Store Cards don't count towards 5/24???

[Anonymous]

So I have another 5 Store cards opened within the last 24 months I read if they're not MC's (or can be used everywhere not just the store) then they're not part of 5/24z

True or False?

[Anonymous]

I believe 5/24 is Chase specific, although some others seem to be adopting similar but looser standards. From what I’ve seen on here, the Chase co-branded cards are not strictly under the 5/24 rule. However, Chase WILL look at your whole history and any recent spree will make them shy away.

I was approved for CSP & Freedom at the beginning of an 8-day, 7 Card spree. They were 2 of first 3 approved and within 5/24. But before the actual cards arrived the accounts were closed.

I was able to recon with a Senior Underwriter and get them reinstated. But I think that is the exception rather than the rule.

[AverageJoesCredit]

Im of mind 5 credit cards , doesnt matter if its store or major. Could be wrong but what would be the point of a 5/ 24 if you could app 20 store cards, which are still credit cards, and not count them?

[Anonymous]

They will prevent you from getting instant approval, but can be easily reconned. 

[pizza1]

It is any account....CC (charge, store, or major), CLOC, PLOC. All fall under the 5/24 rule.

[Shadowfactor]

Chase will count store cards even if they can only be used at one store.

Just went through this with my fiancé. She app’d CSR exactly at 5/24. Tried recon several times. About 6 times. No go.

After getting denied. She app’d for the CSP with a Prequalified offer on chase.com. Approved instantly. At 6/24 if you count an AU account.

[UpperNwGuy]

Another good reason to avoid store cards.  Save your apps for the majors and be strategic about the timing, sequencing, and numbers of those apps.  Avoid app sprees at all costs.

[Anonymous]

Do store cards count towards the limit?

If the card can be used outside of a specific store (e.g it has a payment network such as Visa, Mastercard, American Express or Discover) it will be counted. If it can only be used for a specific store, it will not be counted. Data points: 1, 2

https://www.doctorofcredit.com/chase-524-rule-explained-detail-need-know/#Do_charge_cards_count_towa...

[pizza1]

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wrote:
Do store cards count towards the limit?

If the card can be used outside of a specific store (e.g it has a payment network such as Visa, Mastercard, American Express or Discover) it will be counted. If it can only be used for a specific store, it will not be counted. Data points: 1, 2

https://www.doctorofcredit.com/chase-524-rule-explained-detail-need-know/#Do_charge_cards_count_towa...

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Chase has confirmed though as of late that it is any account opened within two years, minus loans, even LOC since they report as revolving to the CRA's.  Plus, the data points they are referring back to. (1,2) are well over a year ago.  As always though, YMMV, you can always apply if you feel the need to, and if declined, call into recon and plead your case that so many of the new accounts were "only" store cards, and cant be used outside of that store. 

[Shadowfactor]

As mentioned above, those data points are old and chase has moved to newer policies.