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5/24 rule include PLOC / Installment loan ? - Chase Ink Business card

4sallypat
Established Contributor

5/24 rule include PLOC / Installment loan ? - Chase Ink Business card

Does anyone know if the 5/24 rule applies to installment loans / PLOC ?

 

I am counting my past 2 years and found 1 PLOC from Discover Loans at 1 year old - does that account count towards the 5/24 rule ?

Message 1 of 6
5 REPLIES 5
simplynoir
Community Leader
Super Contributor

Re: 5/24 rule include PLOC / Installment loan ?

Unless something changed recently a PLOC is a revolving credit line which will count towards your 5/24 status. With that said I've read a few datapoints here and there where either Chase didn't count it or the customer got lucky when applying at 5/24 when including a PLOC on their credit reports. Perosnal loans don't count towards the count it has to list like a credit/charge card

Message 2 of 6
SouthJamaica
Super Contributor

Re: 5/24 rule include PLOC / Installment loan ?


@4sallypat wrote:

Does anyone know if the 5/24 rule applies to installment loans / PLOC ?

 

I am counting my past 2 years and found 1 PLOC from Discover Loans at 1 year old - does that account count towards the 5/24 rule ?


It does apply to PLOC's and does not apply to installment loans.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 3 of 6
FinStar
Moderator

Re: 5/24 rule include PLOC / Installment loan ?


@4sallypat wrote:

Does anyone know if the 5/24 rule applies to installment loans / PLOC ?

 

I am counting my past 2 years and found 1 PLOC from Discover Loans at 1 year old - does that account count towards the 5/24 rule ?


@4sallypat-- AFAIK, Discover does not offer Personal Lines of Credit (PLOCs). They have their standard flare of CCs and Personal Loans, but not PLOCs.  Are you getting the term/acronym mixed up?  A PLOC allows you to make multiple draws from it and revolves much like a credit card in some cases (no grace period).  A personal/installment loan does not revolve (i.e. fixed payments/maturity).

 

Can you clarify/confirm?  How is it showing on your CRs? If it's a personal/installment loan, it should not be reporting as a PLOC.

Message 4 of 6
4sallypat
Established Contributor

Re: 5/24 rule include PLOC / Installment loan ?


@FinStar wrote:

@4sallypat wrote:

Does anyone know if the 5/24 rule applies to installment loans / PLOC ?

 

I am counting my past 2 years and found 1 PLOC from Discover Loans at 1 year old - does that account count towards the 5/24 rule ?


@4sallypat-- AFAIK, Discover does not offer Personal Lines of Credit (PLOCs). They have their standard flare of CCs and Personal Loans, but not PLOCs.  Are you getting the term/acronym mixed up?  A PLOC allows you to make multiple draws from it and revolves much like a credit card in some cases (no grace period).  A personal/installment loan does not revolve (i.e. fixed payments/maturity).

 

Can you clarify/confirm?  How is it showing on your CRs? If it's a personal/installment loan, it should not be reporting as a PLOC.


Your correct @FinStar the Discover loan I have is an installment loan with fixed payments.

There is no multiple draw ability so it's not a PLOC.

Thanks for the clarification.

 

I am now under 4/24 and will be applying for the Chase Ink Business card.

 

Will the Chase Ink business card count towards the 5/24 rule or merely allow me to apply without fear of rejection ?

 

Message 5 of 6
FinStar
Moderator

Re: 5/24 rule include PLOC / Installment loan ? - Chase Ink Business card


@4sallypat wrote:

@FinStar wrote:

@4sallypat wrote:

Does anyone know if the 5/24 rule applies to installment loans / PLOC ?

 

I am counting my past 2 years and found 1 PLOC from Discover Loans at 1 year old - does that account count towards the 5/24 rule ?


@4sallypat-- AFAIK, Discover does not offer Personal Lines of Credit (PLOCs). They have their standard flare of CCs and Personal Loans, but not PLOCs.  Are you getting the term/acronym mixed up?  A PLOC allows you to make multiple draws from it and revolves much like a credit card in some cases (no grace period).  A personal/installment loan does not revolve (i.e. fixed payments/maturity).

 

Can you clarify/confirm?  How is it showing on your CRs? If it's a personal/installment loan, it should not be reporting as a PLOC.


Your correct @FinStar the Discover loan I have is an installment loan with fixed payments.

There is no multiple draw ability so it's not a PLOC.

Thanks for the clarification.

 

I am now under 4/24 and will be applying for the Chase Ink Business card.

 

Will the Chase Ink business card count towards the 5/24 rule or merely allow me to apply without fear of rejection ?

 


Thanks for confirming @4sallypat.

 

Yes, the 5/24 restriction applies to any Chase personal or business cards.  And, as long as you're confident that you're under 5/24, then you should be able to apply. If you clear the 5/24 hurdle, then the application will be subject to the standard UW review.

 

That said, moving this thread to the Business Credit section since you mentioned your intention for the Chase Ink CC.

 

You can update this thread with any relevant DPs and/or the outcome.

Message 6 of 6
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