topic Re: Chase 5/24 in Credit Cards

Chase 5/24

FAMUGrad2001 — Thu, 02 Apr 2020 11:26:09 GMT

I've read that store cards don't count. Any experience?

I have (opened within the last 5 months):

credit union card

discover

amex

amazon store

apple

and ....

capital one (over 2 years)

Am I over 5/24?

Re: Chase 5/24

Anonymous — Thu, 02 Apr 2020 11:32:40 GMT

Yes all credit card accounts count, from what I see you are 5/24 right now

Re: Chase 5/24

Remedios — Thu, 02 Apr 2020 12:28:23 GMT

All revolving accounts are included in 5/24, AU accounts, also.

Installment loans are excluded.

Re: Chase 5/24

Taurus22 — Thu, 02 Apr 2020 12:40:05 GMT

Was reading something about this the other day and maybe this is a good time to ask this....

Does 5/24 apply to the number of accounts you have opened in the past 24 months, or does it apply to the number of inquires you acquire? Or both?

Someone mentioned in a thread I was reading that it applies to inquiries as well (which doesn't make a lot of sense to me) I thought it was only for new accounts. Just wanted some clarity.....it may help the OP as well.

Re: Chase 5/24

Remedios — Thu, 02 Apr 2020 12:57:38 GMT

Just the accounts, inquires are irrelevant when it comes to 5/24

With that said, excessive number of inquiries can contribute to denials for some, even when under 5/24.

Re: Chase 5/24

Anonymous — Thu, 02 Apr 2020 13:01:36 GMT

Inquiries are liable to get denials for any cards out there but there is no set amount that makes an application be a denial, but it has nothing to do with 5/24 some lenders are very sensitive to inquires (US Bank, Citi Bank etc.) Where as some can be very lax about inquiries (NFCU)

Re: Chase 5/24

FAMUGrad2001 — Thu, 02 Apr 2020 13:10:17 GMT

This is where I read this .....

"Store credit cards are excluded from the definition of “new” credit card accounts here, because they are labeled differently in the credit report."

https://www.uscreditcardguide.com/chase-524-rule-and-its-solution/

Re: Chase 5/24

Brian_Earl_Spilner — Thu, 02 Apr 2020 13:13:51 GMT

All cards are included.

Re: Chase 5/24

Remedios — Thu, 02 Apr 2020 13:18:16 GMT

@Anonymous wrote:
Inquiries are liable to get denials for any cards out there but there is no set amount that makes an application be a denial, but it has nothing to do with 5/24 some lenders are very sensitive to inquires (US Bank, Citi Bank etc.) Where as some can be very lax about inquiries (NFCU)

I had 13 inq when I was approved for my first US bank card, 15 by the time I got the second one two months later.

That was after they tightened their UW criteria.

Chase, I dont even remember number of inq on EX, maybe 15.Approved for two cards in 45 days.

Citi, I had 5.

How inquiries affect application is very much profile dependent, but that's a discussion for a different part of this forum.

Re: Chase 5/24

Remedios — Thu, 02 Apr 2020 13:24:21 GMT

@FAMUGrad2001 wrote:
This is where I read this .....

"Store credit cards are excluded from the definition of “new” credit card accounts here, because they are labeled differently in the credit report."

https://www.uscreditcardguide.com/chase-524-rule-and-its-solution/

Well, that's beyond incorrect.

If you're attempting an app with Chase, and you think store cards dont count, feel free to apply.

Id hate for you to become DP, but at least you'll find out for sure, hard way of course, but you will know.

Re: Chase 5/24

Anonymous — Thu, 02 Apr 2020 13:24:48 GMT

Correct it is profile dependent but in general and on reputation US and Citi are known to be sensitive particularly Citi on inquiries, US Bank on new accounts

Re: Chase 5/24

SomewhereIn505 — Thu, 02 Apr 2020 17:00:39 GMT

FWIW, I track where i'm at on every CB. I also re-research data points to stay informed of changes. I prefer going into an app confident about my file versus uncertainty.

Re: Chase 5/24

Wavester64 — Thu, 02 Apr 2020 17:42:42 GMT

@Remedios wrote:
@Anonymous wrote:
Inquiries are liable to get denials for any cards out there but there is no set amount that makes an application be a denial, but it has nothing to do with 5/24 some lenders are very sensitive to inquires (US Bank, Citi Bank etc.) Where as some can be very lax about inquiries (NFCU)
I had 13 inq when I was approved for my first US bank card, 15 by the time I got the second one two months later.
That was after they tightened their UW criteria.
Chase, I dont even remember number of inq on EX, maybe 15.Approved for two cards in 45 days.
Citi, I had 5.

How inquiries affect application is very much profile dependent, but that's a discussion for a different part of this forum.

Did you have to recon for that first or 2nd US Bank Card? I had less than 1/2 those INQs and they declined me.

Re: Chase 5/24

rafy023 — Fri, 03 Apr 2020 20:37:20 GMT

I've read several times that business credit cards don't count towards 5/24 (assuming they don't show up on your personal credit report) but all other credit cards do (as was previously mentioned).