While many people have stopped applying for credit cards using the app-o-rama method, it’s sometimes worth doing so when you are holding just under 5/24.
App-O-Rama
Yup, there’s a Wikipedia page on this. “App-O-Rama refers to a strategy of completing multiple credit account applications in a relatively short period of time.”
In years gone by, it was much easier to get approved for credit cards, and many people made a habit of applying for many cards from multiple banks on the same day as opposed to spreading them out so that the banks wouldn’t see too much recent activity.
In today’s day of instant information and increasingly restrictive credit card approval rules and practices, the app-o-rama is somewhat dated. Devil’s Advocate has a nice post on this topic.
The 5/24 Rule
No Wikipedia page on this. Yet.
The 5/24 rule is a recent invention of Chase whereby they won’t approve you for most cards if they see five new credit card accounts on your credit report within the past 24-months. See Chase 5/24 Rule Explained In Detail – What You Need To Know.
In this post, we’re discussing someone who is holding at 4/24, that is, they have four new credit card accounts showing on their credit report within the past 24-months.
Maximize your 4/24 Status
Chase won’t approve you with five recent accounts, but if they don’t yet know about the new card it won’t count.
It seems to take a few days for the new accounts to show on your credit report. In my recent experience applying for the Barclay Arrival card, for example, although I applied and was approved on 9/16, the card only showed up on my credit reports on the 18th (Experian) or 19th (Equifax and Transunion). And a recent Citi Prestige application took 7-10 days it showed up on my credit reports.
If you just applied for your fifth card from another issuer, you can still apply for Chase cards so long as the fifth account isn’t yet showing.
More importantly, numerous people have been approved for two Chase cards while at 4/24. Since the credit report doesn’t yet show the fifth card, you can get another.
Business Cards
Also remember that when you’re at 4/24, you’ll want to first open business cards which won’t push you to 5/24. Most issuers don’t report business credit card to the credit bureaus, and the cards won’t count toward 5/24. (Capital One is an exception.)
Even Chase business credit cards might not count toward 5/24 since they don’t show on the credit report. Chase knows of the existence of these cards, but they still might not be counted since they don’t show on the credit report. Especially by the automated computer system. See this Frequentmiler post for more discussion on this point.
I always get 7-10 days waiting period message from chase after application of credit card.
I am on 4/24 currently. Should I apply for 2 southwest cards same day and call for reconsideration for each card one by one after applying or should i wait after applying?
I applied in chase branch for a csr and got instant approval tried the normal preferred card and the system said a dicison will be mailed the banker cold the credit dep and was told nothing they can do ,what should I do cell reconsideration or wait?(I am way over5/24)
Thanks
Some cards are notoriously quick to report to your credit reports. My Barclays Arrival posted the next day and so did my Synch cards from Walmart and Amazon.
I’m not sure the app o rama really is dead. Banks often deny you now for having too many accounts open recently, but applying for them all within a short period means no new accounts show up on your credit report yet, even if they can see the pills.
well if they see all the pills then the DEA may come after you… just saying…
jk.
Would you suggest preemptively lowering credit limits in this scenario? I am currently at 4/24 and want both SW cards for CP.
I have Freedom(2014), Freedom Unl(2012), CSP (April ’16), Ink+(July ’16) CSR (August ’16) with a total CL of ~$35k with a stated income of $60k or 58% ratio. I’ve heard this is generally the limit
In your scenario, I don’t think I’d lower my CL.
Everything I’ve read says to lower it. You’re trying to avoid recon when trying to bypass 5/24
Not directly related to the above, but I just noticed when logged in to Chase CC online an offer for 500 bonus for opening Checking and Savings (300 checking with direct depost and 200 savings with 15K for 3 mos). These might already be available at branch, but first time I am seeing online in my CC account with a unique e-coupon code. Offer expires 15 Nov 2016.
Harry, if you can click on the link, copy it, and send it to us, we’d appreciate it. Those offer links often work to generate a unique coupon code for anyone who uses it. [email protected]
Thanks!
Just so I understand, in order to get two Chase cards subject to 5/24 there’s essentially three options and you need to apply first thing in the morning: 1) you get instant approval online and apply for the second 2) apply online and quickly call recon to push through the app, and then apply for the second 3) apply in branch for the first app and apply online for the second.
Did I miss anything? Definitely up to figuring out the $8k in spend if I can grab the CSR and CSP in one day.
DP, a few weeks ago DIL applied for Reserve and Freedom within half hour of each other and was auto approved for both. I was surprised about auto approval on the second card. This was on an Apple IPAD if that makes any difference. She did need to clear cookies in order to do the second card app.
She had applied for Sapphire/IHG 3 months prior and was approved for those at the time as well, but needed to call in for the second card. She had done one App on the Ipad and the second I did on my PC, because we didn’t think to clear cookies on the Ipad at that time and when trying to do second app it would get messed up due to the first app.
Those were her only applications in 2 years.
Rob, in your shoes I’d probably apply for CSR online. Assuming you get approved instantly or quickly, apply for CSP online.
Thanks Chuck! I’m 4/24 but nothing opened in the last year, so my original plan was to get the CSR and then open the Barclays Arrival+. I didn’t realize I had a chance at both the CSR and CSP until the article!
I need to get utilization down on one card but I’ll give it a shot and report my DP.
Just a DP: I was at 4/24 and applied for 2x SW within minutes of each other. Both pending verification. Called in and Plus was approved and Premier denied. Called recon 5 times now and every CSR stating they physically can’t approve me bc of my recent Chase cards (opened 1 in June, July, Aug, now SW Plus in Sep). Sooo maybe I got unlucky bc I have so many Chase inquiries/cards opened in the recent months.
Yes, it is best to wait 6 mos between Chase apps EVEN if under 5/24.
@Jason, not true. Many have gotten multiple Chase cards in one day. Above and below 5/24 regardless of recent apps before.
That’s needlessly conservative. The guideline I frequently hear is 30 days (which I’ve interpreted from any app).
DP: (Just Chase cards shown)
Dec: CSP
April: FU
Jul: SW (note: put me at 5/24)
Aug: CSR (declined for 5/24, but figured why not)
Aug: Hyatt (under same HP, and wanted card anyways, partially why I did the CSR app expecting failure)
Definitely can get approved more often that 6 months no sweat. Might be different with no credit history, but not for typical people.
Definitely not true. My app history with Chase was as follows:
Feb. CSP
April: Ink +
August: CSR
Most people tend to go for either plus/premier paired with a business because most data points show Chase is stingy with approving both personals at once, but it remains tempting since the HPs merge. This ‘physically can’t approve’ sounds ambiguous though. I’ve been approved for four Chase cards within ten weeks, including a SW personal and business on the same day. I’m curious why you waited until the very end of the year to go for the companion pass.