nose out of joint after applying, getting that screen message and then calling. I was given hoop after hoop to jump through, which I did, and I was ultimately denied!! I finally realized the 5/24 rule with one of Lucky’s posts. I waited until I was under 5/24 and tried again and was immediately returned an “approved” message on the screen.

  14. Yesterday, I was denied the Chase United Business card because they said i had too many cards opened with Chase this year (2 – Both in June 2018). Last app was in June 2018 so enough time had passed, I’m under 5/24 and my credit is 780. Is this a new restriction???

  15. re: Chase 5/24: When applying for a card that (supposedly) isn’t subject to 5/24 for approval (such as the new IHG, Hyatt, etc) if you do get the new card is it then subject to then being counted in 5/24 opened cards going forward towards your next application? Or is it ‘exempt’ from that pile too? Thank you. Love your site, I knew a lot but I have learned a lot more from you!

  16. I got the same original message then applying for my 3rd ever Chase card (non-business) and I have excellent credit.

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