Chase 5/24 Specifics

[sillykitty1]

I hadn't really been paying much attention to the Chase 5/24 threads because there was nothing I was interested in at Chase, and had generally slowed down aquiring credit.  Well then the Chase Sapphire Resrved came out, and I suddenly care about the 5/24 rule.

So I have a couple of questions:

• Do lines of credit count?  (I assume they do)
• Do new mortgages count? 
• How do the dates work specifically?  Is it by the day or the month?  For example, the last account that takes me over 5/24 was aquired 10/9/14.  Can I apply on 10/10/16 or do I need to wait until 11/1/16?

TIA!

[daybreakgonesXe]

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@sillykitty1 wrote:

I hadn't really been paying much attention to the Chase 5/24 threads because there was nothing I was interested in at Chase, and had generally slowed down aquiring credit.  Well then The Chase Sapphire Resrved came out, and I suddenly care about the 5/24 rule.

So I have a couple of questions:

• Do lines of credit count?  (I assume they do)
• Do new mortgages count? 
• How do the dates work specifically?  Is it by the day or the month?  For example, the last account that takes me over 5/24 was aquired 10/9/14.  Can I appl y on 10/10/16 or do I need to wait until 11/1/16?

TIA!

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Can't say for the first one

Mortgages do not count

One poster mentioned his/her experience in that it is exactly 24 months, so you could theoretically apply 10/10/16.

[Xistaben2]

I've read reports that LOC's do count.  One person I read had a HELOC and they counted it since it was his responsibility to pay it.

[Anonymous]

I *think* only credit cards go towards the 5/24.. so things like mortgages and car loans etc don't count.

The whole purpose of 5/24 is to discourage and keep away Churners..People who only open credit cards for the lucrative sign on bonus and then close the card out.

[newhis]

You can go to a Chase bank, ask if you are pre-qualified, then apply and most likely get the card. Good luck.

[SouthJamaica]

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@sillykitty1 wrote:

I hadn't really been paying much attention to the Chase 5/24 threads because there was nothing I was interested in at Chase, and had generally slowed down aquiring credit.  Well then the Chase Sapphire Resrved came out, and I suddenly care about the 5/24 rule.

So I have a couple of questions:

• Do lines of credit count?  (I assume they do)
• Do new mortgages count? 
• How do the dates work specifically?  Is it by the day or the month?  For example, the last account that takes me over 5/24 was aquired 10/9/14.  Can I apply on 10/10/16 or do I need to wait until 11/1/16?

TIA!

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1. In the first place there are many reports of people avoiding the 5/24 rule by applying for the CSR through a preapproval at the branch.

2. I don't think mortgages or lines of credit count.

3. Whether they take in the date of the month or not, I have no idea, but can't imagine why you shouldn't wait the extra week or two if it's that close.

[gdale6]

I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.

[Anonymous]

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@gdale6 wrote:

I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.

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Not to question the info but that would against what has been learned via thousands of applications that did not count those types of loans reported here, FT, Reddit and elsewere including the bloggers that have contacts within Chase.  thePointsGuy clearly has ties to them as that's where they chose to announce the card and he has never reported that kind of information.  Installment loans of any kind have not been considered before so not sure what that info is based on.

[Saleen099]

A

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@Anonymous wrote:

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@gdale6 wrote:

I have received information via PM from someone that Chase has included mortgage and auto loans into the 5/24 so I tend to believe that its going to be any type of new credit loan.

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Not to question the info but that would against what has been learned via thousands of applications that did not count those types of loans reported here, FT, Reddit and elsewere including the bloggers that have contacts within Chase.  thePointsGuy clearly has ties to them as that's where they chose to announce the card and he has never reported that kind of information.  Installment loans of any kind have not been considered before so not sure what that info is based on.

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   Well it happened today 2 of my friends and my mom all got declined. One of my friends got declined because he had three mortgages one auto loan and two new credit card in the last 24 months I was sitting right next to him when he made the phone call to try to get them to reconsider. Explain to the underwriting team customer service representative that it was rental properties the lady did not even budge. She said he would receive a letter in 7 to 10 days explaining the reason for decline.  

   Let me also say this if I was not sitting next  next to him when he made the phone call I would not have believed it at all.     He also has a call into his personal banker to see if they could help. 

[dragontears]

It depends how the LOC is reporting on your report, some report as revolving credit, some report as a loan (my CLOC from US bank reports as loanther and is not used in calculating total credit line).
Mortgages, auto loans and other loans don't count