What is the Chase credit check rule?

The Chase 5/24 Credit Check Rule

The Chase 5/24 rule is an unofficial guideline that Chase uses to determine whether or not to approve credit card applications. Under this rule, Chase may deny applications from individuals who have opened five or more personal credit cards with any issuer within the past 24 months.

The 5/24 rule is not set in stone, and there are some exceptions. For example, Chase may approve an application if you have a high credit score or if you have a long-standing relationship with the bank. However, the 5/24 rule is a good general guideline to keep in mind when applying for Chase credit cards.

Why does Chase have a 5/24 rule?

Chase has a 5/24 rule to limit the number of new credit accounts that it opens. This helps to ensure responsible credit management and reduces the risk of fraud. By limiting the number of new accounts, Chase can better assess the creditworthiness of potential applicants and make more informed decisions about who to approve.

How to avoid the 5/24 rule

If you’re planning to apply for a Chase credit card, there are a few things you can do to avoid the 5/24 rule:

• Wait until you have fewer than five personal credit cards.
• Close some of your existing credit cards.
• Apply for a Chase credit card that is not subject to the 5/24 rule.

Exceptions to the 5/24 rule

There are a few exceptions to the 5/24 rule. Chase may approve an application if:

• You have a high credit score.
• You have a long-standing relationship with Chase.
• You’re applying for a business credit card.
• You’re applying for a student credit card.

Conclusion

The Chase 5/24 rule is an important guideline to keep in mind when applying for Chase credit cards. By following these tips, you can avoid the 5/24 rule and increase your chances of approval.