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Quite the Chase Surprise . . CLD

Established Contributor

Re: Quite the Chase Surprise . . CLD

Update: I have not received a phone call back from Chase XO, but when I logged in tonight all credit limits have been restored! 

About $215,000 total credit among 11 cards
Message 41 of 54
Frequent Contributor

Re: Quite the Chase Surprise . . CLD


n777ua wrote:

Update: I have not received a phone call back from Chase XO, but when I logged in tonight all credit limits have been restored! 


lol. A fool they were. Good for you Smiley Very Happy

Message 42 of 54
Frequent Contributor

Re: Quite the Chase Surprise . . CLD


n777ua wrote:

Update: I have not received a phone call back from Chase XO, but when I logged in tonight all credit limits have been restored! 


Congrats. I've had nothing but good experiences with Chase this far with my checking, savings, freedom, and sapphire and I hope it stays that way. It sounds to me like they at least realized they rushed to conclusions and restored your CL's. 

EQ FICO - 718 - 01/10/2012 EX FICO - 732 - 04/28/2012 (AMEX)

Cap1 Platinum (1000) Macy’s (2000) Chase Freedom (3000) Kohls (600) Best Buy (2700) Amex BCE (8200) Chase Sapphire (5000) CarCare1 (1600) Discover IT (4000)
Message 43 of 54
Regular Contributor

Re: Quite the Chase Surprise . . CLD

Congrats! It is scary when you hear such stories, but at least this one had a happy ending Smiley Very Happy

Wallet: AMEX Blue Cash Preferred 5k; BofA Visa CashRewards 5k; BofA 1-2-3 MasterCard 4.4k; Citi TY Premier 2.5k; AMEX HHonors 3.5k, Chase Marriott 5k, Barclays US Airways 2.5k, Kohl's 300
Message 44 of 54
Valued Contributor

Re: Quite the Chase Surprise . . CLD


n777ua wrote:

Update: I have not received a phone call back from Chase XO, but when I logged in tonight all credit limits have been restored! 


That's terrific.  I'm happy everything worked out for you!



Starting Score: 639 (Walmart TU)
Current Score: TU 715 (Barclay) EX 685 (myFICO) EQ 697 (myFICO)
Goal Score: 700 Across the Board (Mortgage Goal Achieved 1/31/2012!)

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Message 45 of 54
Valued Contributor

Re: Quite the Chase Surprise . . CLD


navigatethis12 wrote:

Revelate wrote:



So don't cause Chase to lose money by purchasing a single item for 10K and then turning around and writing a check for it.  Big time rewards, for limited transaction fee and no interest.  Why would anyone expect lenders to encourage that sort of behavior?  That's likely the primary reason Amex charges such high fees on their Centurion cards, to offset that sort of nonsense.   

 


 


 

I absolutely disagree with that. Chase is still earning money on that 10,000 transaction even if you do not carry the balance. I received $300 for the Chase Freedom I have and swiped until I could swipe no more when it was 5% on groceries and I have never carried a balance. According to you Chase should decrease the limit on the card or close it because they are not bleeding me dry of money. If they made no money they would not have these kind of programs for people to use. The people that do carry balances offset the money lost on people who only use it for the 5%. Keep in mind that a lot of people will only use one card for everything, even when they only earn 1%.

 

I do this with all the cards I have; buy with them for the high cashback, earn interest on the money until the statement cuts, and then pay it off. I would imagine they prefer someone who pays off way before it is due to someone who pays late a lot and always has a balance. The balane carrying person would be more likely to default.


+1

 

why would chase or any other credit card care if you borowed $10,000 and you earned them at least 1% (swipe fee) for the previliedge. The 10,000 cost them about 1% per yearto borrow, and if they can turn it over 100 times they would double their money over the year, its pretty close to there dream situation, Extremely low risk money is loaned out for a few days each time. People who carry a balance have a more likely chance of not paying it back sure the interest is nice but one card holder burning them costs more than  100% of the 10,000  have to count the colllection costs.

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 46 of 54
Established Contributor

Re: Quite the Chase Surprise . . CLD

Just got the call from XO, stating what I already knew.  All CL's restored with no restrictions.  He asked if I had any other questions, I said I didn't but thanked him profusely.  He said he was glad to help, and looked forward to my business for a long time to come.  Other than that, he said I'd be getting a letter regarding our conversation and what action Chase took.

About $215,000 total credit among 11 cards
Message 47 of 54
Established Contributor

Re: Quite the Chase Surprise . . CLD


n777ua wrote:

Just got the call from XO, stating what I already knew.  All CL's restored with no restrictions.  He asked if I had any other questions, I said I didn't but thanked him profusely.  He said he was glad to help, and looked forward to my business for a long time to come.  Other than that, he said I'd be getting a letter regarding our conversation and what action Chase took.


Sounds like they were just spooked by the INQs...and they wouldn't be the first CCC to have a knee-jerk reaction. It seems that when they understood your particular situation, they came to their senses.

 

Congrats!

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
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Message 48 of 54
Super Contributor

Re: Quite the Chase Surprise . . CLD

Sorry about the CLD's

 

Good info. Chase got spooked by something so I will be watcing how I use my card too. No more inqs for me. Good thing I froze my EX.

 

 




Message 49 of 54
Mega Contributor

Re: Quite the Chase Surprise . . CLD


n777ua wrote:

Update: I have not received a phone call back from Chase XO, but when I logged in tonight all credit limits have been restored! 


Thats great news!!! CONGRATS!!!




EQ FICO 548 3/3/16
Message 50 of 54