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Chase gives BOGUS CLI info

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improvingmycredit
Valued Contributor

Re: Chase gives BOGUS CLI info


 


I've read each of the responses to this post, and I am quite confused with the "you're not entitled to anything" attitudes on many comments. If one is to be content without a CLI for many years, then why is the EO email number to Capital One so often suggested and used here? Why are there a myriad of backdoor numbers for recons? Why is everyone congratulated when they procure a CLI after being told "NO!" several times? The OP merely wanted to share his experience trying to find an answer to his lack of CLI offers. I feel the comments where he feels "entitled" because he has been a member for many years was not very fair or helpful. We are all guilty of feeling at least partly "entitled" either because we have been a card holder for many years, or have a perfect relationship, or spend a high amount monthly...if this was not the case, as I mentioned before, backdoor numbers and EO email addresses would not be so prevalent. Just my humble opinion on this matter. Thank you.


Hey indiolation61!

I don't think anyone is "scolding" here.  It's "tough love".  Being a good customer doesn't "entitle" anyone to special treatment as much as many would like to believe.  It is in the best interest of companies to provide an experience that is above the norm to those "good customers" if they want to keep them because there is so much competition.   But the prevalent idea that is created by all the different post regarding SP CLIs on this forum are entitlements then one is mistaken.  (or for that matter the 61 day Amex CLI is a sure thing)  It is very fair for one to express the simple fact:  if you want to have your CL increased, it's going to require a HP.  If you are lucky enough to get a auto CLI or SP increase, then super Congrats because this IS special treatment and not the norm.  Remember... what you read on this forum is but a very very small sampling that is NOT within the realm of what is normal for most CC users.  Reading this forum enlightens and educates us to the possibilities and give us ammunition when dealing with our creditors but in no way should one start to believe that because you have seen it here, it's a given or fact or you are entitled to it because "x" received it or got it.  Please don't take this as harsh, it is most definietely not intended to be so.  This post is indicitive of what many start to believe after reading so many of the accomplishments here.  But to put it as another already has.... if you are not getting the service that you want with the lender you have, seek another that gives you the types of services you want.  I chose Amex because of the perks.... backdating- SP increases- large CLs etc...  I chose GE Walmart because of SP increases, FICO score etc... I chose Chase because of large CLs, UR mall, sign on bonus and customer service, etc.... my point... one needs to look at these things when determining a lender.


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 21 of 26
SnackTrader
Valued Contributor

Re: Chase gives BOGUS CLI info

Sorry all, no Quote function ability on my iPad.

In response to CreditAddict and others who responded to my post on the Card Act. I was merely trying to add some perspective on why the February 22, 2010 date was likely cited. I have no clue if this matters in the scheme of this discussion, because at the end of the day you all are right that some lenders use HP CLI and some use SP. But the Card Act (and the changes to the Truth In Lending Act implementing The Card Act) requires lenders to develop policies and procedures that determine a customers ability to repay each and every time a CLI is requested.

See Section 226.51 in this somewhat outdated article:
http://www.philadelphiafed.org/bank-resources/publications/consumer-compliance-outlook/2010/first-qu...

It appears that Chase's choice in following the rules is different than other lenders, and that is certainly the discussion you all are having right now. Just simply want to point out that Chase was indeed citing a real guideline, and the HP may come from the need to use credit bureau information differently than other lenders.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 22 of 26
Gunnar419
Valued Contributor

Re: Chase gives BOGUS CLI info


@drkaje wrote:

Entitled to an increase? Not at all.

 

We are entitled, however, to decide which companies benefit from fees associated with our transactions. Smiley Happy

 

When Chase decides to recognize and reward payment/credit history, their product emerge from my sock drawer.

 


Thank you, drkaje and others who pointed out similar things.

 

I'm the OP and I have no sense of entitlement. Those who boast of giving me tough love or criticize me for not respecting the free market seem to have missed the point of my post. Yes, I can SD the card, refuse to deal with Chase, go elsewhere. What I was pointing out, though, is that Chase's boilerplate misleads and misrepresents the terms of the Card act by implying (in the context of my exchange with them )that no CLIs can ever be given by anybody without HPs.

 

Message 23 of 26
dddewdrop
Valued Contributor

Re: Chase gives BOGUS CLI info


@CreditScholar wrote:

@HiLine wrote:

@CreditScholar wrote:

@HiLine wrote:

Lets not forget that a lender can view credit profiles without pulling a hard inquiry. Soft inquiries exist for a reason.


They can, but it's there to cover their butts just in case. It costs something for a bank to give you a CLI, since they need to have a certain level of assets for every dollar in credit they extend. Therefore it needs to cost you something as well, in this case a HP. Otherwise if there was no cost to the individual, people would be asking for CLIs weekly, innudating their systems creating a huge hassle to manage.


Well that's a lot of butts to cover since many lenders out there approve CLI requests based on soft inquiries. Why aren't their systems inundated? Based on your reasoning, if a CLI request is denied, which doesn't cost the bank anything, why would they still code the inquiry as a hard inquiry?


To remind people not to ask too often. If people always knew it would be a soft-pull, it would open the floodgates to endless numbers of requests. The reason being is that if it's denied, it doesn't hurt them at all. However the bank will still need to initiate that SP, which uses computing resources, etc.

 

Using HPs (or the threat of HPs) limits the number of requests they get by essentially saying to the customer: Do you really need that extra credit? If it's that important to you that's fine, just be prepared to take a hit to your credit report for it.

 

It's the same reason why health insurance companies have a co-payment. It reminds you that even if all other expenses are covered, seeing your doctor isn't free. Without a co-payment there would be bored/lonely people (as an example but I'm sure there are many other categories) who would see their doctor even when not necessary. That pulls him/her away from seeing other patients in need, and therefore isn't a wise use of scarce resources.

 

Therefore in this scenario, co-payments serve to limit the number of "time-wasters". HPs serve the same function for CLI requests.


+1. Nice analogy. I like it.

Message 24 of 26
FinStar
Moderator Emeritus

Re: Chase gives BOGUS CLI info


@dddewdrop wrote:

@CreditScholar wrote:

@HiLine wrote:

@CreditScholar wrote:

@HiLine wrote:

Lets not forget that a lender can view credit profiles without pulling a hard inquiry. Soft inquiries exist for a reason.


They can, but it's there to cover their butts just in case. It costs something for a bank to give you a CLI, since they need to have a certain level of assets for every dollar in credit they extend. Therefore it needs to cost you something as well, in this case a HP. Otherwise if there was no cost to the individual, people would be asking for CLIs weekly, innudating their systems creating a huge hassle to manage.


Well that's a lot of butts to cover since many lenders out there approve CLI requests based on soft inquiries. Why aren't their systems inundated? Based on your reasoning, if a CLI request is denied, which doesn't cost the bank anything, why would they still code the inquiry as a hard inquiry?


To remind people not to ask too often. If people always knew it would be a soft-pull, it would open the floodgates to endless numbers of requests. The reason being is that if it's denied, it doesn't hurt them at all. However the bank will still need to initiate that SP, which uses computing resources, etc.

 

Using HPs (or the threat of HPs) limits the number of requests they get by essentially saying to the customer: Do you really need that extra credit? If it's that important to you that's fine, just be prepared to take a hit to your credit report for it.

 

It's the same reason why health insurance companies have a co-payment. It reminds you that even if all other expenses are covered, seeing your doctor isn't free. Without a co-payment there would be bored/lonely people (as an example but I'm sure there are many other categories) who would see their doctor even when not necessary. That pulls him/her away from seeing other patients in need, and therefore isn't a wise use of scarce resources.

 

Therefore in this scenario, co-payments serve to limit the number of "time-wasters". HPs serve the same function for CLI requests.


+1. Nice analogy. I like it.


+2

 

I fail to see how the response that Chase provided is "bogus".  Additionally, the response they provided isn't misleading - it is not saying all lenders require a HP.  For one, Chase (or any lender) can decide how it wants to review any future extensions for credit and whether such reviews constitue a HP or SP.  I have a approximately $30K+ with them across 4 TLs, and if I wished to CLI, I could care less if it were HP or SP.

Message 25 of 26
drkaje
Senior Contributor

Re: Chase gives BOGUS CLI info


@Gunnar419 wrote:

@drkaje wrote:

Entitled to an increase? Not at all.

 

We are entitled, however, to decide which companies benefit from fees associated with our transactions. Smiley Happy

 

When Chase decides to recognize and reward payment/credit history, their product emerge from my sock drawer.

 


Thank you, drkaje and others who pointed out similar things.

 

I'm the OP and I have no sense of entitlement. Those who boast of giving me tough love or criticize me for not respecting the free market seem to have missed the point of my post. Yes, I can SD the card, refuse to deal with Chase, go elsewhere. What I was pointing out, though, is that Chase's boilerplate misleads and misrepresents the terms of the Card act by implying (in the context of my exchange with them )that no CLIs can ever be given by anybody without HPs.

 


If I'm an entitled, time-waster, so be it.

 

I'm a pretty attractive customer with low inquiries, no negatives, and a decent score.

 

If it's going to cost an HP, I'd rather open a new account. I couls simply get a PRG Application to offset any change in AOAA.

 

The Freedom will keep one recurring charge until I close (it in two years) or they do. Should the limit go up, I'll add DGF as AU. It's current limit really wouldn't work with two users.

 


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Message 26 of 26
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