Hey Guys, I have been thoroghly researching this chase 5/24 rule because I want to apply for one soon but wanted to see if you credit guru's would advise me to wait or go for. In the past 24 months i have the following cards
1. Bank of America rewards card (AU acct) - account is almost 12yrs old with excellent payment/89% utilization/not my debt
2. Citi Simplicity card (AU acct) - 2yrs 4 mos old/excellent payment/0.4% utilization/not my debt
3. US Bank secure card (mine) - 2yrs 6 mos old/excellent payment/0% utilization/US Bank hasn't graduated it yet
4. Cap one Platinum secured card (mine) - 1yr 7 mos/excellent payment/10% utilization/autoCLI from 200 to 500 last year
5. Discover IT card Graduated (mine) - 11 mos/excellent payment/52% utilization/autoCLI from 200 to 1500 after 5 months
6. Citi Diamond secured card (mine) - 11 mos/excellent payment/0% utilization/Citi hasn't grduated it
7. Amazon Prime charge card Synchrony Bank (mine) - 8 mos/excellent payment/0% utilization/no auto CLI yet
8. SECU credit card (mine) - 9 mos/excellent payment/70% utilization
9. Personal loan (mine) - 1yr/excellent payment
10. Consolidated Sallie Mae (mine) - listed as 3 mos although its a 16yr old account
11. Refinanced Auto loan (mine) - 7 mos/excellent payment
Average of Acct is currently 5yrs 6 mos, I've recently frozen and gardening till March next yr or even further but I want my next card to be a chase card before anything else.. I have a very good credit mix. overall credit utilizations at 68% Credit scores as follows
TU card score 8/9 - 672/677
EX card score 8/9 - 690/701
EQ card score 8/9 - 645/646
Which of these account will be counted against me in my quest for a chase card? I read somewhere that The Chase Slate card don't factor in the 5/24 rule but it also don't come with any rewards. I have no banking relationship with chase, I prefer Credit unions.
One thing that I'd do (if you haven't done it already) is sign up for Chase credit journey. Do that, plus see if you are pre-qualified for anything. I just recently saw I wasn't pre-qualified for anything (I have 2 Chase cards). After signing up for credit journey, I became pre-qualified for a lot of stuff.
Personally, if I see a pre-qualification, I'd app. I know it not a guarantee, but I don't app for random cards all year. Chase can and does approve over 5/24, so, if it was me and I was pre-qualified, I'd take the shot. I don't app randomly all year, so I'm not scared of an HP.
Personally, if I see a pre-qualification, I'd app. I know it not a guarantee, but I don't app for random cards all year. Chase can and does approve over 5/24, so, if it was me and I was pre-qualified, I'd take the shot. I don't app randomly all year, so I'm not scared of an HP.
Is there a specific Chase card that you are seeking? I would personally hold out, but I'm not a huge risk taker. Like mentioned above, it's a good idea to allow the bank to get familiar with you and develop a relationship. Chase can be (for any number of reasons) skittish and it's always best to represent your best current profile when diving into their pool.
@Jnbmom wrote:As far as I know, all cards including Slate are factored in, and since you are already at 5/24l with 4, 5, 6, 7 and 8, it's best to wait until card 4 hits 2 year mark.
I would also try to get your utilization down, that would be a nice score bump.
With alot of secured cards in your profile, do you have any negatives?
I don't have any collections or judgements on any of my credit files but after a recent Sallie Mae consolidation my old defaulted loans became paid charge offs which is not hurting only my TU credit scores.
@TSlop wrote:
One thing that I'd do (if you haven't done it already) is sign up for Chase credit journey. Do that, plus see if you are pre-qualified for anything. I just recently saw I wasn't pre-qualified for anything (I have 2 Chase cards). After signing up for credit journey, I became pre-qualified for a lot of stuff.
Personally, if I see a pre-qualification, I'd app. I know it not a guarantee, but I don't app for random cards all year. Chase can and does approve over 5/24, so, if it was me and I was pre-qualified, I'd take the shot. I don't app randomly all year, so I'm not scared of an HP.
I tried to sign up for the credit journey online but the website seems to be down so I will try another time. currently my credit files are forzen due to a recent security breach at stockX which affectted my info on the dark web. I will have to unfreeze it first
@SoCalifornia wrote:
Is there a specific Chase card that you are seeking? I would personally hold out, but I'm not a huge risk taker. Like mentioned above, it's a good idea to allow the bank to get familiar with you and develop a relationship. Chase can be (for any number of reasons) skittish and it's always best to represent your best current profile when diving into their pool.
I don't have any specific chase card per say I just wanna get my foot in the door first. I know I have a lot of secured cards that haven't matured yet so I'm just gardening for now but also wanted to know the information ahead of time. Personally waiting for my Cap One card to hit 2yrs or mature which ever one comes first. I appreciate everyones input and responses, this forum is such a great resource.
