Am I Under 5/24? + future game plan

[Anonymous]

I recently just got the CSP & am working on the SUB. I'm trying to plan my future strategy from here. Being new to this world, I got caught in the hype of wanting to get every expensive card to try and get a once-in-a-lifetime trip. Upon further introspection, I realized that this is not realistic for my life (at least for the medium-term). I now want to re-orient towards an aggressive cash-back setup that I can use primarily for investing purposes.

My current profile looks as follows:

Chase SW AU - opened April 2015 (my parent's)

Chase Amazon Prime - opened April 2021 (use for 5% amazon & occasional whole foods)

Chase Freedom Unlimited - opened June 2021 (was original catch-all card)

Chase Freedom Flex - opened August 2021 (use for quarterly categories when applicable)

Chase CFP - opened January 2022 (I still travel a handful of times a year, but not enough for platinum/CSR/Venture X) 

I'm confused if 5/24 means having 5 chase accounts total overall, or 5 chase accounts as of recent. Perhaps a no-brainer for the well-educated, I'd appreciate the guidance in this manner!

From here, if I'm under 5/24, I'd like to go with the following application strategy from here:

Chase Ink Business Cash (5% cell phones & internet, I have an eBay antique business I'm looking to start)

US Bank Altitude Go (4% dining)

US Bank Cash+ (optimally 5% utilities/gym memberships)

Capital One Savor One (3% entertainment for sparse travels or around town)

Citi Custom Cash (5% gas)

Amex Blue Cash+ (6% groceries, w/ $6K spend still good cash back after $95 AF)

I'm not sure with this approach if I'll have trouble getting approved from the likes of US bank & Capital One from what I've read here. If there is any insight on this as well, I'd greatly appreciate it, too!

Lastly, here are my credit report stats from Experian:

758 Score

$145K Total Debt (primarily student loans & balance from parents' AU card)

13 open accounts 

4 reported inquiries

If more information is needed, please let me know. I have browsed this website for a long time so I appreciate everyone here!

[thornback]

5/24 means 5 accounts period - both Chase and non-Chase, within the last 24 months. This also includes AU accounts and, I believe, loans. 

So if you don't have any non-Chase accounts within the last 24 months - then it seems you are at 4/24 currently. 

[Brian_Earl_Spilner]

5/24 should only count cards opened in the last 2 years, but there have been reports of loans being counted. Also, keep in mind that us bank will typically only approve if you are 1/12. A few people have been able to get approved at 2/12,  but that's not the norm. 

[M_Smart007]

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@Brian_Earl_Spilner wrote:

5/24 should only count cards opened in the last 2 years, but there have been reports of loans being counted. Also, keep in mind that is US bank will typically only approve if you are 1/12. A few people have been able to get approved at 2/12,  ut that's not the norm. 

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And some people are just "outliers" 

[SouthJamaica]

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@Anonymous wrote:

I recently just got the CSP & am working on the SUB. I'm trying to plan my future strategy from here. Being new to this world, I got caught in the hype of wanting to get every expensive card to try and get a once-in-a-lifetime trip. Upon further introspection, I realized that this is not realistic for my life (at least for the medium-term). I now want to re-orient towards an aggressive cash-back setup that I can use primarily for investing purposes.

My current profile looks as follows:

Chase SW AU - opened April 2015 (my parent's)

Chase Amazon Prime - opened April 2021 (use for 5% amazon & occasional whole foods)

Chase Freedom Unlimited - opened June 2021 (was original catch-all card)

Chase Freedom Flex - opened August 2021 (use for quarterly categories when applicable)

Chase CFP - opened January 2022 (I still travel a handful of times a year, but not enough for platinum/CSR/Venture X) 

I'm confused if 5/24 means having 5 chase accounts total overall, or 5 chase accounts as of recent. Perhaps a no-brainer for the well-educated, I'd appreciate the guidance in this manner!

From here, if I'm under 5/24, I'd like to go with the following application strategy from here:

Chase Ink Business Cash (5% cell phones & internet, I have an eBay antique business I'm looking to start)

US Bank Altitude Go (4% dining)

US Bank Cash+ (optimally 5% utilities/gym memberships)

Capital One Savor One (3% entertainment for sparse travels or around town)

Citi Custom Cash (5% gas)

Amex Blue Cash+ (6% groceries, w/ $6K spend still good cash back after $95 AF)

I'm not sure with this approach if I'll have trouble getting approved from the likes of US bank & Capital One from what I've read here. If there is any insight on this as well, I'd greatly appreciate it, too!

Lastly, here are my credit report stats from Experian:

758 Score

$145K Total Debt (primarily student loans & balance from parents' AU card)

13 open accounts 

4 reported inquiries

If more information is needed, please let me know. I have browsed this website for a long time so I appreciate everyone here!

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1.  5/24 doesn't have to do with Chase accounts at all, it has to do with personal revolving accounts opened during preceding 24 months.  You're at 4/24, so I think you're good as far as that goes.

2.  I see nothing wrong with your plan.  I would proceed slowly and gradually with it, though.

3.  I'm guessing that of the 5 personal cash cards on your list, the Amex Blue Cash Preferred would be the easiest for which to get approved.

[Anonymous]

Thank you everyone for the replies! I now have a better understanding of my situation. I did not know that rule about US Bank, so I'll definitely remember it before applying in the future to avoid any denials.

Is there any advice as to go about getting approved for the Chase Business Card? I've had my eBay storefront open for a while, but haven't done any serious volume on it yet, and am planning to start this summer really getting it moving. My CSP bonus will be hit in April, so I'll be looking in May/June to sign up for the Business Card. I don't have any registered LLCs or Business Checking Accounts anywhere and wasn't planning on doing anything like that as of right now, but can if need be; if it would be good for me to create a Business Checking Account now for my prospective application time, I'd be willing to go and do that. 

[FinStar]

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@Anonymous wrote:

I recently just got the CSP & am working on the SUB. I'm trying to plan my future strategy from here. Being new to this world, I got caught in the hype of wanting to get every expensive card to try and get a once-in-a-lifetime trip. Upon further introspection, I realized that this is not realistic for my life (at least for the medium-term). I now want to re-orient towards an aggressive cash-back setup that I can use primarily for investing purposes.

My current profile looks as follows:

Chase SW AU - opened April 2015 (my parent's)

Chase Amazon Prime - opened April 2021 (use for 5% amazon & occasional whole foods)

Chase Freedom Unlimited - opened June 2021 (was original catch-all card)

Chase Freedom Flex - opened August 2021 (use for quarterly categories when applicable)

Chase CFP - opened January 2022 (I still travel a handful of times a year, but not enough for platinum/CSR/Venture X) 

I'm confused if 5/24 means having 5 chase accounts total overall, or 5 chase accounts as of recent. Perhaps a no-brainer for the well-educated, I'd appreciate the guidance in this manner!

From here, if I'm under 5/24, I'd like to go with the following application strategy from here:

Chase Ink Business Cash (5% cell phones & internet, I have an eBay antique business I'm looking to start)

US Bank Altitude Go (4% dining)

US Bank Cash+ (optimally 5% utilities/gym memberships)

Capital One Savor One (3% entertainment for sparse travels or around town)

Citi Custom Cash (5% gas)

Amex Blue Cash+ (6% groceries, w/ $6K spend still good cash back after $95 AF)

I'm not sure with this approach if I'll have trouble getting approved from the likes of US bank & Capital One from what I've read here. If there is any insight on this as well, I'd greatly appreciate it, too!

Lastly, here are my credit report stats from Experian:

758 Score

$145K Total Debt (primarily student loans & balance from parents' AU card)

13 open accounts 

4 reported inquiries

If more information is needed, please let me know. I have browsed this website for a long time so I appreciate everyone here!

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Hi @Anonymous, welcome to the forums.

As mentioned further upthread, the 5/24 restriction pertains to 5 [revolving] accounts in the past 24 months and it's not exclusive to just Chase CCs. This includes Personal Lines of Credit, Overdraft Lines of Credit, Charge Cards, etc., but their algorithms typically exclude installment loans, auto/student loans, etc. Obviously, results will vary from profile to profile.

You listed the 5 Chase accounts atop, but you also mentioned you have 13 open accounts. So, besides the 4 recently opened Chase accounts in 2021, how many of those 13 were opened in the past 24 months?

[Anonymous]

All 13 of those accounts are student loans, not any sort of personal line of credit. The only credit accounts I have open are those 5 chase cards. I had a 0% financing deal that I paid off in less than the 1-year time allotment, so while it showed up as an inquiry, it has never been posted as an account on any of my 3 profiles. 

[JLRDC909]

The 5/24 part of the question has been already been answered. 

keep in mind that Chase also has a total exposure limit with their cards. It is usually 1/2 of what your annual income is. So, if you put you make $80,000 a year, your total exposure with them might be $40,000.  

you will know when you hit that internal limit as they will usually ask to take some limit from one (or a couple) cards to get the new card approved. They don't have a hard rule on the number of cards you can have (like Amex and C1) but they do have a rumored internal limit. 

[FinStar]

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@JLRDC909 wrote:

The 5/24 part of the question has been already been answered. 

keep in mind that Chase also has a total exposure limit with their cards. It is usually 1/2 of what your annual income is. So, if you put you make $80,000 a year, your total exposure with them might be $40,000.  

you will know when you hit that internal limit as they will usually ask to take some limit from one (or a couple) cards to get the new card approved. They don't have a hard rule on the number of cards you can have (like Amex and C1) but they do have a rumored internal limit. 

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Of noteworthy, that figure is not official and only speculative as there have been plenty of individuals that have been able to obtain considerably high limits (exposure-wise) beyond that "1/2 annual income figure". Chase does have internal exposure limits, but in a variety of cases it's not set in stone.

As you pointed out, an individual will know when they reach 'ceiling' but let's not quote "1/2" as a rumored figure becuase it's unlikely that number is even the case. Like any other lender, the exposure 'ceiling' adjusts frequently.