Another Chase 5/24 Question

[Anonymous]

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@Anonymous wrote:

Yes the Chase rule - once you think you understand - some caveat opens up. So here is my question - 

I know the Chase cards above do not have a 5/24 restriction. But to be clear - Chase does or does not count them when you apply for a 5/24 product? So if I am 6/24 - I know I cant get a 5/24 card - but I can get the Chase Amazon card etc. So if I do that - am I now 7/24 when it comes to a 5/24 product ? 

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Yes, you would be at 7/24 and have to wait until you fall back to 4/24 to get a Chase 5/24 card. 

[Anonymous]

What about installment loans? Do they count as a new credit account when calculating accounts as part of Chase’s 5/24 rule?

[Anonymous]

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@Anonymous wrote:
What about installment loans? Do they count as a new credit account when calculating accounts as part of Chase’s 5/24 rule?

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No they do not - Only cards the have a Visa/Mastercard/Discover or Amex logo. Personal loans/Auto Loans/Mortgages etc are not going to trigger the 5/24 rule or count towards it.

[FinStar]

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@Anonymous wrote:

Any credit line that reports as revolving credit and is visible on your credit reports count towards 5/24.  This includes lines of credit.  When DoC refers to cards that can only be used at one store he is referring to a very limited number of store cards that do not report.  The vast majority of store cards like Lowes, Target, etc, etc, absolutely count. 

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This ^^^^^

That being said, results can vary OP.   Like having a branch pre-approval offer that *could* potentially bypass the restriction in some cases, for instance.   As with anything, YEMV.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
What about installment loans? Do they count as a new credit account when calculating accounts as part of Chase’s 5/24 rule?

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No they do not - Only cards the have a Visa/Mastercard/Discover or Amex logo. Personal loans/Auto Loans/Mortgages etc are not going to trigger the 5/24 rule or count towards it.

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You're correct that installment loans don't count but this notion that only Visa/MasterCard/Discover/Amex count just isn't true.  Store cards absolutely count. I'll repeat what I posted above.  Any revolving credit line, including lines of credit that are visible to Chase count towards 5/24.

[Anonymous]

I stand corrected  - Irish is correct - Chase is cracking down - thanks for stressing that Irish ! 

https://thepointsguy.com/guide/ultimate-guide-chase-5-24-rule/ 

What Accounts Add to Your 5/24 Score?

The following accounts count toward your 5/24 standing:

• All personal credit cards opened with any bank (even if they’re now closed).
• All personal charge cards (like The Platinum Card® from American Express).
• Business cards opened with Capital One, Discover and TD Bank.
• Authorized user cards from another person’s personal credit or charge card will add to your 5/24 score, as they’re reported on your credit report. However, when you apply for a 5/24 card, you can call the Chase reconsideration line and ask for these accounts to not be considered.
• Specific store cards which are part of a national payment system and can be used elsewhere will count. New data points suggest that even store cards which can only be used at a single establishment also now count, but your mileage may vary (YMMV).

The following accounts will not count toward your 5/24 standing:

• Cards you apply for but are denied. Credit inquiries — commonly known as “hard pulls” — aren’t counted for 5/24, only opened accounts.
• Small business cards from the majority of card issuers, with the known exceptions listed above.
• Auto loans, student loans and mortgages.

[Brian_Earl_Spilner]

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@Anonymous wrote:

Yes the Chase rule - once you think you understand - some caveat opens up. So here is my question - 

I know the Chase cards above do not have a 5/24 restriction. But to be clear - Chase does or does not count them when you apply for a 5/24 product? So if I am 6/24 - I know I cant get a 5/24 card - but I can get the Chase Amazon card etc. So if I do that - am I now 7/24 when it comes to a 5/24 product ? 

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Yes

[Anonymous]

Please, is the Deserve Edu Master Card counted by chase?

[Remedios]

All revolving credit counts.