Chase 5/24 question

[expatCanuck]

Hi folks.

Am I correct in thinking that a HELOC will likely be captured by the 5/24 restriction, but a HELoan would not?

[JoeRockhead]

Yes, revolving LOCs are subject to being counted, loans are not.

[Lurker22]

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@expatCanuck wrote:

Hi folks.

Am I correct in thinking that a HELOC will likely be captured by the 5/24 restriction, but a HELoan would not?

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I'd think any mortgage product (including all 2nd's) shouldn't count (but haven't seen any datapoints that I can recall on the topic) 

[SouthJamaica]

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@expatCanuck wrote:

Hi folks.

Am I correct in thinking that a HELOC will likely be captured by the 5/24 restriction, but a HELoan would not?

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It's my understanding that HELOC's are reported different ways by different institutions, and that sometimes even the size of the HELOC can cause a difference in reporting.

Never having had a HELOC I can't say from personal experience, though.

[youngandcreditwrthy]

tbh I dont think that 5/24 in set in stone, and you can probably recon your way out of it. I know when I got Chase Freedom, CSP, and the Marriot card a few years ago, I had at least 7 inquiries on every report. 

Chase is easier to recon with than most in my 16 years of experience, but I haven't cold apped for a product in 8 or 9 years lol

[expatCanuck]

Well, I'm gonna find out.  Just applied for the Amazon Prime.  Received the 'we can't decide right now' message.  (They've issued me the CFU, CFF, and CSP.)  Interestingly, Chase has been pushing two (pre-qual'd) flavors of the ink card at me for a while.

We'll see what the New Year holds.

[expatCanuck]

And the answer is ... .