Chase 5/24 Question

[Anonymous]

Hey guys!  I just had a quick question Chase's 5/24 policy.  Are you denied if you have 5 or more new accounts?  Or is it a denial with over 5 accounts?

Also, are lines of credit included in the calculation?  I was wondering if my PenFed Thrifty Credit Service was counted.

[Aahz]

Although there are a few exceptions, the general rule is 5 or more new accounts in the last two years is considered "too many".

"Accounts" is defined as revolving credit accounts appearing on your personal credit reports.  So, the answer to your second question depends on how the Thrifty Credit Service reports.

[Anonymous]

Thrifty credit services reports as revolving credit so it counts

[Anonymous]

Ah, so revolving accounts, card or not.  I could've shaved 3 months off of my wait if I hadn't gotten that line.  Oh well, AAoA buffer!  Thanks, all!

[Anonymous]

If I could tag along here...are they talking about 5 new accounts that are opened, or just 5 Hard Pulls on your credit report? I'm in the situation where I have 5 HPs on my credit report: one in July 2015 and four in March 2016. However, out of those 5 HPs, I only was approved for 3 CC accounts. I am planning on waiting until October or November this year to app for CSP, but based on this rule, do I have to wait until July 2017, or am I still under the 5/24 rule?

[Anonymous]

A hard pull is not an account, and their rule is not about inquiries.