How to Check Your Chase 5/24 Status | Improve Your Chances for an Approval
Hi there, it’s Ernest from Trip Astute. In
this video, we’re discussing Chase’s 5/24 credit acceptance rule, and how you can
see whether you’re affected. (light chiming music) One of the biggest problems that you may run to in
the points and miles hobby is getting accepted for new cards, especially if you
have several new accounts. Chase, for example, has an unofficial rule called
“5/24”, which refers the amount of card accounts and you’ve opened in the last
two years. According to the 5/24 rule, it’s extremely unlikely that Chase will
approve your credit card application if you’ve opened five or more credit card
accounts in the last 24 months. There are many different ways to see whether
you’re affected by this rule. I know a lot of people in the points and miles
hobby track their accounts using a spreadsheet. However, there is an easier
way to see how many credit card accounts you’ve opened in the last two years. You
can use a free credit score monitoring site like Credit Karma to see the number
of accounts. I’ll walk you through the process so you can see how it works. The
first thing you want to do is go to the Credit Karma page and then simply log in.
If you don’t have an account, it’s definitely worth setting one up. Credit
Karma is a really great tool for checking your credit, and I actually use
it every week just to check my credit score. Once you log in, you’ll see two
credit scores listed. One is from TransUnion, and the other is from Equifax.
Both are major consumer credit bureaus in the US, and your score should be
similar from both agencies. At this point, you’ll want to go to “View score
details”. Once you’re at the TransUnion score details, you want to scroll down
and look at your Credit Age. Under Credit Age is going to be a “View details”
option. Go ahead and click on that. And this is where you can actually see all
of your open accounts and how old your accounts are. So, if I look down here, what
you want to do is you want to look at the right side and see if there’s anything
within the last two years or 24 months. So if you look on my account, you can see
that I’ve got three accounts that were opened within the last two
years. Now the trick with this is that these only include the open accounts.
You’re going to also want to check your closed accounts as well, in case you
opened a credit card within the last two years but then cancelled it. To do that,
all you do is scroll back up and click on “View all accounts”. From here,
you’re going to want to scroll down and select the “Show closed” under credit
cards. And this will show you all the closed credit card accounts. So you’re
going to want to click on the plus sign to see more details, and you can look into
the Opened area to see when you actually opened the account. So, in this case, this
one was opened over six years ago, so it doesn’t really apply. But then if I look
at this one, you’ll see that this one was opened in
June 27, 2015, so it’s two years and three months. So luckily, this is excluded from
the 24 month rule. But this is what you want to look out for. You want to look
out for any accounts that may have been opened within the last two years. Any of
the accounts found in the closed section that were opened within the last two
years should be included in your 5/24 status counts. One additional thing
that I would do, just to be safe, is to check both of the credit bureaus. So, for
example, in this one we have just checked TransUnion. I would switch over to
Equifax and just double-check and see if Equifax has anything listed in there in
addition to TransUnion. You shouldn’t find any discrepancies between the two,
but if you do, you may want to address it with the credit bureaus. And that’s our
quick way of finding our 5/24 status using Credit Karma.
So, in addition to seeing your open and closed accounts, here are some tips for
checking your status. Number one: Business Cards. Most business cards do not count
against the 5/24 rule since most do not appear on your personal credit report.
However, if you happen to have one that does show up on your personal credit
report, then it will count toward your 5/24 status. For more information on
business cards, check out our video on the topic. Number two: Apply for Chase
credit cards first. If you’re new to the hobby, you may want to consider getting
your Chase cards first before you get disqualified by the 5/24 rule.
There are so many great credit cards out there, but it helps to start planning
which ones you want to target first to avoid getting restricted by these
policies, particularly from Chase, as they seem to be the strictest at the moment.
For more information on applying, check out our “Tips and Tricks on Applying for
a Credit Card” video. How do you keep track of your credit card accounts?
Please let us know in the comment section below. Also, let us know if you
have any questions. We’ve included referral links to some of the popular
Chase cards. Trip Astute does get a commission if you use our links. It
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Until next time, travel safe and travel smart.