CHASE 5/24 RULE *EXPANDED!* (Applies to Credit Limit Increases)

The Chase 5/24 was first implemented to prevent abusing the Ultimate Rewards program, but now it’s been expanded as a risk tolerance measure! Watch to learn more! Click “Show More” to see Ad Disclosure. 📲 MAXREWARDS - Manage credit cards & rewards! Get Gold level for free with PROMO CODE = markr http://markscreditcards.com/maxrewards 💳👉VIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers 🛍 RAKUTEN - Earn Cash Back! http://markscreditcards.com/rakuten ‼️ GET FREE STOCKS FROM WEBULL when you open an account & deposit $100: http://markscreditcards.com/webull 🎬 VIDEO: When To Pay Credit Card Bill To Increase Credit Score https://youtu.be/BtIwGldr9rY The Chase 5/24 Rule was first introduced back in 2015 to cut down on abusing the Ultimate Rewards program. Here’s what the rule says… Chase will automatically deny a credit card application if you’ve opened 5 or more credit cards with any bank in the last 24 months that appear on your credit report. (I say ‘appear’ on your credit report because Chase needs to be able to see them in order to count them. For this reason, many business credit cards will not count towards the 5/24 Rule because most do not appear on your personal credit report.) That said, I recently received a comment by viewer Android77 who mention they were denied for a credit limit increase from Chase due to the 5/24 Rule. After doing some research, I came across several blog posts dated July – August 2020 about the issue. BLOG POST 1: BestCards Title: Chase Extends 5/24 Rule to Credit Limit Increses Link: https://www.bestcards.com/credit-card-news/chase-extends-5-24-rule-to-credit-limit-increases/ BLOG POST 2: AwardWallet The Blog Title: Chase (Temporarily?) Expanding 5/24 Policy to Credit Limit Increases Link: https://awardwallet.com/blog/chase-expands-524-policy-credit-limit-increases/ BLOG POST 3: Miles to Memories Title: Chase Using 5/24 Rule For Credit Limit Increase Link: https://milestomemories.com/chase-using-5-24-rule-for-credit-limit-increase/ Interestingly, all 3 of these blogs referred to Doctor of Credit as the new source. So I found the post from Doctor of Credit and looked it over (see below)… BLOG POST 4: Doctor of Credit Title: Chase Applying The 5/24 Rule For Credit Limit Increases Link: https://www.doctorofcredit.com/chase-applying-the-5-24-rule-for-credit-limit-increases/ In the comments section, I found a comment from reader CMG that said: “Same thing happened to me. I have a CSP, and two Ink Business Cards. My CSP CL is $6k. I have 1% utilization across all my cards and they denied me for a CLI due to 5/24 so I couldn’t upgrade to CSR. CS is 790.” This also reminded me of an article by CNBC titled, “Card issuers are cutting credit limits without warning.” Here’s the link: https://www.cnbc.com/2020/04/23/card-issuers-are-cutting-credit-limits-without-warning.html So yes, it seems that Chase has now expended the 5/24 Rule to credit limit increases around the July 2020 timeframe. While frustrating, it does make sense. From a bank’s point of view, the target demographic of people who’ve opened 5+ credit cards in the past 2 years could be looked at as ‘higher risk’ to, especially during a time when financial & economic hardship is hitting millions around the globe. Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #creditcards #chase524 #creditcardapplicationrules