I’ve written about the Chase 5/24 guideline several times, including this post when Chase first officially acknowledged its existence in writing.
In short, if you have been approved for 5 or more cards from any bank in the past 24 months it can be tough to get approved for most (though not all) Chase credit cards. There are exceptions, such as pre-approvals online or in-branch. Having a Chase private client checking account used to work to get around 5/24 but as of December that has gotten much tougher.
You can check all 3 of your reports (Experian, Equifax, and Transunion) for free on annualcreditreport.com to see how many cards you have that have been opened within the past 24 months.
Business cards from AMEX, Barclaycard, BOFA, Chase, Citi, and USBank don’t show up on your report and don’t count towards 5/24. Spending on these cards also won’t affect your credit score as they’re not on your report. Business cards from Capital One and Discover do show up on your report and will affect 5/24.
Authorized user cards are where things get tricky. The system automatically counts them towards 5/24. Even if you call reconsideration they will turn you down for 5/24 based on having authorized user cards that were opened in the past 24 months. However if you tell the reconsideration rep that you aren’t financially responsible for the authorized user cards then they will not count them towards 5/24. If you have any issues you can ask for a reconsideration supervisor and tell them that you aren’t financially responsible for the cards. You can HUCA if you are still denied due to authorized user cards.
Store cards that are only good for use in a single store are also tricky. The system will count them, but you can explain to a reconsideration rep or supervisor that the card can’t be used anywhere but that store and shouldn’t count towards 5/24. This may require some HUCA and may be more difficult than having a rep disregard authorized user cards.
Even if you are at 4/24 (opened 4 cards in past 24 months) people have had success applying for and getting approved for multiple Chase cards as the 5th approved card hasn’t appeared on their credit report yet.
It’s always helpful to know beforehand exactly how many primary, secondary, and store cards are on your report before you call reconsideration.
DD commenter JF shares his experience,
“Applied online (For the Chase Sapphire Reserve) on Jan 8, got the rejection letter in the mail yesterday.
I called last night and spoke to a Recon Rep who told me I was at 9/24 but would not tell me anything else and suggested that I re-apply at a later date.
I knew I was at 8/24 but with 2 store cards and 2 authorized users. I stated this to the Recon Rep but he refused to reconsider the denial.
At that point I took Dan’s advice and asked for a Recon Supervisor. I explained my case for reconsideration stating that there were 4 cards that should not count, which would put me at 4/24.
After taking some time to re-review my application, she approved me with shifting some credit from my Chase British Airways card. All in all took about 1 hour on the phone with Chase but was worth it.
Do yourself a favor and follow Dan’s advice step by step! If I didn’t ask for a supervisor, I would not have been approved.”
DDF user ranhan429 shares his experience as well,
“My father is well over 5/24 with AUs and under 5/24 without.
Applied (for the Chase Sapphire Reserve), had him called and told him exactly what to say.
The rep said “sorry due to number of cards open in past 2 yrs we are unable to approve you”.
So he reads his part of the script, after a bit of stumbling he finally says the line I told him to say: “But I am not financially responsible for the authorized user accounts”.
Then the rep goes “OK that’s gonna change everything then”.
Basically, it sounds like all others here, where it sounds like it’s going be approved but needs to go thru an additional phase.”
DDF user NYHeel writes that his wife had the same experience as ranhan29,
“The same thing happened with my wife, minus the stumbling. Once she said she wasn’t responsible for the AU cards she got approved.”
Share your experience in the comments!