Yet another 5/24 question.

[Anonymous]

If you close some of your recently opened cards (like my ExxonMobil and Kohl's Card... then I would have only 5 cards that are open and new from the last 24. Does that work or would they still count them?

I have regretted those 2 of my 4 store cards since I got them 18 mo ago. It wouldn't affect my Util much since they are a $200 and $700 limit.

Would gladly give those 2 up for a Chase card.

TIA

[Anonymous]

Nope. Closing cards will not help.

[Anonymous]

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@Anonymous wrote:
If you close some of your recently opened cards (like my ExxonMobil and Kohl's Card... then I would have only 5 cards that are open and new from the last 24. Does that work or would they still count them?

I have regretted those 2 of my 4 store cards since I got them 18 mo ago. It wouldn't affect my Util much since they are a $200 and $700 limit.

Would gladly give those 2 up for a Chase card.

TIA

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I think you misunderstand the rule.

5 (or more) cards have been opened in the previous 24 months. Period.

Doesn't matter if they are still open or not. They appear on your report as having been opened in the first place, which is the denial reason.

[BirchBarlow]

Not to mention the fact that Chase's rule is to deny applicants who have opened 5 or more tradelines within the past 24 months, not simply more than five.

[Anonymous]

Thanks for the replies. I obviously didn't understand the rule which is the reason I was asking. I didn't think it would work but stranger exceptions to rules have been uncovered when it comes to apping for cards.

[Anonymous]

There have been some exceptions. I suggest searching this site for 5/24. Tons of threads about the rule and ways people have be preapproved/approved and about certain cards that may not be under the rule yet.

[Anonymous]

Unfortunately I just learned by a store card app spree mostly synchrony cards but I thought it was only chase who cared but when I tried for a comenity card I got that reason for the denial

[Anonymous]

Chase has a specific 5/24 rule, however, any lender could deny due to too many recent accounts or inquiries.

[Anonymous]

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@BirchBarlow wrote:

Not to mention the fact that Chase's rule is to deny applicants who have opened 5 or more tradelines within the past 24 months, not simply more than five.

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This is false, it is not tradelines.  It is credit cards just as i stated. 

When i applied for CSP and Freedom Unlimited I was at 4/24 credit cards which is why I was approved. A month later i applied for an Ink+ which was denied because they sat on the app too long and 5/24 became applied to it in process. 

If the rule had been tradelines I would have never been able to get CSP or FU in the first place. This is quite well documented from experience so I'm not sure why some people keep thinking that the rule itself is on all types of tradelines

[Anonymous]

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@BirchBarlow wrote:

Not to mention the fact that Chase's rule is to deny applicants who have opened 5 or more tradelines within the past 24 months, not simply more than five.

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Tradelines or credit card accounts? Would an Alliant share secured loan count against the limit?