All Chase cards closed again thanks to BMW dealership and my stupidity.

[baller4life]

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@Anonymous wrote:

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@enharu wrote:

I went for it, and requested the dealership pull Experian ONLY.

The manager agreed, but I eventually ended up with 1 inquiry on each bureau by the dealership. Was a little unhappy, but not a big deal since it's not out of the ordinary.

Eventually, BMW did their own inquiry, but they pulled EX only, which is good.

I was approved for the lease, and took posession of the vehicle. Lease account showed up earlier than I expected on my CR, but everything was fine.

Now for the stupid part.

Apparently when I was signing the lease documents, the dealership had signed me up for some BMW credit card as well.

I didn't even know about it until BMW pulled an additional inquiry at a later date, under BMW Bank (address: PO BOX 9210, OLD BETHPAGE NY 11804. tel: (801) 461-6528) and reported the new account about a week after my lease account reported.

Chase, Amex and several other lenders all did soft inquiries during each of these inquiries and new accounts reporting.

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This is just ANOTHER story that convinces me, even more, than frezen credit reports is a legitimate defensive tactic to protect your credit profile.  I know FICO Moderators don't want to hear this, because they apparently are immune to the problems of regular credit seekers, but this is not a question of taking advantage of the system.  There are way too many instances of potential lenders who promise certain things HP wise, then they do the opposite and you are the one that ends up with a mess.  And sometimes the mess is more difficult to clean than in this instance or the victim of the mess suffers a bigger blow if their credit profile is weak, as opposed to the OP.

If the OP had frozen his accounts, then unfrozen EX for the lease, then froze it again, none of this would have happened.  Why should we surrender control of our credit profile to the good faith or competence of lenders that only care about their own interest?  I think there is a clear difference between using freezing to manipulate applications vs to prevent abuse by lenders that don't honor their word, that many times doen't even know what they are doing and/or don't care.  Well, i care, dammit!.

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Ok dude this ax you have to grind against the mods is getting old. If you're not claiming they get "bonuses" or some sort of compensation it's this. Give it a rest. Like for real. Myfico mods work on a VOLUNTEER basis and receive NO compensation for their HOURS and HOURS of being on this forum making sure everything runs smoothly. And for the record, I have never seen ANY mod saying anything against freezing your credit reports UNLESS it is to MANIPULATE a creditor to pull your best report. I am certain that you have a lot more to offer to this forum than mod bashing!! Now back to my morning coffee.

[Anonymous]

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@09Lexie wrote:

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@Anonymous wrote:

Well, since this breeze and unfreezing has been a "forbidden topic" here, I know little about the fees involved and how much flexibility and speed you have to freeze and unfreeze reports.  That's why it should be part of an well educated credit forum.  I just think we need to know the credit tools available, to prevent abuse, which in my case this freezing thing would have totally worked, and which tools don't work or shlouldn't be used, but the answer shouldn't be "we can't talk about that."  Is this a Credit forum or the Medieval Times Church forum?

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Again, the topic of freezing your credit reports is not off limits.  Almost every thread on gardening or the General Credit board frequently talks about freezing your credit reports to prevent yourself from apping.  Since you are new maybe you have not read the different threads or may not have understood the difference between enharu's application and those who have several derogs onEX and EQ and freeze them so a lender must pull TU.  

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Yes, I made the mistake of giving the impression that the OP post had great relevance to my larger issue post.  It doesn't.  It's just another data point of the many, including some of mine, of instances in witch a lender says or promises something about HPs and does another.  I should have created a different thread and not talk about it here, sorry for that.

As for your freezing discussions in gardening, you are right, I have never opened a gardening thread nor do I plan to.  The point is not about using freezing to trick some lender or to prevent oneself, as sad as that sounds; but to prevent OTHERS from abusing you by damaging your credit profile.  That's the topic.  But, for another thread, sorry about my disturbance of this one.

[keithB]

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@TheClub wrote:
Quick question... Why does Chase keep closing all of your accounts? That's really not a common practice of theirs.. Or is it?

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Good question... It seems to me Chase would be kissing the ground you walk on, seeing how you are a Palladium card holder.... Something sounds off here 

[longtimelurker]

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@keithB wrote:

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@TheClub wrote:
Quick question... Why does Chase keep closing all of your accounts? That's really not a common practice of theirs.. Or is it?

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Good question... It seems to me Chase would be kissing the ground you walk on, seeing how you are a Palladium card holder.... Something sounds off here :smileyindifferent:

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Why?  You seem quick to assume (in general if not here) that facts are being withheld!

The same high limits that show enharu is considered an important customer to Chase is also considered a liability by the security/fraud part of Chase, who would probably prefer that the bank gave no-one unsecured credit!   So as their exposure rises, they pay more and more attention, and one of the danger signals they look for is searching for, and especially obtaining new credit.   Maybe enharu is going to max out the cards and run.

In this case, it is mainly because he being watched closely from the previous incident, and getting even a single new account, even after 6 months, tripped the alarm.

[FinStar]

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@longtimelurker wrote:

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@keithB wrote:

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@TheClub wrote:
Quick question... Why does Chase keep closing all of your accounts? That's really not a common practice of theirs.. Or is it?

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Good question... It seems to me Chase would be kissing the ground you walk on, seeing how you are a Palladium card holder.... Something sounds off here :smileyindifferent:

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Why?  You seem quick to assume (in general if not here) that facts are being withheld!

The same high limits that show enharu is considered an important customer to Chase is also considered a liability by the security/fraud part of Chase, who would probably prefer that the bank gave no-one unsecured credit!   So as their exposure rises, they pay more and more attention, and one of the danger signals they look for is searching for, and especially obtaining new credit.   Maybe enharu is going to max out the cards and run.

In this case, it is mainly because he being watched closely from the previous incident, and getting even a single new account, even after 6 months, tripped the alarm.

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Not sure what KeithB is driving at with his comment festering other suspicions?  Please elaborate and enlighten the rest of us as to what "sounds off".

At any rate, glad to see you back on the forums enharu and sorry for all the AA circus with Chase (I guess I never knew you went through the same issue in the past).  However, I sure hope they can get all your accounts reopened and this whole issue resolved.  Definitely keep us in the loop.

[Fico2Go]

I don't see how 16 accounts in two years can be considered excessive when compared to others with forty or more.  

Several points I scraped from OP's experience:

1:  Putting all eggs in one basket also comes with the risk of losing all in a split second;

2:  Total credit line from one provider is less meaningful than we might think;

3:  My decision to freeze all CRs has worked out well against these "accidental" or "customer service"  HPs;

Enharu, may I ask why the CL for your freedom card is slow low in comparison to the other Chase cards?

[durango13]

As somewhat of a newbie, this cancelling of Chase cards because of one additional card and an INQ worries me.  I just went on a mini-spree and got 4 new cards (one of them Chase Sapphire) and it cost my 4 indquiries.  I already have the Freedom and Slate.......I do not want them to close my accounts. Is this common of Chase?

[jamesdwi]

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@Fico2Go wrote:

I don't see how 16 accounts in two years can be considered excessive when compared to others with forty or more.  

Several points I scraped from OP's experience:

1:  Putting all eggs in one basket also comes with the risk of losing all in a split second;

2:  Total credit line from one provider is less meaningful than we might think;

3:  My decision to freeze all CRs has worked out well against these "accidental" or "customer service"  HPs;

Enharu, may I ask why the CL for your freedom card is slow low in comparison to the other Chase cards?

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Considering the OP's current credit status, those 16 accounts most likely would of had a total CL of at least 80k ( given an adverage CL of 5k which is probabably low, since he was disapointed with a 7k approval on the BMW card that caused this issue)  80k increase in total CL over and above the OPs allready thick file put a little scare in chase's underwriters. 

[HiLine]

For those that missed the auxiliary information spread over this thread and given in a previous thread, enharu's case is exceptional because:

1. Chase has a lot of credit exposure with him; he has been a big client for several years.
2. He opened 16 new credit accounts in 2 years with presumably high limits (think 100k+)
3. Chase closed his accounts 6 months ago and put him on a watch list, so any credit action deemed risky by Chase would flag his accounts.

Lacking any of these 3 factors, he probably would not have been treated the way he was. So in general, don't freak out. It is rate to see someone in this situation.

Enharu, sorry to hear what happened to your Chase accounts. I didn't follow the other thread closely, but did you try voluntarily cutting the limits on the Chase to reduce their exposure with you?

[sunkissed]

enharu, I'm sorry about your situation.  I recall the last round you had with Chase.  Hopefully this will work out favorably again for you.  Try to tread more lightly going forward!  Best of luck to you.  Please keep us posted.