When am I clear of 5/24?

[Anonymous]

The answer is simple so I don't know why you're trying to complicate things.

Count back 2 years from today.  Did you open 5 or more credit cards withing that period?  If you did then you're not under 5/24.

[Anonymous]

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@Anonymous wrote:

The answer is simple so I don't know why you're trying to complicate things.

Count back 2 years from today.  Did you open 5 or more credit cards withing that period?  If you did then you're not under 5/24.

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Have to agree.  Far too many make it more complicated than it needs to be.  Closing cards doesn’t matter, HPs don’t matter, CLIs don’tmatter .  The only thing that matters is when was the last time you opened any new revolving credit account (and that includes lines of credit and store cards) that report to the CRAs.  If you want to apply for another Chase card that is subject to the 5/24 ‘rule’ (Amazon Visa is not), then you have to be at 4/24 when you apply.

[UpperNwGuy]

The only nuance is that, once you hit the 24 month anniversary of the oldest card of the 5, you have to wait until the first of the next month, so 24 months could become 24.5 months.

[Meanmchine]

Dont forget .... AU accounts count

[Anonymous]

Sweet. I thought that maybe since I closed my first card then it would throw off my 5/24. Thanks guys.

[My_Fako]

I think installment loans count as well. I could be wrong...

[simplynoir]

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@My_Fako wrote:
I think installment loans count as well. I could be wrong...

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That was a YMMV situation from my understanding but yes it could possibly count against you. I'm assuming that would something you could recon if it came up though.

[Anonymous]

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@My_Fako wrote:
I think installment loans count as well. I could be wrong...

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Mortgages, auto loans, personal loans and other installment loans that have set payment periods and amounts don't count btowards 5/24 ecause they are classified differently than revolving credit accounts which don't have defined payments in terms of amount or timing.