CSR - 5/24 question

[cmm89]

Hi all,

Hope everyone's week is treating them well.

I have a question re: the 5/24 rule with Chase -- do "new" closed accounts work? I was on a tear for a while opening new accounts to get my revolving limits near my annual salary. Now, a few banks (particularly BofA), have been extremely generous with how much credit they're extending me ($15K Merrill+, $15K Cash Rewards -- Platinum Honors Pref. Rewards). I've opened a dozen or so cards in the last year, but I'm paring down BIG TIME. I've canceled 5 cards that get no use.  Do those count towards the 5/24 rule if they're reporting on CRA's as "Paid As Agreed - Closed by Customer"?

Thanks!

[Anonymous]

Any new card within the last 24 months will apply towards the rule, regardless of whether or not it was closed.  Therefore, the dozen or so new cards in the last 12 months will count, along with any other new cards in the previous 12 months (last 24 months total).

[cmm89]

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@Anonymous wrote:

Any new card within the last 24 months will apply towards the rule, regardless of whether or not it was closed.  Therefore, the dozen or so new cards in the last 12 months will count, along with any other new cards in the previous 12 months (last 24 months total).

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Dang. Welp... I'll be gardening for quite a bit then!

[Anonymous]

From a CR perspective, to Chase you’ll look like a churner especially with the accounts being closed.

[AllCredit]

If you have a branch near by can always see if you have any in-branch pre-approvals that can override 5//24