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| Name | CHASE 5/24 RULE EXPLAINED! (Best Chase Credit Card Strategy) |
| Video Uploader | Video From Mark Reese // Credit & Finance |
| Upload Date | This Video Uploaded At 18-01-2021 22:02:51 |
| Video Discription | Learn what the Chase 5/24 Rule is and the best Chase credit card strategy to maximize your credit card applications! Click "Show More" to see Ad Disclosure. š³šVIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers š RAKUTEN - Earn Cash Back! http://markscreditcards.com/rakuten ā¼ļø GET FREE STOCKS FROM WEBULL when you open an account & deposit $100: http://markscreditcards.com/webull THE CHASE 5/24 RULE EXPLAINED Chase will automatically deny a credit card application if youāve opened 5 or more cards with any bank in the last 24 months that appear on your credit report. TRANSLATIONā¦ In order to be eligible for a Chase credit card, you need to have 4 or fewer new credit card accounts on your credit report in the last 24 months. IMPORTANT The Chase 5/24 Rule is NOT the only requirement to get approved with Chase. They still look at your credit score, credit factors, income, debts, card usage and more just like any other credit card application from another bank. WHAT COUNTS TOWARDS CHASE 5/24 - Personal Credit Cards from all banks opened within the past 24 months that are still open. This includes personal charge cards. - Personal Credit Cards from all banks opened within the past 24 months that were already cancelled / closed. This includes personal charge cards. - Business Credit Cards issued by Discover, TD Bank and Capital One. Reason: These business cards DO show up on your personal credit report (Exception: Capital One Spark Cash cards no longer report for new applications). - Authorized User Credit Cards from someone elseās personal credit card account or charge card account (Workaround: Call the Chase Reconsideration Line to have these excluded from your 5/24 count). - Store Credit Cards that are part of a national payment network (Visa, Mastercard, etc.). Possible that single-location store cards now count. WHAT DOES NOT COUNT TOWARDS CHASE 5/24 - All credit/charge cards for which you apply but get denied. Reason: Inquiries do not count toward 5/24. - Business credit cards from other banks for which you apply and get approved (exceptions mentioned on prior slide). Reason: Most business credit cards DO NOT report to your personal credit report, so Chase wonāt see them. - Business credit cards issued by Chase: You need to be under 5/24 to get approved, but once you are approved, your 5/24 count will not increase. - Non-Bank-Card Products: Mortgages, auto loans, student loans, etc. do not count toward 5/24. Reason: Only bank cards count. HOW TO CHECK CHASE 5/24 STATUS - VIA MOBILE APP 1. Sign up for a Credit Karma account 2. Download Credit Karma app and sign in 3. Select TransUnion or Equifax box 4. Tap on Total accounts 5. Count all bank cards opened within the last 24 months HOW TO CHECK CHASE 5/24 STATUS - VIA DESKTOP / LAPTOP 1. Sign up for a Credit Karma account 2. Sign in via this link: https://www.creditkarma.com/myfinances/creditreport/#accounts 3. Click on Accounts tab 4. Click on Open Date to sort all accounts from oldest to newest 5. Count all bank cards opened within the last 24 months POTENTIAL CHASE 5/24 BYPASS If you see a āBlack Starā - For Business Owners offer under the āJust For Youā section of the Main Menu, the offer might bypass the 5/24 Rule. CHASE 5/24 STRATEGY FOR CREDIT CARD APPLICATIONS 1. If youāre early in your credit journey and want Chase cards, get those first. Reason: You can get approvals with other banks after 5/24, but not Chase. 2. If you always want to be eligible for a Chase card, do not apply for more than 2 credit cards per year. Reason: 2 cards per year = 4 cards in 24 months, meaning youāll always be below 5/24. 3. If youāre at or over 5/24ā¦want to get back underā¦but still want more cards & signup bonusesā¦then apply for BUSINESS credit cards. Reason: Most business cards will not increase your 5/24 count. (Note exceptions with Discover, TD Bank and Capital One; others could exist, too.) 4. On the exact day you fall below 5/24, STILL WAIT at least until the 1st day of the following month before applying for a Chase credit card. Reason: Chaseās system may need time to refresh and for your credit report to be updated. (Note: I recommend waiting 30 days.) Credit Cards Subject to Chase 5/24 Rule ALL CHASE CREDIT CARDS, including... - Chase Freedom Flex - Chase Freedom Unlimited - Chase Sapphire Preferred - Chase Sapphire Reserve Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #creditcards #creditcardsforbeginners #creditcards101 |
| Category | Howto & Style |
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