Want to open a new Chase card? Here’s how to calculate your 5/24 standing

Jun 2, 2021

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Editor’s note: This post has been updated with new information.

Unless you’re new to opening credit cards, you’re probably familiar with Chase’s 5/24 rule. Put simply, the rule is that if you’ve opened five or more personal credit cards across all issuers in the last 24 months, Chase almost certainly will deny your next card application. Although some cobranded cards used to be exempt from the rule, it now applies to all Chase-issued cards — including business cards (though they won’t add to your personal card count if you already have them and are applying for a new personal credit card).

To avoid wasting your five Chase slots or applying for a Chase card only to be denied, you’re going to want to keep track of your 5/24 standing. Doing so is very easy and doesn’t require any complicated spreadsheets.

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Calculating your 5/24 standing

You could use practically any free credit report monitoring service to calculate your standing. Some of the most popular ones tend to be Experian and Credit Karma.

Setting up your account is an easy process. You’ll be asked for some personal information and will need to verify your identity through security questions.

(Photo courtesy of Experian)

Once you’re viewing your credit report, you can view a list of all your accounts — open and closed — and when you opened them. What makes Experian and Credit Karma stand out from the other credit monitoring sites is that they allow you to sort your accounts by the dates they were opened. Then you can easily count how many of them were opened in the last 24 months.

(Photo courtesy of Experian)

It’s important to note that Chase only looks at whether an account was opened. If you’ve closed an account that was opened in the last 24 months, it still counts toward your standing. Also, data points suggest that you will need to wait until the first day of the 25th month after your fifth account was opened to actually be below the 5/24 limit.

Authorized-user cards from another person’s personal credit or charge card will add to your 5/24 score, as they’re reported on your credit report. However, if you’re over 5/24, you can still apply for a Chase card and call the reconsideration line to ask that these accounts not be considered. Also, auto loans, student loans and mortgages show up on your credit report but do not count toward your score.

What to do if you’re under 5/24

Your first plan of action should be to complete the Chase quartet, which consists of the Chase Sapphire Reserve, Chase Freedom Flex, Chase Freedom Unlimited and Ink Business Cash Credit Card. Using these cards together will allow you to maximize the Ultimate Rewards program and help you make the most of your everyday purchases. However, the card opportunities don’t end there. There are several other Ultimate Rewards points-earning cards, as well as plenty of lucrative cobranded airline and hotel cards worth considering, such as the United Explorer Card and the World of Hyatt Credit Card.

What to do if you’re over 5/24

Some points enthusiasts swear by Chase and refuse to apply for other cards when they’re over 5/24. That’s a big mistake. The “opportunity cost” of waiting more than three months to apply for another credit card in order to pick up a single Chase card is far too high. Plus, it’s always a good idea to diversify your earning strategy.

Your options for valuable credit cards outside of the Chase ecosystem are endless. For instance, American Express has its own trifecta of cards that can unlock a powerful combination of earning rates, welcome offers and perks — The Platinum Card® from American Express, American Express® Gold Card and The Blue Business® Plus Credit Card from American Express. Then there are all of Amex’s cobranded cards like the Marriott Bonvoy Brilliant™ American Express® Card and the Delta SkyMiles® Platinum American Express Card. And that’s before you even consider all of the other issuers out there, such as Capital One and Citi.

Related: The best cards to get after you hit 5/24

Bottom line

To maximize Chase’s credit-card lineup, you’re going to need to be wise about which cards you get and when you apply for them. Calculating your 5/24 standing is easy thanks to free credit report monitoring services like Experian and Credit Karma. If you’re over 5/24, don’t make the mistake of overlooking cards from other issuers.

For more on Chase’s 5/24 rule, see these related articles:

Featured photo by fizkes/Shutterstock


Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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