No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I've read conflicting reports regarding the Chase 5/24 rule and certain installment loans.
I've heats that auto and mortgage loans DO NOT count towards the 5/24 rule. However, I read an article on another credit forum indicating that while auto and mortgage loans DO NOT count, student loans DO count towards the 5/24 rule.
Since these are all considered installment loans, I fail to see why Chase would count these.
Anyone have any input regarding student loans and Chases 5/24 rule?
Thanks!
I am pretty certain that student loans do not count, that person or blogger must be in error.
@Discover2016 wrote:I am pretty certain that student loans do not count, that person or blogger must be in error.
I was also under the impression that they DO NOT count. That's why I favor MyFico over all the other
credit boards. There full of non-sense in my opinion.
@Discover2016 wrote:I am pretty certain that student loans do not count, that person or blogger must be in error.
+1 I have never heard about anything other than credit cards counting. It would be absurd if they counted student loans. Many higher education students have several loans for different disbursements.
While student loans do not count towards 5/24, Chase bank has been the only lender that has ever said anything about my student loans. mid 2015 when I was first establishing myself with Chase. It took 5 recon calls from the double app for ihg and hyatt (this was pre 5/24, and before I knew that its best to just call automated app status and usually 30 days or 2 weeks is an approval. Sure enough later on when I applied for AARP $200 offer and let it be it was approved with no issues.