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personal loan as a new account and 5/24?

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Anonymous
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personal loan as a new account and 5/24?

Hello. I am asking how a personal loan effects "new" account numbers for credit cards.

 

I read on here it does NOT affect chase 5/24 yet it does affect AAoA...

 

Does a new personal loan score as a "new" account in terms of 1/12 or 1/6 for any credit card company? If there any reason to wait 6 or 12 month after new personal loan if, it is the only "new" account, in terms of credit card applications? (the personal loan from Navy is paid down to below 8.9% outstanding)

 

Thank you.

Message 1 of 4
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Anonymous
Not applicable

Re: personal loan as a new account and 5/24?

it's a new installment account, but not a revolving

 

that being said Chase has a auto-denial rule against more than 1 open unsecured PL, in most cases

Message 2 of 4
CaptJOB
Regular Contributor

Re: personal loan as a new account and 5/24?


@Anonymous wrote:

 

 

that being said Chase has a auto-denial rule against more than 1 open unsecured PL, in most cases


Wow. I've never heard this but if there's DPs this makes it easy for me to skip on applying for another Chase card...

Message 3 of 4
FinStar
Moderator Emeritus

Re: personal loan as a new account and 5/24?


@Anonymous wrote:

it's a new installment account, but not a revolving

 

that being said Chase has a auto-denial rule against more than 1 open unsecured PL, in most cases


Although DPs and outcomes can vary, typically any personal loans (unsecured or otherwise) are usually excluded in the 5/24 count with Chase.  That said, algorithms can be twitchy and there could be other factors at play that may deem the PL as a potential item that could result in a denial all things considered, but it's one of those YEMV situations.

 

That said, lenders like WF, Barclays, and Capital One, for instance, will include loans (any flavor) in the count in addition to any other accounts opened in a 12-24 month timeframe.

Message 4 of 4
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