American Express 61 day rule

The unofficial “61 day” rule from American Express is a widely discussed topic on credit forums and blogs.

A new American Express applicant can request a 3X limit increase 61 days from the day the account was opened.

Example: If you opened an account with AMEX on Jan 1 with a $5000 limit, on March 3rd (Jan 1 + 61 days), you can call in and request a credit limit of upto $15,000.  Whether you get approved or not be determined by your credit worthiness, personal income and other credit factors. But if you are eligible, you will be approved for the $15,000 limit.

Chase 5/24 rule

When applying for credit products with CHASE, whether it is a personal credit card or a small business credit card with a personal guarantee, you need to be aware of a hard criteria they have in place for all applicants.

The 5/24 or 5 new credit accounts in 24 month
If you have opened 5 new credit products (credit cards, loans or any other credit product with ANY company) within the last 24 days, Chase will automatically deny your new credit application every single time. (If you have more than $250,000 in assets with Chase Bank, they have been known to exceptions).

Most creditors look at risk when extending credit to applicants. If you are applying for many new credit products in a short period of time, it raises red flags. They start to question your ability to pay back all this outstanding credit to the lender.

All lenders have an internal rule they follow, but not all of them are as publicized and well known as the Chase “5/24” rule. Chase hasn’t released any official public document stating the 5/24 rule, but it’s widely theorized and proven to be true by many credit applicants with Chase.