I work for chase and he is right but only on the business side and you need to be making a certain income to even meet with a Relationship Manager.. but they override the 5/24 rule and they have the ability to apply for a specific credit limit of your choosing
This rule is true, however, if you use a bank relationship manager to get your CC the bank rules no longer apply. Just thought everyone could get some info from that.
Do you walk into Chase and ask for a supervisor or bank Manager? In my case I’m LMFAO/24 so I doubt that would work in my case but it’s possible I guess.
@MarkReese all people, I can't say for everyone. But for most from what I've seen. It's not an instant approval process however, it may take 1-3 weeks but they can work around bank rules. Goes for Chase, BOA, and Amex from what I've seen so far.
Can mailers defeat 5/24? And I doubt it, but what about mailers addressed to a former resident of my address? I get mailers for Ink cards targeting the previous resident's LLC. I also got mailers for my LLC but I think they are all expired.
Just wanted to let everybody know that the 5/24 is not a set in stone rule. I applied for the chase freedom flex and got approved at 5/24. Discover denied me at 5/24 but not chase.
Same, I just applied and received a Chase FF after applying for and receiving 5 credit cards (Chase Bonvoy, CSP, Citi AA Plat, AMEX Delta Gold /Plat) over a 1 to 2 month period of time...on second thought may be due to the fact that some of the cards probably didn't hit my report yet.
If you get denied based on line of credit limit, is it worth calling and lowering credit limits on other cards? Is it better to lower credit limits before even applying if you suspect that would lead to a denial?
If that means the bank has already extended you the maximum amount of credit, then yes, it can be worthwhile to request a credit-limit decrease on a card / cards prior to applying for more. I've done it myself.
I'd say the Chase Trifecta is worth having if you want the best 'hybrid' setup that works well for travel and cash back. Chase has the best overall program in my opinion. If you prefer cash back rewards, I'd go with Citi. If you prefer advanced travel (i.e. the transfer partner game) and can make sense of more complicated benefits, then that's where Amex would come in.
I noticed that you didn't use any of the personal Amex metals in your examples...is there any reason why? Since they are charge cards, do they not count?
Another problem with the 5/24 rule is it's not clear when you actually fall below 5/24 status. On the two-year anniversary? The day after? The first day of the following month?
I don't know objectively if it's the same for all people since billing cycles vary. I'd personally wait until I saw a 2-year age reflected on my credit report. I would not apply on the exact 2-year anniversary date.
@@MarkReese Happy to report that I made an attempt at applying the morning after the anniversary of my 5th most recent approval and the application was successful! I have always been skeptical of the "wait until the first of the following month" advice since no one has brought the receipts saying they were denied. I assume Chase's algorithm, when pulling a fresh credit report, can correctly subtract dates and determine if the two-year threshold has been met. I hope this comment is useful/helpful to you, other content creators, and any folks reading this =).
It counts initially because the algorithm can’t differentiate AUs from primaries. Thus when denied, don’t take it as the final decision. Call the recon line and a specialist will disregard those AU accounts from your 5/24 and potentially do a manual approval.
No I forgot to mention that. Yes, AU cards count against 5/24 per Chase's computer system. However, if the only reason you're above 5/24 is due to those AU accounts, you can still apply, get denied, and then call the reconsideration line to have the decision overturned.
I looked for it. It's either fictional or discontinued as a publicly offered product. I have a vague memory of such a thing being advertised over a decade ago.
I work for chase and he is right but only on the business side and you need to be making a certain income to even meet with a Relationship Manager.. but they override the 5/24 rule and they have the ability to apply for a specific credit limit of your choosing
Thanks for giving some great examples. That was very informative and helpful.
This rule is true, however, if you use a bank relationship manager to get your CC the bank rules no longer apply. Just thought everyone could get some info from that.
Do you walk into Chase and ask for a supervisor or bank Manager? In my case I’m LMFAO/24 so I doubt that would work in my case but it’s possible I guess.
Does that hold true 100% of the time for all people?
I call BS on this guy. But if your dad's the CEO of Chase then maybe he can work it out. hahaha
@michaelkim2147 no tough guy. You can walk in and ask for a bank relationship manager. Not that hard. But since you know it all it seems.....🤡
@MarkReese all people, I can't say for everyone. But for most from what I've seen. It's not an instant approval process however, it may take 1-3 weeks but they can work around bank rules. Goes for Chase, BOA, and Amex from what I've seen so far.
Mark would be a good middle school teacher.
could you do a similar video for capitol one?
Already did here: ua-cam.com/video/EMIO5BWta_I/v-deo.htmlsi=iFDMsfBgdJQxhNpz
I have a question, when you upgrade a credit card it count as a new open card?
No.
Good question
Can mailers defeat 5/24? And I doubt it, but what about mailers addressed to a former resident of my address? I get mailers for Ink cards targeting the previous resident's LLC. I also got mailers for my LLC but I think they are all expired.
I don't have data to suggest an answer. My best guess is 'likely not.' I receive mailers all the time for cards I'm ineligible for.
Just wanted to let everybody know that the 5/24 is not a set in stone rule. I applied for the chase freedom flex and got approved at 5/24. Discover denied me at 5/24 but not chase.
Same, I just applied and received a Chase FF after applying for and receiving 5 credit cards (Chase Bonvoy, CSP, Citi AA Plat, AMEX Delta Gold /Plat) over a 1 to 2 month period of time...on second thought may be due to the fact that some of the cards probably didn't hit my report yet.
If you get denied based on line of credit limit, is it worth calling and lowering credit limits on other cards? Is it better to lower credit limits before even applying if you suspect that would lead to a denial?
If that means the bank has already extended you the maximum amount of credit, then yes, it can be worthwhile to request a credit-limit decrease on a card / cards prior to applying for more. I've done it myself.
Chase trifecta worth having ? I’m at 3/5 have CSP & Two Capital One
I'd say the Chase Trifecta is worth having if you want the best 'hybrid' setup that works well for travel and cash back. Chase has the best overall program in my opinion.
If you prefer cash back rewards, I'd go with Citi.
If you prefer advanced travel (i.e. the transfer partner game) and can make sense of more complicated benefits, then that's where Amex would come in.
Are co-branded cards, such as Capital one Walmart card, included in 5/24 rule?
Yes.
I noticed that you didn't use any of the personal Amex metals in your examples...is there any reason why? Since they are charge cards, do they not count?
Didn't think of it. They do count.
Really great informative video!!! ❤❤❤ thank you Mark!!!!!
Thanks for the info + video!
Great information thank you
Could you do this for C1 specifically VX
Potentially for Capital One. Not for a specific card.
If I have the Ritz Carlton card, can I still get the Marriott Bonvoy boundless?
Yes. Here's a helpful chart: frequentmiler.com/marriott-card-eligible/
Another problem with the 5/24 rule is it's not clear when you actually fall below 5/24 status. On the two-year anniversary? The day after? The first day of the following month?
The day after specifically 12:00 EST as chase is on EST. Yes I tested it
I don't know objectively if it's the same for all people since billing cycles vary. I'd personally wait until I saw a 2-year age reflected on my credit report. I would not apply on the exact 2-year anniversary date.
@@MarkReese Happy to report that I made an attempt at applying the morning after the anniversary of my 5th most recent approval and the application was successful! I have always been skeptical of the "wait until the first of the following month" advice since no one has brought the receipts saying they were denied. I assume Chase's algorithm, when pulling a fresh credit report, can correctly subtract dates and determine if the two-year threshold has been met. I hope this comment is useful/helpful to you, other content creators, and any folks reading this =).
@@alolansandshrew1756 - Congrats!
I Am going to wait a little but i am thinking about the reserve card
Did you mention being an authorized user on someone else's credit card? Does that count against 5/24?
It counts initially because the algorithm can’t differentiate AUs from primaries. Thus when denied, don’t take it as the final decision. Call the recon line and a specialist will disregard those AU accounts from your 5/24 and potentially do a manual approval.
No I forgot to mention that. Yes, AU cards count against 5/24 per Chase's computer system. However, if the only reason you're above 5/24 is due to those AU accounts, you can still apply, get denied, and then call the reconsideration line to have the decision overturned.
Since C1 business cards report to personal - how does that impact 5/24?
It would count as a new account towards 5/24 so grab the Chase card first.
Not all Capital One business cards report to personal. For the ones that do, they will increase your 5/24 count.
@@MarkReese True 1-2 of them don’t report to personal side.
Great info as per the usual
finally broke the 5/24 rule. 😊
Thank you so much thank you so
Got denied cuz my Chase balance was too low.... Obliterating sentence they uttered
Meaning your checking account balance?
Ya. I wonder how long should i wait to reapply @@MarkReese
$0 annual fee Sapphire? 12:58
that's what i said lol. i have the preferred and it's $95/month
Correct. See this video: ua-cam.com/video/13aXO_MLKHA/v-deo.htmlsi=np30yYLuNq1vIO2X
@@MissBellaMe - Correct. See this video: ua-cam.com/video/13aXO_MLKHA/v-deo.htmlsi=np30yYLuNq1vIO2X
I looked for it. It's either fictional or discontinued as a publicly offered product.
I have a vague memory of such a thing being advertised over a decade ago.
@@MarkReese
aha! It sounds like it's no good compared to freedom unlimited or freedom flex, though.
If it doesn't show up on your Credit Report how do you know if someone isn't opening cards into your names behind your back and how can you find out?
You'd likely see the account in your online bank profile, and I personally use an identity monitoring service (Aura).
I applied on chase and i opened up 6 cards within 24 months and i got approved. Reason i dared to apply bec i was pre qualified for chase amazon.
Awesome!
And if you are a good customer after the 24 months they will be throwing offers at you and you tell them to F off
👍🏻