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Does line of credit count as opening a credit card for chase 5/24?

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DotaK
Regular Contributor

Does line of credit count as opening a credit card for chase 5/24?

Does line of credit count as opening a credit card for chase 5/24? I got cli for fidelty credit card 4000 increased (9k to 13k), US credit card 2000 increased (7k to 9k), credit scores are among 720~760. 

Message 1 of 11
10 REPLIES 10
BigBS
Senior Contributor

Re: Does line of credit count as opening a credit card for chase 5/24?


@DotaK wrote:

Does line of credit count as opening a credit card for chase 5/24? I got cli for fidelty credit card 4000 increased (9k to 13k), US credit card 2000 increased (7k to 9k), credit scores are among 720~760. 


Yes, it does.

Score: EQ(809) EX(819) TU(800)
INQs: EQ(7) EX(16) TU(8)
Last INQ: 13 Jul 23

Total Credit Limit - $2.0M

Message 2 of 11
calisig
Regular Contributor

Re: Does line of credit count as opening a credit card for chase 5/24?

@BigBS  - It looks as though the OP was asking if credit line increases (CLI) count toward Chase 5/24. When you wrote, "Yes, it does," were you suggesting that credit line increases take up 5/24 slots? DataK's indicated no new credit cards, just two CLI's. Are you suggesting that those two CLI's burned two 5/24 slots?

 

It has been my understanding that 5/24 referred to new credit cards only, so if it wasn't new, and didn't show up in the revolving credit section of your credit report, it didn't count toward 5/24. Is my understanding incorrect?

 

Thanks

13Oct22 Exp F8: 812
Message 3 of 11
babygirl1256
Senior Contributor

Re: Does line of credit count as opening a credit card for chase 5/24?

@DotaK Opening a "new" line of credit would count towards Chase's 5/24 restriction . . . but . . . receiving credit limit increases (increasing your preset limit) doesn't count towards Chase's 5/24 restriction. Remember some merchants give CLIs based on soft pulls while other merchants base their decision on a hard pull . . . too many hard pulls could be a red flag for some merchants. Hope this helps!!! Smiley Happy

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 4 of 11
BigBS
Senior Contributor

Re: Does line of credit count as opening a credit card for chase 5/24?


@calisig wrote:

@BigBS  - It looks as though the OP was asking if credit line increases (CLI) count toward Chase 5/24. When you wrote, "Yes, it does," were you suggesting that credit line increases take up 5/24 slots? DataK's indicated no new credit cards, just two CLI's. Are you suggesting that those two CLI's burned two 5/24 slots?

 

It has been my understanding that 5/24 referred to new credit cards only, so if it wasn't new, and didn't show up in the revolving credit section of your credit report, it didn't count toward 5/24. Is my understanding incorrect?

 

Thanks


New lines of credit count towards 5/24, but not CLIs. If the OP's question was in reference to CLIs then my response was incorrect.

Score: EQ(809) EX(819) TU(800)
INQs: EQ(7) EX(16) TU(8)
Last INQ: 13 Jul 23

Total Credit Limit - $2.0M

Message 5 of 11
SouthJamaica
Mega Contributor

Re: Does line of credit count as opening a credit card for chase 5/24?


@DotaK wrote:

Does line of credit count as opening a credit card for chase 5/24? I got cli for fidelty credit card 4000 increased (9k to 13k), US credit card 2000 increased (7k to 9k), credit scores are among 720~760. 


Not sure what you're asking. You ask about "line of credit", but only refer to credit limit increases.

 

If you're asking about credit limit increases, no a credit limit increase does not count as a new line of credit for Chase 5/24 purposes.

 

If you're asking about personal lines of credit, yes adding a personal line of credit does count as a new line of credit for Chase 5/24 purposes.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 6 of 11
calisig
Regular Contributor

Re: Does line of credit count as opening a credit card for chase 5/24?

so just to be clear, a new mortgage (refinance) would count toward 5/24?

13Oct22 Exp F8: 812
Message 7 of 11
tcbofade
Super Contributor

Re: Does line of credit count as opening a credit card for chase 5/24?

No.  A mortgage does NOT count against 5/24.

 

A personal line of credit DOES.

 

Revolving accounts count against 5/24.  Installment accounts do not.

 

Good luck!

04/01/24 Fico 8: EX 763, EQ 799, TU 783.
Fico 9: EX 756 03/13/24, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 8 of 11
danzig47
Valued Member

Re: Does line of credit count as opening a credit card for chase 5/24?


@calisig wrote:

so just to be clear, a new mortgage (refinance) would count toward 5/24?


No, a mortage or any other term loan (auto loan, student loan, etc) would not count.

 

A revolving credit line, for example, PayPal Buyers Credit, a Dell Financial Services Preffered Account, a personal line of credit from your credit union - would count.

Message 9 of 11
danzig47
Valued Member

Re: Does line of credit count as opening a credit card for chase 5/24?


@tcbofade wrote:

No.  A mortgage does NOT count against 5/24.

 

A personal line of credit DOES.

 

Revolving accounts count against 5/24.  Installment accounts do not.

 

Good luck!


Beat me to it! Smiley Happy

Message 10 of 11
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