topic Re: Chase CLI during COVID-19 in Credit Cards

Chase CLI during COVID-19

E_Fizzy — Sun, 22 Mar 2020 14:22:18 GMT

In light of COVID-19, as you already know, many banks are offering relief to customers affected by the outbreak's financial effects. Does anyone think that Chase will slightly loosen their tight reigns on their CLI policies with certain customers? We all know they are notoriusly and historically restrictive with their CLI's.

If a recession hits this summer, many banks will definitely begin to decrease unused CL's amongst the customer base, similar to 12 years ago.

Any thoughts?

Re: Chase CLI during COVID-19

M_Smart007 — Sun, 22 Mar 2020 14:24:51 GMT

@E_Fizzy wrote:
In light of COVID-19, as you already know, many banks are offering relief to customers affected by the outbreak's financial effects. Does anyone think that Chase will slightly loosen their tight reigns on their CLI policies with certain customers? We all know they are notoriusly and historically restrictive with their CLI's.

If a recession hits this summer, many banks will definitely begin to decrease unused CL's amongst the customer base, similar to 12 years ago.

Any thoughts?

If you can get it, this might be the time? .. as things progress ..who knows what Chase will do?

Re: Chase CLI during COVID-19

Anonymous — Sun, 22 Mar 2020 15:14:08 GMT

@M_Smart007 wrote:
@E_Fizzy wrote:
In light of COVID-19, as you already know, many banks are offering relief to customers affected by the outbreak's financial effects. Does anyone think that Chase will slightly loosen their tight reigns on their CLI policies with certain customers? We all know they are notoriusly and historically restrictive with their CLI's.

If a recession hits this summer, many banks will definitely begin to decrease unused CL's amongst the customer base, similar to 12 years ago.

Any thoughts?
If you can get it, this might be the time? .. as things progress ..who knows what Chase will do?

Agreed.

Re: Chase CLI during COVID-19

mrfufoppss — Sun, 22 Mar 2020 17:09:42 GMT

I called Card Services Yesterday and Asked where they doing any Emergency Relief CLI for Customers Affected by The Covid19 and he told me as of now they have nothing as of yet (But) they are about to Roll out Things of that nature to Help..I couldnt grab much out of what he said But (Wait and see)

Re: Chase CLI during COVID-19

E_Fizzy — Sun, 22 Mar 2020 18:08:13 GMT

Thanks!

Re: Chase CLI during COVID-19

Fated4Credit — Sun, 22 Mar 2020 18:20:58 GMT

As much as I would like a increase from Chase, don't want to waste a HP right now, waiting for August to do that when I app for a couple of cards. It would be perfect if Chase suspended HPs for CLIs during the coronavirus crisis. Probably not going to happen, but a girl can dream 😜

Re: Chase CLI during COVID-19

Anonymous — Sun, 22 Mar 2020 18:21:06 GMT

@mrfufoppss wrote:
I called Card Services Yesterday and Asked where they doing any Emergency Relief CLI for Customers Affected by The Covid19 and he told me as of now they have nothing as of yet (But) they are about to Roll out Things of that nature to Help..I couldnt grab much out of what he said But (Wait and see)

I assume banks are finding it hard to plan because of the as yet unknown scale. I can have a rough idea as to my probable exposure relating to say last years fires in CA, or a hurricane in ...., but this could be everywhere..

Re: Chase CLI during COVID-19

ridgebackpilot — Sun, 22 Mar 2020 19:52:24 GMT

@mrfufoppss wrote:
I called Card Services Yesterday and Asked where they doing any Emergency Relief CLI for Customers Affected by The Covid19 and he told me as of now they have nothing as of yet (But) they are about to Roll out Things of that nature to Help..I couldnt grab much out of what he said But (Wait and see)

Knowing the banks, isn't it more likely that Chase and others will do "Emergency Relief CLDs" to minimize their own risk rather than their customers' hardships?

Re: Chase CLI during COVID-19

iced — Sun, 22 Mar 2020 20:06:46 GMT

@E_Fizzy wrote:
In light of COVID-19, as you already know, many banks are offering relief to customers affected by the outbreak's financial effects. Does anyone think that Chase will slightly loosen their tight reigns on their CLI policies with certain customers? We all know they are notoriusly and historically restrictive with their CLI's.

If a recession hits this summer, many banks will definitely begin to decrease unused CL's amongst the customer base, similar to 12 years ago.

Any thoughts?

They're not that stingy with CLIs and I don't know why this community insists on pushing that story. They don't give SP CLIs except in rare cases, but I've never had them turn down either my SO or myself (or anyone in my social circles) for a CLI when asked. If you ask a bunch of lol/24s and churners, of course they're going to tell you Chase is restrictive, but for typical customers with reasonable and normal card usage, they're no more or less restrictive than other major banks.

I can see them rolling out some payment relief options for those impacted by this, but I don't see them playing faster or looser with credit limits -- recessions are usually the riskiest time for a bank to do this. I could certainly be wrong, and time will tell.

Re: Chase CLI during COVID-19

Anonymous — Sun, 22 Mar 2020 20:16:19 GMT

I agree ^^

Re: Chase CLI during COVID-19

E_Fizzy — Sun, 22 Mar 2020 20:52:16 GMT

I failed to mention that I was denied a CLI nearly 30 days ago. After sending in a typed letter, I was deined a recon as well. Since it's still within the 30-day window, I was wondering if it was worth a shot. The world has definitely changed quickly in that 30 day window.

Re: Chase CLI during COVID-19

FinStar — Sun, 22 Mar 2020 21:04:30 GMT

@E_Fizzy wrote:
I failed to mention that I was denied a CLI nearly 30 days ago. After sending in a typed letter, I was deined a recon as well. Since it's still within the 30-day window, I was wondering if it was worth a shot. The world has definitely changed quickly in that 30 day window.

Unfortunately, even with a letter (or another phone call) to plead your case, it's unlikely they will budge with reversing their denial reason(s) even in the current environment.

Re: Chase CLI during COVID-19

FalconSteve — Tue, 12 May 2020 16:07:09 GMT

They're not that stingy with CLIs and I don't know why this community insists on pushing that story. They don't give SP CLIs except in rare cases, but I've never had them turn down either my SO or myself (or anyone in my social circles) for a CLI when asked. If you ask a bunch of lol/24s and churners, of course they're going to tell you Chase is restrictive, but for typical customers with reasonable and normal card usage, they're no more or less restrictive than other major banks.

I can see them rolling out some payment relief options for those impacted by this, but I don't see them playing faster or looser with credit limits -- recessions are usually the riskiest time for a bank to do this. I could certainly be wrong, and time will tell.

For me, Chase was incredibly stingy with CLI. They were also the only card I ever had CLD. They cut my Chase Freedom credit limit for about 2/3 when they closed by unused secondary card (it was Buy.com, but they d/c'd that product and it because a useless card). My score was up, my income was slightly up from when I applied and I hadn't missed a payment in the 5+ years I had it. I used it a good bit, but always PIF.