@myquestionsfico wrote:Thanks so much. This is a perfect example of why these forums are so great. The credit industry is such a train wreck - so many rules and unwritten rules and exceptions. I'm always amazed when people navigate it WELL. Guess the only way to do that is to arm yourself with knowledge, be proactive, and make smart choices (as best as you can).
This is why I don't care for the 5/24 rule, as it currently stands. A normal person that isn't using this website could easily go over 5/24 and not even know it by using 0% financing accounts and maybe 1 credit card. No one that I personally know knows about this rule.
For example: someone sees the fancy CFU commercial with Kevin Hart. They opened a credit card 23 months ago, so they think that's more than enough time in between getting credit cards. But they get a denial letter with the reason too many accounts opened in 24 months. What they didn't realize is that the furniture set, new phone, new laptop, ruined it.
I think the rule would be better applied strictly to credit card accounts, because in my eyes, the rule is only around to stop churners and credit seekers. I wouldn't consider people opening 0% financing accounts for specific/one-time-only purchases credit seeking behavior, though.
@TSlop wrote:
@myquestionsfico wrote:Thanks so much. This is a perfect example of why these forums are so great. The credit industry is such a train wreck - so many rules and unwritten rules and exceptions. I'm always amazed when people navigate it WELL. Guess the only way to do that is to arm yourself with knowledge, be proactive, and make smart choices (as best as you can).
This is why I don't care for the 5/24 rule, as it currently stands. A normal person that isn't using this website could easily go over 5/24 and not even know it by using 0% financing accounts and maybe 1 credit card. No one that I personally know knows about this rule.
For example: someone sees the fancy CFU commercial with Kevin Hart. They opened a credit card 23 months ago, so they think that's more than enough time in between getting credit cards. But they get a denial letter with the reason too many accounts opened in 24 months. What they didn't realize is that the furniture set, new phone, new laptop, ruined it.
I think the rule would be better applied strictly to credit card accounts, because in my eyes, the rule is only around to stop churners and credit seekers. I wouldn't consider people opening 0% financing accounts for specific/one-time-only purchases credit seeking behavior, though.
Although it would be nice if more banks were transparent, the average consumer probably doesn't apply for that many cards in a 2 year period anyway. And if you are the type, you're probably already on these forums and know about it.
