Does a secured visa count against chase 5/24?

[Anonymous]

Hi guys I have a question, will a secured visa count against the Chase 5/24 rule. I know I need to close it but it will make my wife credit fall so I was hoping that it woudn't count against me with chase but I don't know so thats why im coming to the experts. Please help me figure this out.

[Anonymous]

Yes.  Secured credit cards count toward the Chase 5/24 just as much as unsecured cards do.  The following article is a good overview of all issues related to 5/24:

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

Why do you believe that you closing a card will hurt your wife's score?  I'm also unclear what the connection is between closing a card and the Chase 5/24 rule.  Closing a card doesn't have any effect on a person's 5/24 status.

[Anonymous]

Creditguyindixie me and my wife are joint on this card and I have 5 cards within 24 months so I thought if I closed the account and removed it from my credit report it would give me 4 cards reporting instead off 5.

[Anonymous]

The Chase 5/24 rule is basically this:

"You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months."

Closing a card doesn't change the number of cards you have opened in the last 24 months.  The account will still be on your report (as a closed account) -- and it will stlll show that it was a card you opened in the last 24 months.  (I am assuming you opened the card in question in the last 24 months.)

It sounds like you may have misunderstood the Rule to be something like this:

"You will not be approved for this card if you have 5 or more cards currently open."

If that were the rule, closing a card would of course help.  But that is not the rule. 

Thanks for explaining that this is a joint card with you and your wife.  That wasn't in your initial post, which is one reason I was confused.