Chase 5/24 Rule include Rental Agreement?

[Anonymous]

Does the chase 5/24 rule apply to rental agreements too? I currently have a Discover it Secured card, Capital One Card, Amazon Store Card and I am an AU on Best Buy. I do have a Rental Agreement which I closed in April of this year (I paid it off). My question is, will this be included in the 5/24 rule? 

[Anonymous]

How is the rental agreement coded?

[Anonymous]

What do you mean?

[Anonymous]

Every account on a credit report include how it's coded, such as "revolving credit" or "installment loan" or whatever.

Chase counts new accounts that are coded as credit cards towards 5/24, not installment loans or other accounts.  

Metro 2 codes most rental agreements as "code 29" which is a "rental agreement" and shouldn't count towards 5/24.  Some leases are coded as "Open" installments, and those also shouldn't count towards 5/24.

[Anonymous]

Credit Karma doesn't say. But it's from Acceptance Now. The people who used to be inside of the Conns stores. I applied for credit at conns to get a TV and they denied me and told me I can use Acceptance Now, (Yes, Money). I did that and made monthly payments of $165 but after 10 months, I realized they were screwing me and I still had a balance of $900 when the TV was $1000. Paid 10 months and it barely dropped down the balance. So I paid it off vs paying them more money. Where can i see what type of account it was?

[Anonymous]

It sounds like you were paying some ridiculous interest on that TV. You can try another free service like wallethub, or spend $1 to get a CCT trial membership and you should be able to see the account type. Of course the best way is to request a real copy of your credit report from one of the bureaus.

[Anonymous]

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@Anonymous wrote:
Credit Karma doesn't say.... Where can i see what type of account it was?

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The other commenters (ABCD, BBS) are assuming that you mean that the Acceptance Now account does appear on your EQ and TU reports, but that it's not showing the account type.

I'm not 100% certain that is what you mean by "Credit Karma doesn't say".  You may mean that Karma doesn't say anything about that account -- meaning you don't see it on the Karma reports.

Can you clarify?

If an account doesn't appear on your reports, then it can't apply toward the Chase 5/24 rule.

[Anonymous]

Sorry about that. Acceptance Now DOES appear on Credit Karma, but it doesn't show the account type(like ABCD said). It just says, Type: "Rental Agreement" and the day it was closed. It is however, under "Loans" rather than "Credit Cards"

[Anonymous]

OK.  We expected that it was likely reporting as a loan.  Loans don't count toward the Chase 5/24 rule.  Here is an exhaustive resource for the Chase rule:

https://www.doctorofcredit.com/chase-524-rule-explained-detail-need-know/

BTW, many people experience that Chase pulls their EX report, rather than EQ or TU. 

https://www.doctorofcredit.com/knowledge-base/which-credit-bureau-does-chase-pull/

So I suggest you see what your EX report says as well.  You can get a free monthly Experian report and FICO 8 here:

https://www.creditscore.com/