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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.
@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.
@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
@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!!!
@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.
@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.
so just to be clear, a new mortgage (refinance) would count toward 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!
@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.
@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!