Beware- Requesting to consolidate Chase accounts may result in review of credit profie

[Open123]

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@CreditCuriousity wrote:

I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card.  I sure wouldn't want to be that GP...  Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank?  That isn't speculation, that is a fact my friend.

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I've done this with Chase the past several years on both personal and business cards for a variety of different sign-up bonuses.  While they always have to check, I've never been denied a CL consolidation, denied a card, or otherwise faced any AA.  

Now, this of course doesn't mean everyone will have a similar experience.  In general, most people don't suffer any AA when closing cards, for whatever reason, and cosolidating CLs.  Of course, as with everything, there's always the exception, which shouldn't be extrapolated to mean it applies to the general user experience.

[Imperfectfuture]

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@sillykitty1 wrote:

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@kdm31091 wrote:

The thing that would likely get you "noticed" more is closing the old card right when AF comes due/after collecting bonus etc, right after moving limits. Moving and then closing could be percieved more "red flag" than just moving limits but retaining the cards. 

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This is pure speculation and not related to anything in this thread, the OP was closing a Slate, which has no bonus or AF.  

Way too much scaremongering on this board, IMO.  Events that are specific to an individual's situation are then extrapolated to general statements that become gospel, like never carry a balance on an Amex, never make a minimum payment, and now moving limits between Chase cards might result in a CLD. 

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Complete agreement.

[Imperfectfuture]

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@Open123 wrote:

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@CreditCuriousity wrote:

I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card.  I sure wouldn't want to be that GP...  Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank?  That isn't speculation, that is a fact my friend.

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I've done this with Chase the past several years on both personal and business cards for a variety of different sign-up bonuses.  While they always have to check, I've never been denied a CL consolidation, denied a card, or otherwise faced any AA.  

Now, this of course doesn't mean everyone will have a similar experience.  In general, most people don't suffer any AA when closing cards, for whatever reason, and cosolidating CLs.  Of course, as with everything, there's always the exception, which shouldn't be extrapolated to mean it applies to the general user experience.

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^^^^And this.

[CreditCuriosity]

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@Open123 wrote:

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@CreditCuriousity wrote:

I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card.  I sure wouldn't want to be that GP...  Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank?  That isn't speculation, that is a fact my friend.

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I've done this with Chase the past several years on both personal and business cards for a variety of different sign-up bonuses.  While they always have to check, I've never been denied a CL consolidation, denied a card, or otherwise faced any AA.  

Now, this of course doesn't mean everyone will have a similar experience.  In general, most people don't suffer any AA when closing cards, for whatever reason, and cosolidating CLs.  Of course, as with everything, there's always the exception, which shouldn't be extrapolated to mean it applies to the general user experience.

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I agree, but they recently updated their T&C's regarding award abuse if you haven't read up on them, you might want to.  Basically it states if you use the cards for reward abuse (not even MS) only aka churning etc., they have the right to close accounts in a nutshell.  This is at least on the CSP and freedom, not sure about any other cards.  Think it was updated dec 14?

[kdm31091]

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@CreditCuriousity wrote:

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@Open123 wrote:

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@CreditCuriousity wrote:

I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card.  I sure wouldn't want to be that GP...  Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank?  That isn't speculation, that is a fact my friend.

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I've done this with Chase the past several years on both personal and business cards for a variety of different sign-up bonuses.  While they always have to check, I've never been denied a CL consolidation, denied a card, or otherwise faced any AA.  

Now, this of course doesn't mean everyone will have a similar experience.  In general, most people don't suffer any AA when closing cards, for whatever reason, and cosolidating CLs.  Of course, as with everything, there's always the exception, which shouldn't be extrapolated to mean it applies to the general user experience.

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I agree, but they recently updated their T&C's regarding award abuse if you haven't read up on them, you might want to.  Basically it states if you use the cards for reward abuse (not even MS) only aka churning etc., they have the right to close accounts in a nutshell.  This is at least on the CSP and freedom, not sure about any other cards.  Think it was updated dec 14?

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^ This.

People are free to do what they want; all anyone is pointing out is that it's possible Chase is keeping a larger eye on things. I'm not extrapolating it to mean "no! Don't do xyz".

I'm extrapolating it to mean Chase ain't stupid and I think the rolling limit trick will not work forever. I could be dead wrong. Who knows? It's my opinion and nothing else.

[Open123]

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@CreditCuriousity wrote:

I agree, but they recently updated their T&C's regarding award abuse if you haven't read up on them, you might want to.  Basically it states if you use the cards for reward abuse (not even MS) only aka churning etc., they have the right to close accounts in a nutshell.  This is at least on the CSP and freedom, not sure about any other cards.  Think it was updated dec 14?

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For as along as I can remember, Chase (or, any issuer) has always clearly stated in the T&C their right to close accounts for any reason.  I'm sure many of the top 1% of churners will have their accounts closed, but any "reasonable" rewards harvesting has always been tolerated by Chase, Amex, and Citi.

In other words, there's no risk if you try out a couple of Chase cards per year with a sign-up bonus and decide it isn't for you.  However, if a person applies for new bonus every month on all of their cards, then the likelihood for account closure increase significantly.

As always, pigs get fat, while hogs get slaughtered.  This isn't a zero-sum game.

[Anonymous]

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@Open123 wrote:

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@CreditCuriousity wrote:

I agree, but they recently updated their T&C's regarding award abuse if you haven't read up on them, you might want to.  Basically it states if you use the cards for reward abuse (not even MS) only aka churning etc., they have the right to close accounts in a nutshell.  This is at least on the CSP and freedom, not sure about any other cards.  Think it was updated dec 14?

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For as along as I can remember, Chase (or, any issuer) has always clearly stated in the T&C their right to close accounts for any reason.  I'm sure many of the top 1% of churners will have their accounts closed, but any "reasonable" rewards harvesting has always been tolerated by Chase, Amex, and Citi.

In other words, there's no risk if you try out a couple of Chase cards per year with a sign-up bonus and decide it isn't for you.  However, if a person applies for new bonus every month on all of their cards, then the likelihood for account closure increase significantly.

As always, pigs get fat, while hogs get slaughtered.  This isn't a zero-sum game.

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My understanding about that added verbiage was due to improper transfer of reward points, i,e. selling them to other and not related to churning or closing of cards

[Imperfectfuture]

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@CreditCuriousity wrote:

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@Open123 wrote:

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@CreditCuriousity wrote:

I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card.  I sure wouldn't want to be that GP...  Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank?  That isn't speculation, that is a fact my friend.

---

I've done this with Chase the past several years on both personal and business cards for a variety of different sign-up bonuses.  While they always have to check, I've never been denied a CL consolidation, denied a card, or otherwise faced any AA.  

Now, this of course doesn't mean everyone will have a similar experience.  In general, most people don't suffer any AA when closing cards, for whatever reason, and cosolidating CLs.  Of course, as with everything, there's always the exception, which shouldn't be extrapolated to mean it applies to the general user experience.

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I agree, but they recently updated their T&C's regarding award abuse if you haven't read up on them, you might want to.  Basically it states if you use the cards for reward abuse (not even MS) only aka churning etc., they have the right to close accounts in a nutshell.  This is at least on the CSP and freedom, not sure about any other cards.  Think it was updated dec 14?

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Yep, they have removed the 24 month thing, wording is once per customer per card.  One reward for freedom, one reward for CSP, etc.  haven't looked at all the cards yet.   No more churning, however, doesn't look like change in closing and moving limits.

[Imperfectfuture]

My sister, along with most of the US population, does just that, blindly goes oh, credit card,

PS, that language is not part of the terms for the Slate card, interesting. I just think the original topic had more to do with external factors, then simply moving limits, otherwise, why cld? This was the SLATE he was talking about.

[Open123]

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@Imperfectfuture wrote:

Interesting scenario, the terms on my pre apps still say 24 months.  Just an FYI (again, Chase is experimenting, bet they will settle on some mid ground).  

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The issuers make the rules and decide what they tolerate.  As consumers, we adjust and make our decisions.  

For instance, once upon a time, Chase stipulated one bonus per lifetime.  Then, they changed it to 24 months.  Amex has decided once per lifetime on personal cards, but has clearly stipulated per 12 months on business cards.  Citi allows one AA bonus per card now, but still freely allows the bonus per 90 days on the Business AA.

Issuers dictate the rules, and we do our best to make decisions which benefit us the most.  Nothing more, and nothing less.  All the "high road" stuff is just a bunch of scatalogical bovine.