:::Chase Sapphire Reserve 5/24 Rule Help:::

[sundownskylar]

I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY acount opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG 

Opened Date: Jan 9, 2014

Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015

 (wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!! 

[Anonymous]

---

@sundownskylar wrote:

I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY acount opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG 

Opened Date: Jan 9, 2014

Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015

 (wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!! 

---

It's not confusing at all - in fact it is extremely simple.

If whichever credit report of yours they pull shows 5 or more credit cards opened within the previous 24 months, they will tell you to FOAD. Basically. Closing a card does not make it disappear from your reports for 10 years, and if you are an authorized user on someone's card, and it shows up on your report the computer will auto-deny you just the same as if it were your own card.

[sundownskylar]

But is it only credit card accounts.. I posted whats on my report. I have 2 installment loans that were added. 

Wells Fargo Dealer Services

Apple iPhone

I haven't opened 5 credit cards in 2 years....

[Anonymous]

Yep

[Anonymous]

You said it yourself, 5/24 is credit cards only. Since you are less than 5 cards in 24 months you will be fine in that regards.

[sundownskylar]

---

@Anonymous wrote:
You said it yourself, 5/24 is credit cards only. Since you are less than 5 cards in 24 months you will be fine in that regards.

---

I was just making sure as I wasnt 100% sure if it was just credit card accounts or ALL accounts  I think I might bite the bullet and apply!!! I already have the CSP, Freedom and Freedom Unlimited... Not sure if I should just close the CSP or downgrade, but I dont know what I would downgrade to.... Decsions, Decsions, Decsions........

[Anonymous]

If the CSP is coming up on an annual fee you can always downgrade it to a Freedom (you can have multiple Freedoms), which seems better than closing the account.

[driftless]

---

@sundownskylar wrote:

I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY acount opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG 

Opened Date: Jan 9, 2014

Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015

 (wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!! 

---

I am a little confused, you are 4/24 now.

[sundownskylar]

---

@driftless wrote:

---

@sundownskylar wrote:

I'm really wanted to apply for the new Chase Sapphire Reserve credit card, however I'm a little confused on how the whole 5/24 rule works.... Is it just credit card accounts or is is ANY account opened in the past 2 years.... Here are run down on my portfolio:

Wells Fargo Auto Loan Jan 7, 2014

AMEX PRG 

Opened Date: Jan 9, 2014

Closed Date: Jan 7, 2016

Wells Fargo Rewards May 26,2014

Capital One Venture Feb 5, 2015

Citizens Bank (Apple iPhone Plan) September 25, 2015

Chase Sapphire Preferred Oct 16, 2015

 (wanting to close for CSR)

Chase Freedom Unlimited April 26, 2016

ANY HELP WOULD BE GREATLY APPRECIATED!!!! 

---

I am a little confused, you are 4/24 now.

---

I'm confused too.... When does account not affect the 5/24 rule.... Wanting to apply tonight....

Is 4 ok? Would applying for the Sapphire Reserve put me at 5 thus making me ineligible?

[sundownskylar]

Well I went all in and was Approved! $10,000CL lowest APR.

Thanks everyone for all your responses!