topic Re: :::Chase Sapphire Reserve 5/24 Rule Help::: in Credit Card Applications

:::Chase Sapphire Reserve 5/24 Rule Help:::

sundownskylar — Tue, 23 Aug 2016 05:37:54 GMT

I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY acount opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG

Opened Date: Jan 9, 2014

Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015

(wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!!

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

Anonymous — Tue, 23 Aug 2016 05:48:38 GMT

@sundownskylar wrote:
I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY acount opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG
Opened Date: Jan 9, 2014
Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015
(wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!!

It's not confusing at all - in fact it is extremely simple.

If whichever credit report of yours they pull shows 5 or more credit cards opened within the previous 24 months, they will tell you to FOAD. Basically. Closing a card does not make it disappear from your reports for 10 years, and if you are an authorized user on someone's card, and it shows up on your report the computer will auto-deny you just the same as if it were your own card.

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

sundownskylar — Tue, 23 Aug 2016 05:54:07 GMT

But is it only credit card accounts.. I posted whats on my report. I have 2 installment loans that were added.

Wells Fargo Dealer Services

Apple iPhone

I haven't opened 5 credit cards in 2 years....

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

Anonymous — Tue, 23 Aug 2016 07:40:17 GMT

Yep

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

Anonymous — Tue, 23 Aug 2016 08:47:32 GMT

You said it yourself, 5/24 is credit cards only. Since you are less than 5 cards in 24 months you will be fine in that regards.

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

sundownskylar — Tue, 23 Aug 2016 08:52:58 GMT

@Anonymous wrote:
You said it yourself, 5/24 is credit cards only. Since you are less than 5 cards in 24 months you will be fine in that regards.

I was just making sure as I wasnt 100% sure if it was just credit card accounts or ALL accounts I think I might bite the bullet and apply!!! I already have the CSP, Freedom and Freedom Unlimited... Not sure if I should just close the CSP or downgrade, but I dont know what I would downgrade to.... Decsions, Decsions, Decsions........

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

Anonymous — Tue, 23 Aug 2016 19:22:24 GMT

If the CSP is coming up on an annual fee you can always downgrade it to a Freedom (you can have multiple Freedoms), which seems better than closing the account.

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

driftless — Tue, 23 Aug 2016 19:37:47 GMT

@sundownskylar wrote:
I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY acount opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG
Opened Date: Jan 9, 2014
Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015
(wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!!

I am a little confused, you are 4/24 now.

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

sundownskylar — Wed, 24 Aug 2016 01:52:24 GMT

@driftless wrote:
@sundownskylar wrote:
I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY account opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG
Opened Date: Jan 9, 2014
Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015
(wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!!
I am a little confused, you are 4/24 now.

I'm confused too.... When does account not affect the 5/24 rule.... Wanting to apply tonight....

Is 4 ok? Would applying for the Sapphire Reserve put me at 5 thus making me ineligible?

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

sundownskylar — Wed, 24 Aug 2016 02:52:28 GMT

Well I went all in and was Approved! $10,000CL lowest APR.

Thanks everyone for all your responses!

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

Anonymous — Wed, 24 Aug 2016 07:29:36 GMT

Congrats!

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

Anonymous — Fri, 26 Aug 2016 02:18:37 GMT

@sundownskylar wrote:

Well I went all in and was Approved! $10,000CL lowest APR.

Thanks everyone for all your responses!

Congrats!!!

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

Anonymous — Fri, 26 Aug 2016 05:24:54 GMT

Awesome. Congrats !!!!!

Re: :::Chase Sapphire Reserve 5/24 Rule Help:::

sarge12 — Fri, 26 Aug 2016 05:39:22 GMT

Is it not great being on the MyFico community, while most of the general public remains blissfully unaware of the 5/24 rule!!!