Is the Chase Ink Preferred 5/24 rule real?

The best Chase starter credit card is the Chase Freedom® Student credit card because it accepts applicants with limited credit history and reports to the three major credit bureaus on a monthly basis. This Chase card has an annual fee of $0, and it rewards cardholders with 1% cash back on purchases. Just keep in mind that the Chase Freedom® Student credit card is a student credit card, so you may not be able to qualify for it if you aren’t a student.… read full answer

While Freedom Student is the best Chase starter credit card, it’s also the only one. You may therefore want to compare it to other starter credit cards to make sure you get the best card for your needs.

If you would like some guidance, check out WalletHub’s CardAdvisor tool or create a WalletHub account for free, personalized credit card suggestions.

There is currently no official limit to how many Chase 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 exists.… read full answer

What you should know about the Chase limitations when opening a new credit card:

• There is no official limit on how many Chase cards you can have. When you apply for a card, Chase will take into consideration your credit score, credit history and your overall creditworthiness. Other factors, such as your income and existing debt will also be taken into consideration.
• The 5/24 rule. When this rule was in effect, it meant that you couldn’t get approved for most Chase 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.
• Limitations on the type of Chase credit cards you can have. It is worth noting that Chase does not allow cardholders to have both the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® card at the same time. This rule is due to Chase’s strict eligibility requirements about who can open a new travel credit card. But in case you change your mind afterwards, you can always request to upgrade or downgrade your card.
• Signup bonus restrictions. You are not eligible for a new card’s initial bonus if you’ve received a bonus for any Chase card in the past 24 or 48 months (depending on the card).
• What to consider if you’re denied for a card because you have too many. In case this happens, you can always call the Chase’s Lending Team at (888) 609-7805 and ask for reconsideration. But in order to get a denial overturned, you typically need to prove that something on your application was incorrect or incomplete.

It is also worth noting that too many credit card applications within a short period can damage your credit standing enough to cause rejection even without an account limit in place. It also tells the lenders that you are desperate to borrow, which doesn’t bode well for your ability to pay. So, make sure you only apply for the card that best suits your needs.

Here are some of the best Chase credit cards:

Some cardholders may also get more credit cards in order to use the Island Approach. But even in this case, five cards are plenty. You could, for example, get the best cash-back credit card on the market as well as the best travel rewards card, the best balance-transfer card and the best new-purchase financing card, and still have room for your favorite retailer’s store card.

You can learn more about how to identify your ideal number of credit cards on Wallethub’s guide. Plus, you can check your credit score for free to better target your applications.

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 … read full answerany new Chase card you apply for. Language to that effect briefly appeared on Reserve’s application in 2016, but Chase removed it the same year.

Most evidence that this rule still exists comes from people’s anecdotes on forums. But if you ask Chase, they’ll tell you the 5/24 rule is not currently used. That’s not to say Chase doesn’t take the number of accounts you’ve opened recently into consideration. But you won’t be denied based on that alone.

Here’s what matters more than the Chase Sapphire Reserve 5/24 rule:

• Credit standing. Your credit report and credit score are very important for approval. You’ll need excellent credit for Sapphire Reserve, which means a score of 750+ is ideal. And you’ll want your credit report to be in top shape, showing on-time payments and low utilization.
• Income. You must be able to afford both the card’s $450 annual fee and your minimum monthly payments. Those payments could be pretty pricey, considering the lowest credit limit anyone will get is $10,000. So you’ll need some source of income, even if it’s not from a job. Assets also count.
• Debt. Issuers look at both your income and your debt to see how much you can afford to spend on new credit cards. Paying down debts gives you a better chance of approval.
• Your housing status. Chase considers whether you own or rent your home. Ownership shows more stability than renting.
• The number of cards you’ve opened. No, Chase won’t automatically deny your application just because you’ve opened 5 cards in the last 24 months. But opening cards that frequently will raise red flags and increase the odds of denial, especially if anything else on your application indicates you’re a risk. People often open a bunch of new credit card accounts when they’re having trouble making ends meet.

These certainly aren’t the only things Chase looks at when deciding whether or not to approve you for Sapphire Reserve, but they’re some of the most important. And while the 5/24 rule isn’t an official policy in terms of automatic denial, Chase does take a look at the number of cards you’ve opened recently.