We're discussing Chases 5:24 credit acceptance rule and how you can see whether you're affected. One of the biggest problems that you may run to and the points of 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 to the number 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 point of mouse 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 counts. I'll walk you through the process, you can see how it works.
The first thing you need 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 need to go to this view score details, once you're at the transient score details you need to scroll down and look at your credit age under credit, Asia 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. If I look down here what you need to do is to look at the right side and see there's anything within the last two years or 24 months.
If you look on my account you can see that I've got three accounts that were open within the last 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 canceled it.
To do that all you do is scroll back up and click on the view all accounts. From here you're going to need to scroll down and select the 'show closed on their credit cards', and this will show you all the closed credit card accounts. You're going to click on the plus sign to see more details, and you can look into the open area to see when you actually open the account.
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 open in June 27, 2016, so it's two years and eight months, luckily this is excluded from the 24 month rule, but this is what you need 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 was opened within the last two years should be included in your 5:24 status accounts.
One additional thing that I would do just to be safe is to check both of the credit bureaus. For example, in this one we have just checked TransUnion, I would switch over to the Equifax and just double-check the seatEquifax has anything listed in there in addition to TransUnion. You shouldn't find any discrepancies between the two, but if you do you may need to address it with the credit bureaus. That's our quick way of finding our 5:24 status using Credit Karma.
In addition to seeing your open and closed accounts, here are some tips for checking your status. Number one, business cards, most business cards did 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 you will count toward your 5:24 status.
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. There are so many great credit cards out there, but it helps to start planning which ones you need to target first to avoid getting restricted by these policies particularly from Chase, as they seem to be the strictest at the moment.