Do personal loans count towards Chase's 5/24 rule?

Anonymous · ‎11-27-2017

Question in the title. Yet another Chase 5/24 question I searched but wasn't able to find anything that specifically mentions whether personal loan accounts count towards the 5/24 rule.

Also, does the 5/24 apply to the Amazon Prime Rewards Signature card? I believe I have seen that it does not in the past, but I know that I could be terribly wrong!

Anyone able to shed some light for me? Thanks in advance!

CreditCuriosity · ‎11-27-2017

Yes they do as you are seeking credit

Anonymous · ‎11-27-2017

The Chase Amazon Prime VISA is supposedly not subject to 5/24 per basically all of the top credit/points sites such as Doctors of Credit, The Points Guy, Boarding Area, etc.

As there’s no definitive guide from Chase, that’s all we have to go on. Also, there are a lot of data points of folks being approved for it far beyond 5/24. I wish they were more clear on this. It’d save us a lot of trouble.

I think you’ll be fine should you apply and meet the other criteria.

CreditCuriosity · ‎11-27-2017

I didn't read his whole post.. I agree the amazon visa by chase isn't part of the 5/24 rule. I just read the portion about personal loan being part of the 5/24 rule which it does count again it. Certain cards are counted against the 5/24 rule and others aren't the chase amazon card isn't one of those that count against the 5/24 rule. Thanks for catching that being the poster above me.

Anonymous · ‎11-27-2017

Great, thank you both for the feedback. Exactly what I’d been thinking.

Anonymous · ‎11-27-2017

RE: 5/24 rule.

I had 4 ccs and one loan reporting as secured. I was approved for a $2500 FU with no problem and a weak profile (650s)

DaveInAZ · ‎11-29-2017

@CreditCuriousity wrote:
I didn't read his whole post.. I agree the amazon visa by chase isn't part of the 5/24 rule. I just read the portion about personal loan being part of the 5/24 rule which it does count again it. Certain cards are counted against the 5/24 rule and others aren't the chase amazon card isn't one of those that count against the 5/24 rule. Thanks for catching that being the poster above me.

The Chase AARP card also isn't supposed to be subject to Chase's 5/24 rule, but I was recently turned down for too many inquiries (7, EX), and too many new accounts. 3 new CCs since April, new Home Equity LOC in August, and new car loans in Sept & Oct. - bought a car in Sept & originally went with a local credit union but transferred it to DCU in Oct. for a better rate & terms.

So yeah, even it a Chase card isn't subject to 5/24 they still don't like a lot of new credit.

CreditCuriosity · ‎11-29-2017

@DaveInAZ wrote:
@CreditCuriousity wrote:
I didn't read his whole post.. I agree the amazon visa by chase isn't part of the 5/24 rule. I just read the portion about personal loan being part of the 5/24 rule which it does count again it. Certain cards are counted against the 5/24 rule and others aren't the chase amazon card isn't one of those that count against the 5/24 rule. Thanks for catching that being the poster above me.
The Chase AARP card also isn't supposed to be subject to Chase's 5/24 rule, but I was recently turned down for too many inquiries (7, EX), and too many new accounts. 3 new CCs since April, new Home Equity LOC in August, and new car loans in Sept & Oct. - bought a car in Sept & originally went with a local credit union but transferred it to DCU in Oct. for a better rate & terms.

So yeah, even it a Chase card isn't subject to 5/24 they still don't like a lot of new credit.

Agree with your statement although an exisiting relationship with chase certainly doesn't hurt .. Have yet to be turned down for a chase card I have applied for since the 5/24 rule went into effect, granted none of them were the true 5/24 cards

Anonymous · ‎11-29-2017

Did the OP end up applying?

Anonymous · ‎11-30-2017

I did not end up applying for now. I was at 5/25 and was entertaining the thought of reaching for the Amazon Prime Signature Card but opted to hold off for now. I went ahead and got the Citi Simplicity to simply BT my remaining AMEX Delta Gold balance for 0% APR for 21 months in order to just save myself some money in the long run. This put me at 6/24, so I'm going to garden until two new accounts drop off in May 2018 and then probably spring for the CSP around mid-year.

Even though the Amazon Prime Signature isn't subject to the 5/24 from the sound of it, I haven't made my decision between that or the Prime Store Card (since it has special financing options that the Chase card does not). I shop on Amazon a lot, but I also have Discover IT and Chase Freedom Unlimited, so a new cash back card isn't a huge priority of mine at this point in time.