Maria Adams, Credit Cards Moderator
@m_adams
The 5/24 rule is one of the criteria Chase used to have in order to qualify new credit card accounts. When this rule was in effect, it meant that you couldn’t get approved for most Chase credit cards if you had opened five or more personal credit cards (from any card issuer) within the past 24 months. However, Chase no longer takes this factor into consideration for their credit card applications.
According to Chase customer service, when they review an application, they do consider how many credit accounts the applicant has recently opened. They will not, however, automatically deny an application solely for opening 5 cards in the previous 24 months. In any case, opening several new credit card accounts in a short timeframe is not good for your credit score. It’s better to allow at least six months between applications.
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Is the Chase Sapphire Reserve 5/24 rule real?
The Chase Sapphire Reserve 5/24 rule is not real, at least not right now, according to what a Chase representative said over the phone. The rule is a rumor, based on reality, that has circulated online and is talked about on many third-party sites. Supposedly, if you’ve opened 5 credit cards from any issuer in the past 24 months, you’ll automatically be denied for any new Chase card you apply for. Language to that effect briefly appeared on Reserve’s application in 2016,...
read full answerHow many Chase credit cards can you have?
There is currently no official limit to how many Chase credit cards you can have. There used to be a rule according to which you couldn’t obtain a Chase-branded credit card if you had opened five or more credit card accounts from any issuer in the past 24 months. But according to Chase customer service, this rule no longer applies.
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