Have you heard of the Chase 5/24 rule?

Every credit card issuer sets its own rules about how many credit cards you can have open with them at a time and how soon after your most recent card you qualify for another. Sometimes these rules are more like suggestions and sometimes they’re rigid. When you’re talking about Chase Bank, this is referred to as the 5/24 rule. It’s a strict policy for how many new credit cards you can have on your credit report and still get approved for a new card. 

Here’s everything you should know about the 5/24 rule and how it might affect your next credit card application.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

• Best Travel Rewards Credit Cards
• Best Airlines Credit Cards
• Best Hotel Credit Cards
• Best Business Credit Cards
• Best Cash Back Credit Cards
• Best Overall in 2022

What Is It?

For all intents and purposes, the 5/24 rule is an unofficial policy. You won’t find it explained anywhere by Chase, but enough people know about the rule (and have experienced breaking it themselves) that it’s pretty much common knowledge.

There was a time a few years back when Chase published more information about 5/24, but for one reason or another, decided to remove all trace of it from their website and keep it on the not-so-low down low. Since then, everyone assumes–correctly, if all the rejection letters out there are any indication–that it’s the same rule.

Basically, the 5/24 rule states that no one can be approved for a new Chase card if they have opened 5 or more credit cards in a 24-month period. This includes but is not limited to Chase credit cards.

The 5/24 rule, though not written in any terms and conditions, is strict. It applies to all Chase credit cards and all applicants. Even co-branded credit cards such as the United Club Infinite Card, the World of Hyatt Credit Card, and the Marriott Bonvoy Boundless Credit Card are subject to this policy.

Why does Chase have this rule in the first place? It was likely put in place as a way to prohibit how many sign-up bonuses a single applicant can qualify for. And even more so, to discourage users from applying for cards strictly for bonuses and then never using them again. This practice is referred to as “churning” and Chase, like a lot of credit card companies, frowns upon it.

The 5/24 rule is probably the most well-known, but it’s not the only policy Chase uses to screen applications. There’s also the 2/30 rule, which disqualifies you from getting approved for more than two new cards in 30 days.

Rules for Other Banks

Chase is far from the only bank with a rule like this.

American Express, for example, doesn’t allow anyone to have more than five existing credit card accounts. Capital One limits all customers to opening one personal credit card every six months and to have no more than two open at a time. Discover will only let you have two open cards and you’ll need to wait 12 months between applying for the first and second. Barclays won’t usually let you get a new card if you’ve opened more than six new credit accounts in the past two years.

Other banks limit the total credit you’re allowed to have across all of your cards but are less picky about the number of cards you carry and how often you open them.

Chase is one of few banks that looks at the total number of cards you have with all banks, not just their own.

How It Works – and How to Get Around It

If you break the 5/24 rule when applying for a new credit card, you can be immediately denied. It doesn’t matter how creditworthy you are, how loyal a Chase customer, or how much money you have in the bank (with Chase or otherwise). Even if you check all other boxes, breaking this rule is enough to earn you a rejection letter.

But you might be thinking, “I got around the rule before. Why can’t I now?” Chase used to show favoritism and let some people slide if they were over five cards, such as Private Clients and select new customers, but those workarounds are a thing of the past. Now, it’s very rare to get the rule waived.

So how do you know you’ve been rejected because of the rule? If you’re found to be in violation of the 5/24 rule, your rejection letter will state your reason for denial as “too many credit cards opened in the last two years.”

Don’t reapply right away if you receive this message–doing so will only hurt your credit and won’t get you the card. Also, certainly don’t close any of your existing credit card accounts. This not only negatively impacts your credit but won’t change your 5/24 status.

All Chase credit cards fall under this rule, so you are not any more likely to get rejected for one card over another. The Chase 5/24 rule is applied to credit card applications only–your status will not affect your ability to open a bank account, get a loan, or invest with Chase (although too many new credit accounts of any kind can make you appear less creditworthy).

The only surefire way to get around the 5/24 rule is to just wait it out. Many people have had success applying again after waiting at least 30 days (which is rumored to be the shortest amount of time Chase will allow between applications), but it all depends on when your most recent application was approved.

With that said, you might be able to get around the rule by converting one of your old cards into the new one you’re applying for. Chase sometimes allows customers to convert cards within the Ultimate Rewards category, but you’ll likely forfeit any bonus offer you would have earned to open a new account if you are approved to do this.

Calling for reconsideration can only work if you have a valid reason that the rule shouldn’t apply to you. For example, your reason could be that you have authorized users for your other credit cards and they are counting toward your 5/24 status or that you only just exceeded five new cards days before applying for the new one. As with any time you call for reconsideration, nothing is guaranteed. It really just depends on who happens to answer your call and how cooperative you are.

Check Your Status

To know for sure that you won’t get rejected for having too many new accounts, check your 5/24 status yourself before submitting an application. Chase doesn’t have a fancy process for doing this and they don’t do anything you can’t do.

If you’re not sure how many new credit cards you’ve opened in the last 24 months, you can review your credit report to find out. This is what Chase will do when you apply. Be sure to get a report from each of the three credit bureaus–Equifax, Experian, and TransUnion–to see all of your cards. You can do this for free once per calendar year.

Keep in mind that Chase is looking for approved new accounts. It doesn’t matter if you use the credit cards you’ve opened or even if you’ve closed any since applying. All new credit card accounts that are listed on your credit report count toward your limit, including store cards (Chase or not).

Cards in someone else’s name for which you are an authorized user might also count toward your limit. If this is the case and you’d qualify without these accounts, ask a Chase reconsideration representative that these be disregarded and you may have a shot.

If there are credit cards not listed on your credit report, such as business cards, which do not count toward your personal credit, they do not affect your 5/24 status. Also, credit cards you have applied for and been denied won’t count against you.

Top Chase Credit Cards

If you’re in the clear and ready to apply for another Chase card, make sure you choose wisely.

Here are our picks for the best Chase credit cards.

Chase Sapphire Preferred® Card

The Chase Sapphire Preferred® Card offers up to 5 points per dollar on travel and rotating categories and 3 points per dollar on dining, grocery, and streaming.

And with perks like 1:1 point transfer with airline loyalty programs (including United MileagePlus and Southwest Airlines Rapid Rewards); savings with Doordash, Peloton, and Lyft; and a $50 Anniversary Hotel Credit, this is one of the best travel rewards cards out there. We think it’s worth the $95 annual fee. See credit score requirements.

Chase Freedom Unlimited®

This rewards card does almost everything right. The Chase Freedom Unlimited® card earns 5 points per dollar on travel purchased through Chase, 3 points per dollar at restaurants and drugstores, and 1.5 points per dollar on everything else. With no annual fee, this is a crowd favorite for everyday spending and one of the highest-reviewed rewards cards out there.

Chase Freedom Flex is a very similar option, the primary difference between them being that Flex offers 5 points per dollar on travel through Chase and rotating points categories that change quarterly. Also, Flex earns 1 point per dollar on everything else compared to Unlimited’s 1.5.

Ink Business Preferred® Credit Card

If you’re looking for a rewarding business card with a low annual fee, it doesn’t get much better than the Ink Business Preferred® Credit Card. This earns 3 points per dollar on shipping and business expenses (such as advertisements and travel) and 1 point per dollar on everything else.

All cardholders receive complimentary travel and purchase protections such as emergency assistance services, roadside dispatch, purchase protection, and trip cancellation insurance. Plus, waived foreign transaction fees, 1:1 point transfer, and the option to redeem your points for 25% when you put them toward travel. The annual fee is just $95 and you can add additional employee cards to your account at no additional cost.

Although we didn’t include them here, Chase’s co-branded credit cards with airlines and hotels are also pretty good overall. Just remember when applying for these that they’ll affect your 5/24 status.

Final Thoughts

Other banks restrict how many cards you can get approved for in a given period of time, but the Chase 5/24 rule might be the most well-known. Chase won’t budge on this policy, so find out for yourself if you break the rule before you apply for your next Chase credit card. You can use this article to check your 5/24 status if you aren’t sure how.

Which American Express credit card did you have your eye on when you applied? Maybe it was the The Platinum Card® from American Express that offers over $1,400 in annual perks. Or the Blue Cash Preferred® Card from American Express that gives you up to 6% cash back at U.S. grocery stores. Or one of many prestigious business cards.

You applied–but you got denied.

What a lot of people don’t know is that you can actually call for reconsideration if you are denied an Amex credit card that you feel you should have been eligible for. This process requires you to make a phone call to a dedicated line and doesn’t guarantee approval, but it might be worth it for you.

Here are some strategies for success if you’re thinking about calling American Express for reconsideration. Use this article to prepare what you’re going to say and find out who you need to call to get the job done.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

• Best Travel Rewards Credit Cards
• Best Airlines Credit Cards
• Best Hotel Credit Cards
• Best Business Credit Cards
• Best Cash Back Credit Cards
• Best Overall in 2022

Find Out Why You Were Denied

American Express will let you know why they didn’t accept your application in your rejection letter. This is required of all credit card issuers by law and is going to be one of the first things you read in the letter.

The reason included with your denial is important if you are thinking about calling for reconsideration. You will need to come up with an explanation for why the reason you were denied should not disqualify you. You will be more or less likely to be successful depending on your reason.

Having too many new credit accounts on your credit history is a common reason for being denied. Too many recent inquiries–for anything from new credit cards to loans–is another thing that can hurt your application and chances for approval because it can make you look like a risky borrower. You may have trouble getting approved even after reconsideration.

If this was your reason, you may do best to just wait six months or so to reapply and avoid opening any new accounts for the time being. This should improve your credit too.

Also note that American Express only allows you to open two new Amex credit cards within 90 days and have five existing accounts with them at a time. You won’t be able to change their mind about these ones if the reason stated in your letter is “too many new accounts” or “too many American Express accounts.”

If your credit history is too short, as in you haven’t been building your credit for long and your accounts are young overall, you probably won’t qualify for a premium card just yet. But if you didn’t apply for a premium card, you might be able to talk your way to approval.

Income and credit score requirements cause a lot of American Express applicants to be denied. Some of their cards are pretty tough to get. If one of these things was given as your reason, you may be successful when asking for reconsideration and there are steps you can do to make your application stronger.

Who to Call

The phone number you need to call for reconsideration is 1-800-567-1083. This is the dedicated reconsideration line for new personal credit card applications. The dedicated reconsideration line for customers who already have an American Express account is 866-314-0237. Both lines are open between 8 am and 12 am Monday through Friday and between 10 am and 6:30 pm on Saturday (closed Sunday).

It is best to call for reconsideration within 30 days of being denied. This is how long American Express will usually accept requests for a second review before closing the application permanently.

If you do decide to submit another application after going through reconsideration, wait at least 30 days after receiving your rejection notice. It is not likely that you will be approved so soon after being denied and you don’t want to add another hard credit inquiry to your report. The next section will help you determine when to call and how to get ready.

How to Prepare

Before you call the American Express reconsideration line, you need to be sure that you’ve been denied. Don’t call if you’ve been waiting for a response after applying and assume you’ve been turned down.

If you haven’t heard back at all, go online to check the status of your application. It only takes a couple of minutes. Or, you can call 1-888-826-3471. Your application will show as either approved, denied, in progress, or canceled. If it’s still in progress, continue waiting before calling for reconsideration. This is not an automatic “no.”

If it shows that it has been canceled, there might have been an issue with your application and you will need to call American Express to find out if they need anything from you to process your application.

After receiving a rejection letter for any credit card, it’s a good idea to get to work building your credit and improving your financial situation, whatever that may look like for you. For example, try paying down your debt to quickly decrease your credit utilization ratio, shooting for somewhere around 30%.

Finally, although not necessarily recommended, you could close another one of your other credit card accounts if you have too many open. This can negatively affect your credit by lowering the average age of your accounts but may allow you to open one more. Don’t do this unless you feel strongly that this new card is better for you than your other cards and definitely don’t close your oldest card. And again, nothing is guaranteed, so this is somewhat risky.

In general, it’s a little more complicated to have a business card application reconsidered than it is to have a personal card application reconsidered. You may need to provide documents to show that your company is legitimate and help the representative understand how you plan to use the card.

Review Your Application

Did you accidentally leave a question on your application blank? Answer something incorrectly? Fail to provide necessary documents? Any of these things can land your application in the metaphorical “no” pile or cause it to be automatically canceled, but they are easy to fix.

Before calling for reconsideration, make sure that your application was filled out properly. Getting approved could be as simple as correcting a mistake on your application.

Review Your Credit Report

The reason you were denied might not even be your fault. There could be an error in your credit history–like an incorrect date, a debt recorded twice, or a misreported account balance–that caused your application to be automatically denied.

You can dispute an error on your credit report by calling the credit bureau responsible for the report containing the mistake. Each bureau has its own process for opening a dispute. Wait until your credit report is 100% accurate to call American Express for reconsideration.

Use Your Current Credit Cards

Especially if you already have American Express cards open, you want to show that you use them. Add spend to your cards and pay the balance in full before the due date. You want to appear as American Express’s #1 customer.

Do the same with your other credit cards as well, just don’t send your credit utilization ratio skyrocketing.

Call for Reconsideration

If you have taken the above steps to build your case, you’re ready to call American Express for reconsideration. This is not the same as reapplying, so it doesn’t require a second hard inquiry and they can use your existing application.

The next section will help you figure out what to say for the best chance of approval.

What to Say

Prepare what you’re going to say with the reason you were denied in mind. You don’t want to fumble your way through the call. American Express does not guarantee that asking for reconsideration will change your outcome, but it’s worth a shot.

Was your reason that your income is too low? Explain how you have been working to increase your cash flow and pay down debt with careful budgeting. It’s possible that lowering your overall credit limit by calling your other credit card issuers can help with this issue to improve your potential debt to income ratio.

Was your reason that you already have too much credit with American Express? Explain that you are happy to shift some of your existing credit with the bank to this new card. This often works.

Was your reason that you have poor or too little credit? American Express does not allow co-signers, but you might be able to provide examples of ways you are working to build or improve your credit. Or if you found that your credit report had an error that brought your credit score down and you have since resolved it, you can explain the situation to the agent and they will reconsider your application with your new score.

When you call for reconsideration, be prepared to answer a series of questions. Be patient and helpful to the representative you’re working with and they’re more likely to be willing to hear you out.

The American Express agent reviewing your application may ask you to submit additional documents to support your case. For example, they may request proof of income such as a pay stub or ask for a copy of your lease or title papers to prove that your current address matches the one on your application.

They will also probably ask you to provide more detail than the application asked for. They may ask you to explain why you have so many recent hard inquiries or have opened so many new cards, for example. Maybe you just moved and needed to apply for a mortgage, car loan, and new credit card in a short time period. Depending on how strong your application is otherwise, this can work.

By the end of your reconsideration call, you should know whether your application has been accepted or denied.

What to Do If You Are Denied After Reconsideration

Calling for reconsideration doesn’t always work. You may receive the same answer you did the first time. If you get denied the first time you try, you can always try again. Wait a day or two before calling back.

Feel free to ask the American Express agent for suggestions if you get denied. Even if you don’t walk away with a new card, use this opportunity to find out what Amex is looking for in applicants and how to make yourself more creditworthy in the future.

If you keep getting denied, the issue could be that you set your sights too high. Maybe you applied for a luxury card but something geared more toward everyday use would be a better fit given your credit, income, and history.

If you do plan to reapply, we recommend waiting at least six months. Although you can technically submit another application just 30 days following rejection, your chances might not be a lot better in such a short time frame. Plus, reapplying requires a hard credit pull that will hurt your credit. Don’t do it until you’re much more confident about being approved.

Final Thoughts

You don’t have anything to lose by calling the reconsideration line when you get denied for an American Express credit card. If you received a rejection letter after your most recent application, you can call to have your application manually reviewed a second time within 30 days.

American Express cards are a little bit harder to qualify for than the average credit card, with some cards requiring excellent credit to get approved. So you may not hear what you want to hear when you apply, but you may have better luck the second or third time around–especially if you’re well prepared for the conversation.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

• Best Travel Rewards Credit Cards
• Best Airlines Credit Cards
• Best Hotel Credit Cards
• Best Business Credit Cards
• Best Cash Back Credit Cards
• Best Overall in 2022

Credit bureaus are agencies responsible for compiling credit information for each individual. This information, which includes every detail of a person’s credit history, is then sold to lending institutions and other creditors for use in making lending decisions. The bureaus look at many details of your borrowing and spending behavior to create a comprehensive credit report and credit score just for you.

Information that credit bureaus may collect includes your: 

• Number and age of credit accounts
• Bank account information
• Credit limits
• Revolving utilization
• Credit card payment history
• Rent payment history
• Missed or late bill payments
• Collections accounts
• Public records such as bankruptcies, foreclosures, etc.

They also know personal information such as your address, place of work, and social security number. 

Today, there are three main credit bureaus: Equifax, Experian, and Transunion. Equifax was founded in 1899, Experian in 1996, and Transunion in 1968. Bureaus were created to help creditors make informed decisions about loan and credit account applications—before they were created, lenders had to use their best judgment and there was a lot more risk involved. Credit bureaus also make credit decisions fairer for consumers by removing subjectivity from the decision-making process and preventing discrimination on the basis of race, gender, religion, etc.

The information collected from credit bureaus is provided to credit issuers, but credit bureaus themselves do not play any role in deciding whether or not you should be approved for a loan or credit account. Credit bureaus are private companies operating independently of financial institutions simply to provide information, including your credit report and score, to potential creditors. 

If you ever encounter issues with your credit report or need to update your account in any way, you will need to know how to get in touch with the credit bureaus. Unfortunately, this is not as easy as it might seem. Fortunately, this article will offer helpful tips and phone numbers to call when you want to talk to a real person.

When Would You Need To Contact a Credit Bureau?

One of the main reasons a person might need to contact one or more credit bureaus is to report an issue on their credit report. There could be a small error on your report such as a spelling mistake or incorrect date or a much larger issue that could point to identity theft. For example, accounts showing up on your credit history that do not belong to you could be a red flag that someone has been using your name and information to open lines of credit. To correct an error, you will need to call whichever bureau’s report contains an error and might need to file a dispute.

Another common reason to get in touch with credit bureaus is to update your personal information. When a person gets married and wants to change their last name, for example, they need to update their account with all three credit bureaus and prove that their last name has been legally changed.

You can also call a credit bureau if you just have a question about your credit report. Looking over your report regularly is a good habit to get into and the best way to protect yourself from theft. Uncorrected issues on your report could prevent you from receiving loans in a timely manner or being approved for new lines of credit. You can get at least one free copy of your full credit report every year from each of the three major credit bureaus. Always take these when they are offered to you.

If you’ve ever tried to contact a credit bureau, you know how difficult it can be to get past the recordings to speak to a real representative. Here are the phone numbers to try when you want to bypass all the questions and get right down to business when contacting a credit bureau.

Speak to a Live Person at Equifax

People have had success reaching an Equifax representative more quickly over the phone in a couple of different ways. The best way is to call the number specifically dedicated to your issue. Equifax has many different lines.

If you already know exactly what you’re calling about, use that number from the table below before you use the general numbers. Otherwise, try both general numbers and you’re sure to reach a live person.

Equifax Phone Numbers

Equifax customer service is generally available to take calls from 9 AM to 5 PM (EST) Monday through Friday. However, the automated service line dedicated to fraud alerts is available from 7:30 AM to 1:30 AM (EST) seven days a week. If you leave a message here, a representative will get back to you.

Equifax is also able to resolve some issues online. Log in to your Equifax account to file a dispute for something on your report, place or lift a security freeze, or place a fraud alert.

In 2017, Equifax experienced a massive data breach that resulted in the private records of millions of American, British, and Canadian users being leaked. Since then, Equifax makes information about the status of the resulting settlement available and will take any questions users might have about this incident.

Speak to a Live Person at Experian

Experian makes it easy to resolve many types of problems online and has an extensive FAQs section on their site, but sometimes you just want to talk to someone. Try these phone numbers when you need to talk to an Experian representative and don’t have all day to spend answering questions.

Experian Phone Numbers

Experian customer support is standing by from 7 AM to 7 PM (CT) Monday through Friday. You can also email support and get in touch with a representative that way.

If you’re calling to dispute, Experian will likely request that you have a copy of your credit report in front of you for reference. There will be a number listed on this report that you can call to initiate a dispute. If you’ve received a credit report within the last 30 days, you will probably need to pay for another report.

Speak to a Live Person at TransUnion

Like the other bureaus, TransUnion offers plenty of ways to start disputes and ask questions other than calling customer support. Getting help over the phone is not so easy; however. Below are the number(s) to call to get your question(s) answered by a representative over the phone..

TransUnion Phone Numbers

TransUnion customer support phones are on from 8 AM to 11 PM (EST). The tech support lines are on from 8 AM to 9 PM (EST) Monday through Friday and 8 AM to 5 PM (EST) Saturday and Sunday.

This credit bureau also has social media accounts through Facebook and Twitter. The social media support team answers questions between 10 AM and 6 PM Monday through Friday (EST), so this could be a good way to avoid the phones altogether for less urgent concerns.

Again, make sure to have a copy of the credit report you are concerned about in front of you when calling to ask questions, dispute, or report fraud. During COVID-19, TransUnion is currently offering one free credit report per week to customers.

Final Thoughts

Depending on which bureau you need to report a problem with or have a question for, it might make more sense to resolve problems online through your account or via email than over the phone. However, each of the three credit bureaus—Equifax, Experian, and TransUnion—has customer support that you can call with questions and concerns. And if you call the right number, your chances of speaking with an actual person are much higher. 

Having an account with the bureau you’re contacting and file numbers for the exact reports you’re calling about is another great way to expedite the whole process.