5/24 rule
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If you ask me, they should call this the 4/24 rule.
The 5/24 rule is an unwritten rule from Chase that states:
You cannot get approved for more than 5 personal credit cards within a 24 month period.
Now, while that IS true.. what it does not state is this:
You must be at a 4/24 score to get approved for any BUSINESS cards from this bank.
This score ONLY applies to getting approved for cards from Chase. So, you may go out and still get approved for cards from other banks like Capital One, American Express, etc., but the higher that 5/24 score gets.. the longer it will take to drop back down and get any other cards with Chase.
Several factors will be considered for any card approval, not just this score. Things like income, debt ratio, credit score & other variables will be taken into consideration.
How to check your 5/24 score
Run a free credit report! I use Experian for mine, and a free account is fine. They’ll want you to upgrade, but it’s not worth it.
Download the Travel Freely app. Again, a free service that helps you organize the cards, get reminders for annual fees, track points earned, etc.
In Travel Freely, add in any credit cards from your credit report that have been opened within the last 24 months.
Now, in the app check your Card Stats for your 5/24 score!
I love this app because it’s free, doesn’t require any personal bank info, zero advertisements, gives card recommendations.. it’s the ONLY way to stay organized in this hobby!
WHEN DO CARDS FALL OFF?
There are data points to say that the card will not ‘drop off’ the score until the 25th month.
EX: Card Opened: September 8, 2023 / Falls Off: October 1, 2025
WHAT CARDS COUNT TOWARDS 5/24?
Personal cards opened with any bank in the last 24 months
Store credit cards opened within the last 24 months
Authorized users on someone else’s personal card that was opened within the last 24 months (NOTE: You CAN still get approved for a card, even if you’re an AU on the same card. As long as your score is under 5/24.) You can call and ask for 1. be removed as the AU 2. If denied for this reason, call the reconsideration line and ask for those not to be counted against you
Business cards with Discover and TD Bank opened within the last 24 months
Any Capital One small-business card (other than the Capital One Venture X Business and Capital One Spark Cash Plus) opened within the last 24 months
To read more about trips I have taken using these cards, check out these blog posts:
Disneyland Dreams Come True
Visting Boulder, CO