It is based on the number of credit card accounts you have opened in the past 24 months.
1,2,3,4,5
I utilized the information on TPG site which referenced to the below specifically when adding up my 5/24 status:
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.
