Chase cancelling all accounts of recent card applicants whom they deem risky

[Anonymous]

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@Anonymous wrote:

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.

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.

Utilization never goes above 2%.  Scores all 775 to 800s.

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You really don't need to be concerned.  The last thing people need to do is get all worried over this report.  Just carry on and don't do anything crazy and you'll be fine.

[CreditCuriosity]

Something to keep an eye on, but this has happened before with chase and has gone just as quick as the reports have came.  Hasn't been an uptick in chase AA lately either that I have seen.  Also as Irish stated most got their accounts reinstated on those reports along with data points of what got their attention and what they did to address Chase concerns.  IMO nothing to worry about as long as your utilization and report and not doing any MS or other odd patterns.

[sarge12]

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@Anonymous wrote:

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@sarge12 wrote:

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@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.

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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.

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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.

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Hope this proves true Irish80...I would suspect you are more aware of all post's than I am, since you are a moderator. Hopefully this is more an errant perception, than a true crack down by chase. I, at least want your view of this to be the correct one. After all, my chase amazon prime card is one of my favorite cards due to the 5% rewards. Being disabled I purchase a lot of the items I buy from amazon. I have been an amazon prime member for years, and really appreciated it when my chase amazon card was auto upgraded to prime. The amazon prime membership was worth it just for the amazon prime movies and such, throw in the free 2 day shipping, and now adding 5% rewards with that card and amazon prime membership is a no brainer...and no I am in no way affiliated with amazon.

[medicgrrl]

I wonder if they're all Reddit users lol

[Revelate]

Lenders' algorithms get updated from time to time, and likely whenever they change it results in an uptick of AA of people who previously weren't caught by the computers.  That would track with the reports that the accounts were reopened after talking to a human as well.

I wouldn't worry about it, as Irish correctly suggests this does happen; admittedly the timing does bother me some after the recent reports of higher defaults at Cap 1 / Discover that have hit the news and that assuredly hits places like Chase as well but at this point it's still somewhat disconnected patterns of behavior... especially since at least the DOC story talked about new cardholders, a more broad sweep of tightening would whack long-standing customers too.

[grillandwinemaster]

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@sarge12 wrote:

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@Anonymous wrote:

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@sarge12 wrote:

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@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.

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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.

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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.

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Hope this proves true Irish80...I would suspect you are more aware of all post's than I am, since you are a moderator. Hopefully this is more an errant perception, than a true crack down by chase. I, at least want your view of this to be the correct one. After all, my chase amazon prime card is one of my favorite cards due to the 5% rewards. Being disabled I purchase a lot of the items I buy from amazon. I have been an amazon prime member for years, and really appreciated it when my chase amazon card was auto upgraded to prime. The amazon prime membership was worth it just for the amazon prime movies and such, throw in the free 2 day shipping, and now adding 5% rewards with that card and amazon prime membership is a no brainer...and no I am in no way affiliated with amazon.

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I agree with Sarge in that he hopes Irish is correct!! I'm not "IN" with Chase yet, but I got a lone 30 day notice that I'm hoping converts into an approval!

I'm a LONG way from "CHASING the Land of UNLIMITED FREEDOM! So I PREFER to RESERVE judgment until the INK dries!"

How'd I do Avg Joe?? Not bad for an amateur? Lol!

[red259]

I read this article and it looks like it applies to brand new cards like before you even receieve the new card the shutdown occurs. I'm thinking I am going to chill with apps for awhile, although I may need the amex business plat in 2 or 3 months if my status drops off before my trip. I don't want to just upgrade my business gold card because it seems amex will deny you future signup bonuses on the plat if you upgraded to it in the past even if you didn't get a bonus when you upgraded. I'm going to chill out on chase apps in particular for at least six months and try to limit any future apps to business cards that don't report. 

[Creditplz]

I added a Citi Costco, Biz Marriott, and Ritz in the last month or so... I was planning on a Chase BLOC but after reading this... it can wait 🤔. Scary stuff

[Anonymous]

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@Creditplz wrote:
I added a Citi Costco, Biz Marriott, and Ritz in the last month or so... I was planning on a Chase BLOC but after reading this... it can wait 🤔. Scary stuff

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Not to be argumentative but what exactly is scary?  That 5 people had their accounts suspended with 3, maybe 4 of them getting them restored?  At any given time you can find 5 people that have been AAed by any creditor and Chase is no different.  No offense to DoC but these bloggers have a self interest in driving traffic to their sites thru reports like this.  I truly don't understand the angst over this particular report.  If I were in your shoes, I would proceed with the BLOC as you originally planned.  We have a ton of people here, myself included, with lots of Chase accounts and I just don't see any widespread AA occurring.  Maybe that will change but for now, I would say conduct business as usual.

[Discover2016]

I don't think this is worth panicking over, remember folks, Chase has about 100 million cards in circulation, think about that for a second. So five cases out of 1/10th of a billion cards and three of them got restored.