Do ALL Credit Inquiries Count Toward Chase’s 5/24 Limit?

Million Mile Secrets reader, Ryan, commented:

Does the Chase “5/24 rule” only apply to inquires for credit cards or also other loans as well?  I have 4 credit inquires in the past 24 months, including 1 loan and 3 credit cards.

Also, are there any free reliable tools to count credit inquiries?

Great questions, Ryan!

Only new credit card accounts count toward Chase’s “5/24” limit.  So if you’ve opened 5 or more new credit cards (from any bank) in the past 24 months, you will NOT be approved for most Chase cards.

The exception is certain small business cards, which do NOT appear on your personal credit report.

Additional credit inquiries for loans or declined card applications don’t count toward Chase’s 5/24 limit.  That said, all banks review your credit report.  And too many inquiries could impact your chances of getting approved for new cards.

Because of the strict Chase application rules, I’ll explain why it’s best to get their cards first.  And remind y’all the easy way to check your 5/24 status.

Why I Suggest Applying for Chase Cards First

Link:   Best Card Strategy for Beginners in 2017

Chase cards have some of the most valuable sign-up bonuses.  And their strict application rules mean you won’t be approved for most of them if you apply for other bank cards first.

Although, there are a few Chase travel cards, which are NOT impacted by the rules.  And remember, getting small business cards with most banks will NOT count against Chase’s card limits.

If you are new to the miles & points hobby, here are some great Chase travel cards to consider.

1.   Chase Sapphire Preferred

Link:   Chase Sapphire Preferred

Link:   My Review of the Chase Sapphire Preferred

You can earn 50,000 Chase Ultimate Rewards points on the Chase Sapphire Preferred after spending $4,000 on purchases in the first 3 months of opening your account.

That’s worth $625 when you redeem your points for travel through Chase’s travel portal.  And possibly more if you transfer your points directly to travel partners like Hyatt or Singapore Airlines!

Emily and I used Chase Ultimate Rewards points to save money on wonderful stays at hotels like the Hyatt Regency Maui.

With this card, you’ll also get:

2X Chase Ultimate Rewards points on travel and dining at restaurants & 1 point per $1 spent on all other purchases worldwide 5,000 bonus Chase Ultimate Rewards points when you add an authorized user and make a purchase within the first 3 months Primary car rental insurance – Covers damage or theft to your rental car, when you pay for the rental with your card Trip delay reimbursement – Get up to $500 back per ticket when your trip is delayed more than 12 hours NO foreign transaction fees

The $95 annual fee is also waived the first year.  So you can use the card for 11 months without paying anything, and decide if you like the perks enough to pay the annual fee.

2.   Chase Sapphire Reserve

Link:   Chase Sapphire Reserve

Link:   My Review of the Chase Sapphire Reserve

With the Chase Sapphire Reserve, you’ll earn 50,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first 3 months from account opening.

You’ll get at least $750 worth of travel when you redeem the sign-up bonus points through the Chase Ultimate Rewards Travel Portal.  Because your Chase Ultimate Rewards points are worth 1.5 cents each for travel booked through Chase!

And the Sapphire Reserve can increase the value of all your Chase Ultimate Rewards points.

You’ll also get benefits like:

3X Chase Ultimate Rewards points on travel & dining $300 statement credit for travel purchases (like airfare, Airbnb, hotels, car rental, Uber, etc.) each cardmember year Priority Pass Select for access to airport lounges $100 statement credit for Global Entry No foreign transaction fees

The card comes with a $450 annual fee, NOT waived the first year.  But you can easily offset this fee with perks like the $300 travel statement credit and airport lounge access.  Emily and I don’t earn a commission on this card, but we’ll always let you know about the best deals!

3.   Chase Ink Business Preferred

Link:   Chase Ink Business Preferred

Link:   My Review of the Chase Ink Business Preferred

If you qualify for a small business card, I’d recommend the Chase Ink Business Preferred. 

Because you’ll earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months from account opening.  That’s the highest public sign-up bonus I’ve seen on a Chase Ultimate Rewards small business card!

Chase Ultimate Rewards points linked to the Ink Preferred are worth 1.25 cents each when you redeem for travel through the Chase portal.  This makes the sign-up bonus worth $1,000+ when used toward travel!

With this card, you’ll also get:

3X Chase Ultimate Rewards points for every $1 you spend on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites, and search engines (up to a maximum of $150,000 in combined purchases per account anniversary year) 1X Chase Ultimate Rewards points on all other purchases Up to $600 in cell phone insurance when you pay your cell phone bill with the card 25% bonus when you redeem points through the Chase travel portal Primary auto rental insurance (CDW) when renting for business purposes, plus purchase and extended warranty protection Check Chase 5/24 Status

Link:   The Easy Way to Check Your Chase 5/24 Status

You can quickly check your Chase 5/24 status by viewing your credit report.  Here’s a step-by-step guide to using Credit Karma to count how many cards you’ve opened.

If you don’t already have a Credit Karma account, it’s easy and free to sign-up.

Or you can consider using other credit report sites like Credit Sesame or Quizzle.

Remember, only credit card accounts count toward Chase’s limits.  So you don’t have to count home loans or other types of credit accounts.

Bottom Line

You will NOT get approved for most Chase cards if you’ve opened 5 or more cards from any bank (except these business cards) in the past 24 months.

Chase only counts recent credit card accounts and not other types of credit, like auto or home loans.

Due to the strict Chase application rules, I recommend getting their cards first.  Because you can earn valuable sign-up bonuses with cards like:

Chase Sapphire Preferred Chase Sapphire Reserve Chase Ink Business Preferred

Remember, you can quickly check your Chase 5/24 status for free by using Credit Karma.