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

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Anonymous
Not applicable

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


@redpat wrote:

@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


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.


True. Any bank is going to look at your overall file vs income. One thing we have all learned is that the reasons provided to declined applicants aren't always the only reasons for the decline.

Message 31 of 127
Anonymous
Not applicable

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


@LuckyBird wrote:

@longtimelurker wrote:

@Kb109 wrote:

4 in the last two years, which includes my mortgage. So three credit cards and one mortgage in two years. Freaking insane. I'm closing my Chase checking account and moving it over to my credit union where I keep my savings account. If this is how they want to treat a long-time loyal customer, I will take my money elsewhere. I'll keep my CSP and Ink open for the benefit of my average age of accounts.


Moving the checking may well be a good move, but you are taking this way too personally.   It's just an automatic risk evaluation algorithm, and not a judgement on your goodness as a person.

 

And, my pet peeve, you aren't apparently a "loyal" customer, merely a long-standing one.   Loyal customers stick by their companies even when being screwed!


I have to disagree.  I'm with the OP on this one. 

 

Loyal customers stick by their companies UNTIL they get screwed.  And then, all bets are off. 

 

If they're not going to consider and give some weight to your loyalty up to that point when making new credit decisions, why should they continue to benefit from it afterwards?  There should be room for underwriting exceptions in cases like this.  I'd take my money and credit card business elsewhere, too.


+1

 

I agree with both of these good folks on this. I understand that banks have their own policies regarding how they extend credit (or don't) to customers. Banks (and other institutions) speak with their policies to their customers (and potential new ones). So we as customers must speak back to banks with our money because in the end, that is all that they see. So, if a bank isn't treating your right, you have the option of taking your money elsewhere and "voting with your feet" in a sense by moving on to somewhere else that may treat you better by closing accounts and CCs.  

 

It isn't an emotional thing. The OP may be angry and in my view they have a right to be. But standing by a company when they treat you badly or don't take care of you when you've spent money and remained loyal to them is ridiculous. There is plenty of competition out there for us customers to take advantage of. That's the beauty of having choices. 

Message 32 of 127
Callandra
Valued Contributor

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


@Anonymous wrote:
So my father in law has a CSP and told him about the new policy..he's response.."Who the hell opens up that many credit cards in two years anyways." I just died a little inside, lol. Anyways, I don't see how this is going to effect a lot of people other us around the forums who take a different type of interest in credit cards. Everybody just honestly needs to relax.

LOL That made me laugh out loud! 

 

But your father-in-law makes a good point, MOST people don't open that many CCs in such a sort span. Myfico is not a good representative sample of CC holders. My parents used the same two bank cards (with income $100k+) for YEARS (since the '90s) and only recently got an Amex. The only other accounts they have had are car loans and mortgages. Most people will only open up a few CCs in their life so if someone opens 10+ accounts in a year, that is NOT normal behavior. Even more than 2-3 accounts (except for the [re]builders) in 1-2 years is a lot. My fiance started with a BoA card and soon after got the Target CC back in 2007ish and didn't apply for another CC until 2013 (QS). 

Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500

Last HP: 9/27/2015
Message 33 of 127
fungoman
Regular Contributor

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

The OP may be forgetting a few new accounts. Looking at the post history for 2 minutes showed me 5 new CCs and a mortgage in the last 2 years for at least 6 new accounts.

Message 34 of 127
redpat
Senior Contributor

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


@Anonymous wrote:

@LuckyBird wrote:

@longtimelurker wrote:

@Kb109 wrote:

4 in the last two years, which includes my mortgage. So three credit cards and one mortgage in two years. Freaking insane. I'm closing my Chase checking account and moving it over to my credit union where I keep my savings account. If this is how they want to treat a long-time loyal customer, I will take my money elsewhere. I'll keep my CSP and Ink open for the benefit of my average age of accounts.


Moving the checking may well be a good move, but you are taking this way too personally.   It's just an automatic risk evaluation algorithm, and not a judgement on your goodness as a person.

 

And, my pet peeve, you aren't apparently a "loyal" customer, merely a long-standing one.   Loyal customers stick by their companies even when being screwed!


I have to disagree.  I'm with the OP on this one. 

 

Loyal customers stick by their companies UNTIL they get screwed.  And then, all bets are off. 

 

If they're not going to consider and give some weight to your loyalty up to that point when making new credit decisions, why should they continue to benefit from it afterwards?  There should be room for underwriting exceptions in cases like this.  I'd take my money and credit card business elsewhere, too.


+1

 

I agree with both of these good folks on this. I understand that banks have their own policies regarding how they extend credit (or don't) to customers. Banks (and other institutions) speak with their policies to their customers (and potential new ones). So we as customers must speak back to banks with our money because in the end, that is all that they see. So, if a bank isn't treating your right, you have the option of taking your money elsewhere and "voting with your feet" in a sense by moving on to somewhere else that may treat you better by closing accounts and CCs.  

 

It isn't an emotional thing. The OP may be angry and in my view they have a right to be. But standing by a company when they treat you badly or don't take care of you when you've spent money and remained loyal to them is ridiculous. There is plenty of competition out there for us customers to take advantage of. That's the beauty of having choices. 


And how did they treat him badly.  They didn't do an AA, they just didn't give him another credit card.  I'm sure if he called and wanted a CLI they might have given it to him.  Getting customer service and receiving customer service is more than being denied on a computer during the night.  OP, give them a call and find a solution.

 

Gee wiz their are mad at a computer that spit a denial.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 35 of 127
Bman70
Established Contributor

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

3 cards opened in the last 2 years is fewer than usually results in denial. However, as we've seen, the new policy seems discretionary to some extent, taking into account more of the profile than just cards opened. Cards closed factor in. Who knows what else. To me, OP fits the "target profile" because he has near 20 cards, and high available open credit not being utilized. Chase might think "churner" just because the amount of cards is so much greater than national average (around 3).


EX 822
TU 834
EQ 820


Message 36 of 127
Kb109
Frequent Contributor

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

I'm a SHE lol
Filed Ch7: 6/21/17
Discharged: 10/03/17
Current FICO8 Scores as of 2/10/2019: EX 651, TU 678, EQ 679
My Cards: 1FBUSA $2,900 (survived BK7 and is my oldest account!), Fingerhut $1,100, CreditOne $900, Ollo Rewards $2,500, LendUp Arrow card $2,000, CapitalOne Platinum $3,000. GARDENING FOR THE NEXT TWO YEARS!
Message 37 of 127
redpat
Senior Contributor

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

 

@Bman70 wrote:

3 cards opened in the last 2 years is fewer than usually results in denial. However, as we've seen, the new policy seems discretionary to some extent, taking into account more of the profile than just cards opened. Cards closed factor in. Who knows what else. To me, OP fits the "target profile" because he has near 20 cards, and high available open credit not being utilized. Chase might think "churner" just because the amount of cards is so much greater than national average (around 3).


Agree.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 38 of 127
fungoman
Regular Contributor

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


@Bman70 wrote:

3 cards opened in the last 2 years is fewer than usually results in denial. However, as we've seen, the new policy seems discretionary to some extent, taking into account more of the profile than just cards opened. Cards closed factor in. Who knows what else. To me, OP fits the "target profile" because he has near 20 cards, and high available open credit not being utilized. Chase might think "churner" just because the amount of cards is so much greater than national average (around 3).


Go read my previous post. I think the OP is missing a few cards. 5 cards and a mortgage for 6 new accounts in 18 months can be identified in their profile history. That should fall in line with the "new policy".

Message 39 of 127
Bman70
Established Contributor

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


@Kb109 wrote:
I'm a SHE lol

LOL apologies.. I thought to myself "a girl wouldn't get that upset at a bank." Smiley Very Happy


EX 822
TU 834
EQ 820


Message 40 of 127
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