topic Re: Chase 5/24 Specifics in Credit Cards

Chase 5/24 Specifics

sillykitty1 — Fri, 26 Aug 2016 18:52:44 GMT

I hadn't really been paying much attention to the Chase 5/24 threads because there was nothing I was interested in at Chase, and had generally slowed down aquiring credit. Well then the Chase Sapphire Resrved came out, and I suddenly care about the 5/24 rule.

So I have a couple of questions:

Do lines of credit count? (I assume they do)
Do new mortgages count?
How do the dates work specifically? Is it by the day or the month? For example, the last account that takes me over 5/24 was aquired 10/9/14. Can I apply on 10/10/16 or do I need to wait until 11/1/16?

TIA!

Re: Chase 5/24 Specifics

daybreakgonesXe — Fri, 26 Aug 2016 18:49:56 GMT

@sillykitty1 wrote:
I hadn't really been paying much attention to the Chase 5/24 threads because there was nothing I was interested in at Chase, and had generally slowed down aquiring credit. Well then The Chase Sapphire Resrved came out, and I suddenly care about the 5/24 rule.

So I have a couple of questions:

Do lines of credit count? (I assume they do)
Do new mortgages count?
How do the dates work specifically? Is it by the day or the month? For example, the last account that takes me over 5/24 was aquired 10/9/14. Can I appl y on 10/10/16 or do I need to wait until 11/1/16?

TIA!

Can't say for the first one

Mortgages do not count

One poster mentioned his/her experience in that it is exactly 24 months, so you could theoretically apply 10/10/16.

Re: Chase 5/24 Specifics

Xistaben2 — Fri, 26 Aug 2016 18:56:26 GMT

I've read reports that LOC's do count. One person I read had a HELOC and they counted it since it was his responsibility to pay it.

Re: Chase 5/24 Specifics

Anonymous — Fri, 26 Aug 2016 18:57:48 GMT

I *think* only credit cards go towards the 5/24.. so things like mortgages and car loans etc don't count.

The whole purpose of 5/24 is to discourage and keep away Churners..People who only open credit cards for the lucrative sign on bonus and then close the card out.

Re: Chase 5/24 Specifics

newhis — Fri, 26 Aug 2016 19:35:13 GMT

You can go to a Chase bank, ask if you are pre-qualified, then apply and most likely get the card. Good luck.

Re: Chase 5/24 Specifics

SouthJamaica — Fri, 26 Aug 2016 20:19:41 GMT

@sillykitty1 wrote:
I hadn't really been paying much attention to the Chase 5/24 threads because there was nothing I was interested in at Chase, and had generally slowed down aquiring credit. Well then the Chase Sapphire Resrved came out, and I suddenly care about the 5/24 rule.

So I have a couple of questions:

Do lines of credit count? (I assume they do)
Do new mortgages count?
How do the dates work specifically? Is it by the day or the month? For example, the last account that takes me over 5/24 was aquired 10/9/14. Can I apply on 10/10/16 or do I need to wait until 11/1/16?

TIA!

1. In the first place there are many reports of people avoiding the 5/24 rule by applying for the CSR through a preapproval at the branch.

2. I don't think mortgages or lines of credit count.

3. Whether they take in the date of the month or not, I have no idea, but can't imagine why you shouldn't wait the extra week or two if it's that close.

Re: Chase 5/24 Specifics

gdale6 — Fri, 26 Aug 2016 20:35:49 GMT

I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.

Re: Chase 5/24 Specifics

Anonymous — Fri, 26 Aug 2016 20:41:44 GMT

@gdale6 wrote:
I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.

Not to question the info but that would against what has been learned via thousands of applications that did not count those types of loans reported here, FT, Reddit and elsewere including the bloggers that have contacts within Chase. thePointsGuy clearly has ties to them as that's where they chose to announce the card and he has never reported that kind of information. Installment loans of any kind have not been considered before so not sure what that info is based on.

Re: Chase 5/24 Specifics

Saleen099 — Fri, 26 Aug 2016 20:55:29 GMT

A
@Anonymous wrote:
@gdale6 wrote:
I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.
Not to question the info but that would against what has been learned via thousands of applications that did not count those types of loans reported here, FT, Reddit and elsewere including the bloggers that have contacts within Chase. thePointsGuy clearly has ties to them as that's where they chose to announce the card and he has never reported that kind of information. Installment loans of any kind have not been considered before so not sure what that info is based on.

Well it happened today 2 of my friends and my mom all got declined. One of my friends got declined because he had three mortgages one auto loan and two new credit card in the last 24 months I was sitting right next to him when he made the phone call to try to get them to reconsider. Explain to the underwriting team customer service representative that it was rental properties the lady did not even budge. She said he would receive a letter in 7 to 10 days explaining the reason for decline.

Let me also say this if I was not sitting next next to him when he made the phone call I would not have believed it at all. He also has a call into his personal banker to see if they could help.

Re: Chase 5/24 Specifics

dragontears — Fri, 26 Aug 2016 20:56:39 GMT

It depends how the LOC is reporting on your report, some report as revolving credit, some report as a loan (my CLOC from US bank reports as loanther and is not used in calculating total credit line).
Mortgages, auto loans and other loans don't count

Re: Chase 5/24 Specifics

Saleen099 — Fri, 26 Aug 2016 21:04:54 GMT

@dragontears wrote:
It depends how the LOC is reporting on your report, some report as revolving credit, some report as a loan (my CLOC from US bank reports as loanther and is not used in calculating total credit line).
Mortgages, auto loans and other loans don't count

I was definitely under the impression that mortgages an auto loans did not Count but like I said if I was not present when he made that phone call I would have not believed it so if you can if anybody can explain to me what happened?

Re: Chase 5/24 Specifics

Anonymous — Fri, 26 Aug 2016 21:08:28 GMT

@Saleen099 wrote:
A
@Anonymous wrote:
@gdale6 wrote:
I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.
Not to question the info but that would against what has been learned via thousands of applications that did not count those types of loans reported here, FT, Reddit and elsewere including the bloggers that have contacts within Chase. thePointsGuy clearly has ties to them as that's where they chose to announce the card and he has never reported that kind of information. Installment loans of any kind have not been considered before so not sure what that info is based on.
Well it happened today 2 of my friends and my mom all got declined. One of my friends got declined because he had three mortgages one auto loan and two new credit card in the last 24 months I was sitting right next to him when he made the phone call to try to get them to reconsider. Explain to the underwriting team customer service representative that it was rental properties the lady did not even budge. She said he would receive a letter in 7 to 10 days explaining the reason for decline.

Let me also say this if I was not sitting next next to him when he made the phone call I would not have believed it at all. He also has a call into his personal banker to see if they could help.

Well people can be declined for lots of reasons and long before 5/24 was even around people were being declined for agressive credit seeking. Without knowing this person's complete credit profile it's impossible to kow why they were turned down. Nevertheless, as I said, thousands of people have applied for Chase cards that would be over 5/24 if Chase counted installment loans and still been approved. There is just far too much evidence that they dont count by multiple sources to say that one of two people being declined for a card is somehow proof that they counted them.

If they did count them it would be huge news on FT, Reddit and elsewhere and that just hasnt been the case so while I'm sorry that happened to two of your friends, it's far from proof that they count them. I suspect something else concerned Chase

Re: Chase 5/24 Specifics

sillykitty1 — Fri, 26 Aug 2016 21:18:40 GMT

Thanks for all the the replies.

It looks like for now I'm ok with that mortgage loan. My LOC looks more like a credit card then an installment, so I'll probably be dinged for that. I agree, since they purpose of 5/24 is exclude churners, then installment loans shouldn't count. But just because something make sesnse, doesn't mean that's the reality!

I have read about the in branch prequals, I'll go into a branch next week to check.

Assuming I'm not prequalled, I'd love to know for certain if I can pull the trigger the day after 24 months, or wait till the next calendar month. I know I should just wait until the next calendar month to be safe, but well, I'm not patient. I have very high travel and dining spend due to reimbursable comapny expenses. So the sooner I get the card, the sooner I can start earning 3pt and get the bonus. I'm also leary of the 100K bonus getting nerfed.

Re: Chase 5/24 Specifics

Saleen099 — Fri, 26 Aug 2016 21:25:26 GMT

@Anonymous wrote:
@Saleen099 wrote:
A
@Anonymous wrote:
@gdale6 wrote:
I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.
Not to question the info but that would against what has been learned via thousands of applications that did not count those types of loans reported here, FT, Reddit and elsewere including the bloggers that have contacts within Chase. thePointsGuy clearly has ties to them as that's where they chose to announce the card and he has never reported that kind of information. Installment loans of any kind have not been considered before so not sure what that info is based on.
Well it happened today 2 of my friends and my mom all got declined. One of my friends got declined because he had three mortgages one auto loan and two new credit card in the last 24 months I was sitting right next to him when he made the phone call to try to get them to reconsider. Explain to the underwriting team customer service representative that it was rental properties the lady did not even budge. She said he would receive a letter in 7 to 10 days explaining the reason for decline.

Let me also say this if I was not sitting next next to him when he made the phone call I would not have believed it at all. He also has a call into his personal banker to see if they could help.
Well people can be declined for lots of reasons and long before 5/24 was even around people were being declined for agressive credit seeking. Without knowing this person's complete credit profile it's impossible to kow why they were turned down. Nevertheless, as I said, thousands of people have applied for Chase cards that would be over 5/24 if Chase counted installment loans and still been approved. There is just far too much evidence that they dont count by multiple sources to say that one of two people being declined for a card is somehow proof that they counted them.

If they did count them it would be huge news on FT, Reddit and elsewhere and that just hasnt been the case so while I'm sorry that happened to two of your friends, it's far from proof that they count them. I suspect something else concerned Chase

I don't know they're complete credit profile so I asked I asked them to pull a copy of their credit report and call back.