Chase Suspended My Cards

[enharu]

---

@NuggetBrain wrote:

I'm more worried because I also have anywhere from 5-10 INQs on my reports (depending on which on you look at). I'm done apping now until the end of the year at least but they won't know that....at least my utilization is still under 10%.

---

that's not a lot of inquiries at all. You are definitely going to be ok.

I have 15 on EX within the past year. About 4-5 were due to auto loan and lease, but they didn't seem to care. They just seem to look at the number of inquiries and the timeframe itself. I have a lot less on EQ and TU, but it just happens that Chase pulls EX primarily.

[Open123]

---

@NuggetBrain wrote:

Sorry, I'm still relatively new to all this so I'm still having Chicken Little tendancies lol.

---

In that case, you really need to search and read the Barclay AA threads!  

[grinlikechelsea]

---

@oilcan12 wrote:

---

@NuggetBrain wrote:

I'm more worried because I also have anywhere from 5-10 INQs on my reports (depending on which on you look at). I'm done apping now until the end of the year at least but they won't know that....at least my utilization is still under 10%.

---

Penfed is one of the most conservative financial institutions in the country. If they approved you, it's unlikely Chase would close any of your cards. Penfed is much more conservative than Chase.

---

+1

If you got in with PenFed, you are golden. Just maintain your accounts and everything will be fine.

[mirachi]

---

@NuggetBrain wrote:

I'm more worried because I also have anywhere from 5-10 INQs on my reports (depending on which on you look at). I'm done apping now until the end of the year at least but they won't know that....at least my utilization is still under 10%.

---

I don't think INQs alone would be cause for major concern....I'd probably also factor in total CL across all cards vs income, total CL in Chase alone vs income, UTIL, DTI, etc too

@Anonymous and/or enharu: were your total CLs way above annual income?

[red259]

---

@09Lexie wrote:

---

@Open123 wrote:

---

@red259 wrote:

I'm somewhat suprised that a chase biz card app triggered this concern vs the ritz carlton personal card. On a side note I have noticed a number of people mentioning the Ritz Carlton card. Are people getting this card because they frequent ritz carlton properties? Signing up just for the bonus offer and then dropping at the renewal? 

---

In my case, they wanted to know why (isn't it obvious?) do you need both Chase Ink Plus and Bolds?  Well, Ms. Analyst, because I'd like the get both 60K promos! 

For me, I like the Ritz for the following:  (1) first year fee waived or 140K bonus; (2) stay at Ritz hotels for my personal travel; (3) lounge access and upgrades; (4) no forex fee; and, (5) finally, use the $200 Airline credit, since I cancelled my personal Amex Platinum.  And, finally, spend my first $10K (mostly 5X Ritz stays) for Marriott Gold, and can freely move my UR points to round off stays.

Most importantly, I just prefer the Ritz over other hotels.

---

Couldn't have said it better myself. 

---

I didn't realize we had soo many ritz fans here! 

[longtimelurker]

---

@Open123 wrote:

---

@longtimelurker wrote:

I don't think people should panic yet!  There have just been two reports recently, and the fact that they were so close together is potentially worrying, but let's wait a little.   If there is a new algorithm, and tighter enforcement of existing conditions, there will be many more reports soon  (Not to minimize the impact on those hit now of course).

It's just a little like hearing of Amex FRs and everyone thinking that they must be next.

---

+1

Right now, it's just a coincidence.  Let's see if there's more, then it'll be like Citi with the TY 5X points, a systematic purging of accounts that fit within certain risk data points.

---

Well, didn't want to bring up the 5x TYP, as that systematic purging was followed by total ignoring of behaviour with exactly the same risk factors!  I am on the last few days of that card.  No alert when I buy $2,500 VR, several days in a row,  just instant approval.  Wish I knew why!

[enharu]

---

@mirachi wrote:

---

@NuggetBrain wrote:

I'm more worried because I also have anywhere from 5-10 INQs on my reports (depending on which on you look at). I'm done apping now until the end of the year at least but they won't know that....at least my utilization is still under 10%.

---

I don't think INQs alone would be cause for major concern....I'd probably also factor in total CL across all cards vs income, total CL in Chase alone vs income, UTIL, DTI, etc too

@Anonymous and/or enharu: were your total CLs way above annual income?

---

if we're considering US income only, no. It was at slightly over 50%.

If we're considering all sources, then it's way lower. 

However, I report only US income on my credit apps except for Amex.

[dpittsmd1985]

Not to sound stupid...but what do you mean by "MS" in your post?

[grinlikechelsea]

To answer the income question, my total CLs do exceed my income by a fairly substantial margin. I will note that three accounts are joint, so it was not solely my income on the application.

[grinlikechelsea]

---

@dpittsmd1985 wrote:

Not to sound stupid...but what do you mean by "MS" in your post?

---

MS is manufactured spending. It essentially is buying a reloadable gift card to liquidate the spend to pay off the card. You earn cash back, miles, and points for practically nothing. However, it is prone to adverse action from lenders.