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One of the biggest problems that you may encounter in the points and miles hobby is getting accepted for new cards, especially if you have several accounts. Chase, for example, has an unofficial rule called “5/24”, which refers to the number of card accounts that you’ve opened in the last two years. According to the 5/24 rule, it is 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. Since it’s tricky to track, we’ll run through the process on how to check Chase 5/24 status using free online tools.
There are many different ways to track the information. I know a lot of people in the points and miles hobby track their accounts using a spreadsheet. However, there is an even easier way to see how many credit cards accounts you have opened in the last two years. You can use a free credit score monitoring site like Credit Karma to see the number of accounts.
Checking Chase 5/24 status using Credit Karma
The first thing you want to do is go to the Credit Karma homepage and log in. If you don’t have an account, it’s worth setting one up. Credit Karma is a free tool for checking your credit, and I use it every week 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. Your score should be similar from both agencies. At this point, you will 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, there is going to be a “View details” option. This is where you can see all of your open accounts and their respective ages. You’ll want to look at the right side and see if there is anything within the last 2 to 24 months.
Check for closed accounts too
You’ll want to check your closed accounts as well in case you opened a credit card within the last two years and canceled it. To check it, all you have to do is scroll back up, and click on “View all accounts”. From here, you’ll to want to scroll down and select “Show closed” under credit cards. And this will show you all the closed credit card accounts. You’ll want to click on “+” sign to see more details. Once it’s expanded, you can view when you opened an account. You’ll want 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 count.
One additional thing that I do is check both of the credit bureaus (i.e., TransUnion and Equifax). Just repeat the process for the other credit bureau (in this case, Equifax). You shouldn’t find any discrepancies between the two. If you do, you will want to address it with the credit bureaus.
In addition to seeing your open and closed account, here are some tips for checking your status:
1. Business cards are usually not included:
Most business cards do not count against the 5/24 rule since they 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, see our post/video on business credit cards.
2. Apply for Chase credit cards first:
If you’re new to the points and miles hobby, you may want to consider getting your Chase cards first. This will help you avoid being disqualified by the 5/24 rule. There are so many great credit cards out there, but it helps to plan which ones you want to target first to avoid getting restricted by these policies. Chase, in particular, seem to be strictest at the moment. For more information on applying, check out our “Tips and Tricks when Applying for a Credit Card” video/post.
How do you keep track of your credit card accounts? Please let us know in the comment section below.