topic Re: Chase 5/24 rule in Credit Cards

Chase 5/24 rule

Andypanda — Fri, 07 Dec 2018 15:57:58 GMT

I Have applied and been approved for 4 cards within the last 24 months. I have also been added as an AU on my father's American express (which has been since closed when my father passed away). Does the AU count towards the 5/24, or do I need to wait before applying for a chase card?

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:00:00 GMT

@Andypanda wrote:
I Have applied and been approved for 4 cards within the last 24 months. I have also been added as an AU on my father's American express (which has been since closed when my father passed away). Does the AU count towards the 5/24, or do I need to wait before applying for a chase card?

Yes AU accounts count towards 5/24. Best to get yourself removed first which may take you filing a dispute with the CRAs before it disappears

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:00:54 GMT

@Andypanda wrote:
I Have applied and been approved for 4 cards within the last 24 months. I have also been added as an AU on my father's American express (which has been since closed when my father passed away). Does the AU count towards the 5/24, or do I need to wait before applying for a chase card?

Yes, it accounts. And unfortunately Amex AU is the hardest to get taken off the report. Have you checked your report to confirm its still reporting? You could try having it removed via dispute with the credit bureaus, but ymmv.

Re: Chase 5/24 rule

Civil — Fri, 07 Dec 2018 16:07:34 GMT

How does the AU count? Do Chase count it as the time the AU was added to your profile or do they look at the time the account was actually opened?

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:09:14 GMT

@Civil wrote:
How does the AU count? Do Chase count it as the time the AU was added to your profile or do they look at the time the account was actually opened?

When it was added to your profile

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:24:07 GMT

@Civil wrote:
How does the AU count? Do Chase count it as the time the AU was added to your profile or do they look at the time the account was actually opened?

Amex is unique here. When you get added as an AU, the credit history starts on the date you are added, not the date when the card was opened. Amex AU is a double whammy -- you don't get the full history as an AU (unless added the day the card was opened), and it can be very difficult to remove if needed.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:35:15 GMT

@Andypanda wrote:
I Have applied and been approved for 4 cards within the last 24 months. I have also been added as an AU on my father's American express (which has been since closed when my father passed away). Does the AU count towards the 5/24, or do I need to wait before applying for a chase card?

Chase's algorithm will count the AU account towards the 5/24 rule. However, if declined you can recon and the analyst will usually ignore AU accounts.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:36:47 GMT

@Anonymous wrote:
@Civil wrote:
How does the AU count? Do Chase count it as the time the AU was added to your profile or do they look at the time the account was actually opened?
Amex is unique here. When you get added as an AU, the credit history starts on the date you are added, not the date when the card was opened. Amex AU is a double whammy -- you don't get the full history as an AU (unless added the day the card was opened), and it can be very difficult to remove if needed.

That has no bearing on Chase’s 5/24. Even for creditors that back date say 10 years, Chase still counts it within 5/24 if you were added within the past 24 months. Also, while it may take filing a dispute to get rid of an Amex AU account, it’s not that difficult I’ve done it twice and also had to do the same for other creditors as well.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:38:47 GMT

@Anonymous wrote:
@Andypanda wrote:
I Have applied and been approved for 4 cards within the last 24 months. I have also been added as an AU on my father's American express (which has been since closed when my father passed away). Does the AU count towards the 5/24, or do I need to wait before applying for a chase card?
Chase's algorithm will count the AU account towards the 5/24 rule. However, if declined you can recon and the analyst will usually ignore AU accounts.

I wouldn’t use the word ‘usually’ here. It’s very much YMMV and many many people have been denied after recon for AU accounts. Your best bet by far is to remove the account before applying

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:48:23 GMT

@Anonymous wrote:
That has no bearing on Chase’s 5/24. Even for creditors that back date say 10 years, Chase still counts it within 5/24 if you were added within the past 24 months.

Are you sure about this? Interesting. I work closely with trade line companies that sell credit card AU lines. The reason they don't sell Amex is specifically for this reason. With non-Amex cards, from what I recall, it only shows the date the card was opened and the credit limit, not the date the AU was added. This is quite interesting.

@Edit: I just confirmed this is inaccurate @Anonymous. When added as an AU, it only shows the date opened, not the date the AU was added (with Amex being an exception). Hence, if you have a card with a 2+ year history, you can add someone as an AU and it won't impact their 5/24 status.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:50:49 GMT

@Anonymous wrote:
@Anonymous wrote:
That has no bearing on Chase’s 5/24. Even for creditors that back date say 10 years, Chase still counts it within 5/24 if you were added within the past 24 months.
Are you sure about this? Interesting. I work closely with trade line companies that sell credit card AU lines. The reason they don't sell Amex is specifically for this reason. With non-Amex cards, from what I recall, it only shows the date the card was opened and the credit limit, not the date the AU was added. This is quite interesting.

Those accounts that backdate still show the month they started reporting under history. Chase can easily tell when you were added. Is it possible that some slip thru the cracks? Sure but lots of people have been denied for AU accounts older than 2 years credit history wise but only added to the applicants’ account within the 2 year period.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:49:14 GMT

@Anonymous wrote:
Those accounts that backdate still show the month they started reporting under history. Chase can easily tell when you were added.

This is inaccurate. I just confirmed with a few reliable sources. It goes by the history of the card, exept in the case of Amex.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:51:50 GMT

@Anonymous wrote:
@Anonymous wrote:
Those accounts that backdate still show the month they started reporting under history. Chase can easily tell when you were added.
This is inaccurate. I just confirmed with a few reliable sources. It goes by the history of the card, exept in the case of Amex.

Reliable as in people who sell accounts? Right, I’ll take their word for it

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:52:27 GMT

@Anonymous wrote:
Reliable as in people who sell accounts? Right, I’ll take their word for it

No, actual reliable sources. Feel free to do your own research on this.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 16:53:50 GMT

@Anonymous wrote:
@Anonymous wrote:
Reliable as in people who sell accounts? Right, I’ll take their word for it
No, actual reliable sources. Feel free to do your own research on this.

I have and I stand by what I said. Chase,as can all other creditors, tell when you were added as an AU.. Very easy to do

Re: Chase 5/24 rule

Remedios — Fri, 07 Dec 2018 16:58:32 GMT

@Anonymous wrote:
@Anonymous wrote:
That has no bearing on Chase’s 5/24. Even for creditors that back date say 10 years, Chase still counts it within 5/24 if you were added within the past 24 months.
Are you sure about this? Interesting. I work closely with trade line companies that sell credit card AU lines. The reason they don't sell Amex is specifically for this reason. With non-Amex cards, from what I recall, it only shows the date the card was opened and the credit limit, not the date the AU was added. This is quite interesting.

@Edit: I just confirmed this is inaccurate @Anonymous. When added as an AU, it only shows the date opened, not the date the AU was added (with Amex being an exception). Hence, if you have a card with a 2+ year history, you can add someone as an AU and it won't impact their 5/24 status.

How did you confirm it?

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 17:03:47 GMT

@Remedios wrote:
How did you confirm it?

I confirmed with a few experts in the field of tradelines and credit card churning. AU tradelines show just as it would for the primary borrower, with Amex being the exception.

Re: Chase 5/24 rule

Remedios — Fri, 07 Dec 2018 17:05:43 GMT

@Anonymous wrote:
@Remedios wrote:
How did you confirm it?
I confirmed with a few experts in the field of tradelines and credit card churning. AU tradlines show just as it would for the primary borrower, with Amex being the exception.

They show as such when you're looking at your own report

What lender sees includes a lot more information, and that includes the date account was added, not opened.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 17:09:38 GMT

@Remedios wrote:
@Anonymous wrote:
They show as such when you're looking at your own report
What lender sees includes a lot more information, and that includes the date account was added, not opened.

Perhaps, but what we're discussing is how the 5/24 rule is impacted. Being added as an AU on a card that is 24+ months old does not impact 5/24 status, unless it's an Amex.

Re: Chase 5/24 rule

Anonymous — Fri, 07 Dec 2018 17:14:52 GMT

I’m not positive but I don’t think Chase counts AU’s period. JW what date does the AU show opened on your CR?