⏭ Join The Credit Community Discord: spencerjohnsonofficial.com/discord If you’d like to see how I manage much more than just my Chase 5/24 status, watch this video next: ruclips.net/video/lgNMfry3mWg/видео.html What is your current Chase 5/24 status? 👇🏼
My thoughts on Chase 5/24 are mixed. On one hand, I get it from their perspective, but they also lose a lot of business, from me, specifically. I would be happy to use Chase cards a lot more if I could get them, but since I've been over Chase 5/24 for so long, I pretty much exclusively use my Amex cards, not necessarily because they're better, but because Chase apparently doesn't want me to have their cards. You're totally right that people like us credit card enthusiasts run our strategies around this one rule!
I feel you man!! It's super annoying for sure. The only reason they haven't lost business from me yet is because I'm still relatively early on in my credit card game so it hasn't impacted me as much yet. But I have a feeling one day I'll want to leave Chase behind because of this rule tbh.
Great video and information Spencer! I was approved for the CSP at 4/24, went for the CFF and got approved because the CSP haven’t showed in my report. Now I’m waiting until the 17th to see if those 2 cards still haven’t reported to go for the CFU. Right now I’m at 6/24 but Chase is being slow to report them😂 I like the Chase ecosystem but Chase cards are weak, filled with overlapping categories and not of fan. I think the best Chase cards are the CFF, IHG premier and the $95 United Card.
Haha that's awesome!! You're working your magic around the 5/24 rule for sure. And those overlapping categories do suck... you'll enjoy my video this Sunday though on that note 👀
Good stuff Spencer. Good thing I live outside of credit card rules and boundaries and still got a Chase card at 13/24. I'll probably be 16/24 when I apply for my next Chase card 😀
One curious data point is that recently, I got approved for the Venture X on April, which got me in 5/24. But in May I applied for the CSP (for the 80k SUP) and my application went on review. After calling Chase & speaking with a representative, I was approved! I don’t know if it was because my new Venture X account still wasn’t reported to the bureaus, but I guess I was lucky! Great video as always!
That's super interesting! I think you may be right. If your card hadn't reported to the bureaus yet then you were technically still at 4/24 in their eyes. Pretty neat! Thank you for being here man!
Just as a data point, I applied for and was approved for a VX and a Blue Cash Everyday card in early July, but Capital One and AMEX did not report my cards and balances until late August, or at least 2 billing cycles. ymmv, but it seems the bigger banks take their time, while a credit union or smaller bank like Comenity will report right away, after they initially bill you.
DP: I was denied for the World of Hyatt card due to 5/24 with one of those being an authorized user on my fiancé's Amex Gold. I called reconsideration and the person was very helpful and was able to resubmit the application ignoring the AU card. I eventually got approved, but it took ~11 days between my initial application and when I finally received the card. I've heard that your luck basically depends on the mood of the person on the other side of the phone, so if the first person doesn't want to resubmit your application, you can just hang up and call again until someone does.
This is a really good data point so thanks for sharing Andrew! It definitely is a YMMV situation, but it's awesome when you find that good customer service agent!
Thank you for breaking this down! Discover doesn't offer any Business Cards anymore, and I think it's messed up how Capital One will report a business card to your personal report. Keep up the great content. Be blessed :)
I'm so happy I found out about this rule before I got too far on my credit card journey. Me and my wife's last 6 cards have all been with Chase and now it's almost time to start branching out
I'm lucky to be in the same boat too! I'm really glad I learned about this early on and get started with Chase credit cards myself. Thanks for watching Jacob!
Watching through as someone who knows all the talking points but just enjoying how well laid out and explained it is. Now I can just refer friends and family to this video instead of sounding like a nut haha
I appreciate you a ton! I know this video won't resonate with a lot of my normal audience since people know it so well already, but I wanted to make it so I can refer people to this instead of trying to explain it over text just like you haha. Thanks for the kind words Ryan!
The 5/24 rule is something I wish I knew when I started my cc journey. I'm 4/24 right now but deep in the Amex ecosystem and don't really need any new cards right now (I still want the Freedom Flex). Great vid Spencer 💥
It's an important one that we all have to at least think about at some point! 4/24 is a solid spot to be in though. Thank you for being here as always Mike!
Spencer great channel and appreciate you for giving us readily available information in one place. Also love the Tracker Excel sheet you made. Stay well!
Thank you so much Buck!! I wanted to make this as comprehensive as possible without it being too long so I'm really glad you enjoyed. I appreciate you being here!!
Nicely done! I have a CSP and a Freedom plus a business account with Chase. I went into my local branch to apply for my first biz card. I've been talking to the Chase rep from the branch since last week. Though she has been at a manager level for years, she wasn't aware of 5/24 but I explained it and emailed an article further explaining it. I'm at 5/24 and told her that I didn't want to have a hard pull and be denied for the biz card because of 5/24. (My credit scores are +/- 750.) She and I spoke with a couple of Chase CC specialists who stated that 5/24 isn't a consideration for a biz card, contrary to what I understand. I clarified that I didn't mean that the biz card will count towards the 5/24, but that my understanding is that 5/24 is considered for acquiring a biz CC. Chase's stance (at least the ones I have been in contact with) is that 5/24 doesn't count regarding a biz CC application. That's why I went to the branch rather than apply online so that the branch rep could call and elevate a possible denial. As it turns out, I was denied seemingly not due to 5/24 but due to too many hard pulls since I have some on record from earlier this year since I was buying a property with a family member who kept changing lenders (though always approved, I pulled out since the deal fell through, but I still have those dings on my credit report). Ultimately, I had to be interviewed over the phone and I was approved for an Ink.
Thank you Scott! I really appreciate you sharing your experience! The sad truth about a lot of people's experiences with the 5/24 rule is that your mileage may vary. The overarching rule is that 5/24 impacts all of Chase's cards, but you'll see a lot of folks not have it affect them at all. Unfortunately, even the higher up people at Chase may not know about this rule but it's an algorithm based thing nonetheless. That's great that you were finally able to get through! Just goes to show that it may not hurt to try it!
Great intro vid for the rule. And good way to go about it. I see the value of using a spreadsheet or adding to your budget sheet so it is all in one place.sadly I got a while before I'm below again, but taking time, or cooling off for a bit at a certain point I feel is under valued at times in the CC game.
So…I’m currently at 4/24 and will be at 3/24 by August 1 unless I open another CC….and then I should be at 2/24 in Dec, but I’m probably going to get another personal cc before then
FLASHBACK; In the early 80's me and wife had about 25 or 30 credit cards with most of them maxed out we even had a diners club credit with no limit. I cut up all of the cards paid them off. I retired at age 62 and I have 100 more to go.
Man. Ive been holding back too much to get into chase cards. When I finally decided to start with chase cards to maximize points for travel, i was insta denied. Im currently 4/24 but then I remember not long ago i was added as authorized user by my dad. So yeah i think ill be going on a different path. 😂
Great video here Spencer! Chase 5/24 status can be boring but it's also super important to consider and can lead to heartbreak (like when I couldn't get any of the record-high Ink bonuses haha). That spreadsheet is really helpful though, I've been using it!
Thank you Matt! I completely agree with you. It's just one of those things we have to keep in mind. And I'm glad you like the spreadsheet man, that's great!
How do you get welcome bonuses on chase cards every 2/4 years do you have to reapply and close out the previous credit line? A lil More clarification will be greatly appreciated...
This is all solid. I still don't love the rule and would rather see Chase take on high velocity with like a 1 elevated SUB per card per account "life time" rule. (Example, you get the CSP with a limited 100k offer, 4 years later, you're eligible for another SUB but capped at the standard SUB unless invited to a new offer via mail) Feels like compromise. Great vid as always
Great video as usual! Was curious if, at the point of having 5 cards (with the Chase Sapphire Preferred being the first one of the group), I would be limited to upgrade that Sapphire Preferred to a Sapphire Reserve. Not sure if I would be okay in doing so since the Sapphire Preferred was my first card of the group and I'm just upgrading it instead of getting an actual 6th card. I feel I'd be good to upgrade but I could definitely be wrong. Curious if you happen to know. Thanks a ton again for your content! 🙏
I wish I would have known about Chase’s 5/24 rule last year 😭 I would not be 7/24 right now. Luckily, one of those cards is a CFU! I’m hoping and praying next time they have a CSP offer they let me in there like they did several people for their limited 90k offer! Great video as always - hello Oden!
It happens to the best of us! You'll be back under it in no time though in the grand scheme of things. I hope you get a solid SUB on the CSP too! And thanks so much for watching man! Odin says hi back haha
So i understand that it also applies if im an authorized user on an account but my question is what if the account is more rhan 2 years old. Like for example, i was added to a card 6 months ago but the person who owns the card had the account for more than 6 years.
Got the Freedom Unlimited, then the CSP, probably will get the Flex later on, but honestly rotating categories for me personally suck. They suck at groceries and gas so picked up the savor one from capital one. But now I'm stuck at 5/24.
Congrats on all the new cards! You're gonna enjoy my video Sunday with your annoyance of their lack of grocery and gas categories. Being stuck at 5/24 does suck, but you'll be back under in no time in the grand scheme of things.
hey there spencer, how you guys manage to have both amex trifecta and chase trifecta? ok food is for gold card, travel with platinum, 1.5 x on CFU or 2x on amex bluebusisness plus, what do you do with CSP? shouldnt i stick with one trifecta, instead of 2 or 3? if somebody use all 6 cards, you're not using the full potencial of any of those trifectas at the same time. Am i right? whats the point of having all of them. thanks for the help.
Hey there! So technically you're right in the sense that getting a ton of cards means that eventually you'll have overlap and not need them all for spending purposes. But one if not the biggest way that people get value from the credit card game are welcome bonuses. So even if a card has a large annual fee, it may come with a massive SUB that you could get a lot of value from, and if you can justify the credits on that annual fee card every year to make it free, then there's no harm in leaving it open. For your specific question on the CSP, that's the card that brings your Chase points to life. Without that one, the Chase cards you do have are not gonna be anywhere near as powerful. But yeah as for why people get a bunch of different cards, it's mainly because you can get value from those cards in many other ways besides just the earning categories. I'd argue that's actually the smallest way a lot of people earn points in the credit card game when you take into account SUBs and such.
@@SpencerJohnsonOfficial Sure that's true.... once. But after you get the sign up bonus, what's the attraction of the card in future years? Especially cards with an annual fee? I can MAYBE make one card with an annual fee pay for itself, but after that I just don't have time to devote to deciding the optimal way to spend money. So probably I'm not the intended audience but still it eludes me why I'd keep most cards for a second year.
Well there are many ways to earn money back from a card besides the SUB. The SUB will always give you the most amount of points, but you also earn points from spending as well as from credits and benefits. For most annual fee cards, they'll have credits that offset the annual fee, so if you use those, then the cards are effectively free. It sounds like you won't do much spending on them so you need to be selective about which cards you get depending on their benefits. However, most annual fee cards also are able to be downgraded to a no annual fee version which makes them easy to justify from year 2 on and helps you to take advantage of more SUBs. @@fredfinger7092
@@SpencerJohnsonOfficial Thank you for the thoughtful reply. You are right I wouldn't be one to "put a lot of spend" on a card so I'm really not the intended audience.
I applied for the World of Hyatt and Chase gave me the finger. Used your method and spreadsheet Spencer, yeah..... Chase was right, I was over the 5/24.
Wait a minute. In August this year, I added my wife as an AU on a credit card of mine that’s over 6 years old. Are you saying that now adds to her 5/24? and would take 2 years from August to fall off 5/24?
Thank you man! It's a your mileage may vary situation... some are able to get approved over 5/24, but a lot of folks get auto denied. So if you're okay with risking a hard pull it may work out for you! It's not a super high likelihood though.
I am at 4/24 personal cards and 1/24 business cards. Am I eligible from a 5/24 standpoint to apply for the SW RR Performance Business Card? If I am approved, can I apply for a personal credit card 31 days later? Or is it better to apply for a second business card 31 days later? As you can figure out, I am going for the SW CP strategy.
Great video. I have a question regarding the bonuses. You mentioned that you can get additional bonuses after two years. Does that apply to branded cards like the Amazon Chase card (non business). That's my oldest account at about 20 years old. It makes me think I've missed out on 9 (10?) bonuses. 😮
Thanks Juan! That rule does not apply to all cards and I'd recommend you read the offer details for each one you're wanting to reapply for before you do so. Here is what I found about the Prime Visa in particular: "This credit card is available to you if you do not currently have an Amazon Visa or Prime Visa credit card. Upon approval of your application, the Gift Card will be loaded into your Amazon.com account, as long as you have not closed your account. The Amazon.com Gift Card is only awarded to new cardmembers and at the time of card approval."
I got denied for 5/24 but the guy on the phone said it was because CHECKING ACCOUNTS counted toward it too. I've NEVER heard anyone else say this. I dont understand.
Thank you for letting me know about that! I think this is a classic case of a misinformed customer service agent. I would call them again to reach someone else, because that is not the case. Only personal credit cards you've been approved for in the last 24 months should count towards the 5/24 rule.
Thanks for the video, I really want to see what’s your opinion on the curve card but I know you got other cards you want to get before, but you should try to do a video when you can I don’t plan on getting the card anytime soon since I want to get 2 other cards before I consider the Curve card!!! Also do chases card also apply the rule of 5/24 when you get them ?
No problem! I may make a video on the Curve card at some point, but it likely won't be one I add since I don't have the Bilt card or anything to use it in combination with really. I'm skeptical on the whole God trifecta thing right now, but if it works, it works! Chase's personal cards will add to your 5/24 count if you're approved but their business cards will not.
I’ve had a credit card for a few years but only recently realized the potential of having multiple. I applied last week for a credit card and got approved and then applied to another and got denied due to too many hard inquiries on my credit report from Experian. I checked Experian and the only hard credit checks were the two cards I applied for and have a 775 credit score according to them. Do you think if I applied in 3 months I’d have a shot getting accepted or should I wait 6 months or so before trying again? Thanks for all the information! Your one of the channels that helped me understand the importance of having multiple cards for different categories!
I'm glad you're starting to use the power of credit cards to your advantage! I'd imagine you were mainly denied because of how recently those hard inquiries were, and I'd say waiting 3 months between applications is more than enough. That's usually my rough estimate of how long I wait between each personally. Thank you so much for the kind words and I'm really happy to help where I can!
Very informative video! How does Chase's algorithm differentiate between approved products on a credit file? I have been approved for 3 credit cards and two auto loans in the past two years, however I am afraid their algorithm may not see the difference between these and auto deny me. Again, keep up the great work!
Thanks so much Steve! As I mentioned in the video, they do not count other types of loans in their 5/24 rule calculations. They're able to see credit card loans in particular and that's all they take into account. If you're sure you were under 5/24 and get denied, you can always call their reconsideration line to explain your case.
@@SpencerJohnsonOfficial Thanks for the fast reply! One last question, if I apply for a business credit card with Chase is it correct that will not add to my 5/24 status and simply just be another hard inquiry?
@@steve_rogers_usmc1990 No problem! And that is correct. Most business cards will not report to your personal credit report so they will not add to your 5/24 count.
I’ve been approved for 4 personal cards and 5 business cards in the last 24 months. I’ve applied for a few chase business cards over that time that I wasn’t approved for. Was I at 9/24 or 4/24? I thought I was at 9/24 but just got approved today for another chase business card so now I’m wondering.
Chase business cards don’t add to your 5/24 count, but the are impacted by it. If you’ve only been approved for 4 personal cards the last 24 months, you’re at 4/24, so that wouldn’t be a reason for you to get denied for any Chase card rn.
@@stephaniegray6712 You do not have to cancel it actually. You can just downgrade it or product change it to a different card instead! It depends on the card you're wanting to get though.
Another Chase rule: If you had a bankruptcy for ANY reason (such as medical debt), even if there were no credit cards included, even if you never had a Chase account, even if 9 years and 11 months have passed, and you have a high income and rebuilt a high credit score, Chase will automatically DENY your application as long as that BK is still on your credit report.
I'd look at product changing it to the OG Chase Freedom instead. Then you could still add the Chase Freedom Unlimited for the welcome bonus and also have a 5x rotating category card in the OG Chase Freedom. It doesn't get you anything more than that really, but it's still a solid card to PC to since it lets you get the SUBs on the CFF and CFU still!
@@Riskqify Haha either way is fine. Since you didn't jump straight to the CFU, you still left that slot open for a SUB if you want to apply for it fresh eventually and then PC the CFR to the OG Chase Freedom at that time.
@@SpencerJohnsonOfficial Another question my credit usage in some months had 100% It wasn’t good for about 7 months and it carried over from month to month. I made all the minimum payments but didn’t have enough to pay in full until recently in April. I have been using it like a debit card ever since and haven’t had a problem paying in full. Should I wait a little longer than a year before applying for the CFU? Thank you!
@@SpencerJohnsonOfficial so how long should I wait one is a chime builder card and the other is credit ai a debt card that works like a credit card and other credit one unsecured and the other navy federal secured card so I only have one card that can actually graduate and the credit one card I plan to shut down
@@blankprivatecompany9296 The 5/24 rule only takes into account cards you've been approved for in the last 24 months. So once your cards start to become older than that, they aren't impacting this rule any more.
I think Amex cards give more value because they have more multipliers such as ways to earn such x points or different levels of cash back like on my BCE and my mom BCP combined 6K of 6% cash back then 4% the rest and 1% on everything else or for my BCE 3 or 4% for Groceries for 4 or 5K and 2% else wise and 1% everything else..
It completely depends on the person! Chase cards are much more manageable annual fee wise, but Amex's cards can definitely give a lot of upside despite their annual fees for the right person.
Its so funny how the average person has never heard of chase 5/24. For Example: My wife “guess what? I applied & was instantly approved for a chase southwest card” Me “thats great, were you below 5/25?” My wife “No it was after May 25th” 😆😆😆
NO, NO, NO, The 5/24 rules meaning is that you will not be able to retire from your job at age 62 because people are in debt and you can not retire at full retirement age 66 yrs. because you're still in debt. Now, you have to work until age 70, when life expectance to live is only about age 84 which means that you only have 14 more years to live and enjoy retirement. But no, people walk around with a 1,000 foolish credit cards when people should save their money and invest in income property and rent it out and collect your rent every 30 days. More than 1 credit card is for suckers asking for unnecessary long term stress paying the bill. People need to save their money or become a little old lady school crossing guard holding up a stop sign to help the little kids cross the street just to make ends meet. Because they did not save their money. People that rent are 30 days from being homeless. "SAVE"
Thanks for letting me know! I lowered them down a bit even though they were very sparing on my end as is. RUclips might’ve added in some that I didn’t though 🤷🏼♂️ I appreciate the feedback!!
Great explanation of the Chase 5/24 rule, Spencer! I really like Chase’s credit card lineup and ecosystem, but to me, the most annoying thing about Chase is the 5/24 rule. I just went from 8/24 to 7/24 recently. Right now, for me to fall back under 5/24, I would have to wait 12 months from now to apply for another card. I don’t really want to wait that long, but I may have to rethink my credit card roadmap so I don’t have to wait too long to fall back under 5/24. There are still a few Chase cards that I do want. I’m really interested in the two business cards with no annual fee, the CSP, the Amazon Prime card and maybe the WOH (either the personal or business version). I may even consider one of the Southwest cards, eventually. Speaking of the WOH, I did notice the other day that the current 60k point SUB on the WOH business version is a lot easier to hit than the 60k bonus on the personal version, although the annual fee is $100 higher on the business card. That may be a good card for you to look at.
Thanks so much John! And I completely get where you're coming from. It's a super annoying rule, and that's why I try to manage it as effectively as I can on the front end rather than trying to catch up with it, and considering I also want a lot of the cards you mentioned, I have to consistently garden too which is annoying. As for the WOH Biz card, I've considered it for the bonus alone, but the fact that it doesn't come with credits would make it an automatic cancel for me in year 2 and I'd rather not get cards yet that I'll know I'll cancel right away. But for the bonus, I like that idea for sure. Btw, nice emoji there! 😉
⏭ Join The Credit Community Discord: spencerjohnsonofficial.com/discord
If you’d like to see how I manage much more than just my Chase 5/24 status, watch this video next: ruclips.net/video/lgNMfry3mWg/видео.html
What is your current Chase 5/24 status? 👇🏼
My thoughts on Chase 5/24 are mixed. On one hand, I get it from their perspective, but they also lose a lot of business, from me, specifically. I would be happy to use Chase cards a lot more if I could get them, but since I've been over Chase 5/24 for so long, I pretty much exclusively use my Amex cards, not necessarily because they're better, but because Chase apparently doesn't want me to have their cards. You're totally right that people like us credit card enthusiasts run our strategies around this one rule!
I feel you man!! It's super annoying for sure. The only reason they haven't lost business from me yet is because I'm still relatively early on in my credit card game so it hasn't impacted me as much yet. But I have a feeling one day I'll want to leave Chase behind because of this rule tbh.
@MrBankRelationships Totally agree! That would make things a lot more flexible!
Great video and information Spencer! I was approved for the CSP at 4/24, went for the CFF and got approved because the CSP haven’t showed in my report. Now I’m waiting until the 17th to see if those 2 cards still haven’t reported to go for the CFU. Right now I’m at 6/24 but Chase is being slow to report them😂 I like the Chase ecosystem but Chase cards are weak, filled with overlapping categories and not of fan. I think the best Chase cards are the CFF, IHG premier and the $95 United Card.
Haha that's awesome!! You're working your magic around the 5/24 rule for sure. And those overlapping categories do suck... you'll enjoy my video this Sunday though on that note 👀
Good stuff Spencer. Good thing I live outside of credit card rules and boundaries and still got a Chase card at 13/24. I'll probably be 16/24 when I apply for my next Chase card 😀
That is the way🫡 You just motivated me to apply for another card😂
@@CesarJoel hahahaha. Why Not!
😂 you got Luke beat!
@@druiz012 agree 😂
@@druiz012 and I have 6 Amex spending limit cards when the limit is 5 hahahaha. I have 11 total Amex counting the charge cards. 😀
One curious data point is that recently, I got approved for the Venture X on April, which got me in 5/24. But in May I applied for the CSP (for the 80k SUP) and my application went on review. After calling Chase & speaking with a representative, I was approved! I don’t know if it was because my new Venture X account still wasn’t reported to the bureaus, but I guess I was lucky! Great video as always!
That's super interesting! I think you may be right. If your card hadn't reported to the bureaus yet then you were technically still at 4/24 in their eyes. Pretty neat! Thank you for being here man!
Just as a data point, I applied for and was approved for a VX and a Blue Cash Everyday card in early July, but Capital One and AMEX did not report my cards and balances until late August, or at least 2 billing cycles. ymmv, but it seems the bigger banks take their time, while a credit union or smaller bank like Comenity will report right away, after they initially bill you.
DP: I was denied for the World of Hyatt card due to 5/24 with one of those being an authorized user on my fiancé's Amex Gold. I called reconsideration and the person was very helpful and was able to resubmit the application ignoring the AU card. I eventually got approved, but it took ~11 days between my initial application and when I finally received the card. I've heard that your luck basically depends on the mood of the person on the other side of the phone, so if the first person doesn't want to resubmit your application, you can just hang up and call again until someone does.
This is a really good data point so thanks for sharing Andrew! It definitely is a YMMV situation, but it's awesome when you find that good customer service agent!
Thank you for breaking this down! Discover doesn't offer any Business Cards anymore, and I think it's messed up how Capital One will report a business card to your personal report. Keep up the great content. Be blessed :)
Oh great point Michael! It looks like they just recently pulled that off of their website. Thank you for the info and for the kind words!
I'm so happy I found out about this rule before I got too far on my credit card journey. Me and my wife's last 6 cards have all been with Chase and now it's almost time to start branching out
I'm lucky to be in the same boat too! I'm really glad I learned about this early on and get started with Chase credit cards myself. Thanks for watching Jacob!
Argh!!! Chase 5/24 always seems to get people. That’s why it’s so important to get chase cards early! Great video Spencer
It's an annoying rule, that's for sure! Thanks Jake!
Watching through as someone who knows all the talking points but just enjoying how well laid out and explained it is. Now I can just refer friends and family to this video instead of sounding like a nut haha
I appreciate you a ton! I know this video won't resonate with a lot of my normal audience since people know it so well already, but I wanted to make it so I can refer people to this instead of trying to explain it over text just like you haha. Thanks for the kind words Ryan!
The 5/24 rule is something I wish I knew when I started my cc journey. I'm 4/24 right now but deep in the Amex ecosystem and don't really need any new cards right now (I still want the Freedom Flex). Great vid Spencer 💥
It's an important one that we all have to at least think about at some point! 4/24 is a solid spot to be in though. Thank you for being here as always Mike!
Spencer great channel and appreciate you for giving us readily available information in one place. Also love the Tracker Excel sheet you made. Stay well!
Thank you so much Buck!! I wanted to make this as comprehensive as possible without it being too long so I'm really glad you enjoyed. I appreciate you being here!!
Nicely done! I have a CSP and a Freedom plus a business account with Chase. I went into my local branch to apply for my first biz card. I've been talking to the Chase rep from the branch since last week. Though she has been at a manager level for years, she wasn't aware of 5/24 but I explained it and emailed an article further explaining it. I'm at 5/24 and told her that I didn't want to have a hard pull and be denied for the biz card because of 5/24. (My credit scores are +/- 750.) She and I spoke with a couple of Chase CC specialists who stated that 5/24 isn't a consideration for a biz card, contrary to what I understand. I clarified that I didn't mean that the biz card will count towards the 5/24, but that my understanding is that 5/24 is considered for acquiring a biz CC. Chase's stance (at least the ones I have been in contact with) is that 5/24 doesn't count regarding a biz CC application. That's why I went to the branch rather than apply online so that the branch rep could call and elevate a possible denial. As it turns out, I was denied seemingly not due to 5/24 but due to too many hard pulls since I have some on record from earlier this year since I was buying a property with a family member who kept changing lenders (though always approved, I pulled out since the deal fell through, but I still have those dings on my credit report). Ultimately, I had to be interviewed over the phone and I was approved for an Ink.
Thank you Scott! I really appreciate you sharing your experience! The sad truth about a lot of people's experiences with the 5/24 rule is that your mileage may vary. The overarching rule is that 5/24 impacts all of Chase's cards, but you'll see a lot of folks not have it affect them at all. Unfortunately, even the higher up people at Chase may not know about this rule but it's an algorithm based thing nonetheless. That's great that you were finally able to get through! Just goes to show that it may not hurt to try it!
6/24 but I’ll wait, Ty for the info
You're close to under it!
@@SpencerJohnsonOfficial I wanna be at 0/24 hehe
@@jamesyu613 Haha that'd be nice!!
Great intro vid for the rule. And good way to go about it. I see the value of using a spreadsheet or adding to your budget sheet so it is all in one place.sadly I got a while before I'm below again, but taking time, or cooling off for a bit at a certain point I feel is under valued at times in the CC game.
Thanks so much! It's definitely an annoying rule to navigate but I do what I can to manage it effectively. It ain't easy though!
would a credit card product change with the same company (e.g. Capital One Quicksilver-->Venture) count as a 'new' card against the Chase 5/24 rule?
So…I’m currently at 4/24 and will be at 3/24 by August 1 unless I open another CC….and then I should be at 2/24 in Dec, but I’m probably going to get another personal cc before then
Nice! You're in a good spot man.
FLASHBACK; In the early 80's me and wife had about 25 or 30 credit cards with most of them maxed out we even had a diners club credit with no limit. I cut up all of the cards paid them off. I retired at age 62 and I have 100 more to go.
Man. Ive been holding back too much to get into chase cards. When I finally decided to start with chase cards to maximize points for travel, i was insta denied. Im currently 4/24 but then I remember not long ago i was added as authorized user by my dad. So yeah i think ill be going on a different path. 😂
Great video here Spencer! Chase 5/24 status can be boring but it's also super important to consider and can lead to heartbreak (like when I couldn't get any of the record-high Ink bonuses haha). That spreadsheet is really helpful though, I've been using it!
Thank you Matt! I completely agree with you. It's just one of those things we have to keep in mind. And I'm glad you like the spreadsheet man, that's great!
How do you get welcome bonuses on chase cards every 2/4 years do you have to reapply and close out the previous credit line? A lil More clarification will be greatly appreciated...
Yep, they just denied me. Should've looked at my report b4 I applied - score 812 did not matter. Got to wait it out.
This is all solid. I still don't love the rule and would rather see Chase take on high velocity with like a 1 elevated SUB per card per account "life time" rule. (Example, you get the CSP with a limited 100k offer, 4 years later, you're eligible for another SUB but capped at the standard SUB unless invited to a new offer via mail) Feels like compromise. Great vid as always
If only they'd change it! I won't hold my breath, but I do like your idea. Thanks for your support man!
Great video as usual! Was curious if, at the point of having 5 cards (with the Chase Sapphire Preferred being the first one of the group), I would be limited to upgrade that Sapphire Preferred to a Sapphire Reserve. Not sure if I would be okay in doing so since the Sapphire Preferred was my first card of the group and I'm just upgrading it instead of getting an actual 6th card. I feel I'd be good to upgrade but I could definitely be wrong. Curious if you happen to know. Thanks a ton again for your content! 🙏
Thank you! You should be perfectly fine to upgrade since it’ll be the same card account. Good question though!
I wish I would have known about Chase’s 5/24 rule last year 😭 I would not be 7/24 right now. Luckily, one of those cards is a CFU! I’m hoping and praying next time they have a CSP offer they let me in there like they did several people for their limited 90k offer!
Great video as always - hello Oden!
It happens to the best of us! You'll be back under it in no time though in the grand scheme of things. I hope you get a solid SUB on the CSP too! And thanks so much for watching man! Odin says hi back haha
Quick question, so say I have 8 hard inquiries and I was denied, so hard inquiries don’t effect my 5/24 status only cards that I was approved for
Correct! 5/24 only applies to personal cards that you've been approved for. Not hard inquiries.
Does Amex's charge Cards count towards 5/24?
So i understand that it also applies if im an authorized user on an account but my question is what if the account is more rhan 2 years old. Like for example, i was added to a card 6 months ago but the person who owns the card had the account for more than 6 years.
Got the Freedom Unlimited, then the CSP, probably will get the Flex later on, but honestly rotating categories for me personally suck. They suck at groceries and gas so picked up the savor one from capital one. But now I'm stuck at 5/24.
Congrats on all the new cards! You're gonna enjoy my video Sunday with your annoyance of their lack of grocery and gas categories. Being stuck at 5/24 does suck, but you'll be back under in no time in the grand scheme of things.
Fire 🔥 video bro
I was approved for Amazon prime Card for 18K and was way Over 5/24. So it does work on co-branded cards.
That's awesome! It's definitely a your mileage may vary situation.
Can you do a review on the best Credit Union Cards on the market?
That's not a bad idea! I did mention a few of the solid ones in my catch-all credit card video but there are plenty more to talk about for sure.
hey there spencer, how you guys manage to have both amex trifecta and chase trifecta? ok food is for gold card, travel with platinum, 1.5 x on CFU or 2x on amex bluebusisness plus, what do you do with CSP? shouldnt i stick with one trifecta, instead of 2 or 3? if somebody use all 6 cards, you're not using the full potencial of any of those trifectas at the same time. Am i right? whats the point of having all of them. thanks for the help.
Hey there! So technically you're right in the sense that getting a ton of cards means that eventually you'll have overlap and not need them all for spending purposes. But one if not the biggest way that people get value from the credit card game are welcome bonuses. So even if a card has a large annual fee, it may come with a massive SUB that you could get a lot of value from, and if you can justify the credits on that annual fee card every year to make it free, then there's no harm in leaving it open. For your specific question on the CSP, that's the card that brings your Chase points to life. Without that one, the Chase cards you do have are not gonna be anywhere near as powerful. But yeah as for why people get a bunch of different cards, it's mainly because you can get value from those cards in many other ways besides just the earning categories. I'd argue that's actually the smallest way a lot of people earn points in the credit card game when you take into account SUBs and such.
Got it brother! Thanks for the quick response! Take care 🤟🏼
@@SpencerJohnsonOfficial Sure that's true.... once. But after you get the sign up bonus, what's the attraction of the card in future years? Especially cards with an annual fee? I can MAYBE make one card with an annual fee pay for itself, but after that I just don't have time to devote to deciding the optimal way to spend money. So probably I'm not the intended audience but still it eludes me why I'd keep most cards for a second year.
Well there are many ways to earn money back from a card besides the SUB. The SUB will always give you the most amount of points, but you also earn points from spending as well as from credits and benefits. For most annual fee cards, they'll have credits that offset the annual fee, so if you use those, then the cards are effectively free. It sounds like you won't do much spending on them so you need to be selective about which cards you get depending on their benefits. However, most annual fee cards also are able to be downgraded to a no annual fee version which makes them easy to justify from year 2 on and helps you to take advantage of more SUBs. @@fredfinger7092
@@SpencerJohnsonOfficial Thank you for the thoughtful reply. You are right I wouldn't be one to "put a lot of spend" on a card so I'm really not the intended audience.
I applied for the World of Hyatt and Chase gave me the finger. Used your method and spreadsheet Spencer, yeah..... Chase was right, I was over the 5/24.
Dang man that sucks! But yeah they're real sticklers about their 5/24 rule for sure. Hopefully when you're back under you'll have no issues with it!
Wait a minute. In August this year, I added my wife as an AU on a credit card of mine that’s over 6 years old. Are you saying that now adds to her 5/24? and would take 2 years from August to fall off 5/24?
What about on the business side
Awesome video! What if you apply for a business card already being at or above 5/24 as a sole prop? Automatic denial also?
Thank you man! It's a your mileage may vary situation... some are able to get approved over 5/24, but a lot of folks get auto denied. So if you're okay with risking a hard pull it may work out for you! It's not a super high likelihood though.
I am at 4/24 personal cards and 1/24 business cards. Am I eligible from a 5/24 standpoint to apply for the SW RR Performance Business Card? If I am approved, can I apply for a personal credit card 31 days later? Or is it better to apply for a second business card 31 days later? As you can figure out, I am going for the SW CP strategy.
is the 5/24 Rule only for Chase cards or credit cards all in general?
Only for Chase! Other lenders have their own rules, but the 5/24 rule is probably the most well known in the space.
What about store cards ?
Great video. I have a question regarding the bonuses. You mentioned that you can get additional bonuses after two years. Does that apply to branded cards like the Amazon Chase card (non business). That's my oldest account at about 20 years old. It makes me think I've missed out on 9 (10?) bonuses. 😮
Thanks Juan! That rule does not apply to all cards and I'd recommend you read the offer details for each one you're wanting to reapply for before you do so. Here is what I found about the Prime Visa in particular:
"This credit card is available to you if you do not currently have an Amazon Visa or Prime Visa credit card. Upon approval of your application, the Gift Card will be loaded into your Amazon.com account, as long as you have not closed your account. The Amazon.com Gift Card is only awarded to new cardmembers and at the time of card approval."
I got denied for 5/24 but the guy on the phone said it was because CHECKING ACCOUNTS counted toward it too. I've NEVER heard anyone else say this. I dont understand.
Thank you for letting me know about that! I think this is a classic case of a misinformed customer service agent. I would call them again to reach someone else, because that is not the case. Only personal credit cards you've been approved for in the last 24 months should count towards the 5/24 rule.
I will do that! I am positive that I am only at 3/24. @@SpencerJohnsonOfficial
Thanks for the video, I really want to see what’s your opinion on the curve card but I know you got other cards you want to get before, but you should try to do a video when you can I don’t plan on getting the card anytime soon since I want to get 2 other cards before I consider the Curve card!!! Also do chases card also apply the rule of 5/24 when you get them ?
No problem! I may make a video on the Curve card at some point, but it likely won't be one I add since I don't have the Bilt card or anything to use it in combination with really. I'm skeptical on the whole God trifecta thing right now, but if it works, it works!
Chase's personal cards will add to your 5/24 count if you're approved but their business cards will not.
I’ve had a credit card for a few years but only recently realized the potential of having multiple. I applied last week for a credit card and got approved and then applied to another and got denied due to too many hard inquiries on my credit report from Experian. I checked Experian and the only hard credit checks were the two cards I applied for and have a 775 credit score according to them. Do you think if I applied in 3 months I’d have a shot getting accepted or should I wait 6 months or so before trying again? Thanks for all the information! Your one of the channels that helped me understand the importance of having multiple cards for different categories!
I'm glad you're starting to use the power of credit cards to your advantage! I'd imagine you were mainly denied because of how recently those hard inquiries were, and I'd say waiting 3 months between applications is more than enough. That's usually my rough estimate of how long I wait between each personally. Thank you so much for the kind words and I'm really happy to help where I can!
I wonder if the Apple Card adds to the 5/24 because I don’t see it on my credit report
I would be sure to check under your accounts and not just hard inquiries. It may just not show on one credit report but could show on others!
Very informative video! How does Chase's algorithm differentiate between approved products on a credit file? I have been approved for 3 credit cards and two auto loans in the past two years, however I am afraid their algorithm may not see the difference between these and auto deny me. Again, keep up the great work!
Thanks so much Steve! As I mentioned in the video, they do not count other types of loans in their 5/24 rule calculations. They're able to see credit card loans in particular and that's all they take into account. If you're sure you were under 5/24 and get denied, you can always call their reconsideration line to explain your case.
@@SpencerJohnsonOfficial Thanks for the fast reply! One last question, if I apply for a business credit card with Chase is it correct that will not add to my 5/24 status and simply just be another hard inquiry?
@@steve_rogers_usmc1990 No problem! And that is correct. Most business cards will not report to your personal credit report so they will not add to your 5/24 count.
Does Amex plat count since it’s not a “credit card”?
Yes it does unfortunately.
I’ve been approved for 4 personal cards and 5 business cards in the last 24 months. I’ve applied for a few chase business cards over that time that I wasn’t approved for.
Was I at 9/24 or 4/24? I thought I was at 9/24 but just got approved today for another chase business card so now I’m wondering.
Chase business cards don’t add to your 5/24 count, but the are impacted by it. If you’ve only been approved for 4 personal cards the last 24 months, you’re at 4/24, so that wouldn’t be a reason for you to get denied for any Chase card rn.
Spencer if I were to close one of my credit cards account would it drop off of my current 5/24 count?
It takes into account any cards you've been approved for in the past 24 months, so that cancelled card would still add to your 5/24 count.
@@SpencerJohnsonOfficial Thank you for the clarification! I appreciate you taking out time from your day to do so.
Do you have a video where you talk more about the Chase rules for getting the sign up bonus again?
I do not yet. But hopefully my quick explanation here helped a bit. Did you have a specific question about it though?
@@SpencerJohnsonOfficial Yes it did, would I need to cancel my card and reapply?
@@stephaniegray6712 You do not have to cancel it actually. You can just downgrade it or product change it to a different card instead! It depends on the card you're wanting to get though.
@@SpencerJohnsonOfficial ok thanks!
Another Chase rule: If you had a bankruptcy for ANY reason (such as medical debt), even if there were no credit cards included, even if you never had a Chase account, even if 9 years and 11 months have passed, and you have a high income and rebuilt a high credit score, Chase will automatically DENY your application as long as that BK is still on your credit report.
Even for security cards ???
So this 5/24 is only for people wanting to open many chase cards.. i don’t really see how this related to a beginner.. i guess if they’re silly maybe😅
So important for people to know about this rule so they don’t end up getting too far down the line and unable to get Chase cards for a period of time
Agreed!
Do secure credit cards count ? In the 5/24 rule ?
Yes they would. If they show up under your accounts on your personal credit report then they count toward the 5/24 rule.
Thanks ! 🙏🏽
They even closed my account for going over the 5/24 rule.
Lol, I'm sorry for laughing because their trying to act like parents keeping us out of credit card trouble.
@@TerryGreen-ye5ry lol right. I was so upset I didn’t even know about the rule at the time. I called they explained I tried to appeal but nope smh.
I'm 6-24. Now I know to go venture and saveur instead of trifecta rn
It’s good to know that number! Just be sure you don’t put yourself too far over 5/24 adding other cards if you still want Chase cards.
I have the CFS and thinking of product changing to CFR should I do it or just wait 3 more months and apply for CFU (9m rn with CFS)
I'd look at product changing it to the OG Chase Freedom instead. Then you could still add the Chase Freedom Unlimited for the welcome bonus and also have a 5x rotating category card in the OG Chase Freedom. It doesn't get you anything more than that really, but it's still a solid card to PC to since it lets you get the SUBs on the CFF and CFU still!
@@SpencerJohnsonOfficial Well should waited a bit longer lol because I already PC to CFR. Whatever might call tmw see if I can PC again lmfao
@@Riskqify Haha either way is fine. Since you didn't jump straight to the CFU, you still left that slot open for a SUB if you want to apply for it fresh eventually and then PC the CFR to the OG Chase Freedom at that time.
@@SpencerJohnsonOfficial ya I can :) ty
@@SpencerJohnsonOfficial Another question my credit usage in some months had 100% It wasn’t good for about 7 months and it carried over from month to month. I made all the minimum payments but didn’t have enough to pay in full until recently in April. I have been using it like a debit card ever since and haven’t had a problem paying in full. Should I wait a little longer than a year before applying for the CFU?
Thank you!
I am currently enjoying my 3/24 status and don’t want to apply for no cards 😅
That's a great spot to be in!
@@SpencerJohnsonOfficial feels phenomenal; I am in control of my domain.
So secured cards count against me I have 4 of them
Correct. I hope you're going to graduate those up to unsecured cards soon!
@@SpencerJohnsonOfficial so do they count against me yes or no
@@blankprivatecompany9296 Yes
@@SpencerJohnsonOfficial so how long should I wait one is a chime builder card and the other is credit ai a debt card that works like a credit card and other credit one unsecured and the other navy federal secured card so I only have one card that can actually graduate and the credit one card I plan to shut down
@@blankprivatecompany9296 The 5/24 rule only takes into account cards you've been approved for in the last 24 months. So once your cards start to become older than that, they aren't impacting this rule any more.
Chase 5/24 stinks. Thanks for the tips + video on how to manage it!
I agree man! Thank you for being here!!
I think Amex cards give more value because they have more multipliers such as ways to earn such x points or different levels of cash back like on my BCE and my mom BCP combined 6K of 6% cash back then 4% the rest and 1% on everything else or for my BCE 3 or 4% for Groceries for 4 or 5K and 2% else wise and 1% everything else..
It completely depends on the person! Chase cards are much more manageable annual fee wise, but Amex's cards can definitely give a lot of upside despite their annual fees for the right person.
Spencer we look very similar in the face !
Oh nice man!
I’m at 4/24 !
That's a great spot to be in!
Its so funny how the average person has never heard of chase 5/24.
For Example:
My wife “guess what? I applied & was instantly approved for a chase southwest card”
Me “thats great, were you below 5/25?”
My wife “No it was after May 25th”
😆😆😆
Hahah that's awesome. If she ever wants to learn more about it, hopefully she'll enjoy this video! 😆
NO, NO, NO, The 5/24 rules meaning is that you will not be able to retire from your job at age 62 because people are in debt and you can not retire at full retirement age 66 yrs. because you're still in debt. Now, you have to work until age 70, when life expectance to live is only about age 84 which means that you only have 14 more years to live and enjoy retirement. But no, people walk around with a 1,000 foolish credit cards when people should save their money and invest in income property and rent it out and collect your rent every 30 days. More than 1 credit card is for suckers asking for unnecessary long term stress paying the bill. People need to save their money or become a little old lady school crossing guard holding up a stop sign to help the little kids cross the street just to make ends meet. Because they did not save their money. People that rent are 30 days from being homeless. "SAVE"
Hi spencer😀🙃🤩
Hey Pablo!! Happy to see you as always!
@@SpencerJohnsonOfficial me too brooo thank you😀😃🤩
Bruh, constant ads make this video unwatchable. Otherwise , your advice is fab ✌️
Thanks for letting me know! I lowered them down a bit even though they were very sparing on my end as is. RUclips might’ve added in some that I didn’t though 🤷🏼♂️ I appreciate the feedback!!
I can't believe he flat out contradicted himself about the business card smh
Chase needs to kill this rule but they won't lol.
I ain't holding my breath!
Hopefully they will. I feel like amazon HATES the chase rule
👍
👍🏻
Thank you for being here man!
I’m out of the game. Currently sitting nicely at 0/24 😇😇😇
Can I borrow your identity for new chase cards?
@@druiz012 I'd never encourage a man to continue down the dark path of the game.
This is the one thing about you that I'm jealous of 😉
@@SpencerJohnsonOfficial bet there's plenty more. You should be a guest on my show sometime.
Firth!
You were definitely that! 🥉
First
Dang!! Nice work man 👑
Sweet! Great video as well! Love the explanation!
@@MPG2014 not fair…that’s MY crown sir 👀
@@MPG2014 I'm happy to hear that man. Thanks!!
1
Close but no cigar unfortunately 🥈
@@SpencerJohnsonOfficial I’m protesting!!
@@ItsMeCJ 😂😂
Chase sucks not worth building around 5/24
That's how I track all my cards too via spreadsheet.
It's a solid way to do it!
Does the 5/24 rule include checking and savings account bonuses?
Great explanation of the Chase 5/24 rule, Spencer! I really like Chase’s credit card lineup and ecosystem, but to me, the most annoying thing about Chase is the 5/24 rule. I just went from 8/24 to 7/24 recently. Right now, for me to fall back under 5/24, I would have to wait 12 months from now to apply for another card. I don’t really want to wait that long, but I may have to rethink my credit card roadmap so I don’t have to wait too long to fall back under 5/24. There are still a few Chase cards that I do want. I’m really interested in the two business cards with no annual fee, the CSP, the Amazon Prime card and maybe the WOH (either the personal or business version). I may even consider one of the Southwest cards, eventually. Speaking of the WOH, I did notice the other day that the current 60k point SUB on the WOH business version is a lot easier to hit than the 60k bonus on the personal version, although the annual fee is $100 higher on the business card. That may be a good card for you to look at.
Thanks so much John! And I completely get where you're coming from. It's a super annoying rule, and that's why I try to manage it as effectively as I can on the front end rather than trying to catch up with it, and considering I also want a lot of the cards you mentioned, I have to consistently garden too which is annoying. As for the WOH Biz card, I've considered it for the bonus alone, but the fact that it doesn't come with credits would make it an automatic cancel for me in year 2 and I'd rather not get cards yet that I'll know I'll cancel right away. But for the bonus, I like that idea for sure. Btw, nice emoji there! 😉