Chase's Recon Policy Confirmed with Analyst (06-13-2015)

[Anonymous]

So, for anyone else reading this, I reconned and was denied for too many accounts.  The analyst I spoke with was very nice and took the time to explain the reason which is in keeping with Finstar's link concerning Chase's policy changes.  They want to see a nice sized credit history with credit accounts, and they believe that two years is optimum.  He did stress that other types of recons could still be successful, such as disputing derogatory information (delinquent medical accounts, etc.).  My credit profile is positive, but he did state that account history is pretty straightforward and denials based on this were generally not overturned.  

I hope this helps others who are considering recons based on easily disputed information, so go for it if this is the case.

[Kostya1992]

Don't worry they'll be crawling back when nobody wants to apply for their cards because of this stupidity.

[FinStar]

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@Kostya1992 wrote:

Don't worry they'll be crawling back when nobody wants to apply for their cards because of this stupidity.

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An item to keep in mind, the forum members and most other CC boards in general (including bloggers and whatnot) represent a tiny uiverse (let's emphasize that again - TINY, ooops I made it too big) when compared to all of Chase's cardholders.  Do you have any clue as to the number of outstanding credit card receivables that Chase holds? and the total of CC customers worldwide?   This is about shareholder value, numbers on the street matter more than people being fussy on their recent CC policies.  People abuse or circumvent, they simply adapt.

Typically, and from previous trends, Chase tends to stick to their guns for most UW policies (i.e. APR reductions, CLIs, etc).  So, I suppose we'll see what the future brings!

[myjourney]

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@FinStar wrote:

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@Kostya1992 wrote:

Don't worry they'll be crawling back when nobody wants to apply for their cards because of this stupidity.

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An item to keep in mind, the forum members and most other CC boards in general (including bloggers and whatnot) represent a tiny uiverse (let's emphasize that again - TINY, ooops I made it too big) when compared to all of Chase's cardholders.  Do you have any clue as to the number of outstanding credit card receivables that Chase holds? and the total of CC customers worldwide?   This is about shareholder value, numbers on the street matter more than people being fussy on their recent CC policies.  People abuse or circumvent, they simply adapt.

Typically, and from previous trends, Chase tends to stick to their guns for most UW policies (i.e. APR reductions, CLIs, etc).  So, I suppose we'll see what the future brings!

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+1000 this new policy will not break or make them in any, way, shape or form

In fact these forums are such a small minority that the average consumer who by the way does not do app sprees won't even know there was a policy change 

[FinStar]

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@Anonymous wrote:

So, for anyone else reading this, I reconned and was denied for too many accounts.  The analyst I spoke with was very nice and took the time to explain the reason which is in keeping with Finstar's link concerning Chase's policy changes.  They want to see a nice sized credit history with credit accounts, and they believe that two years is optimum.  He did stress that other types of recons could still be successful, such as disputing derogatory information (delinquent medical accounts, etc.).  My credit profile is positive, but he did state that account history is pretty straightforward and denials based on this were generally not overturned.  

I hope this helps others who are considering recons based on easily disputed information, so go for it if this is the case.

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Well, that link is actually one that got started by Yes-Its-Me due to some UW/policy changes that have surfaced recently.  I just started catching up on some of the reading since I was traveling when I stumbled into the thread. 

I would say that I barely... I mean *barely* squeezed by with my recent Chase IHG approval (thankfully it went to verification and was literally already approved) and then they contacted me and I was asked some general questions regarding new accounts and whatnot (I mean let's face it I am no Saint when it comes to new accounts or inquiries ).  I am a firm believer that if the conversation goes well with the UW/verification team and you provide satisfactory and tangible reasons, then that can swing the pendulum in one's favor.   But, given what I've read, it appears they're not budging a whole lot!

[Anonymous]

Well, I've gone a little nuts recently.  I think it's time to "garden" (a term I just learned and need to do).  How long do you recommend that I wait to apply for the Chase Sapphire card?  I suppose the two classes I wanted to buy will just have to eat up some of my utilization for the time being.    

[Anonymous]

Unitl you don't have 5 new accounts in the last 2 years or you start to hear that they've changed the policy

[kdm31091]

Don't go crazy with apps and you're fine. Not just w chase. With any lender.

[JSS3]

What are the latest assumptions as to why Chase has this new policy?

[FinStar]

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@Anonymous wrote:

Unitl you don't have 5 new accounts in the last 2 years or you start to hear that they've changed the policy

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Agree.  Which defers my plans for Hyatt and/or AARP for sometime (which is fine), but it's always good to check periodically for trends just in the event things change direction.  For the time being, probably some "quiet time" to age the newer accounts and leverage any future Chase approval.