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@Anonymous wrote:You cannot reasonably expect a lender to disclose every instance in which you can be denied credit. You applied, and being on this forum, knew full well that this card was under their 5/24 rule. There is no law that states a lender has to list all of their rules and guidelines for approval. CFPB complaints for these type of issues are a waste of time and resources for both the CFPB and the lender.
Not to get extremely off topic, but the credit and lending game is b.s and unfair to the consumer. Many people who are building credit but only know little about credit cards may close many of their old accounts with high APR's to get new ones with lower APR's, rewards, etc., and sometimes that'll mean opening up five new cards within a two year period. If Chase doesn't want to open a new account just because someone has opened five or more accounts over the last two years, then they should be required to disclose that so someone doesn't get a meaningless hard inquiry on their credit report.
Personally I'd like to see more details than "insufficent credit history." Uh, what is "insufficent"? My oldest account is over 6 years old, which should be plenty old enough to get a credit card.
@Anonymous wrote:
Update. Didn't know his until just a bit ago. This should quell some worry lol
My buddy had called IN TO CHASE Lending First to ask if they'd consider a $40k line and got greedy !!! They denied, and then later he received call from Lending again. POKE THE BEAR!!!!! Obviously a terrible idea.
Moral of the story. If you're approve for CSR in branch TAKE WHAT THEY GIVE U LOL
If he was approved for $30,000 as you posted and here is a copy below and then Chase decided to close the account, why would he call and request $40,000? What is the rationale behind this?
It just doesn't make sense.
@Anonymous wrote:
@Anonymous wrote:
Update. Didn't know his until just a bit ago. This should quell some worry lol
My buddy had called IN TO CHASE Lending First to ask if they'd consider a $40k line and got greedy !!! They denied, and then later he received call from Lending again. POKE THE BEAR!!!!! Obviously a terrible idea.
Moral of the story. If you're approve for CSR in branch TAKE WHAT THEY GIVE U LOLIf he was approved for $30,000 as you posted and here is a copy below and then Chase decided to close the account, why would he call and request $40,000?
It just doesn't make sense.
I think he meant his friend later called and asked for $40k thus bringing attention to himself leading chase to look at him closer then deciding to close his account. His friend hadn't mentioned that in the beginning I think, at least that's how I think I understood it.
@gdale6 wrote:
@kdm31091 wrote:
@creditguy wrote:I have no problem at all with the 5/24 rule, after all it's Chase's business and credit much like your drivers license is a privilege and not a right. I do however wish they bring some clarity to the rule. There are constant questions from people asking what cards are part of it what cards aren't? does the rule apply to in branch applications? and so on and so forth. There is always speculation about this or that and if you ask someone at the branch they have no idea what your talking about, and calling Chase isn't much better. It's sad, you learn more about chase from this forum and all of the data points, then you can from chase themselves. Like I said, I have no problem with 5/24, just the way they go about implementing it. Cut the crap chase and educate your people and don't cancel cards because the left hand doesn't know what the right hand is doing. Sorry for the rant.
Chase (or any creditor) is very unlikely to come out and publically state their underwriting criteria like that, especially since realistically 5/24 doesn't impact the general public. Most people get one or two cards and stick with them for a long long time.
Personally I believe they have a duty to the public to disclose this on their credit apps to which 5/24 applies just like they ask if you have filed a BK. Its one sided and doesnt give the customer a way to completely vet the requirements for the card. I have been mulling a CFPB complaint on this have not yet decided whether I will proceed.
Why is 5/24 different from any of the other hidden underwriting: we require a score of at least XXX, and we don't want to see more than YYY inqs etc. If I get denied because my score is too low, is that worth a CFPB complaint? Sorry, don't see the logic here.
I typed very little about the politics on purpose, but the fact of the matter is it's politics that regulates the banks, so I had to put it in there. That part shouldn't even be a topic of discussion.
Credit should be a right. It is used against us for everything, including car insurance, homes, apartments, etc. We NEED credit in order to have anything decent in our lives and not pay higher rates than everyone else for everything, so bribing us to pay $30 for a credit report and hiding the underwriting criteria is basically thievery.
@creditguy wrote:
@Anonymous wrote:
@Anonymous wrote:
Update. Didn't know his until just a bit ago. This should quell some worry lol
My buddy had called IN TO CHASE Lending First to ask if they'd consider a $40k line and got greedy !!! They denied, and then later he received call from Lending again. POKE THE BEAR!!!!! Obviously a terrible idea.
Moral of the story. If you're approve for CSR in branch TAKE WHAT THEY GIVE U LOLIf he was approved for $30,000 as you posted and here is a copy below and then Chase decided to close the account, why would he call and request $40,000?
It just doesn't make sense.
I think he meant his friend later called and asked for $40k thus bringing attention to himself leading chase to look at him closer then deciding to close his account. His friend hadn't mentioned that in the beginning I think, at least that's how I think I understood it.
So then the initial story is flawed then if your explanation is right. Meaning, Chase did NOT close the account after approval but rather it was closed upon review when he called and requested a higher credit line?
@If so, then @Anonymous, please don't start threads in haste without the full story. I say this because alot of people want this card and putting out an info. that isn't correct just causes panic and fear.
No but you brought into the discussion. So in your opinion, someone who defaults and has bad credit has a right to more credit? You seem to have a sense of entitlement.
Maybe you took me literally, yes everyone has a right to credit, but GOOD credit is a privledge bad credit is easy. Is that better.
Regardless, the government will never tell a lender how they have to lend their money.
Crying about a denial and filling a CFPB complaint over being denied for 5/24 is rediculous especially when you know about the rule before you apply.
@Anonymous wrote:
@creditguy wrote:
@Anonymous wrote:
@Anonymous wrote:
Update. Didn't know his until just a bit ago. This should quell some worry lol
My buddy had called IN TO CHASE Lending First to ask if they'd consider a $40k line and got greedy !!! They denied, and then later he received call from Lending again. POKE THE BEAR!!!!! Obviously a terrible idea.
Moral of the story. If you're approve for CSR in branch TAKE WHAT THEY GIVE U LOLIf he was approved for $30,000 as you posted and here is a copy below and then Chase decided to close the account, why would he call and request $40,000?
It just doesn't make sense.
I think he meant his friend later called and asked for $40k thus bringing attention to himself leading chase to look at him closer then deciding to close his account. His friend hadn't mentioned that in the beginning I think, at least that's how I think I understood it.
So then the initial story is flawed then if your explanation is right. Meaning, Chase did NOT close the account after approval but rather it was closed upon review when he called and requested a higher credit line?
@If so, then @Anonymous, please don't start threads in haste without the full story. I say this because alot of people want this card and putting out an info. that isn't correct just causes panic and fear.
He didn't know the full story when he made OP. He made an "UPDATE" post a few post backs stating he just learned that his friend had called in and requested the $40k limit instead of the initial $30k. And upon further review of the account, they closed it. Obviously wasn't a very smart thing to do.
@Anonymous wrote:
@creditguy wrote:
@Anonymous wrote:
@Anonymous wrote:
Update. Didn't know his until just a bit ago. This should quell some worry lol
My buddy had called IN TO CHASE Lending First to ask if they'd consider a $40k line and got greedy !!! They denied, and then later he received call from Lending again. POKE THE BEAR!!!!! Obviously a terrible idea.
Moral of the story. If you're approve for CSR in branch TAKE WHAT THEY GIVE U LOLIf he was approved for $30,000 as you posted and here is a copy below and then Chase decided to close the account, why would he call and request $40,000?
It just doesn't make sense.
I think he meant his friend later called and asked for $40k thus bringing attention to himself leading chase to look at him closer then deciding to close his account. His friend hadn't mentioned that in the beginning I think, at least that's how I think I understood it.
So then the initial story is flawed then if your explanation is right. Meaning, Chase did NOT close the account after approval but rather it was closed upon review when he called and requested a higher credit line?
@If so, then @Anonymous, please don't start threads in haste without the full story. I say this because alot of people want this card and putting out an info. that isn't correct just causes panic and fear.
+1
@Anonymous wrote:No but you brought into the discussion. So in your opinion, someone who defaults and has bad credit has a right to more credit? You seem to have a sense of entitlement.
Maybe you took me literally, yes everyone has a right to credit, but GOOD credit is a privledge bad credit is easy. Is that better.
Regardless, the government will never tell a lender how they have to lend their money.
Crying about a denial and filling a CFPB complaint over being denied for 5/24 is rediculous especially when you know about the rule before you apply.
Someone who has destoryed their credit certainly has a right to more credit, but with less favorable terms. You cannot rebuild credit without getting a chance from a lender. I agree, good credit is a not a right, but earned. I'm not discussing having good credit though, I'm discussing the rights of the consumer with the credit bureaus and lenders that need more review by the government.
The government does tell a lender how they have to lend their money, see the Frank-Dodd act and the CARD act.