Well, got my first denial. And it sucks...

[kdm31091]

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@CreditCuriousity wrote:

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@kdm31091 wrote:

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@CreditCuriousity wrote:

4 accounts in two years and they declined you.. Chase is really going to piss off alot of people other than even this forum or other CC forum crowds if they keep this up on their branded cards (meaning the general normal person that doesn't visit forums )... Sorry to hear..  It is hard not to take it personal especially with you income/spend and relationship with them..  Whomever says CC isn't a game of sorts is wrong, they play it and we play it back.. Always other lenders that will gladly take your business, but I understand chase to some extent to.. Since this new policy has came around the last few weeks I have been making other plans for different lenders.

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Chase most likely does not want people who "play the game" as far as excessive account churning and such. Not saying that describes OP however, but the point is their policy does have some reasoning as to why it exists. I think the hype around the new policy is a bit much. Outside of these forums, most "regular people" are certainly not applying for 4+ cards in 2 years. Most people have a few cards and keep them for a long time. So this policy is not going to cause a meltdown for Chase other than for the minority we are.

It sucks for people like OP who were not taking advantage of the system but what can you do? Wait it out and try again later, or get a Discover instead of a Freedom

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Chases choice obviously.. I just don't see this policy sticking, but I can be wrong..  They are losing customers whether they are happy to lose them is up for debate.  I am sure they are gaining customers to..  Once they have more time with this policy and sample size of impact postive or negative, they will look at their dashboards/reports and decide whether it was a good policy change or not and either keep it or revert it.

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I doubt it will revert to how it was, which seemed to be pretty much "you can recon no matter how many new accounts you have", but it could end up being loosened up as far as the limit of new accounts. That said, I think more than 3-5 accounts in 2 years describes a minority of people and won't impact Chase much.

[CreditCuriosity]

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@kdm31091 wrote:

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@CreditCuriousity wrote:

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@kdm31091 wrote:

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@CreditCuriousity wrote:

4 accounts in two years and they declined you.. Chase is really going to piss off alot of people other than even this forum or other CC forum crowds if they keep this up on their branded cards (meaning the general normal person that doesn't visit forums )... Sorry to hear..  It is hard not to take it personal especially with you income/spend and relationship with them..  Whomever says CC isn't a game of sorts is wrong, they play it and we play it back.. Always other lenders that will gladly take your business, but I understand chase to some extent to.. Since this new policy has came around the last few weeks I have been making other plans for different lenders.

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Chase most likely does not want people who "play the game" as far as excessive account churning and such. Not saying that describes OP however, but the point is their policy does have some reasoning as to why it exists. I think the hype around the new policy is a bit much. Outside of these forums, most "regular people" are certainly not applying for 4+ cards in 2 years. Most people have a few cards and keep them for a long time. So this policy is not going to cause a meltdown for Chase other than for the minority we are.

It sucks for people like OP who were not taking advantage of the system but what can you do? Wait it out and try again later, or get a Discover instead of a Freedom

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Chases choice obviously.. I just don't see this policy sticking, but I can be wrong..  They are losing customers whether they are happy to lose them is up for debate.  I am sure they are gaining customers to..  Once they have more time with this policy and sample size of impact postive or negative, they will look at their dashboards/reports and decide whether it was a good policy change or not and either keep it or revert it.

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I doubt it will revert to how it was, which seemed to be pretty much "you can recon no matter how many new accounts you have", but it could end up being loosened up as far as the limit of new accounts. That said, I think more than 3-5 accounts in 2 years describes a minority of people and won't impact Chase much.

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You are only speculating to... You have no idea what they are going to do either.  Data will determine whether they keep the policy or not in the long term.  If they aren't making as much as before they will change it otherwise if they are making more they most liekly will keep it.. That is just speculation as well

[ojefferyo]

Some threads make me kinda laugh inside, especailly when people feel like they "deserve" something. It's their money so their rules. If you don't want to play their games then play someone else's game. Not too hard to comprehend. Highly doubt Chase will suffer if you take your money elsewhere but you gotta do what you feel will make you feel better. 

[Anonymous]

If you have over $10,000 on balance with Chase, I believe there is an alternative way to try and get an application pushed through.  Talk to a banker in a branch about it.  It has a 50% chance of working, but they will fill out something called a "Special Consideration Form".  Again, it's not a guarentee. 

I just applied for the Freedom last night with a preapproval and a referral from my wife [hopefully she'll get $50].  They gave me the lowest line of my recent app spree with $4000.  I think I'm going to have to call it quits for awhile with that low line, but in truth they have always been stingy with credit. 

[redpat]

See what happens when you get the itch you end up getting burned.

I think Chase is making everyone think before they get that itch to get a new card just because they want one or feel entitled to one.

Credit card stockpiling is not profitable to banks.

When you get the itch put calamine lotion on it,  don't apply for a credit card.

Don't take it too personal, it's business.

[yfan]

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@Kb109 wrote:

By loyal I meant that I used their products over others. Like most of my travel spend was on my CSP. I think I have a right to be pissed off. They know that I am a very low risk customer.

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You certainly have a right to be and do whatever you want, but let's face it. Were you using your travel spend on CSP as a favor to Chase, or because you earned the most benefits/rewards from it (or a more optimal combination of both) by using the CSP than you could have with other cards? Because if it's the latter, then you were doing what is best for you - as of course you should have been. But by the same token, Chase can do whatever it wants and employ any risk algorithm it pleases.

[Anonymous]

Don't know why everyone keeps saying 4 new accounts.  He has 3 new credit card accounts in two years.  The mortgage hardly matters in this context of Chase tightening on approvals for new credit card accounts out of concern over those opening g and closing credit card accounts.  Three is obviously less than the 5 new accounts that supposedly is the new policy

[redpat]

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@Anonymous wrote:

Don't know why everyone keeps saying 4 new accounts.  He has 3 new credit card accounts in two years.  The mortgage hardly matters in this context of Chase tightening on approvals for new credit card accounts out of concern over those opening g and closing credit card accounts.  Three is obviously less than the 5 new accounts that supposedly is the new policy

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Chase could be looking at a total profile of available credit and number of cards someone has along with the 5 card rule over 2 years.  IMO, I think there is more to the story people don't know on their new policies   He could try a co-braned card.

[Anonymous]

Agreed that this is a little weird, given what we've been hearing.

I think the EO numbers are in one of the stickied threads. I'll take a look tonight if nobody has posted yet.

I think the OP should take a breather for a few days. If this was just a vent, that's fine; we all need them some times. However, before switching banking and credit lines, I would let the emotion drain away and reevaluate. It may still be the right call for OP, but emotional decisions are not known for good ones.

[redpat]

OP, just blame Greece!