Is the Chase Ink Preferred 5/24 rule real?

Chase does not offer credit cards targeted to first-time credit card users. Good credit or excellent credit is needed for high approval odds for a Chase credit card, depending on the card.

You can check your latest credit score for free on WalletHub to see where you stand. Some people shopping for their first credit card may already have good credit as a result of being an authorized user on a credit card account in the past. You can also … read full answercheck for Chase credit card pre-approval to see which, if any, offers Chase thinks you’re qualified for, based on a harmless “soft pull” of your credit report.

If it doesn’t seem like an offer from Chase is in the cards for your first account, don’t worry. There are plenty of worthwhile alternatives from other issuers.

Popular First-Time Credit Card Offers:

• Capital One Platinum Credit Card
• Capital One QuicksilverOne Cash Rewards Credit Card
• Discover it® Student chrome
• Journey Student Rewards from Capital One
• OpenSky® Secured Visa® Credit Card

Using one of these cards responsibly – particularly paying the bill on time every month – is the ticket to a higher credit score and your chance of getting one of the best Chase credit cards in the future.

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’ve opened five or more credit card accounts — from any issuer — in the past 24 months, including co-branded cards such as those affiliated with airlines or hotel chains. In fact, Chase is credited with not only popularizing this so-called 5/24 rule, but actually creating it.… read full answer

So, while you might not see this policy spelled out in a Chase card’s terms, as Chase has posted and subsequently removed such language in the past, it would be unwise to gamble on it not being in effect.

While this unofficial policy might at first be frustrating, it’s important to recognize that it could ultimately be to your benefit. 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 simply signals a desperation for credit that issuers’ underwriting algorithms equate with greater risk.

Besides, even if you’re employing the Island Approach, 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 in this guide, and 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.