Chase 3/24 Rule? Business Card Approval Rules May Have Changed
Chase may have quietly tightened one of its best-known credit card application rules. Multiple recent data points suggest that some applicants for Chase business credit cards now need to be below 3/24, rather than the traditional 5/24 threshold.
There are several data points starting around September 16, with applicants saying Chase reconsideration representatives specifically cited a new 3/24 rule when denying business card applications. There is still some uncertainty over exactly who is affected. Initial reports suggested the new restriction applies specifically to sole proprietor applications, while other data points indicate it could potentially apply more broadly to business applications. So far, there are no reports suggesting Chase personal cards have moved to 3/24.
Under the traditional Chase 5/24 rule, applicants generally needed to have opened fewer than five credit cards that appear on their personal credit report during the previous 24 months.
If the reported business-card change holds, applicants at 3/24 or 4/24 could now be denied for a Chase business card, meaning you may effectively need to be 2/24 or lower when applying.
There are conflicting data points however, with some people still getting approved while being at 3/24 or 4/24. Still there’s enough smoke here to make me think that something must have changed, but I wouldn’t call 3/24 a confirmed universal Chase rule just yet. Even Doctor of Credit initially noted that it was early to call the change official, despite multiple reconsideration representatives apparently giving applicants the same explanation. We’ll need more data points to determine what the new rules are, or if there are any changes at all.
Have you applied for a new Chase business card in recent days? Leave a comment with your data points or join the discussion in the Danny Deal Guru Facebook Group!
HT: r/churning & DoC
