Understanding the "5/24"

[SouthJamaica]

---

@Five6Two wrote:
Robbins Brothers is a jewelry store, store card backed by TD - revolving account I suppose.

---

So I guess you won't be out of the woods until April 2020. But keep your eye open for preapprovals, especially in-branch preapprovals.

[parzivalmx]

I´m new to the US and beeing bulding credit with 2 cards. What is the 5/24 rule?

[Remedios]

In a nutshell, if you've opened more that five cards in the past two years, you may not be eligible for Chase credit cards unless you have in branch preapproval or green checkmark in your account if an existing Chase customer.

[Anonymous]

---

@FinStar wrote:
Based on the information you provided, personal, auto, student, mortgage loans (and the like) can be excluded from the 5/24 approach.

That being said, it appears you've opened 6 credit card accounts in the span of ~2 years with 3/19 as the most recent.

So, if you're looking for guidance on how soon you can clear the 5/24 hurdle, as it stands to be....wait for it, wait for it.... between 3/2020 and 4/2020 😁

---

I figured instead of starting my own thread I would just ask here.  Do authorized cards count against the 5/24 rule?

[Anonymous]

---

@Anonymous wrote:

---

@Five6Two wrote:

I created a spreadsheet to help me keep track of my most recent inq and new accounts (mini app-spree), was wondering if someone can confirm this information for me. Here are a few DPs: Chase Amazon Visa opened 8/17; TD/Robbins Bros opened 3/18; CU Auto Loan opened 5/18, USB REI CC opened 1/19, Amex Ed opened 2/19, Discover It opened 3/19, PenFed Visa opened 3/19 and Marcus PL opened 3/19. 

At 5 (credit/charge cards) / 24 (months) until: 08/2019

At 5 (all accounts) / 24 (months) until : 05/2020

Extra DPs - using the MPL to refinance high APR CC debt and new Amex & PenFed to split a high BT transfer. Disco is for 5% (10%) rewards and USB REI for summer backpacking expenses. 

EDIT: Lol, forgot to ask the question: Are there any cards that I should app for before hitting the garden? I feel like I am set on my rewards and BT, so at this point it would be just for a small SUB, between $500-1000 spend.

I appreciate the help!

---

If the dates shown are accurate, you'll be under 5/24 on April 1, 2020.

I wrote an Excel formula that does this calculation by looking at a date array and comparing it to today's date.  Where the range B2:B26 is the array:

"Under 5/24 on "& TEXT((EOMONTH(EDATE(LARGE(B2:B26,5),24),0)+1),"mmmm d, yyyy")

Of course it can get much more sophisticated if you wanted to filter out installment accounts, etc.

---

Thank you for this.  It has really helped to see when I should be able to apply for a chase card.  Though I am not sure if I should include authorized cards in there as well.

[Anonymous]

---

@Anonymous wrote:

I figured instead of starting my own thread I would just ask here.  Do authorized cards count against the 5/24 rule?

---

My understanding is AU accounts are tallied against the new account count. I have opened 3 accounts in the term, and been added as AU to 1, so sitting at 4.  I'm considering removing myself as AU there, prior to (potentially) pushing the Submit Application button in September.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

I figured instead of starting my own thread I would just ask here.  Do authorized cards count against the 5/24 rule?

---

My understanding is AU accounts are tallied against the new account count. I have opened 3 accounts in the term, and been added as AU to 1, so sitting at 4.  I'm considering removing myself as AU there, prior to (potentially) pushing the Submit Application button in September.

---

What date do they use for AU accounts?  I can't find the date I was added as an AU on my credit reports.  I might have to look at some others to see if I can see that.

These cards are from the 90s lol but I was added maybe 2 years ago, I think

[Anonymous]

---

@Anonymous wrote:

---

---

What date do they use for AU accounts?

---

Here is my credit journey reported open accounts...

Edit -- realized I mis-interpreted your question. I haven't got a clue.  I added myself to my wife's Cap 1 Plat M/C the day she was approved for it, back in September.  So unclear to me if Date Opened is when I was added as AU, or literally, the date the account was opened.

[Anonymous]

The 5/24 rule counts all credit accounts added in the last 24 months; including authorized user accounts.  If you apply for a Chase card and are denied because of the 5/24 rule, during recon you can request that the analyst not count nor consider AU accounts.

[Remedios]

---

@Anonymous wrote:

---

@Anonymous wrote:

---

---

What date do they use for AU accounts?

---

Here is my credit journey reported open accounts...

Edit -- realized I mis-interpreted your question. I haven't got a clue.  I added myself to my wife's Cap 1 Plat M/C the day she was approved for it, back in September.  So unclear to me if Date Opened is when I was added as AU, or literally, the date the account was opened.

---

Data provided to a lender from HP includes information on when account was added to CR, in addition to date opened.

In a nutshell, they know.