topic Re: JP Morgan Select does NOT report to CRA's in Credit Cards

JP Morgan Select does NOT report to CRA's

android01 — Tue, 24 Apr 2012 01:25:27 GMT

I've had a JP Morgan Select card since January of this year. It hasn't reported to the CRA's so I called them and was told that neither the JP Morgan Select or the Palladium report to the CRA's! It's a HIDDEN TL! Woot! :smileysurprised::smileyhappy: Why am I happy? It has a large CL that will never be a "new" account, and will never affect utilization or AAoA. If I ever have to carry a balance for anything, this will be the card I use. What a nice surprise! :smileyvery-happy:

Re: JP Morgan Select does NOT report to CRA's

Revelate — Tue, 24 Apr 2012 01:29:06 GMT

Weird. Anti-poaching tactic preventing their competitors from seeing the specific tradeline and trying to lure them away?

Personally I don't see the benefit for either the consumer or the lender, other than maybe it's being cheaper not to report it... but since it's all a common infrastructure, it has to be more complicated (read expensive) to exclude them at least on their internal infrastructure side, no clue what the CRA's charge.

Re: JP Morgan Select does NOT report to CRA's

cassembler — Tue, 24 Apr 2012 01:40:58 GMT

I bet they'd report it if it turned into a 30-day late :)

Re: JP Morgan Select does NOT report to CRA's

android01 — Tue, 24 Apr 2012 01:49:20 GMT

cassembler wrote:
I bet they'd report it if it turned into a 30-day late :)

I bet you're right! :smileywink:

Re: JP Morgan Select does NOT report to CRA's

Jake0215 — Tue, 24 Apr 2012 01:51:55 GMT

I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?

Re: JP Morgan Select does NOT report to CRA's

android01 — Tue, 24 Apr 2012 01:53:35 GMT

Revelate wrote:
Weird. Anti-poaching tactic preventing their competitors from seeing the specific tradeline and trying to lure them away?

Personally I don't see the benefit for either the consumer or the lender, other than maybe it's being cheaper not to report it... but since it's all a common infrastructure, it has to be more complicated (read expensive) to exclude them at least on their internal infrastructure side, no clue what the CRA's charge.

I doubt its an anti-poaching tactic as you can't really see which card it is, just the financial institution. I think I might even like the idea of a hidden TL more than AMEX and back dating.

Re: JP Morgan Select does NOT report to CRA's

Revelate — Tue, 24 Apr 2012 01:59:40 GMT

android01 wrote:
Revelate wrote:
Weird. Anti-poaching tactic preventing their competitors from seeing the specific tradeline and trying to lure them away?

Personally I don't see the benefit for either the consumer or the lender, other than maybe it's being cheaper not to report it... but since it's all a common infrastructure, it has to be more complicated (read expensive) to exclude them at least on their internal infrastructure side, no clue what the CRA's charge.
I doubt its an anti-poaching tactic as you can't really see which card it is, just the financial institution. I think I might even like the idea of a hidden TL more than AMEX and back dating.

Nah, I can almost guaruntee you they can figure out which of a small few cards it likely is just by looking at the tradeline... it truly isn't a long intellectual walk. The lenders all have data on their competitors products (and they can do their own internal analysis too if they wish on their own customer data since they have access to their reports, it's a large enough sample size to be sure). Even without knowledge of the specific tradeline, the listed CL, high balance, current balance, and payments made, that's pretty easy to figure out on review that someone is potentially spending big on the card, and that's enough reason to poach them anyway.

Personally I think it's suspect, but I'm not a fan of anything hidden when it comes to credit reporting and scoring.

Re: JP Morgan Select does NOT report to CRA's

MrShush — Tue, 24 Apr 2012 02:02:05 GMT

This card just became appealing to me.

Re: JP Morgan Select does NOT report to CRA's

android01 — Tue, 24 Apr 2012 02:07:04 GMT

Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?

It can't hurt anything if it doesn't report. The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not. My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences. It is a "flexible spending" card where I can charge over my limit. I think it's a brilliant idea. It certainly got my attention!

Re: JP Morgan Select does NOT report to CRA's

AF_23 — Tue, 24 Apr 2012 02:11:57 GMT

cassembler wrote:
I bet they'd report it if it turned into a 30-day late :)

Doubt it, thats the last thing they're worried about is reporting to a CRA. This is nothing like a normal customer relationship it would seem.

Re: JP Morgan Select does NOT report to CRA's

MrShush — Tue, 24 Apr 2012 02:15:38 GMT

The only hidden trade I know of now is the Newegg Preferred card. I have it and use it. I don't care about the balances I've carried because I know it will not have adverse socre implications and the balances were promo interest free. Does it matter that the limit or history not reporting bother me? Nope. If you have an established history and plenty of available credit, one or two hidden accounts does not matter in the least.

Re: JP Morgan Select does NOT report to CRA's

drkaje — Tue, 24 Apr 2012 02:16:42 GMT

There used to be a few cards that didn't report. At the time, I was very early in rebuilding, so there wouldn't have been any point in applying.

Re: JP Morgan Select does NOT report to CRA's

Jake0215 — Tue, 24 Apr 2012 02:17:10 GMT

android01 wrote:
Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?
It can't hurt anything if it doesn't report. The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not. My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences. It is a "flexible spending" card where I can charge over my limit. I think it's a brilliant idea. It certainly got my attention!

They should market it as such then... Maybe it would be more popular... :-) I guess it's an added bonus. As I was just approved tonight I am of course eagerly awaiting it's arrival.

Re: JP Morgan Select does NOT report to CRA's

android01 — Tue, 24 Apr 2012 02:18:04 GMT

Another benefit I thought of is that I don't have to pay it off by the statement date as to not report a balance. :smileyhappy:

Re: JP Morgan Select does NOT report to CRA's

Revelate — Tue, 24 Apr 2012 02:19:07 GMT

android01 wrote:
Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?
It can't hurt anything if it doesn't report. The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not. My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences. It is a "flexible spending" card where I can charge over my limit. I think it's a brilliant idea. It certainly got my attention!

We got into this God-awful economic mess because lenders were misleading consumers to some extent (everyone has a different opinion as to how much); not reporting this tradeline is absolutely misleading other lenders.

I had thought there was a contractual requirement to report to the CRA's if the lender polled their bureau for scores / approvals. If that's even accurate, I suppose that can be negotiated away for the right amount of money (as it hurts the reliabilty of the CRA's) but JP Morgan Chase is legitimately one of the elephants in the living room.

Re: JP Morgan Select does NOT report to CRA's

android01 — Tue, 24 Apr 2012 02:22:23 GMT

MrShush wrote:
The only hidden trade I know of now is the Newegg Preferred card. I have it and use it. I don't care about the balances I've carried because I know it will not have adverse socre implications and the balances were promo interest free. Does it matter that the limit or history not reporting bother me? Nope. If you have an established history and plenty of available credit, one or two hidden accounts does not matter in the least.

+1. I wish I had more hidden accounts.

Re: JP Morgan Select does NOT report to CRA's

mokong — Tue, 24 Apr 2012 02:25:31 GMT

im really interested on this card.but my problem i had to wait at least 5 more months to apply ,since i had a new chase disneys premier last feb which starting limit is 4k. since chase dont PC because i had 2 chase account southwest and Disneys,do i have a chance to approve for this card then if approve can i close this 2 account then transfer the limit to the new card?

Re: JP Morgan Select does NOT report to CRA's

drkaje — Tue, 24 Apr 2012 02:26:58 GMT

Revelate wrote:
android01 wrote:
Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?
It can't hurt anything if it doesn't report. The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not. My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences. It is a "flexible spending" card where I can charge over my limit. I think it's a brilliant idea. It certainly got my attention!
We got into this God-awful economic mess because lenders were misleading consumers to some extent (everyone has a different opinion as to how much); not reporting this tradeline is absolutely misleading other lenders.

I had thought there was a contractual requirement to report to the CRA's if the lender polled their bureau for scores / approvals. If that's even accurate, I suppose that can be negotiated away for the right amount of money (as it hurts the reliabilty of the CRA's) but JP Morgan Chase is legitimately one of the elephants in the living room.

Considering the extent to which people can pretty up their reports, it's doubtful a CC tradeline's non-dislosure will cause our economy to spiral further downward. :)

Re: JP Morgan Select does NOT report to CRA's

android01 — Tue, 24 Apr 2012 02:28:36 GMT

Revelate wrote:
android01 wrote:
Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?
It can't hurt anything if it doesn't report. The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not. My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences. It is a "flexible spending" card where I can charge over my limit. I think it's a brilliant idea. It certainly got my attention!
We got into this God-awful economic mess because lenders were misleading consumers to some extent (everyone has a different opinion as to how much); not reporting this tradeline is absolutely misleading other lenders.

I had thought there was a contractual requirement to report to the CRA's if the lender polled their bureau for scores / approvals. If that's even accurate, I suppose that can be negotiated away for the right amount of money (as it hurts the reliabilty of the CRA's) but JP Morgan Chase is legitimately one of the elephants in the living room.

The only requirement in the FCRA or whatever the governing document is, is that IF the lender decides to report a TL, it MUST be accurate. There is NO requirement by law that the lender has to report anything if they choose not to. It's probably something like what AMEX does, which is not to report my Business card on my personal reports.

Re: JP Morgan Select does NOT report to CRA's

Revelate — Tue, 24 Apr 2012 02:30:59 GMT

android01 wrote:
The only requirement in the FCRA or whatever the governing document is, is that IF the lender decides to report a TL, it MUST be accurate. There is NO requirement by law that the lender has to report anything if they choose not to. It's probably something like what AMEX does, which is not to report my Business card on my personal reports.

Which is why I specifically stated contractual requirement :). I'm nearly 100% confident it was there from Experian at a lender that I once worked for, but you're correct in stating that there's no FCRA / federal mandated requirement to do so.