Here's a Step-by-Step Guide How to Update to 7.02 from 5.05 / 6.72 and Jailbreaking 7.02 using two different Hosts. Also Touched upon IF YOU SHOULD UPDATE? Do Check it Out Guys 
Complete 7.02 PS4 Jailbreak & Upgrade Guide / Tutorial - Should You Update?
- Thread starter Sam Daniel
- Start date
Hello! I really want to update my PS4 to 7.02 and jailbreak it, but since I've never never ever really done this I'm a bit sceptical and I want to ask a few questions (sorry if they are in the video, I don't have the time to watch it rn)
I'm running 5.05
P.S I didn't jailbreak my PS4, I bought it from a store pre-jailbroken.
I'm running 5.05
- Will my games be erased?
- Will my 5.05 games work on 7.02
- Does this mean the original jailbreak will be removed?
P.S I didn't jailbreak my PS4, I bought it from a store pre-jailbroken.
Hey, No worries. To answer your question :
1. If you follow the video and ‘Update’ your PS4, Your games will remain. However if you ‘Initialise’ your PS4 as in a factory reset then of course you’ll lose all games & data.
2. All your games will continue to work with a higher firmware as well.
3. The 5.05 Jailbreak will no longer be valid for the 7.02 firmware since its a higher firmware and there’s a different method to Jailbreak it (Which is also covered in the video)
hopefully that answers! However, the 7.02 has a lower stability to Jailbreak (As in sometimes you’ll have to run the Jailbreak multiple times before it’s successfully jailbroken to start playing the games after every shutdown/ restart)
simple answer stay on 5.05 no reasons to update. games get backported. once u go up u cant go down stay on 5.05