topic Re: A Strange Tale of CSR Approval in Credit Card Approvals

A Strange Tale of CSR Approval

Anonymous — Tue, 23 Oct 2018 19:21:21 GMT

I am happily sharing I am the cardholder of a shiny new CSR after a truly strange run of events from Chase. Chase gave me a ~20k CL.

I have my info on a previous post: https://ficoforums.myfico.com/t5/Credit-Card-Applications/CSR-Approval-Chances-Short-History/m-p/5346549#M558133.

Apparently my internal Chase credit score is 710, as an additional data point.

But things have gotten weirder since then. After about 6 weeks of having both the Freedom and the Freedom Unlimited, Chase AA'd the Freedom because I had "opened too many cards recently and exceeded my internal credit limit." As you can see, I had not opened any cards except with Chase since May, and only had two cards before the Freedoms. I called and they said apparently some bean counter got nervous, they wouldn't reverse the decision.

Anyway, I'm about to purchase a large number of travel rewardable stuff (Airfare, Airbnb, etc), so I needed to app for the CSR now to use it. I figured I might as well combine requests for the CSR, and failing that, the CSP. And I got it. So, like, 4 weeks after an AA, got a new card with 5x the credit limit of the previous card - which was closed because I had too much credit with Chase. Mind blown.

I suppose they could still AA the CSR, but I called in and the analyst said she saw nothing wrong, no reason Chase would AA. Go figure.

Re: A Strange Tale of CSR Approval

Anonymous — Tue, 23 Oct 2018 20:33:20 GMT

Congrats on your approval!

Re: A Strange Tale of CSR Approval

Anonymous — Tue, 23 Oct 2018 20:43:11 GMT

Congrats on your CSR approval! Wow, from AA to CSR! 180 twist and turn. lol

Re: A Strange Tale of CSR Approval

L-TWT — Tue, 23 Oct 2018 21:02:59 GMT

Congrats! I’m a new CSR card holder as well. So far I’m loving the card and now the only CC I carry in my wallet. I plan on racking up a lot of UR’s before my trip to Cape Town....

Re: A Strange Tale of CSR Approval

Cred4All — Tue, 23 Oct 2018 21:07:59 GMT

Boy that was an interesting chain of events, but.... congrats on the CSR. As you mentioned, I sure hope they don't take the same action on the CSR! Keep us updated.

Re: A Strange Tale of CSR Approval

Anonymous — Wed, 24 Oct 2018 00:51:38 GMT

Congrats! Hoping to get a CSR myself once I finish up the $1,000 spend for my new Amex BCE I got last week. Gotta rack up those UR points before a Summer trip. Wanted to ask what your AAoA is. Mine’s 2 Years 7 Months. Hoping it’s good enough.

P.S. What’s an AA? (sorry if that’s a stupid question).

Re: A Strange Tale of CSR Approval

Anonymous — Wed, 24 Oct 2018 02:42:19 GMT

Congrats on the approval. I have the CSP and will likely PC (product change) to the CSR after I let my current accounts age a bit.

Re: A Strange Tale of CSR Approval

luxlight — Wed, 24 Oct 2018 03:30:39 GMT

It stands for Adverse Action and it what takes place when a lending firm no longer trusts you with the credit they've granted you and begins to take action against your accounts either through balance chasing (continually lowering your credit limit to your current balance on that card as you make payments on it), or just completely closing accounts that you have open with them

Re: A Strange Tale of CSR Approval

Anonymous — Wed, 24 Oct 2018 03:32:52 GMT

Well, that’s terrifying. I love my balances where they’re at. Any clue as to what would cause them to take AA? Wanna keep all my accounts in good graces.

Re: A Strange Tale of CSR Approval

luxlight — Wed, 24 Oct 2018 03:57:17 GMT

Its only really a few lenders that you have to be careful with about that. The only lenders that i know that do that is really Barclays, Comenity and Chase and most scenarios that i see it in is when someone opens a card with one of these banks and continues to acquire alot more credit from other lenders. Essentially, don't open a credit card with these banks and immediately acquire alot more credit from other lenders. Let the accounts age a little bit before you do or you run the risk of them resorting to adverse action

Re: A Strange Tale of CSR Approval

Anonymous — Wed, 24 Oct 2018 04:00:51 GMT

Ok glad to hear that. It makes some sense, cause I heard someone else on the forum mentioning they’d never do business with Comenity and Barclay but I never got a reason. Fingers crossed that I never have to worry about that, cause I enjoy my sub-5% utilization.

Re: A Strange Tale of CSR Approval

xaximus — Wed, 24 Oct 2018 15:48:30 GMT

Congrats on your approval and Chase is a fickle yet funny beast.

Re: A Strange Tale of CSR Approval

Anonymous — Wed, 24 Oct 2018 16:17:40 GMT

Yes, as explained, AA is Adverse Action, reducing CL or closing account. In my case, it was because I applied for both Freedom and Unlimited on the same day, so the computer did not detect the other account opening, and the Risk person thought it was too risky to extend both cards upon review. AA's are often triggered by many accounts being opened, or reckless use of credit after opening (think, you max out your credit the first two statements). The lender feels you're too risky, so they reduce risk.

My AAoA is about 4 months? Total history ~1.25 years. To be honest, I am a bad data point on that because I am the target market for CSR, wealthy millenials (I work in tech so I'm 22 with a ~150,000 dollar income, I just got promoted). I've heard Chase likes AAoA >1 year for CSR, with two years of credit history. As the CSR is a "premium" card, I suspect they give people with good incomes the benefit of the doubt.

Re: A Strange Tale of CSR Approval

Anonymous — Wed, 24 Oct 2018 16:40:04 GMT

Gotcha. I’ve got 2y11m AAoA on EQ, 3y4m on TU, and 4 years history overall. Only have 4 open card accounts, and a paid-off auto-loan. I’m also 22, but my income is nowhere near six figures (hopefully it will be once I graduate with my bachelors in the coming Spring). I’m hoping my file is thin enough for Chase.

Re: A Strange Tale of CSR Approval

19eighty5 — Thu, 25 Oct 2018 18:34:08 GMT

Congratulations!

Re: A Strange Tale of CSR Approval

Lemark — Thu, 08 Nov 2018 08:23:54 GMT

Congratulations on the approval! Took a big risk as well since my 5/24 card just dropped to 4/24 but on Chase credit score was showing 5 accounts. Got temp freecreditscore site to show what bureau will see and it had 4 so went ahead to apply ( why not it was election night lol ). I got dreaded 30 day message, then a few mins email of 7 - 10 days but decided not to call and let the underwriters figure things out. I checked later today and saw CSR was approved on site! I think it time for some gardening or maybe not since 1 target still on my list.