topic Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs in Credit Cards

Chase - Nervous about AA / account closure and question about total CL exposure for AUs

syeb — Wed, 29 Apr 2015 18:07:26 GMT

I have read enough posts here about Chase and other CC companies' virtually random AA whether with CLD or account closure to be nervous.

After not having any rewards cards, or even using credit cards much over the past 6 years, and closing out (6 months ahead of schedule) a DMP that was started in the depths of the financial crisis, My wife and I both went on an app spree for rewards cards in preparation for some heavy vacation and other travel this summer and fall.

The background:

In total, my DW opened 11 new accounts totaling $65k in credit lines and one Amex PRG charge. No denials so inquiries equal approvals and the inqs were mostly TU with a few EX and EQ. And of course CapOne all three CRAs.

FICO scores are EQ: 733, TU: 740, and EX: 714. Prior to the app spree they were in the 740 - 750 range so reasonable movement.

Util is between 10-15%.

AAOA is 3.5 years

Total Chase exposure is four cards totalling $32k

CSP $10k CL, $800 balance will be paid this week

BA $10k, $0 balance

Marriott $6k, $1,500 balance will be paid this week

United $6K, Approved today when I saw the 50k miles offer

So question #1: Do I need to worry about account closures considering 11 new accounts is pretty significant? Consider that they did approve the United card today so perhaps I am being unnecessarily nervous. And the Chase exposure is not that terrible.

Question #2: a more general question - does Chase or other lenders count the CL for an account for which one is an AU in calculating total exposure to that lender?

Thanks!

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

Anonymous — Wed, 29 Apr 2015 18:34:15 GMT

@syeb wrote:
I have read enough posts here about Chase and other CC companies' virtually random AA whether with CLD or account closure to be nervous.

After not having any rewards cards, or even using credit cards much over the past 6 years, and closing out (6 months ahead of schedule) a DMP that was started in the depths of the financial crisis, My wife and I both went on an app spree for rewards cards in preparation for some heavy vacation and other travel this summer and fall.

The background:

In total, my DW opened 11 new accounts totaling $65k in credit lines and one Amex PRG charge. No denials so inquiries equal approvals and the inqs were mostly TU with a few EX and EQ. And of course CapOne all three CRAs.

FICO scores are EQ: 733, TU: 740, and EX: 714. Prior to the app spree they were in the 740 - 750 range so reasonable movement.

Util is between 10-15%.

AAOA is 3.5 years

Total Chase exposure is four cards totalling $32k

CSP        $10k CL,    $800 balance will be paid this week
BA           $10k,           $0 balance
Marriott   $6k,             $1,500 balance will be paid this week
United    $6K,             Approved today when I saw the 50k miles offer

So question #1: Do I need to worry about account closures considering 11 new accounts is pretty significant? Consider that they did approve the United card today so perhaps I am being unnecessarily nervous. And the Chase exposure is not that terrible.

Question #2: a more general question - does Chase or other lenders count the CL for an account for which one is an AU in calculating total exposure to that lender?

Thanks!

1). I wouldn't excessively worry about it. Most creditors seem to be far more concerned about utilization as compared to new accounts. Don't keep high utilization on multiple cards and you will be fine. Keep in mind though that an approval doesn't mean anything about your chances of an AA. Two different departments and there have been people that have had their accounts with Chase shut down pretty soon after an approval. Nonetheless there is no point obsessing about an AA. You can't change what's been done, only what you do with those accounts and others.

2). Yes , an AU account is considered part of your overall exposure

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

syeb — Wed, 29 Apr 2015 18:31:52 GMT

@Anonymous wrote:
@syeb wrote:
I have read enough posts here about Chase and other CC companies' virtually random AA whether with CLD or account closure to be nervous.

After not having any rewards cards, or even using credit cards much over the past 6 years, and closing out (6 months ahead of schedule) a DMP that was started in the depths of the financial crisis, My wife and I both went on an app spree for rewards cards in preparation for some heavy vacation and other travel this summer and fall.

The background:

In total, my DW opened 11 new accounts totaling $65k in credit lines and one Amex PRG charge. No denials so inquiries equal approvals and the inqs were mostly TU with a few EX and EQ. And of course CapOne all three CRAs.

FICO scores are EQ: 733, TU: 740, and EX: 714. Prior to the app spree they were in the 740 - 750 range so reasonable movement.

Util is between 10-15%.

AAOA is 3.5 years

Total Chase exposure is four cards totalling $32k

CSP        $10k CL,    $800 balance will be paid this week
BA           $10k,           $0 balance
Marriott   $6k,             $1,500 balance will be paid this week
United    $6K,             Approved today when I saw the 50k miles offer

So question #1: Do I need to worry about account closures considering 11 new accounts is pretty significant? Consider that they did approve the United card today so perhaps I am being unnecessarily nervous. And the Chase exposure is not that terrible.

Question #2: a more general question - does Chase or other lenders count the CL for an account for which one is an AU in calculating total exposure to that lender?

Thanks!

1). I wouldn't excessively worry about it. Most creditors seem to be far more concerned about utilization as compared to new accounts. Don't keep high utilization on multiple cards and you will be fine. Keep in mind though that an approval doesn't mean anything about your chances of an AA. Two different departments and there have been people that have had their accounts with Chase shut down pretty soon after an approval. Nonetheless there is no point obsessing about an AA. You can't change what's been done, only what you do with those acco ts and others.

2). Yes , an AU account is considered part of your overall exposure

Thanks! that answers my questions nicely.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

Anonymous — Wed, 29 Apr 2015 18:38:33 GMT

@Anonymous wrote:
@syeb wrote:
I have read enough posts here about Chase and other CC companies' virtually random AA whether with CLD or account closure to be nervous.

After not having any rewards cards, or even using credit cards much over the past 6 years, and closing out (6 months ahead of schedule) a DMP that was started in the depths of the financial crisis, My wife and I both went on an app spree for rewards cards in preparation for some heavy vacation and other travel this summer and fall.

The background:

In total, my DW opened 11 new accounts totaling $65k in credit lines and one Amex PRG charge. No denials so inquiries equal approvals and the inqs were mostly TU with a few EX and EQ. And of course CapOne all three CRAs.

FICO scores are EQ: 733, TU: 740, and EX: 714. Prior to the app spree they were in the 740 - 750 range so reasonable movement.

Util is between 10-15%.

AAOA is 3.5 years

Total Chase exposure is four cards totalling $32k

CSP        $10k CL,    $800 balance will be paid this week
BA           $10k,           $0 balance
Marriott   $6k,             $1,500 balance will be paid this week
United    $6K,             Approved today when I saw the 50k miles offer

So question #1: Do I need to worry about account closures considering 11 new accounts is pretty significant? Consider that they did approve the United card today so perhaps I am being unnecessarily nervous. And the Chase exposure is not that terrible.

Question #2: a more general question - does Chase or other lenders count the CL for an account for which one is an AU in calculating total exposure to that lender?

Thanks!

1). I wouldn't excessively worry about it. Most creditors seem to be far more concerned about utilization as compared to new accounts. Don't keep high utilization on multiple cards and you will be fine. Keep in mind though that an approval doesn't mean anything about your chances of an AA. Two different departments and there have been people that have had their accounts with Chase shut down pretty soon after an approval. Nonetheless there is no point obsessing about an AA. You can't change what's been done, only what you do with those accounts and others.

2). Yes , an AU account is considered part of your overall exposure

Also, I don't think most AA is "virtually random". There have been a few cases which seem surprising (from the facts presented) , but in many, more discussion has shown some clear risk factors leading to the AA

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

Anonymous — Wed, 29 Apr 2015 18:44:34 GMT

@Anonymous wrote:
@Anonymous wrote:
@syeb wrote:
I have read enough posts here about Chase and other CC companies' virtually random AA whether with CLD or account closure to be nervous.

After

1). I wouldn't excessively worry about it. Most creditors seem to be far more concerned about utilization as compared to new accounts. Don't keep high utilization on multiple cards and you will be fine. Keep in mind though that an approval doesn't mean anything about your chances of an AA. Two different departments and there have been people that have had their accounts with Chase shut down pretty soon after an approval. Nonetheless there is no point obsessing about an AA. You can't change what's been done, only what you do with those accounts and others.

2). Yes , an AU account is considered part of your overall exposure
Also, I don't think most AA is "virtually random". There have been a few cases which seem surprising (from the facts presented) , but in many, more discussion has shown some clear risk factors leading to the AA

Exactly

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

CreditCuriosity — Wed, 29 Apr 2015 18:56:09 GMT

Also just diversify as well... I only have 2 chase cards now, but put myself in a situation if Chase does ever decide to do AA on me, which I hope they don't for opening alot of new accounts, I will miss them, but don't need them like I use to.. Overall if you have 4 cards with them and keep utilization down you are most likely going to be fine... Stories come in waves, so it makes you wonder what is true and what is not true and also what else contributed to the AA.. Long story short don't worry about it and live life as normal

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

bigbang91 — Wed, 29 Apr 2015 20:43:12 GMT

@syeb wrote:
I have read enough posts here about Chase and other CC companies' virtually random AA whether with CLD or account closure to be nervous.

After not having any rewards cards, or even using credit cards much over the past 6 years, and closing out (6 months ahead of schedule) a DMP that was started in the depths of the financial crisis, My wife and I both went on an app spree for rewards cards in preparation for some heavy vacation and other travel this summer and fall.

The background:

In total, my DW opened 11 new accounts totaling $65k in credit lines and one Amex PRG charge. No denials so inquiries equal approvals and the inqs were mostly TU with a few EX and EQ. And of course CapOne all three CRAs.

FICO scores are EQ: 733, TU: 740, and EX: 714. Prior to the app spree they were in the 740 - 750 range so reasonable movement.

Util is between 10-15%.

AAOA is 3.5 years

Total Chase exposure is four cards totalling $32k

CSP        $10k CL,    $800 balance will be paid this week
BA           $10k,           $0 balance
Marriott   $6k,             $1,500 balance will be paid this week
United    $6K,             Approved today when I saw the 50k miles offer

So question #1: Do I need to worry about account closures considering 11 new accounts is pretty significant? Consider that they did approve the United card today so perhaps I am being unnecessarily nervous. And the Chase exposure is not that terrible.

Question #2: a more general question - does Chase or other lenders count the CL for an account for which one is an AU in calculating total exposure to that lender?

Thanks!

Im in the same boat, 7 new accounts, 3 of them from chase, they denied me my 4th card a week ago. But overall i don't think chase is as strict as other lenders regarding new accounts

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

Involver — Wed, 29 Apr 2015 21:09:17 GMT

Up to 18 accounts in 12 months, no closures here. You have nothing to worry about. Pay your bills on time and don't engage in questionable behavior on your accounts, that's all there is to it.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

Anonymous — Thu, 30 Apr 2015 22:04:29 GMT

You have enough good cards that I wouldn't worry about accounts closing at all if that is the case. I should be the one worried about my accounts closing because I have 6 new accounts in less than a year and my credit scores are around 600.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

taxi818 — Fri, 01 May 2015 00:04:13 GMT

@Anonymous wrote:
You have enough good cards that I wouldn't worry about accounts closing at all if that is the case. I should be the one worried about my accounts closing because I have 6 new accounts in less than a year and my credit scores are around 600.

6 in a year is not much at all. 6 in 6 minutes now thats another story. many of us have well over 15 in a year. not me personally anymore. but i will venture to say in the last year about 8. grand total. but honestly back to op. with 11 new accounts don't know. as others stated. i do know a couple people that got all accounts closed. but they were wll over 20 new accounts.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

elim — Fri, 01 May 2015 00:53:08 GMT

12 CC's, Auto loan, LOC totalling 135k in 1 year and Chase is still keeping me as a customer (so far). My exposure is quite less with Chase at 11k so that is certainly a difference. I PIF and report less than $100 a month on 1 card. I run 2k - 3k a month thru Chase Cards. My scores are low at 680 - 710. I have an open FED Tax Lien. My income is Poor (42k). My AU's credit sucks (2 AU's, both on 2 Chase cards with low/mid 600 scores). weeeeeeeeeeee

Some of what i have read here... closures when rewards are racked up questionably or, a business account is involved with personal account... and a few having mega exposure, medium UTIL and many new accounts when they got nuked by Chase.

I'm betting yours will be A-OK.

good luck

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

chalupaman — Fri, 01 May 2015 00:57:55 GMT

I was always afraid Chase could AA me but I'm very grateful they haven't and hope to keep it that way. I got every card I need from them and have no intentions of getting more. AA isn't necessarily just a Chase thing at all. Citi and Amex can do it too and have before.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

12njoy — Fri, 01 May 2015 01:20:14 GMT

@syeb wrote:
I have read enough posts here about Chase and other CC companies' virtually random AA whether with CLD or account closure to be nervous.

After not having any rewards cards, or even using credit cards much over the past 6 years, and closing out (6 months ahead of schedule) a DMP that was started in the depths of the financial crisis, My wife and I both went on an app spree for rewards cards in preparation for some heavy vacation and other travel this summer and fall.

The background:

In total, my DW opened 11 new accounts totaling $65k in credit lines and one Amex PRG charge. No denials so inquiries equal approvals and the inqs were mostly TU with a few EX and EQ. And of course CapOne all three CRAs.

FICO scores are EQ: 733, TU: 740, and EX: 714. Prior to the app spree they were in the 740 - 750 range so reasonable movement.

Util is between 10-15%.

AAOA is 3.5 years

Total Chase exposure is four cards totalling $32k

CSP        $10k CL,    $800 balance will be paid this week
BA           $10k,           $0 balance
Marriott   $6k,             $1,500 balance will be paid this week
United    $6K,             Approved today when I saw the 50k miles offer

So question #1: Do I need to worry about account closures considering 11 new accounts is pretty significant? Consider that they did approve the United card today so perhaps I am being unnecessarily nervous. And the Chase exposure is not that terrible.

Question #2: a more general question - does Chase or other lenders count the CL for an account for which one is an AU in calculating total exposure to that lender?

Thanks!

As one poster said, pay your bills and on time. Keep utilization down and you'll be fine. I've opened up 30+ cards amassing over 300k since my Chase approval and no AA (as I'm knocking on wood) on my sole Chase account. Granted, they won't extend anymore credit to me because I have too much available credit. Even if they did give me some AA, their $10,000 wont hurt me at all.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

joedtx — Fri, 01 May 2015 01:22:50 GMT

@chalupaman wrote:
I was always afraid Chase could AA me but I'm very grateful they haven't and hope to keep it that way. I got every card I need from them and have no intentions of getting more. AA isn't necessarily just a Chase thing at all. Citi and Amex can do it too and have before.

Popa which cards do you have now with Chase?

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

chalupaman — Fri, 01 May 2015 01:33:10 GMT

@joedtx wrote:
@chalupaman wrote:
I was always afraid Chase could AA me but I'm very grateful they haven't and hope to keep it that way. I got every card I need from them and have no intentions of getting more. AA isn't necessarily just a Chase thing at all. Citi and Amex can do it too and have before.
Popa which cards do you have now with Chase?

CSP, Chase AARP, and Freedom. I did more downsizing with them recently

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

joedtx — Fri, 01 May 2015 03:10:49 GMT

@chalupaman wrote:
@joedtx wrote:
@chalupaman wrote:
I was always afraid Chase could AA me but I'm very grateful they haven't and hope to keep it that way. I got every card I need from them and have no intentions of getting more. AA isn't necessarily just a Chase thing at all. Citi and Amex can do it too and have before.
Popa which cards do you have now with Chase?
CSP, Chase AARP, and Freedom. I did more downsizing with them recently

Trimming off the fat....eh? A leaner meaner Popa for the Summer

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

daniki — Fri, 01 May 2015 06:22:27 GMT

The only time I ever got a CLD with Chase (Freedom) was when I made a couple late payments back in 2007. I have maxed out my card, made minimum payments, PIF, maxed it again, PIF, etc, etc, over the past 7 years and I've never gotten another CLD. In my opinion, a late payment might trigger a CLD. I can't give an opinion on account closure since that has never happened to me.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

Anonymous — Fri, 01 May 2015 06:29:14 GMT

If they approved you today, I wouldn't give it a second thought. You're good! I think if you did something crazy like max one out, they might get nervous. Congrats on all the approvals! I did 10 in 1 month and never thought about it. Been 6 months now & I'm glad I did.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

lg8302ch — Fri, 01 May 2015 06:38:48 GMT

A bit late to worry about now IMO. This should be considered before a massive spree For now you can only do as suggested and keep your balance low.

Re: Chase - Nervous about AA / account closure and question about total CL exposure for AUs

Anonymous — Fri, 01 May 2015 12:18:41 GMT

I think you'll be okay!