UPDATE: POLICY CHANGE -CHASE: Lets put our heads together on recent denials.

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@Anonymous wrote:

So I am one of Chase's biggest fan.  I really like them because when I was starting out one of their banker's always made time to walk me through transactions, what I did wrong, what I should be doing etc..

Not alot of people usually go out of their way to want to help hence my fierce love for them.  At the same time, there are others who loathe them with a passion which I can understand.  

But recently, there has been a surge of denials with the same reason- too many inquiries, too many accounts for the last 2 years etc... What do you guys think is going on?  This is worrying and can be terrifying if you are wanting a Chase card.  Any thoughts, insights? Why do like like /loathe them?

For Chase credit analysts on here, disguise youselfs and tell us what is going on....

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My thoughts first start with recent history and far below standards approvals (Think low 600's - mid 600's). I'm going to Venture that it wasn't as isolated as we thought it was and they may have "overextended" themselves towards riskier borrowers nationwide. They may be pulling back the reigns and setting the bar higher at this time. Also a factor in this is the potential increase in prime rate looming in the horizon.

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Although I don't see Prime rate going up anytime soon as the stock market loves the rates and the feds are to scared to do anything to upset the economy/market as cheap money has been around for way to long.. Feds are in business they shouldn't be in being the market, but that is another story.. Chase was known to loosen their standards was a big article on it to get some of the sub-prime crowd (wishI had link to article).. Maybe they have reached their tollerance level as you have stated or some of their losses are starting to go up?  No proof of this.. People with solid profiles are getting approved still, people like me and others are the ones that are getting what was brought up by OP.

Still plenty of banks giving out wild cash for so-so profiles, Chase just seems to be tightening up

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Just found this -

http://files.shareholder.com/downloads/ONE/232757151x0x820982/B1C3141D-D2F0-410D-B6AF-8856898871B1/1Q15_Earnings_Press_Release_FINAL.pdf

And they don't want us to partake in the feast?  They better loosen up a bit

[Anonymous]

All creditors are different, and things change all the time.  I was approved for a CSP in 10/13 with a 586 EX FICO score because I'm a Chase Private Client.  Granted, there were some errors with my report that I got fixed afterwards, but still.  My EX FICO was 670 a few months back, and Citi wouldn't approvae me for ANY card.  All of the cards in my signature except the CSP and Apple Rewards I got after that denial, and I got CLI increases on those two as well.  My point being, sometimes there's just no determinable rhyme or reason to how these things work.

[CreditCuriosity]

Those boxes still exists, just don't have to put anything yes/no into them ..  I get your point though

[CreditCuriosity]

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@Anonymous wrote:

All creditors are different, and things change all the time.  I was approved for a CSP in 10/13 with a 586 EX FICO score because I'm a Chase Private Client.  Granted, there were some errors with my report that I got fixed afterwards, but still.  My EX FICO was 670 a few months back, and Citi wouldn't approvae me for ANY card.  All of the cards in my signature except the CSP and Apple Rewards I got after that denial, and I got CLI increases on those two as well.  My point being, sometimes there's just no determinable rhyme or reason to how these things work.

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I am sure being a CPC helped out a bit.. Your scores are within the ranges they allow to some, the money certainly didn't hurt your case.

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

All creditors are different, and things change all the time.  I was approved for a CSP in 10/13 with a 586 EX FICO score because I'm a Chase Private Client.  Granted, there were some errors with my report that I got fixed afterwards, but still.  My EX FICO was 670 a few months back, and Citi wouldn't approvae me for ANY card.  All of the cards in my signature except the CSP and Apple Rewards I got after that denial, and I got CLI increases on those two as well.  My point being, sometimes there's just no determinable rhyme or reason to how these things work.

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I am sure being a CPC helped out a bit.. Your scores are within the ranges they allow to some, the money certainly didn't hurt your case.

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Agree... They also take the "benjamins" into serious consideration.  A banker once said to me, we don't care about credit scores...  And this ^^^^ is certainly proof.

[yfan]

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@Anonymous wrote:

Maybe... But why all of sudden too many new accounts in the last 2 years?  Why 2 years?  And then there are the inquiries when we thought Barclays was the one to be on the look out for...

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I think this has a simple answer: churning. Banks in general hate churners who get the bonuses, stop using the cards or cancel them, and apply in two years again. But how do you detect churners before they churn from your bank? You look at their application patterns. Chances are, serious churners are always on the lookout for the opporutnity to churn, and thus will have inquieries from other institutions.

I think that's what Chase is doing. They are using inquiries as a (very) imperfect approximation to estimate churning behavior. When you get one of their cards, Chase wants you to use it long term; in fact that is the goal of the generous sign-up bonuses: to get you in the habit of using the card, a habit that they hope persists after the bonus is earned.

While I am not a big Chase fan, I do think this behavior is here to stay - and - spread to other lenders as lenders search for better methods to weed out churning.

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

Maybe... But why all of sudden too many new accounts in the last 2 years?  Why 2 years?  And then there are the inquiries when we thought Barclays was the one to be on the look out for...

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I think this has a simple answer: churning. Banks in general hate churners who get the bonuses, stop using the cards or cancel them, and apply in two years again. But how do you detect churners before they churn from your bank? You look at their application patterns. Chances are, serious churners are always on the lookout for the opporutnity to churn, and thus will have inquieries from other institutions.

I think that's what Chase is doing. They are using inquiries as a (very) imperfect approximation to estimate churning behavior. When you get one of their cards, Chase wants you to use it long term; in fact that is the goal of the generous sign-up bonuses: to get you in the habit of using the card, a habit that they hope persists after the bonus is earned.

While I am not a big Chase fan, I do think this behavior is here to stay - and - spread to other lenders as lenders search for better methods to weed out churning.

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Us bonus seekers should certainly hope not! What an awful thought.

[Anonymous]

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@Anonymous wrote:

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@CreditCuriousity wrote:

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@Anonymous wrote:

All creditors are different, and things change all the time.  I was approved for a CSP in 10/13 with a 586 EX FICO score because I'm a Chase Private Client.  Granted, there were some errors with my report that I got fixed afterwards, but still.  My EX FICO was 670 a few months back, and Citi wouldn't approvae me for ANY card.  All of the cards in my signature except the CSP and Apple Rewards I got after that denial, and I got CLI increases on those two as well.  My point being, sometimes there's just no determinable rhyme or reason to how these things work.

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I am sure being a CPC helped out a bit.. Your scores are within the ranges they allow to some, the money certainly didn't hurt your case.

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Agree... They also take the "benjamins" into serious consideration.  A banker once said to me, we don't care about credit scores...  And this ^^^^ is certainly proof.

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Yea, it was absolutely because I was a Chase Private Client.  There were two collections, a 120+ non payment that turned into a chargeoff and a 30 day late payment on my report at the time.  Both collections and the 30 day late lease payment were errors that I was able to get off a few months later.  However, I still have this stupid chargeoff that I'm dealing with that's bs as well.

[Anonymous]

Remember when anything below a 720 score and you weren't getting any card.  Nowadays, I see many, many approvals with scores below 700 and some in mid 600's.  I think the banks opened their doors because they needed some new clientelel & could be closing back up & heading back to their original standards.  No offense to anyone who has received cc's with a score lower than 720.  I have myself.  And I know everyone keeps saying the fed will never raise the rates.  But someday it's bound to happen.  

[Anomalous]

Following.

I'm gardening what I have with the hopes of getting in with Chase this year.

Thanks for creating this thread.