topic Re: Chase 5/24 Question in Credit Cards

Chase 5/24 Question

cem13 — Wed, 01 Jan 2020 03:18:15 GMT

Does anyone have specific knowledge of the Chase 5/24 rule as it pertains to installment loans such as personal, car, student and mortgage loans? Do these types of loans factor in to the 5/24 or does it only factor revolving accounts?

Re: Chase 5/24 Question

Remedios — Wed, 01 Jan 2020 03:19:06 GMT

No, they dont. Revolving accounts only

Re: Chase 5/24 Question

FinStar — Wed, 01 Jan 2020 03:22:54 GMT

The 5/24 restriction is primarily about revolving and/or charge account tradelines. Installment accounts such as SSL's, student loans, mortgages, etc. are typically ok.

Re: Chase 5/24 Question

cem13 — Wed, 01 Jan 2020 03:22:47 GMT

@Remedios wrote:
No, they dont. Revolving accounts only

Thanks. I was hoping for this news.

Re: Chase 5/24 Question

cem13 — Wed, 01 Jan 2020 03:23:55 GMT

@FinStar wrote:
The 5/24 restriction is primarily about revolving and/or charge account tradelines. Installment accounts such as SSL's, student loans, mortgages, etc. are typically ok.

Thanks Finstar and Happy New Year.

We all must be credit geeks if we are worried about Chase 5/24 instead of being at a jamming party. LOL

Re: Chase 5/24 Question

Remedios — Wed, 01 Jan 2020 03:36:33 GMT

Put your jammies on and you're jamming instantly

Re: Chase 5/24 Question

cem13 — Wed, 01 Jan 2020 06:04:25 GMT

@Remedios wrote:
Put your jammies on and you're jamming instantly

My jammies have been on since 7pm. So I am really jamming. And I took a shot of cough syrup so I am flying high. LOL

Re: Chase 5/24 Question

CreditInspired — Wed, 01 Jan 2020 07:38:39 GMT

@cem13 wrote:
@FinStar wrote:
The 5/24 restriction is primarily about revolving and/or charge account tradelines. Installment accounts such as SSL's, student loans, mortgages, etc. are typically ok.
Thanks Finstar and Happy New Year.

We all must be credit geeks if we are worried about Chase 5/24 instead of being at a jamming party. LOL

Or old fogies like me 😂🤣😆

Re: Chase 5/24 Question

CreditInspired — Wed, 01 Jan 2020 07:39:09 GMT

@Remedios wrote:
Put your jammies on and you're jamming instantly

Good one 😆

Re: Chase 5/24 Question

soxfaininfl — Wed, 01 Jan 2020 17:01:58 GMT

I opened a personal loan back on 9/1 to consolodate three credit cards, and creditwise via Capital One considers it a new account. So that wouldn't go against 5/24?

Re: Chase 5/24 Question

Remedios — Wed, 01 Jan 2020 17:05:31 GMT

Your loan wouldn't count in 5/24, but Chase wont approve while BK is on your CR, possibly longer if they were included.

Re: Chase 5/24 Question

TSlop — Wed, 01 Jan 2020 17:12:44 GMT

Anyone know if Dell counts? I'll be at 4/24 in February if Dell Preferred Account doesn't count. I'll be finding out either way in February when I apply again for the Hyatt card.

Re: Chase 5/24 Question

soxfaininfl — Wed, 01 Jan 2020 17:22:05 GMT

Remedios, I consider myself blacklisted by Chase lol. IIB for 5k. I was just wondering if creditors considered personal loans as new accounts.

Re: Chase 5/24 Question

Remedios — Wed, 01 Jan 2020 17:39:28 GMT

They are new accounts, but classified as installment loans. Credit cards, store cards,and charge cards are revolving accounts.
CFA can go either way, depending on type.

Re: Chase 5/24 Question

FinStar — Wed, 01 Jan 2020 17:43:25 GMT

@TSlop wrote:
Anyone know if Dell counts? I'll be at 4/24 in February if Dell Preferred Account doesn't count. I'll be finding out either way in February when I apply again for the Hyatt card.

IIRC, a Dell Preferred account is coded as a revolving type tradeline. Check your CRs to confirm how it's coded. If it displays as a charge account or revolving/other, then it counts.

Re: Chase 5/24 Question

TSlop — Thu, 02 Jan 2020 01:43:49 GMT

@FinStar wrote:
@TSlop wrote:
Anyone know if Dell counts? I'll be at 4/24 in February if Dell Preferred Account doesn't count. I'll be finding out either way in February when I apply again for the Hyatt card.
IIRC, a Dell Preferred account is coded as a revolving type tradeline. Check your CRs to confirm how it's coded. If it displays as a charge account or revolving/other, then it counts.

Well.... bummer. It shows as a charge account in Chase Credit Journey.

Now I'll really have to think if I want throw out another app in February when I'm 4/24 (5/24 with Dell). I knew I would be declined, but I tested the waters at 6/24 (7/24 with Dell) in the beginning of December and was denied for too many accounts in 24 months. I won't be 4/24 with Dell until August next year. I really want to plan a Hyatt stay in October and won't have enough time to grab the SUB before then if I have to wait until August.

Re: Chase 5/24 Question

K-in-Boston — Thu, 02 Jan 2020 02:25:32 GMT

On my credit reports, my closed Dell account shows as a Charge Account on all three bureaus. I would definitely say that it counts toward 5/24 like any other store card.

Re: Chase 5/24 Question

TSlop — Thu, 02 Jan 2020 22:31:26 GMT

Thanks, peeps. Looks like I will be stuck gardening until I'm 4/24 on July 13th. I might hold that app until August 1st, to be safe. I suppose it for the best since I'm still in my Discover cashback match until August 8, so now I won't have to steal any card purchases from Discover to fulfill a new SUB. A little bummed that my Chase quadfecta won't be complete until May 2021 unless a CFU prequal pops.

Re: Chase 5/24 Question

Anonymous — Tue, 11 Feb 2020 03:45:20 GMT

So it looks like it only applies to opened lines, not those inquired for is that right?

Re: Chase 5/24 Question

Anonymous — Tue, 11 Feb 2020 05:11:04 GMT

@Anonymous wrote:
So it looks like it only applies to opened lines, not those inquired for is that right?

Yes, 5/24 is for opened lines, inquiries don't count (but of course way too many inqs might be another rejection reason, separate from 5/24)