How to Chase 5/24 rule

[Nismotony]

Hi guys, I want to apply for a Chase card but I have 6 accounts opened in last 24 months including 2 car loans.  I just sold one of the cars and paid the loan off.  Also I could cancel a credit card that is only 7 months old.  Would this bring me to 4 / 24 ??  Or do I have to wait for the accounts to age to 24 months even if they are closed.

Thanks in advance

[Anonymous]

Closing accounts does not change the fact that you opened them. You'll have to wait it out until the first two of those last six are over two years old.

[Mv350]

I'm pretty sure Chase's 5/24 means revolving accounts. I could be wrong, but if 2 of those are auto loans. You would be at 4/24

[Anonymous]

^^^ I think you're right @Mv350 - I forgot about that!

[Anonymous]

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@Nismotony wrote:

Hi guys, I want to apply for a Chase card but I have 6 accounts opened in last 24 months including 2 car loans.  I just sold one of the cars and paid the loan off.  Also I could cancel a credit card that is only 7 months old.  Would this bring me to 4 / 24 ??  Or do I have to wait for the accounts to age to 24 months even if they are closed.

Thanks in advance

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@Nismotony The 5/24 rule only applies to revolving credit accounts opened in the previous 24 months.  So if the number of accounts is accurately stated you're at 4/24.  Loans are fixed installment accounts so they do not count under the rule.  Also, closing an account has no effect on the rule since your credit report will still show that you had recently opened the account. 

[Wavester64]

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@Mv350 wrote:

I'm pretty sure Chase's 5/24 means revolving accounts. I could be wrong, but if 2 of those are auto loans. You would be at 4/24

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^^What @Mv350 said 

[CaptJOB]

I would be careful as I was recently denied for being 6/24 when I thought I was 5/24 including one AU account that I was going to try and recon. The sixth account was either a personal loan I opened with AmEx that October(which according to research shouldn't count) or an AmEx business card opened the same month which also wasn't supposed to count. Maybe I just got unlucky with that particular CSR but make sure to have all of your information ready if you end up having to call in for reconsideration just in case.

[SouthJamaica]

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@Nismotony wrote:

Hi guys, I want to apply for a Chase card but I have 6 accounts opened in last 24 months including 2 car loans.  I just sold one of the cars and paid the loan off.  Also I could cancel a credit card that is only 7 months old.  Would this bring me to 4 / 24 ??  Or do I have to wait for the accounts to age to 24 months even if they are closed.

Thanks in advance

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You're only at 4/24, so the 5/24 rule is not an issue for you.

[AverageJoesCredit]

With a ruler

[Anonymous]

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@CaptJOB wrote:

I would be careful as I was recently denied for being 6/24 when I thought I was 5/24 including one AU account that I was going to try and recon. The sixth account was either a personal loan I opened with AmEx that October(which according to research shouldn't count) or an AmEx business card opened the same month which also wasn't supposed to count. Maybe I just got unlucky with that particular CSR but make sure to have all of your information ready if you end up having to call in for reconsideration just in case.

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If you were AT 5/24 you will be denied.  You have to be UNDER 5/24 (so 4/24) in order to be approved.