Rules to Know for Chase Credit Card Applications

By Gavin | October 12, 2018

We're going to talk about what rules need to be aware of if you're applying for a Chase credit card. There are two rules you need to be aware of, there's the 2/30 rule and the 5/24 rule.

A good strategy here for both cards

The 2/30 rule says they can only have two applications every 30 days, otherwise, they'll automatically be rejected. A good strategy here for both cards on the same day tastes like a lot of other issuers. If you apply for more than one card in a day instead of pulling your credit twice throwing in a folded one.

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Even though you can't apply and get approved for two cards, if your credit profile isn't good enough you're not going to get approved. For example, if you're someone who recently got credit, who doesn't have too much experience, the Chase is already has a lot of Chase cards, then Chase will probably only approve you for one card every 30 days.

Reports to your credit report your one as well matters

The next thing we're going to talk about is a Chase 5/24 rule and something that a lot of people get confused with. I want to provide a bit more clarity, the main idea is that if you have more than five new accounts in the last 24 months then you're automatically going to get rejected for certain taste cards, and again the five new accounts can be from any issuer, and they're looking at your credit report.

Whatever reports to your credit report your one as well matters. For example, if you've got three Bank of America cards and two Citi cards in the last 24 months then you're going to be affected by 5/24.

The main exception to this is business cards, that don't post on your credit report. Bank of American, Express, Chase, those don't post to your credit report so they won't affect your 5/24. Rating trades business cards don't report to your credit report, so they do not affect 5/24.

Even though Chase can see them and they know that they exist, it's sort of like a robot seeing that if on credit record greater than 5 in 24 months then reject, otherwise it's okay. For example, if you hook up 7 new business cards in the last 24 months, not possible, but let's run through this example, then your x24 rating would be zero out of 24 because those don't count.

The boxes with color meaning

Let's take a look at my cards since I Chase 5/24 if you want to know what these boxes mean you can look at the bottom, the grey ones mean that you can apply to them, they don't matter.

Green ones mean that they are not affected by pop coming for so you can apply for them freely. The blue ones and red ones, our work is a bit interesting, the blue ones are the ones that are affected by 5/24.

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Again if you have more than five new accounts in 24 months then you're automatically going to be rejected, but there are ways around them via pre-approvals. What's a bit more - pre-approvals?

Weird ones are cards that are affected by 5/24, and there are no pre-approvals, pre-approvals basically means that you're going into a branch and talking to a banker and seeing what cards they see on there and are pre-approved.

What is pre-approvals

Anything like this is I get to go into a branch to find out or you have to kind of build a rapport of a banker and just email them, and be like 'hey, can you tell me if there are any new pre-approvals?

If a banker tells you that you're pre-approved for everything I'd be a bit careful. Either you are pre-approved for everything are they're not sure, and they're saying that hoping that you will apply for a card, the way that makes sure is the bankers that print out the terms.

For example, if you're pre-approved you'll see something like 18 points, just because you're pre-approved for a card, does not mean that you're going to get approved.

They're still going to look at your income and your credit score and stuff like that, so don't think that it's a hundred percent for our purpose. We're looking at pre-approvals as a way to get around 5/24.

The optimal strategy that you should go towards

If you're looking for the optimal strategy that you should go towards the red cards first, then the blue cards, and then the green card.

The main reason you want to go towards the red cards first is that they're affected by 5/24 and there are no pre-approvals, meaning that there's no way to get around it. Once you go over about 24 and just because it's also the most rata tree, it doesn't mean to make sense for you.

If you want to go to the exotic place and the ones I recommended was the tree Sapphire Preferred, which Asaph I reserved, the Hyatt and the Ritz-Carlton the Hyatt of the Brooks Carlton are not affected by 524, but for his purposes, it makes a lot of sense because he's trying to have a really special occasion.

Two ways to see if you're pre-approved

I would check that, and the alternative is you might get a mailer with a very specific link, if it's not a general one, if it has a very specific link to apply then that's typically a pre-approval. If you're wondering how to get pre-approved for cards the recommended way is not to add any new taste cards for six months, pre-approvals are not science though, so it's still kind of a black box.

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Some people say four months, some people say six months, and some people say that it's not based off when you add a new account, it's based on applications and stuff like that.

But for me, what has works is basically don't apply for any taste cards for six months in terms of the sign up bonus, you're eligible to get it as long as you do not currently have a card either yourself or as an authorized user, and you have not gotten the bonus in the last 24 months as the main user.

Eligible for the offer

For example, if you have the ice she signs up off for in 2014 since it's been more than two years, you're going to be eligible for the offer again. It just really depends on whether it makes sense for you to do that, for me, cards like the I extreme card, and they're the firm base I need for my credit score.

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Let's say I have a card tonight at Mandy as an authorized user, if I do a product change then Chase is going to send me two of those new cards. Let's say I change from the freedom to the freedom unlimited for whatever reason, then Chase is going to mail us to new freedom unlimited cards.