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Chase 5/24 and student loans

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Valued Contributor

Chase 5/24 and student loans

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!


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 1 of 6
5 REPLIES 5
Valued Contributor

Re: Chase 5/24 and student loans

I am pretty certain that student loans do not count, that person or blogger must be in error.

Gardening until September 2019
Next app: Mortgage in September 2019
Message 2 of 6
Valued Contributor

Re: Chase 5/24 and student loans


@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.


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 3 of 6
Community Leader
Mega Contributor

Re: Chase 5/24 and student loans

Here at myFico, we only chase good credit, cli's , and well ChaseSmiley Happy Team myFicoSmiley Wink
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Message 4 of 6
Super Contributor

Re: Chase 5/24 and student loans


@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. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 5 of 6
Senior Contributor

Re: Chase 5/24 and student loans

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.

EQ 730, TU 730, EX 720. INQs EQ-1, TU-9, EX-7 AAOA 4yrs Util 6% Inspiration: Themanwhocan's Cash Back Charts
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