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Chase 5/24

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Anonymous
Not applicable

Chase 5/24

Hello all,

I have a question about this rule, I’m not sure if this applies to me yet but I’ve opened some new cards this year.

Discover IT Cash Back: January 2019
Capital One QS: February 2019
Fingerhut: December 2017
RBFCU Cash Back: May 2019
New Car: February 2019

I had a Hutton Chase account of $1500 but they never ran my credit and only reported on 2 TU & EX. I closed this one in good standing on May 2019.

With this being said am I eligible for a Chase card or will I have to wait 2 years? Im not too sure if a car loan is part of the 5/24 rule.
8 REPLIES 8
Remedios
Credit Mentor

Re: Chase 5/24

Loan is not counted towards 5/24

 

You're eligible to apply but you have  a lot of new accounts. Do you have any other Chase products? If you do, you could see if you have any in branch pre approvals. 

Message 2 of 9
Anonymous
Not applicable

Re: Chase 5/24

Unfortunately I don’t have any Chase products. As far as new accounts I was going to wait till December to apply for my final card then start gardening.
Message 3 of 9
Remedios
Credit Mentor

Re: Chase 5/24

If that's when you're applying and you dont add any cards, you should be fine 

 

Good luck! 

Message 4 of 9
pinkandgrey
Senior Contributor

Re: Chase 5/24

The loan doesn’t count toward 5/24, but that’s still a lot of new credit in a fairly short period of time. You might give it a few more months for Chase. 

Discover It: 21.5k
Amex Cash Magnet: 18k
Fidelity Visa: 13k
Apple Card: 4.25k
Message 5 of 9
Anonymous
Not applicable

Re: Chase 5/24

 

I was 5/24 and would drop to 4/24 this September, but I was tired of waiting, so.... still 5/24 last month when I cold-app'ed online for Chase Freedom. No relationship with Chase ever. Extremely low income. Got the 30-day message until 9 days later... I was approved for $3200 SL. Go figure.

Message 6 of 9
SouthJamaica
Mega Contributor

Re: Chase 5/24


@Anonymous wrote:
Hello all,

I have a question about this rule, I’m not sure if this applies to me yet but I’ve opened some new cards this year.

Discover IT Cash Back: January 2019
Capital One QS: February 2019
Fingerhut: December 2017
RBFCU Cash Back: May 2019
New Car: February 2019

I had a Hutton Chase account of $1500 but they never ran my credit and only reported on 2 TU & EX. I closed this one in good standing on May 2019.

With this being said am I eligible for a Chase card or will I have to wait 2 years? Im not too sure if a car loan is part of the 5/24 rule.

1. You mention there were 4 new credit cards in the past year, but you don't say how many over the past 24 months. If there were only 4 new cards over the past 24 months then you're good to go.

 

2.  I don't know what you mean about a Hutton Chase account.

 

3.  If you want us to tell you how long you have to wait to get past 5/24 you need to list out any cards obtained over the past 24 months and the month and year of each approval.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 9
Petit3tee
Contributor

Re: Chase 5/24

Carloan is not part of the rule, you're good on that but did you open any accounts in 2018 at all? It'd be a clearer picture if you can give us all cards you opened in the last 24 months (all the way back to June 2018). Let say if you didn't open any at all in 2018, you have 1 last slot for Chase. Best of luck!

Current status: Gardening as of 5/2019 Projected: TBD

Message 8 of 9
Anonymous
Not applicable

Re: Chase 5/24

I didn't apply for anything at all in 2018, that was my year to rebuild/repair my credit. I applied for a Fingerhut account in December 2017 then 3 credit cards this year in 2019. I thought the car loan was part of the 5/24 rule but it's not. So I'm waiting until my newest card to hit 6 months which should be in December to apply for a Chase Freedom card.

Message 9 of 9
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