topic Re: New Chase Recon Policy? in Credit Cards

New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 21:34:40 GMT

I applied for the Freedom yesterday and received the pending message. I applied for the IHG card shortly after and was instantly approved. When I called recon, I was told that my Freedom app was denied for too many new accounts in the past 2 years. I called again later and was told the same thing. Both times I attempted to shift credit from the IHG or CSP but they said they couldn't do that, and in fact there's nothing they could do to overturn an app that was denied for too many new accounts opened (new policy). I looked around on Reddit and FT and it looks like the same thing has been happening to several people over the past week. Some are reporting the limit is 5 new accounts in 2 years, and that it only applies for Chase's own cards and not co-branded ones. That would explain why I was able to get the IHG but no luck with the Freedom. Note that # of inquiries doesn't seem to be the issue, it's specifically the number of new accounts opened. Anyway, I'm just wondering if anyone has further data points or can report an experience to the contrary.

Re: New Chase Recon Policy?

kdm31091 — Wed, 03 Jun 2015 19:11:23 GMT

@Anonymous wrote:
I applied for the Freedom yesterday and received the pending message. I applied for the IHG card shortly after and was instantly approved. When I called recon, I was told that my Freedom app was denied for too many new accounts in the past 2 years. I called again later and was told the same thing. Both times I attempted to shift credit from the IHG or CSP but they said they couldn't do that, and in fact there's nothing they could do to overturn an app that was denied for too many new accounts opened (new policy). I looked around on Reddit and FT and it looks like the same thing has been happening to several people over the past week. Some are reporting the limit is 5 new accounts in 2 years, and that it only applies for Chase's own cards and not co-branded ones. That would explain why I was able to get the IHG but no luck with the Freedom. Note that # of inquiries doesn't seem to be the issue, it's specifically the number of new accounts opened. Anyway, I'm just wondering if anyone has further data points or can report an experience to the contrary.

I don't know the previous vs the new policy but I can tell you most lenders have maximum exposure limits and you may simply be at that point with Chase.

Regarding the shift limits to open card thing -- I know there were rumors awhile back that Chase was going to make its current very liberal "move limits" policy much more restrictive. Don't know if maybe that is coming to pass now or what.

Re: New Chase Recon Policy?

Credit-hoarder — Wed, 03 Jun 2015 19:22:49 GMT

I'm not sure about the policy or the part about the co-branded cards either. I was turned down for the Marriott card a couple weeks ago and was cited for too many new accts., accounts with balances, etc. (total UTIL was 11% BTW across all cards) And apparently it doesn't matter if you have good standing acct. with them or anybody else or not. They absolutely refused to budge on recon

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 19:22:54 GMT

Chase only offers 3 non co-branded cards so the 5 limit only applying to that doesn't seem to make sense...unless the limit is 5 total chase cards in 2 years and then if the 6 is a chase non cobranded it gets declined maybe (ie ritz, Marriott, ihg, slate, csp and then freedom) where a different order may get you approved for all 6

It's very interesting to me as I have 2 chase but eyes on at least 3 more

Re: New Chase Recon Policy?

dodgerslv — Wed, 03 Jun 2015 19:27:00 GMT

@Credit-hoarder wrote:
I'm not sure about the policy or the part about the co-branded cards either. I was turned down for the Marriott card a couple weeks ago and was cited for too many new accts., accounts with balances, etc. (total UTIL was 11% BTW across all cards) And apparently it doesn't matter if you have good standing acct. with them or anybody else or not. They absolutely refused to budge on recon

I feel as im sure many that Chase has become a little more strict on their lending policies. I also tried for the Marriott a couple of months ago and after pending for 3 weeks i got my denial letter on the 4th week saying i was denied for too many new accounts and inquiries. I have 6 personal and 2 Business so it think it was more like they just didnt want to give me anymore cards....

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 19:29:00 GMT

Is this total new accounts in the last 2 years or new chase accounts

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 19:36:25 GMT

@Anonymous wrote:
Is this total new accounts in the last 2 years or new chase accounts

It's TOTAL accounts, not Chase accounts. I had exactly 5 reporting.

Re: New Chase Recon Policy?

icyhot — Wed, 03 Jun 2015 19:37:11 GMT

Chase seems to be getting harder and harder. I'm glad I got in with them now. I'm trying so hard not to spook them

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 19:39:12 GMT

I got a CSP and freedom with 9 new accts (within the last 2 years) and 15 inquires.

Re: New Chase Recon Policy?

baller4life — Wed, 03 Jun 2015 19:40:06 GMT

Not so sure about this new account limit thing. I just got IHG Monday and analyst asked about my 5 new accounts in the past year. Then approved me. Now had she gone back TWO years....let's just say it would have been ALOT more than 5. More like 3,4 times that. All of my cards have been obtained in the past 2 years.

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 19:42:53 GMT

@Anonymous wrote:
I got a CSP and freedom with 9 new accts (within the last 2 years) and 15 inquires.

Did you get those within the past week or two?

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 19:43:34 GMT

@baller4life wrote:
Not so sure about this new account limit thing. I just got IHG Monday and analyst asked about my 5 new accounts in the past year. Then approved me. Now had she gone back TWO years....let's just say it would have been ALOT more than 5. More like 3,4 times that. All of my cards have been obtained in the past 2 years.

I think it only applies to the CSP, Slate and Freedom, not co-branded cards.

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 19:52:49 GMT

I wonder if they consider au accounts as well

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 21:33:21 GMT

@Anonymous wrote:
I wonder if they consider au accounts as well

I'm curious about that too. In any case, with all the apps for the Chase Freedom coming in the next couple of weeks, I'm sure we'll have plenty of more datapoints.

Re: New Chase Recon Policy?

inthewoods — Wed, 03 Jun 2015 21:50:53 GMT

This doesn’t answer the AU question, but my Freedom was declined for “too many new accounts in past two years”. I have gone from 8 to 16 accounts (all CC) in the last two years. 4–5 of the new accounts were in the past few months. Recon cut the call very short, just stating that they “cannot approve” it, not giving me an opening to discuss it. Might try EO, because I don’t think I am really a bad credit risk…

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 21:54:19 GMT

@inthewoods wrote:
This doesn’t answer the AU question, but my Freedom was declined for “too many new accounts in past two years”. I have gone from 8 to 16 accounts (all CC) in the last two years. 4–5 of the new accounts were in the past few months. Recon cut the call very short, just stating that they “cannot approve” it, not giving me an opening to discuss it. Might try EO, because I don’t think I am really a bad credit risk…

@inthewoods,

Do you have the limit of 99k on your Amex reporting yet? Perhaps that could swing things if they see that on your report? But Chase seems to be tightening the rules a bit now.. The same reason is being given to everyone that gets decline..

Re: New Chase Recon Policy?

LuckyBird — Wed, 03 Jun 2015 22:00:32 GMT

hmmmm....this may explain why my pre-qual for CSP and Slate disappeared...

I opened a Freedom last summer. Actually went on a spree and opened 5 or 6 new accounts last summer, since I'd been pretty inactive credit-wise for several years and only had a couple of cards that I wasn't really using. The I opened a couple more in the fall and a couple more over the winter. I ended up closing some of those accounts and a couple of old ones. Not really sure how many accounts I've opened in total in the last year, but probably in the neighborhood of 10 or 11.

I check the pre-quals periodically just out of curiousity and have always (since last summer) had a pre-qual for those 2 Chase cards, but about 2 or 3 weeks ago they disappeared and it shows NOTHING for me. My scores are appreciably higher now than when I got the Freedom, I only carry one small balance at 0% for utilization of ~5%, use the Freedom (as well as other accts) fairly regularly and always PIF. Nothing but positive changes on my CR since I got it.

HMMM....

Re: New Chase Recon Policy?

Anonymous — Thu, 04 Jun 2015 02:24:23 GMT

@LuckyBird wrote:
hmmmm....this may explain why my pre-qual for CSP and Slate disappeared...

I opened a Freedom last summer. Actually went on a spree and opened 5 or 6 new accounts last summer, since I'd been pretty inactive credit-wise for several years and only had a couple of cards that I wasn't really using. The I opened a couple more in the fall and a couple more over the winter. I ended up closing some of those accounts and a couple of old ones. Not really sure how many accounts I've opened in total in the last year, but probably in the neighborhood of 10 or 11.

I check the pre-quals periodically just out of curiousity and have always (since last summer) had a pre-qual for those 2 Chase cards, but about 2 or 3 weeks ago they disappeared and it shows NOTHING for me. My scores are appreciably higher now than when I got the Freedom, I only carry one small balance at 0% for utilization of ~5%, use the Freedom (as well as other accts) fairly regularly and always PIF. Nothing but positive changes on my CR since I got it.

HMMM....

Same thing happened to me, my pre-quals disappeared soon after the 5th card started reporting. They actually auto-increased my CL for the CSP, so I was pretty surprised.

Re: New Chase Recon Policy?

inthewoods — Wed, 03 Jun 2015 23:57:29 GMT

@Anonymous wrote:
@inthewoods wrote:
This doesn’t answer the AU question, but my Freedom was declined for “too many new accounts in past two years”. I have gone from 8 to 16 accounts (all CC) in the last two years. 4–5 of the new accounts were in the past few months. Recon cut the call very short, just stating that they “cannot approve” it, not giving me an opening to discuss it. Might try EO, because I don’t think I am really a bad credit risk…
@inthewoods,

Do you have the limit of 99k on your Amex reporting yet? Perhaps that could swing things if they see that on your report? But Chase seems to be tightening the rules a bit now.. The same reason is being given to everyone that gets decline..

No, it hasn’t reported yet. I guess we’ll see. Gardening for a while at this point is probably a good idea anyway.

Re: New Chase Recon Policy?

Anonymous — Wed, 03 Jun 2015 23:59:06 GMT

@inthewoods wrote:
@Anonymous wrote:
@inthewoods wrote:
This doesn’t answer the AU question, but my Freedom was declined for “too many new accounts in past two years”. I have gone from 8 to 16 accounts (all CC) in the last two years. 4–5 of the new accounts were in the past few months. Recon cut the call very short, just stating that they “cannot approve” it, not giving me an opening to discuss it. Might try EO, because I don’t think I am really a bad credit risk…
@inthewoods,

Do you have the limit of 99k on your Amex reporting yet? Perhaps that could swing things if they see that on your report? But Chase seems to be tightening the rules a bit now.. The same reason is being given to everyone that gets decline..
No, it hasn’t reported yet. I guess we’ll see. Gardening for a while at this point is probably a good idea anyway.

Yes it is... The promotion always comes back from time to time... The time off from apps. will pay off..