What is the Chase 5/24 rule? | Chase 5/24 Rule Definition (2024)

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What is the Chase 5/24 rule? | Chase 5/24 Rule Definition? ›

Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

Chase's 5/24 rule states that you cannot be approved for most Chase credit cards if you've opened five or more credit cards within the past 24 months.

If you're planning to open a Chase card soon, it's best to avoid opening any type of store credit card that may push you over the 5/24 limit. If you're an authorized user on another person's account, that will also qualify under the 5/24 rule, because it's listed on your credit report.

To check your 5/24 status, you must count the number of credit cards you've been approved for over the past 24 months. If an account was opened within the past 24 months, even if it's currently closed, it will count against your 5/24 limit. One of the easiest ways to check your 5/24 status is with the Experian app.

Hard pulls can affect your credit score and may also hurt your eligibility for new credit cards and/or loans — especially if the number of inquiries reaches six.

Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.

How to bypass the Chase 5/24 rule? If you've been approved for five cards in the past 24 months, you will not be approved for another Chase card thanks to the 5/24 rule. There have been reports of “Selected for you” and “Just for you” offers being exempt from the 5/24 rule.

Getting a new loan, like a mortgage, auto loan or student loan will not affect your Chase 5/24 status. But, home equity lines of credit or a personal line of credit may. In general, your 5/24 status primarily counts personal revolving credit accounts.

The 2/3/4 policy is starkly different from Chase's 5/24 rule, which can be much more restrictive and difficult to manage. The fundamental difference is that the 2/3/4 policy only applies to cards issued by Bank of America, while Chase's 5/24 applies to cards from all card issuers.

There isn't a formal, consistent policy that limits the number or timing of your applications with Chase. The general rule of thumb is to limit applications to no more than one personal and one business card within 90 days. Still, I've also read reports of applicants being approved for two personal cards in a month.

What is the 2 year rule for Chase credit cards? ›

Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

The highest reported credit limit for Chase is $100,000, on the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. A limit this high is naturally only available to people with excellent credit and a high income.

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

The following accounts will not count toward your 5/24 standing: Cards for which you applied but were ultimately denied (credit inquiries aren't counted)

While there's nothing official, anecdotally it would appear that Chase is no longer consistently enforcing the 5/24 rule since around April 2023. I wanted to post a reminder of this, both for those who may not be aware, and also to get additional data points from those who are over the limit and apply for a card.

There's no effect on your credit during the Chase pre-approval or prequalification process. However, filling out a full Chase credit card application will result in a hard credit check when Chase pulls your credit report.

Hopefully you're not disappointed to learn that there is no official, widespread restriction on the number of credit cards you can have.

2/30 Rule. The 2/30 rule says that you can only have two applications every 30 days or else you'll automatically be rejected.