How to Check Your Current 5/24 Status

The “5/24 rule,” primarily associated with Chase Bank, influences eligibility for their credit cards. This policy limits the number of new credit accounts an applicant can open within a specific timeframe. Understanding this rule is important for expanding a credit card portfolio.

Understanding the 5/24 Rule

The 5/24 rule states that if an individual has opened five or more new personal credit card accounts across all financial institutions within the past 24 months, Chase Bank may deny their application. This policy applies to most personal credit cards, regardless of the issuing bank. Store-branded credit cards also count towards this limit if reported to major credit bureaus.

Certain types of accounts do not contribute to the 5/24 count. Business credit cards, which do not appear on personal credit reports, do not count against an individual’s 5/24 status. Accounts where an individual is an authorized user on someone else’s credit card are also excluded.

Other financial products like personal loans, auto loans, mortgages, and student loans are not considered under the 5/24 rule. Charge cards, which require payment in full each billing cycle, also fall outside the scope of the 5/24 rule.

Credit inquiries do not directly impact the 5/24 count. They do not represent new open accounts. An individual can have numerous credit inquiries without affecting their 5/24 status, provided those inquiries did not result in a new credit card account.

Accessing Your Credit Report Data

To determine one’s 5/24 status, review personal credit reports. These documents provide a comprehensive history of an individual’s credit accounts. Credit reports from Equifax, Experian, and TransUnion list all opened accounts, including their opening dates, credit limits, and current status. This information identifies which accounts count towards the 5/24 limit.

Individuals are entitled to a free copy of their credit report from each of the three bureaus once every 12 months. AnnualCreditReport.com is the official source for these reports. This website allows individuals to request reports securely, ensuring accurate data.

Requesting reports on AnnualCreditReport.com involves providing personal identifying information to verify identity. After verification, individuals can select which credit reports to view or download. Obtain reports from all three bureaus, as information may vary between them.

Once credit reports are accessed, examine the “Account History” or “Tradeline” sections. Look for the “Date Opened” for each account. Identify the “Type of Account,” which categorizes entries as “Revolving” (credit cards), “Installment” (loans), or “Mortgage.” This information distinguishes between account types that count and those that do not.

Determining Your 5/24 Count

With credit report data, identify and count relevant accounts to determine one’s 5/24 status. Review each account listed on the credit reports, focusing on accounts opened within the last 24 months. The “Date Opened” field provides the start date for each tradeline.

After identifying accounts opened within this two-year window, filter them based on the 5/24 rule criteria. Include all personal credit card accounts from any issuer, including retail store cards, as they count. Exclude authorized user accounts, personal loans, mortgages, and business credit cards not appearing on personal credit reports.

Once filtering is complete, count the remaining personal credit card accounts opened within the 24-month period. This tally represents the current 5/24 status. For instance, if an individual has opened four such accounts, their 5/24 count would be four.

Understanding this count allows individuals to assess eligibility for new credit card applications, particularly with issuers enforcing the 5/24 rule. If the count is five or more, a new application with a strict issuer might be declined. A count below five suggests potential eligibility, assuming other application criteria like credit score and income are met.