topic Re: Best friend approved for CHASE CSR in branch, then CLOSED in Credit Cards

Best friend approved for CHASE CSR in branch, then CLOSED

Anonymous — Thu, 25 Aug 2016 18:17:31 GMT

My best friend (one of them) has been on a major credit kick lately -- guy has scores north of 780, was approved last month for 3 new accounts: NFCU $25,000, PenFed $20,000 and a local CU for $25,000. Income is over $180k. Lucky SOB. But I digress lol....

He went to his local CHASE branch on Monday to see about a new account, and was told he was pre-approved for the new CSR .. figuring what the hell, he took it: APPROVED $30,000 !!!! Insane. Data point: he is roughly at 8-10/24.

Well, last evening he receives a call from a senior UW in Chase Lending services to inform him that his approval for his CSR was overturned due to too many new accounts within 24 months, and that the system approved on a glitch. Apparently some of these are manually UW, folks. The guy told him to wait a year and re-apply, and if his scores are where they are now he could see an even bigger approval (?).. He was bummed but he is not a credit addict like many of us, so hes over it laready lol - thought I would share since it seems to be a buzz here. I'd lovvvvve to app, but I have about 15 months to wait. Ive been a good little gardener for months though!!

Just be leery of applying for this card if you are wayyyy over the 5/24, especially! And congrats to all those approved -- gorgeous card!

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Anonymous — Thu, 25 Aug 2016 18:24:52 GMT

It's really hit or miss. I've heard success and fail stories from both camps.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

padme — Thu, 25 Aug 2016 18:26:13 GMT

Thanks for this data point interesting

Re: Best friend approved for CHASE CSR in branch, then CLOSED

brewcrew87 — Thu, 25 Aug 2016 18:29:44 GMT

Interesting... I was 14/24 before being approved for the CSR via the in branch pre-approval method. No phone call for me... but I also haven't received my card yet.

Thanks for the data point. Hopefully it was just some sort of fluke and we don't see a lot more approvals overturned. Nothing has popped up on reddit yet, so it must not be in any big amount of numbers....yet.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Xistaben2 — Thu, 25 Aug 2016 18:30:57 GMT

Could you imagine if they started calling all the folks that snaked by 5/24 using the in branch method? I think the credit community might implode.

/popcorn

Re: Best friend approved for CHASE CSR in branch, then CLOSED

kdm31091 — Thu, 25 Aug 2016 18:30:52 GMT

Not too surprising honestly. Chase came up with the 5/24 so they could enforce it, not let people get around it. That's why I said yesterday that I think this "branch method" will be clamped down on very quickly. There's no point in them having the policy if going into a branch gets around it for so many people.

Since people are flocking left and right to this method, I assume UW is starting to notice.

(Not saying the policy is good or bad, just that it seems inevitable they will clamp down on the branch thing)

Re: Best friend approved for CHASE CSR in branch, then CLOSED

redpat — Thu, 25 Aug 2016 18:44:24 GMT

Hmmm, I have my fingers crossed, branch approved 8/24 account still there when I login, just awaiting card. We will see, no news is good news.......

If they do call I'll be cashing all my UR points in and do business w/ Citi and Amex. My feeling is once approved it should be honored if that was the case, it's just good business.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

creditguy — Thu, 25 Aug 2016 18:37:27 GMT

Well I'm sure it stinks to be aproved them have it taken back, but then again rules are rules. Was your friend aware of 5/24 before apping in the branch?

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Xistaben2 — Thu, 25 Aug 2016 18:43:21 GMT

I have a feeling this is going to cause bigger problem if this does become a thing (not saying that it is a thing, completely anecdotal at this point).

A good chunk of people that applied in branch past the 5/24 rule have PC'd their CSP to other cards. I don't know about anyone else, but if I was approved and they took it back after I PC'd my CSP and I was SOL - I'd be fuming.

Edit - My point being, nobody should PC ANYTHING until this is confirmed to be a thing or not.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Anonymous — Thu, 25 Aug 2016 20:26:18 GMT

@Xistaben2 wrote:
Could you imagine if they started calling all the folks that snaked by 5/24 using the in branch method? I think the credit community might implode.

/popcorn

I agree the meltdown will be something else. However, if Chase branches are approving people in their offices then their lending department should abide by them and not close them.

It is not the customers fault that they got pre-approved. If that is their concern then they should not allow people with more accounts in the 24 months to be pre-approved in the branches. It is unfair to the customers.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Anonymous — Thu, 25 Aug 2016 18:44:40 GMT

Joey, do you know what your friend's exposure is with Chase other than the CSR that no longer doubts?

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Anonymous — Thu, 25 Aug 2016 18:46:07 GMT

@Anonymous wrote:
@Xistaben2 wrote:
Could you imagine if they started calling all the folks that snaked by 5/24 using the in branch method? I think the credit community might implode.

/popcorn
I agree the meldown will be something else. However, if Chase branches are approving people in their offices then their lending department should abide by them and not close them.

It is not the customers fault that they got pre-approved. If that is their concern then they should not allow people with more accounts in the 24 months to be pre-approved in the branches. It is unfair to the customers.

Agree completely. Complete b.s. IMHO. My head would explode if that happened to me.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Xistaben2 — Thu, 25 Aug 2016 18:48:22 GMT

Doing some research, /r/churning does have a 6hour old thread dedicated to this topic....

It looks like it just might be a thing...

Mother of god...

Re: Best friend approved for CHASE CSR in branch, then CLOSED

redpat — Thu, 25 Aug 2016 18:48:27 GMT

@Anonymous wrote:
@Xistaben2 wrote:
Could you imagine if they started calling all the folks that snaked by 5/24 using the in branch method? I think the credit community might implode.

/popcorn
I agree the meldown will be something else. However, if Chase branches are approving people in their offices then their lending department should abide by them and not close them.

It is not the customers fault that they got pre-approved. If that is their concern then they should not allow people with more accounts in the 24 months to be pre-approved in the branches. It is unfair to the customers.

Agree. That would be bad business on their part, but this is one case and I'll stay tuned until I get my card.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

redpat — Thu, 25 Aug 2016 18:51:37 GMT

@Anonymous wrote:
@Anonymous wrote:
@Xistaben2 wrote:
Could you imagine if they started calling all the folks that snaked by 5/24 using the in branch method? I think the credit community might implode.

/popcorn
I agree the meldown will be something else. However, if Chase branches are approving people in their offices then their lending department should abide by them and not close them.

It is not the customers fault that they got pre-approved. If that is their concern then they should not allow people with more accounts in the 24 months to be pre-approved in the branches. It is unfair to the customers.
Agree completely. Complete b.s. IMHO. My head would explode if that happened to me.

I hope I don't get that call because the words out of my mouth would make George Carlin proud.......

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Anonymous — Thu, 25 Aug 2016 18:54:46 GMT

@Joeyzoom,

Is this the same friend that suffered adverse action from another bank a while back in a big thread you created if memory serves me right? If so, then his closure might be an exception. Something else is going on with your friend's credit profile.

I had to dig that thread up. Did this happen to this same BFF of yours? http://ficoforums.myfico.com/t5/Credit-Cards/WOW-DISCOVER-is-really-at-it-BF-s-ACCOUNT-CLOSED/m-p/4559620

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Xistaben2 — Thu, 25 Aug 2016 18:55:39 GMT

@Xistaben2 wrote:
Doing some research, /r/churning does have a 6hour old thread dedicated to this topic....

It looks like it just might be a thing...

Mother of god...

Belay this - after reading the thread, its just people trying to figure out what causes the in-branch method to override...?

Very misleading thread title considering these circumstances.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

brewcrew87 — Thu, 25 Aug 2016 19:05:02 GMT

@Xistaben2 wrote:
Doing some research, /r/churning does have a 6hour old thread dedicated to this topic....

It looks like it just might be a thing...

Mother of god...

That thread is all about collecting data points to see if there are any common causes for either receiving the pre-approvals in-branch or not.

It has nothing to do with people having their newly approved account closed.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

redpat — Thu, 25 Aug 2016 19:09:55 GMT

Where's my card?????I want my card.....I hope it's here soon....Has it been mailed out yet?????Lol!!!!!!!!

After further review, something else is going on here w/ OP's best friend.

Re: Best friend approved for CHASE CSR in branch, then CLOSED

Anonymous — Thu, 25 Aug 2016 19:14:42 GMT

@Anonymous wrote:
@Anonymous wrote:
@Xistaben2 wrote:
Could you imagine if they started calling all the folks that snaked by 5/24 using the in branch method? I think the credit community might implode.

/popcorn
I agree the meldown will be something else. However, if Chase branches are approving people in their offices then their lending department should abide by them and not close them.

It is not the customers fault that they got pre-approved. If that is their concern then they should not allow people with more accounts in the 24 months to be pre-approved in the branches. It is unfair to the customers.
Agree completely. Complete b.s. IMHO. My head would explode if that happened to me.

It doesn't seem very different from the threads where people are approved for lots of cards and then get shut down very soon after. And then ask "Why did they approve me if...." The approving groups and risk management groups are different with different criteria (of course, in a perfect world would be the same). Not saying it's a good model or experience, but fairly common here!

Fortunately, seems like the OPs friend is an exception.