The Chase Ink Preferred 5/24 rule is not real, at least not as of July 2020, according to Chase representatives. References to the Ink Preferred 5/24 rule regularly appear in user forums online, and the idea is that Chase will automatically reject an application for any Chase card if the applicant has opened 5 or more credit card accounts in the previous 24 months, regardless of issuer. This rule isn’t currently spelled out anywhere in the terms for Ink Business Preferred or any other Chase credit card, however. Chase reportedly posted language detailing such a rule in the past, but the content was later removed.
Chase has stated that 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 too many new credit card accounts in such a short timeframe is not good for your credit score. It’s better to allow at least six months between applications.
Other factors Chase considers when you submit an application include your credit score and credit history, gross annual income, outstanding debt relative to income, and monthly housing payment, among others. Chase Ink Preferred requires at least good credit in order to have high odds of approval.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.