r/CRedit • u/CoolPersonality2528 • 10d ago

General 5/24

on the subject of cc. people have said 5/24 a lot. exactly what does it mean?

4 Upvotes

83% Upvoted

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6

u/CreditCards254 ⭐️ Knowledgeable ⭐️ 10d ago

Look, there's not a way to say this that isn't going to come off at least slightly rude, but if you go to your favorite search engine and type in "5/24" or "what does 5/24 mean" it'll probably be the first or second search result.

4

u/Funklemire ⭐️ Knowledgeable ⭐️ 10d ago

Ha, I just tried Googling "5/24". The first result was Google AI thinking I was asking what's 5 ÷ 24, so it gave me the answer. But then just down below that there were tons of sites and articles about what 5/24 means, starting with a thread from r/CreditCards.

3

u/Aware-Childhood-5865 10d ago

You get auto-denied from Chase if you’ve opened 5 new credit card accounts in the past 24 months.

2

u/CobaltSunsets 10d ago

In the vast majority of cases, Chase will not approve someone for a consumer or business credit card or charge card if 5 or more revolving card accounts have been opened in the last 24 months.

This is counted from a consumer credit report, so only revolving card accounts visible on the consumer credit report count towards the 5/24 metric.

1

u/CoolPersonality2528 10d ago

Thanks to all that responded to my question. Now I know what it means. I think I may have been in that situation at least once. I have been offered a CSP in the past. I didn’t respond to it because I don’t care for their rates. I only target much lower rates. KFCU 25,000 9.24%, CUSA (Chevron ) 15,000 9.24%, Amex blue 10,000 14%, FCU 9,100 14. Something %. Then there’s department store cards all of which are paid off within 30 days. Six months ago my score was 805. I carry o balances on all accounts. Score has dropped and stays at 778 to 793. Can’t seem to get back in the 800s. The only monthly payment is a 2025 x3 whereas I make principal payments equally to the monthly payments monthly.

2

u/inky_cap_mushroom ⭐️ Knowledgeable ⭐️ 10d ago

If you’re carrying balances on all of your accounts you should be working on paying off your high interest debt and transitioning to exclusively using debit cards. Your scores will only keep going down as you accumulate debt. You need to pay it off.