So is the 5/24 rule in effect with Chase business cards? I have the no AF INK card but I wanted to upgrade to the INK Plus and downgrade my CSP
Before we get started, it’s important to understand what the 5/24 rule is. This post talks about it in depth, but I’ll give a brief outline below.
If you apply for a Chase branded card (e.g Chase Sapphire Preferred) and you’ve applied for more than five credit cards from any credit card issuer within the past 24 months then you’ll be automatically denied (and not possible to get approval on reconsideration). Co-branded credit cards (e.g Chase Hyatt) don’t fall into this rule and the number of credit card applications is based on the data Chase sees from the credit report they pull (so if they pull Experian and you have 6 inquiries there you’ll be denied, but if you had 3 on TransUnion and they pulled that you’d be approved).
Anthony’s question is basically does this rule apply to business cards, or only personal cards. The short answer is: no. This 5/24 rule does not apply to Chase business cards (including Chase branded cards like Chase Ink Plus & Chase Ink Cash). Below are some data points (feel free to include yours in the comments below)
- Approved For The Chase Ink Plus and More by Money Metagame
- Flyertalk: 1, 2, 3
- Chuck (author on this site) recently was approved
Another thing to keep in mind is that if you’re not instantly approved it’s better to just wait for it to go through the normal process rather than calling in, that’s because some customer service representatives are a bit trigger happy and will deny you based on 5/24 even though it’s not supposed to apply.
As of today, Chase still isn’t enforcing their 5/24 rule for business cards. Just got delayed approval for Chase Ink Plus (“the card is in the mail”) after >10 new cards in the past 24 months.
1) I believe I recently saw a post in the blogosphere that the 5/24 rule is starting to get applied to business cards as well, can anyone corroborate?
2) For the 5 cards, obviously they don’t count business cards becuase they aren’t able to see those in the credit report. Howver, what about business cards that were issues by Chase themselves in the past 24 months? Are they able to see those? And do those count as the 5?
1) https://www.doctorofcredit.com/chase-credit-card-limits-to-soon-apply-to-business-cards/
2) Chase biz cards likely count to the 5
I have over 20 cards in 5 years, was approved for Chase SWA personal and business, but denied for 2nd SWA+ personal and AARP, because of 5/24, called in to no avail.
Data Point: I applied for Chase Ink Plus in December of 2015. I received the email stating that my application status is pending. I was approved via email 1-week later. I did not pick up the phone.
When I applied for Ink Plus, I had opened 5 personal credit cards in the past 2 years, and 4 out of 5 of personal cards had been opened in the recent previous months. This was my first business card. Applied as Sole Proprietor with gross annual sales less of $2,000. Used social security number. I believe I had a credit score in the high 780’s (per Credit Karma) when I applied.
Chase has become the most difficult card to receive in my experience. Then again, I exploit them without mercy and they offer very juicy targets so it is not surprising. I wonder about the the 5/24 rule in reverse, as it applies to business cards: will a business card be counted in the 5/24 rule when it comes to applying for a personal card ? My impression is yes, but it is hard to pin Chase down for the REAL reasons why a card is denied.
We spoke about this in the original post. For other biz cards, I think they won’t count. For Chase’s own, it’s not clear.
So do inquiries for cars or homes count or just credit cards?
It’s new accounts, not inquiries. My understanding is that it’s just card accounts that count, not mortgage/loan accounts.
Just cards.
The rule is 5 new accounts in 24 months, not inquiries. This would be across all bureaus. For example, if chase pulls experian, they’ll still count your Barclaycard from last year, even though Barclaycard pulls TU. The account was opened less than 24 months ago and will appear on your experian report.
Existing business cards don’t count towards the total since the accounts do not show on your personal report – only the inquiries do.
Seen data points to the contrary.
Heard that being added as an Authorized User also count as a new card, is this still the case?
5 new cards / 2 years…is this the same as having 5 new accounts / 2 years?
We discussed this is the original post on 5/24. Seems like they sometimes mistake it to count.
You said, “(so if they pull Experian and you have 6 inquiries there you’ll be denied, but if you had 3 on TransUnion and they pulled that you’d be approved).”
Correct me if I’m wrong but I think you could have 100 inquiries (dramatic license) as long as you haven’t received 5 cards in the past 24 months.
And don’t forget their counting authorized users. I have read a few datapoints where that is one area of the 5/24 rule that could be massaged into an approval at the supervisor level.
I’ve always seen the rule described as applying for more than 5 cards, not getting 5 new cards. Are you sure that’s the case?
I don’t think the rule is about opened cards, I’ve seen people with more than 5 inquiries but less than 5 cards get denied.
I think the rule only applies to Chase personal UR earning cards.
I understand that you can still apply for the Slate – worked when I applied last year.