(Note that there were premature reports that Chase Ink Plus would be made subject to the rule in March 2016 (which did not happen), and that all co-branded cards would follow in April 2016 (also did not happen).)Īlthough we had numerous reports of applications prior to May 22 being denied for a United/Hyatt/IHG/WN card by a CSR citing the 5/24 rule, the available evidence strongly suggested that those applicants had other serious issues-multiple Chase applications in a short period large existing Chase credit line-and that overzealous CSRs gratuitously (and erroneously) invoked the 5/24 rule in the past as an additional supposed justification for the denial.
However, on Chase extended its 5/24 rule to cover Ink business cards and some co-branded cards. Previously the rule did not apply to applications for the Ink Plus business card or to co-branded cards such as United, Hyatt, IHG, etc.
See the next section for co-branded cards exempt from the 5/24 policy, and the later section discussing potential ways around 5/24.ĭoes the 5/24 rule apply to applications for all Chase cards? The absence of this language on landing/application pages for the CSR or any other Chase card is not a reliable indicator of whether the 5/24 policy applies. Starting in May 2015, Chase began denying applications for its own personal cards (e.g., Sapphire Preferred, Freedom, Slate & Freedom Unlimited) if the applicant's credit report shows that she or he opened 5 or more credit cards with any card issuer in the prior 24 months ("the 5/24 rule").įor a few days in early September 2016, Chase included explicit language ("You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months") on the application page for the Sapphire Reserve card-and then promptly removed it. What's this I hear about Chase denying applications to people who have recently opened a lot of credit cards? (See also the discussion below concerning aggregate Chase credit lines.) In many cases, this is likely related to Chase's practice of allocating a large credit line (up to an applicant's personal maximum) when approving a new card such as the first application in a series. However, several reports ( for example) indicate that Chase is highly sensitive to multiple applications within a short time period, and that the second (or subsequent) applications run a substantial risk of being denied.
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