muji

Many have misunderstood the "5/24" meaning; you're not alone in this.

From the wiki (which is linked at the top of this page):
"If the applicant's credit report shows that she or he opened 5 or more credit cards in the prior 24 months ("the 5/24 rule")."

broncophil

I'm at 10/24.. Got Hyatt card after calling recon due to decision pending.

kgkg

Thanks, David and Muji. To calculate 24 months, does it include the current month? For example, if I apply this month June 2016, does 24 months cover (1) July 2014 to June 2016 or (2) June 2014 to May 2016?

trouble747

I would think that any accounts opened 731 days ago or longer would not count towards 5/24, but I wouldn't want to cut it that close.

sdsearch

I don't think we know exactly how Chase counts "past 24 months". If you don't want to get denied, I would suggest using the most conservative interpretation of that that you can think of, and then a little bit of padding to boost perhaps.

I would think that it could be 731 days plus back to the beginning of whatever month that hits. Ie, right now on June 30 it could be June 1, 2014 through June 30, 2016 (and thus almost 25 months). Among the reasons: IIRC credit reports don't show the exact day of opening, only the month of opening. But Chase cards, which they determine internally, they may know the exact day of opening.

In other words, for the stuff get off your credit report, there's no ending date involved, it's simply if they interpret the "opened on" date showing for a card on your credit report to be "within the past 24 months". How recent things they count from your credit report is solely determined by how quickly new cards show up on your credit report (in some cases, not quickly at all).

kdm31091

If you are really going to wait two entire years potentially to be eligible for a Chase card, don't cut it too close. I'd add a few days of padding.

flyer4512

Waiting two years would put a person at 0/24. Many people only have to wait a few weeks/months to get to 4/24.

I agree on not cutting it too close. My wife is our Chase card person and will be at 2/24 in November of 2017 ( we stopped her apps in February when we first heard of 5/24) but she is not applying for her next card until late December 2017.

No sense in rushing anything as her goal is 2018/19 Companion pass.

Happy

Friend just got approval on the UA 70K applied 2 weeks ago. He definitely way pass 5/24. He has 3 Ink cards including the 3rd one in Apr that took a couple weeks to popped up. (thru. referral link too). No intervention from him on both apps. The cards just show up in about 2 weeks time.
FWIW. he has both personal and business checking with Chase with 6 figures balances BUT Not Chase Privat Client.
Just another DP that it is still YMMV when it comes to 5/24 but obviously if you have sizable liquid assets at Chase you get a more favorable treatment even though the computer may reject you at first.

sdsearch

I didn't take "waiting two years" to mean waiting while not applying for credit cards. I took it is waiting for two years (or close to it) to get to 4/24 while perhaps consciously slowing down your credit card app rate.

If you just applied for 6 (or more) cards in an AOR, you are going to have to wait a full 2 years from that AOR until you're below 5/24.

Meanwhile, someone may still want to apply for credit cards, but at a slower rate (and/or mixing in more business cards) over about two years. In that case, because they're adding new cards, just at a slower rate, it may take two years before their count drops to 4/24.

wheelsup57

Was denied yesterday for the Chase SW visa. They said 11 cards (citi, capital,Barclays, chase et al) in last 12 months was too many, and 16 cards on last 2 years was too many.

I thought they would approve me as its been 26 months since I last had the SW visa, and of course it's a co brand, not a brand card like Saphire. They couldn't tell me what number of cards in last year would be acceptable. They wouldn't transfer credit line from an existing Chase card. I called two recon agents, same response. They couldn't even tell me if applying for the Chase IHG (which I'm thinking of doing) would be denied, or not. <<xxxx>>

muji

I think the consensus is that Southwest, Marriott, and United cards are under the restrictions of the 5/24 rule.

beltway

Marriott personal card, yes. Several reports indicate that the business version, for some odd reason, is still unaffected.

flyer4512

I guess I read it different and that's why I explained that a person may have to to wait only a few weeks/months.

flyer4512

You should be good to go on IHG and HYatt. I am way over 5/24 and recently was approved for Hyatt and recent reports show IHG is not subject to 5/24. Of course you still have to qualify but 5/24 won't stop approval

24 months is to be eligible for the bonus again, 5/24 is a different ball game as it applies to getting approved

Going forward people need to be aware of both.

While not many people who qualify under 5/24 will not be eligible for a new bonus due to 24 months not having passed since their last bonus, it's still a possibility.

wheelsup57

Thanks Flyer4512, I'll give those cards a try, IHG and Hyatt that is. I usually get a new credit card once a month, I guess it's farewell to WN (Southwest) unless Chase soften up their policy re WN applications, as for now I don't intend to slow down.

It's been 26 months (same as my last WN app)since my last IHG so Ill report back with outcome. Since Chase will be seeing exactly the same credit history as they did the other day when they denied me the WN app, an approval means they have made a distinction in favor of IHG apps. A denial means they are applying the same algorithm to IHG as they have to WN.