What’s the 5/24 rule?
Many card issuers have standards for who can qualify for brand new accounts, however Chase is probably probably the most strict. Chase’s 5/24 rule means you could’t be authorized for many Chase playing cards in case you’ve opened 5 or extra private bank cards (from any card issuer) throughout the previous 24 months.
For example, in case you’ve opened two Citi playing cards and three Amex playing cards throughout the previous 24 months, then you’ll possible be denied for a brand new Chase card till your 5/24 rating decreases. There actually are no workarounds to the 5/24 rule, past ready for a brand new account to be over 24 months outdated.
What Chase playing cards are affected by 5/24?
Whereas Chase does not publish which playing cards are affected by the rule, there are quite a few studies on boards, corresponding to Reddit, that report which bank cards are topic to five/24.
The 5/24 rule reportedly impacts most Chase bank cards, together with:
Co-branded playing cards are additionally reportedly affected:
How you can calculate your 5/24 rating
Should you’ve lately opened new bank cards and need to apply for a Chase bank card, it’s possible you’ll not know the place you stand for the 5/24 rule. To calculate your 5/24 rating, merely evaluation your credit score report and rely the variety of accounts that had been opened prior to now 24 months.
This additionally consists of if somebody added you as a licensed person on their account. And any accounts that had been opened throughout the previous two years but additionally closed inside that point ought to nonetheless be counted.
Does the 5/24 rule have an effect on different card issuers?
No — different card issuers do not observe the 5/24 rule, so it’s possible you’ll qualify for an Amex or Citi card in case you’ve opened 5 accounts throughout the previous 24 months. Nonetheless, all card issuers have their very own necessities and standards for approving candidates.
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