Can I Apply to Chase 5/24 if I Close a Few Cards?

Anonymous · ‎04-22-2016

Given Chase's 5/24 rule for their main cards. My question is if I have 5+ cards already and I close let's say 2+ of them before apping for one of their main cards, will that show that I only have 3 or 4 opened in the last 24 months and better my chances?

will the fact that some of them are now closed not matter?

I was thinking of closing my fingerhut and my capital one secured as they have already served their purpose along with a few of comenity.

thanks.

Anonymous · ‎04-22-2016

The closed account will count. You are just better off waiting..

Anonymous · ‎04-22-2016

thanks for that response. i just got the freedom with all these cards, i just wondered if it could vary. once again thanks.

Anonymous · ‎04-22-2016

@Anonymous wrote:
Given Chase's 5/24 rule for their main cards. My question is if I have 5+ cards already and I close let's say 2+ of them before apping for one of their main cards, will that show that I only have 3 or 4 opened in the last 24 months and better my chances?

will the fact that some of them are now closed not matter?

I was thinking of closing my fingerhut and my capital one secured as they have already served their purpose along with a few of comenity.

thanks.

Closing a card doesn't make it disappear from your reports; positive accounts closed will continue to show for 10 years from closing date.

Chase doesn't care if they are closed or open, the fact that you opened 5 cards at all within the past 24 months is what will get you.

Imperfectfuture · ‎04-22-2016

@Anonymous wrote:
thanks for that response. i just got the freedom with all these cards, i just wondered if it could vary. once again thanks.

Some have been able to bypass the 5/24 rule for the first card only. Now it's garden time.

As an added note: apparently 5/24 has not hit the co branded and business cards yet, IF your scores are solid.

Signature needs updating

Anonymous · ‎04-22-2016

What's pm your REPORT matters. If your report only shows 4 credit cards opened (not counting non visa/mc store cards) then sneak an app in before you hit 5/24. If you just opened the freedom it likely isn't reported yet.

Also I imagine 5/24 has something to do with churning atleast a little. If you open it, hit the bonus, then close it, you still opened it and got the bonus. I think there's why it doesn't matter. But like everyone said the card still counts

Anonymous · ‎04-22-2016

hmmm.. so if i just opened 2 amex's and i dont see them reporting yet than i could app for the chase free... nevermind. i'm in the garden. i'm in the garden. i'm in the garden! lol

Anonymous · ‎04-22-2016

If it's not on you're report, it's not opened =)

Anonymous · ‎04-22-2016

The average age of accounts confusion comes up very very often. I have a favorite article that helps explain how FICO views AAoA. A HUGE difference between Vantage and FICO is that Vantage only uses "OPEN" accounts to calculate AAoA. FICO uses "ALL" accounts that haven't aged off your report. FICO also appreciates how long it's been since an account was used and weights the affects of that account differently. It's a highly complex process, but read the following article for some insights:

Length of Credit History: What Does It Mean?

Septrosh · ‎04-22-2016

@Anonymous wrote:
hmmm.. so if i just opened 2 amex's and i dont see them reporting yet than i could app for the chase free... nevermind. i'm in the garden. i'm in the garden. i'm in the garden! lol

Act fast! 😂😂😂