topic Re: 5/24 calculations in Credit Cards

5/24 calculations

red259 — Sat, 09 Feb 2019 01:46:59 GMT

So I am thinking about getting the amex plat amerprise card. I am currently 6/24. By june I will be down to 2/24 so I don't mind picking up a card now and being 3/24 later, since I just want to get a chase business card and maybe another hyatt personal card. My question is this. When do cards drop off for purposes of 5/24 policy. For example I have one card I opened on 5-4-17 and another on 5-31-17. Do I have to wait until june to go under 5/24 or two they stop counting on the two year anniversary date? I will likely wait until june regardless, especially if I decide to go for an amex plat now.

Re: 5/24 calculations

simplynoir — Sat, 09 Feb 2019 02:10:11 GMT

I'm sure someone here knows for sure but I think you have to wait 25 months for the card to officially be off 5/24 so in your example it's June.

Re: 5/24 calculations

wasCB14 — Tue, 12 Feb 2019 03:02:22 GMT

@simplynoir wrote:
I'm sure someone here knows for sure but I think you have to wait 25 months for the card to officially be off 5/24 so in your example it's June.

Even the FT wiki "Applying for Chase Credit Cards, 2017 onward" last updated 2/1/19, isn't entirely sure.

* In celebration of the new policy: https://www.flyertalk.com/forum/chase-ultimate-rewards/1809882-applying-chase-credit-cards-2017-onward.html

Re: 5/24 calculations

red259 — Sat, 09 Feb 2019 02:36:14 GMT

@wasCB14 wrote:
@simplynoir wrote:
I'm sure someone here knows for sure but I think you have to wait 25 months for the card to officially be off 5/24 so in your example it's June.
Even the FT wiki "Applying for Chase Credit Cards, 2017 onward" last updated 2/1/19, isn't entirely sure.

But in my scenario with the opening dates being May 2017 I am safe to do it in June no matter what correct?

Re: 5/24 calculations

wasCB14 — Sat, 09 Feb 2019 02:42:01 GMT

@red259 wrote:
@wasCB14 wrote:
@simplynoir wrote:
I'm sure someone here knows for sure but I think you have to wait 25 months for the card to officially be off 5/24 so in your example it's June.
Even the FT wiki "Applying for Chase Credit Cards, 2017 onward" last updated 2/1/19, isn't entirely sure.
But in my scenario with the opening dates being May 2017 I am safe to do it in June no matter what correct?

Yes. By June you would be in the clear.

Re: 5/24 calculations

Anonymous — Sat, 09 Feb 2019 02:42:52 GMT

Not to thread hijack here but could someone also chime in if 5/24 applies to inquiries or just actual opened accounts and if it’s the latter do joining CUs count.

OP, as is obvious from my answer I’m not well versed, but if both were opened in May I do believe June would be safe. I would just wait until mid-June rather than the first.

Re: 5/24 calculations

SouthJamaica — Sat, 09 Feb 2019 02:47:29 GMT

@Anonymous wrote:
Not to thread hijack here but could someone also chime in if 5/24 applies to inquiries or just actual opened accounts and if it’s the latter do joining CUs count.

OP, as is obvious from my answer I’m not well versed, but if both were opened in May I do believe June would be safe. I would just wait until mid-June rather than the first.

It just applies to actual accounts opened, not inquiries.

It just applies to revolving credit accounts; not to deposit accounts.

Re: 5/24 calculations

CreditInspired — Sat, 09 Feb 2019 10:30:34 GMT

Three of my accounts that were opened on December 9, 10, & 11 2016 all dropped off my reports December 1, 2018. I was surprised and thrilled because I thought it wouldn’t happen until January. YMMV.

So, I suggest commencing in May, just check your reports. As soon as you notice it has fallen off, go ahead and apply for that CC you want.

Re: 5/24 calculations

Anonymous — Sat, 09 Feb 2019 13:06:50 GMT

@CreditInspired wrote:
Three of my accounts that were opened on December 9, 10, & 11 2016 all dropped off my reports December 1, 2018. I was surprised and thrilled because I thought it wouldn’t happen until January. YMMV.

So, I suggest commencing in May, just check your reports. As soon as you notice it has fallen off, go ahead and apply for that CC you want.

Dropped off of what reports? Cards that are still open? What kind of accounts? Credit cards typically do not drop off of credit reports after 2 years. Are you sure you’re not confusing inquiries, which do drop off after 2 years, with credit accounts on your report?

Re: 5/24 calculations

CreditInspired — Sat, 09 Feb 2019 13:26:14 GMT

I’m sorry @Irish80. Too early in the morning. Thanks for catching that huge mistake.

I meant to say the inquiries dropped off of my reports on December 1, 2018.

Re: 5/24 calculations

Anonymous — Sat, 09 Feb 2019 14:08:17 GMT

@CreditInspired wrote:
I’m sorry @Irish80. Too early in the morning. Thanks for catching that huge mistake.

I meant to say the inquiries dropped off of my reports on December 1, 2018.

No biggie. It happens to all of us especially me if I haven’t had enough coffee

Re: 5/24 calculations

red259 — Sat, 09 Feb 2019 18:33:45 GMT

@CreditInspired wrote:
Three of my accounts that were opened on December 9, 10, & 11 2016 all dropped off my reports December 1, 2018. I was surprised and thrilled because I thought it wouldn’t happen until January. YMMV.

So, I suggest commencing in May, just check your reports. As soon as you notice it has fallen off, go ahead and apply for that CC you want.

Thank you for the datapoint. I'll be sure to check my credit reports to see if they dropped off in May.

Re: 5/24 calculations

Revelate — Sat, 09 Feb 2019 20:45:57 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Not to thread hijack here but could someone also chime in if 5/24 applies to inquiries or just actual opened accounts and if it’s the latter do joining CUs count.

OP, as is obvious from my answer I’m not well versed, but if both were opened in May I do believe June would be safe. I would just wait until mid-June rather than the first.
It just applies to actual accounts opened, not inquiries.
It just applies to revolving credit accounts; not to deposit accounts.

I thought based on my own anecdotal experience installment tradelines counted too? Have to go check what was in play when I made that CSR app and got denied based on 5/24.

Re: 5/24 calculations

SouthJamaica — Sun, 10 Feb 2019 00:10:18 GMT

According to this article it's credit card accounts, according to this post it does not apply to loans, and according to this article it was worded as follows: "You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months."