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Hello all. Doctor of Credit just posted this:
http://www.doctorofcredit.com/chase-cancelling-accounts-recent-card-applicants-deem-risky/
Is this something you all are talking about on this forum? I am almost never on the CC forum so I wouldn't know.
Curious to know if anyone here has had this happen. It's interesting that this happens typically AFTER you get approved for a Chase card and then ALL your Chase accounts are closed. Doc's guess that they have a special team looking at this sounds on the money.
PS. The comments in the DoC piece are very thoughtful as well.
@Anonymous wrote:Hello all. Doctor of Credit just posted this:
http://www.doctorofcredit.com/chase-cancelling-accounts-recent-card-applicants-deem-risky/
Is this something you all are talking about on this forum? I am almost never on the CC forum so I wouldn't know.
Curious to know if anyone here has had this happen. It's interesting that this happens typically AFTER you get approved for a Chase card and then ALL your Chase accounts are closed. Doc's guess that they have a special team looking at this sounds on the money.
PS. The comments in the DoC piece are very thoughtful as well.
Yet more evidence of nervous jitters by major credit card issuers...all who have been poking the bear, might consider if not stopping entirely, at least using a smaller less noticable stick. Many of us on these boards have long enjoyed the benefits that come with poking the bear, but I fear we might soon be reminded that the bear bites. For at least the forseeable future I may be found hiding in the garden, at least until the bears seem less aggressive.
@Anonymous wrote:Hello all. Doctor of Credit just posted this:
http://www.doctorofcredit.com/chase-cancelling-accounts-recent-card-applicants-deem-risky/
Is this something you all are talking about on this forum? I am almost never on the CC forum so I wouldn't know.
Curious to know if anyone here has had this happen. It's interesting that this happens typically AFTER you get approved for a Chase card and then ALL your Chase accounts are closed. Doc's guess that they have a special team looking at this sounds on the money.
PS. The comments in the DoC piece are very thoughtful as well.
Scary stuff.
I totally fit the profile: new Chase cards, recent inquiries, recent other new accounts.
BrutalBodyShots...have you read this? A little late now, but I'm a little concerned now about your 2 chase and 1 citi approvals the other day! Hoping for the best for you buddy.
Please keep in mind that DoC goes on to add that most people had their accounts restored after talking to lending. He reports 5 people that this happened to with at least 3 of them getting their accounts restored. Just keep it in perspective before a panic ensues.
Here I sit, after much patient waiting finally able to apply for a new Chase card. Guess I will be very, very lightly poking the bear here soon.
I'm at 5/24, or more accurately 4/24 right now but to be sure am waiting until the end of this month to say 4/24. Two of those 4 are Chase cards, but I have no UR earning cards and I want both Inks and the FU card. I will start with one of course and wait, I was going to get an Ink and FU card at the same time but this will make me more cautious. Three more cards fall off between now and August, so I will still be in good shape to apply later I guess.
My INQs are not bad, but I have joined a couple credit unions, couple cars, and am in the process of a mortgage. The day it closes I'm getting some type of Chase card regardless! I'm not scared! (well, maybe thats not true)
@Blackswizz750 wrote:
Dang , that bear has large teeth and claws. Smaller bears follow Chase, BOA, AMEX, and Cap1. I am glad to be on this forum. Folks who don't follow trends as we do will not see AA from big banks until it's at macro levels like 2008-2010.
There has been a very noticable uptick on these boards lately of AA by chase and CLD's by cap1...it may just be my perception, but it seems as if issuers are in general getting cold feet, and looking to reduce risk. I personally have some fairly strong armor to protect me from the bears, but I still see no logic in intentionally angering them either.
@sarge12 wrote:
@Blackswizz750 wrote:
Dang , that bear has large teeth and claws. Smaller bears follow Chase, BOA, AMEX, and Cap1. I am glad to be on this forum. Folks who don't follow trends as we do will not see AA from big banks until it's at macro levels like 2008-2010.There has been a very noticable uptick on these boards lately of AA by chase and CLD's by cap1...it may just be my perception, but it seems as if issuers are in general getting cold feet, and looking to reduce risk. I personally have some fairly strong armor to protect me from the bears, but I still see no logic in intentionally angering them either.
There has? I haven't seen any significant increase in Chase AA threads recently. There hasn't been any more lately than at any time during my 2 1/2 years on the forum. Chase AA occurs from time to time and it can almost always be traced back to something that the card holder did that led to the AA
I'll agree on CapOne but not Chase.
Edit to add that about a year ago people were saying the same about Chase because of a few AA reports. It's a normal pattern here.
This doesn't comfort me at all. I had a Chase CSP and Freedom for more than 2 years. Combined accounts and kept the CSP open. Got hit with 2 yearly fees unexpectedly and realized I may should have closed the CSP instead. Had no applied for a credit card in two years.
In the last 2 months I was approved for NFCU Cash Rewards and CapOne Venture One. Last week went ahead and apped for the Chase Freedom Unlimited. Instant approval $4,500. Hasn't got here yet. Just used my CSP but WalMart told me they don't charge to the card until the item ships.
Not seeing anything is closed when I log onto my accounts.
Utilization never goes above 2%. Scores all 775 to 800s.