topic Re: JP Morgan Palladium approved in Credit Cards

JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 16:00:33 GMT

so i decided to apply for the palladium. i called the toll free number on the website, and a nice lady asked basic questions about me, including a rough financial statement. she then took my phone number and said a private banker would call me back in under 2 hours. 45 minutes later, a private banker questioned me for 10 minutes about my detailed financials. in the end, he asked me if i was interested in consolidating my schwab and merrill lynch account to JP Morgan private bank. i told him that i was happy with where i was, and all i wanted was to apply for the card. he said he would fax it in for me, and i was approved in 2 hours. when he called me back, i asked him why all the questions about the financials. he replied that private banking is NOT a requirement for the palladium card, but a satisfactory interview with a private banker IS required. he also said they want to see $250k in liquid assets preferably in JP Morgan, but any bank would do. as always, YMMV, but this was the information i received yesterday. I can't wait for the card.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 16:05:29 GMT

Nice, what type of CL did you get approved for!?!

Re: JP Morgan Palladium approved

MsLadyRover — Wed, 30 May 2012 16:09:28 GMT

CONGRATULATIONS!!

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 16:11:06 GMT

i got approved for the minimum 15k @13.24 apr.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 16:45:34 GMT

Thats some good stuff man!

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 16:49:01 GMT

Congrats! Interesting interaction you had with that private banker. I guess the rumors about JPM tightening the restrictions aren't necessarily true.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 17:48:15 GMT

They have definitely tightened it. Personally, I think they are still working through new requirements and letting everyone know. I definitely know people have just faxed in app to right number without talking to anyone and getting approved. They will most likely go through rounds of tightening and loosening requirements.

Re: JP Morgan Palladium approved

Strepthroat — Wed, 30 May 2012 17:54:53 GMT

Congrats on your approval JPMorgan. For them to want to see $250k in liquid assets, I'm surprised you were only offered a $15,000 starting CL.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 18:17:03 GMT

@Anonymous wrote:
They have definitely tightened it. Personally, I think they are still working through new requirements and letting everyone know. I definitely know people have just faxed in app to right number without talking to anyone and getting approved. They will most likely go through rounds of tightening and loosening requirements.

True. I remember reading that all new Palladium approvals as of a few weeks ago had to be JPM PB clients, so at least that's not the case.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 18:44:17 GMT

@Anonymous wrote:
@Anonymous wrote:
They have definitely tightened it. Personally, I think they are still working through new requirements and letting everyone know. I definitely know people have just faxed in app to right number without talking to anyone and getting approved. They will most likely go through rounds of tightening and loosening requirements.

True. I remember reading that all new Palladium approvals as of a few weeks ago had to be JPM PB clients, so at least that's not the case.

No. This is the case. People are getting by because they havent fully enforced the new policy or people are using loopholes that could close at any time.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 19:01:32 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
They have definitely tightened it. Personally, I think they are still working through new requirements and letting everyone know. I definitely know people have just faxed in app to right number without talking to anyone and getting approved. They will most likely go through rounds of tightening and loosening requirements.

True. I remember reading that all new Palladium approvals as of a few weeks ago had to be JPM PB clients, so at least that's not the case.
No. This is the case. People are getting by because they havent fully enforced the new policy or people are using loopholes that could close at any time.

Except... it's not. I don't follow your logic. If "all new Palladium approvals as of a few weeks ago had to be JPM PB clients" then the OP would not have been accepted, so it obviously is not the case.

Of course things may change at any time, but apparently they haven't closed the gates quite yet to non-JPM PB clients as I read on that other credit forum. So, if anyone is worried about getting shut out, now might be a good time to act.

Re: JP Morgan Palladium approved

Strepthroat — Wed, 30 May 2012 19:40:34 GMT

I wonder if you can product change to the Palladium card. I'll have to inquire about that one.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 19:55:36 GMT

@Strepthroat wrote:
I wonder if you can product change to the Palladium card. I'll have to inquire about that one.

I was told by multiple CSRs that you cannot PC to the Palladium. Totally different process.

Re: JP Morgan Palladium approved

Strepthroat — Wed, 30 May 2012 20:38:31 GMT

Noted. Thanks!!

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 20:44:31 GMT

I am only another four or five zeroes away with my 25 (depending on the day) and i too could have me a palladium. Whoo hoo.

Re: JP Morgan Palladium approved

n777ua — Wed, 30 May 2012 21:04:27 GMT

Did you have to send them proof of your financials, or did they just take your word for it ?

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 22:03:55 GMT

i was ready to fax over proof of financials, but all he asked for was the account balance and account numbers. don't know if they actually checked, or even if they have the ability to check.

Re: JP Morgan Palladium approved

Anonymous — Wed, 30 May 2012 22:24:54 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
They have definitely tightened it. Personally, I think they are still working through new requirements and letting everyone know. I definitely know people have just faxed in app to right number without talking to anyone and getting approved. They will most likely go through rounds of tightening and loosening requirements.

True. I remember reading that all new Palladium approvals as of a few weeks ago had to be JPM PB clients, so at least that's not the case.
No. This is the case. People are getting by because they havent fully enforced the new policy or people are using loopholes that could close at any time.
Except... it's not. I don't follow your logic. If "all new Palladium approvals as of a few weeks ago had to be JPM PB clients" then the OP would not have been accepted, so it obviously is not the case.

Of course things may change at any time, but apparently they haven't closed the gates quite yet to non-JPM PB clients as I read on that other credit forum. So, if anyone is worried about getting shut out, now might be a good time to act.

I'm not sure what's so hard to understand. This is big corp and they haven't perfected their procedures. You are supposed to be private banking client but exceptions are being made for potential clients. The pb the op talked to basically didn't care. Others are just faxing to right number that pb use to submit apps. Apps get processed normally at that point. These are all loopholes that can be closed at any moment. Think of it as Amex backdating au to original cardholder date. It is against policy but some people gotten lucky and got it done. Same in this situation. Basically against policy but pb for chase aren't used to enforcing credit app policy so if you can get one to submit your app, you are good. If it happens too much or too many complaints, they will make a bigger deal of it so pb don't do it anymore or change procedures. If enough of their 100 million dollar guys complain that the "poor" are rocking this card and a know a couple that were pissed, these loopholes will shut tighter than ....

Re: JP Morgan Palladium approved

Anonymous — Thu, 31 May 2012 06:00:38 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
They have definitely tightened it. Personally, I think they are still working through new requirements and letting everyone know. I definitely know people have just faxed in app to right number without talking to anyone and getting approved. They will most likely go through rounds of tightening and loosening requirements.

True. I remember reading that all new Palladium approvals as of a few weeks ago had to be JPM PB clients, so at least that's not the case.
No. This is the case. People are getting by because they havent fully enforced the new policy or people are using loopholes that could close at any time.
Except... it's not. I don't follow your logic. If "all new Palladium approvals as of a few weeks ago had to be JPM PB clients" then the OP would not have been accepted, so it obviously is not the case.

Of course things may change at any time, but apparently they haven't closed the gates quite yet to non-JPM PB clients as I read on that other credit forum. So, if anyone is worried about getting shut out, now might be a good time to act.
I'm not sure what's so hard to understand. This is big corp and they haven't perfected their procedures. You are supposed to be private banking client but exceptions are being made for potential clients. The pb the op talked to basically didn't care. Others are just faxing to right number that pb use to submit apps. Apps get processed normally at that point. These are all loopholes that can be closed at any moment. Think of it as Amex backdating au to original cardholder date. It is against policy but some people gotten lucky and got it done. Same in this situation. Basically against policy but pb for chase aren't used to enforcing credit app policy so if you can get one to submit your app, you are good. If it happens too much or too many complaints, they will make a bigger deal of it so pb don't do it anymore or change procedures. If enough of their 100 million dollar guys complain that the "poor" are rocking this card and a know a couple that were pissed, these loopholes will shut tighter than ....

What's hard to understand is the fact that you don't make any logical sense.

Me: "...all new Palladium approvals as of a few weeks ago had to be JPM PB clients..."
You: " No. This is the case."

The OP's case shows that it is NOT the case. Logic 101. What you're basically saying is equivalent to: "It's always true, except when it's not."

The loopholes are clearly still there, as you have said, so it's obviously not a hard rule to be a JPM PB client, as I have said. In fact, I just spoke to my friend who works at JPM's San Francisco PB office a couple of hours ago and he confirmed that they are merely filtering/soft-selling incoming applicants to see if they want to sign-up for wealth management services (exactly the OP's experience) - being a client is NOT a requirement and if the applicant doesn't want JPM PB services, they are merely forward to JPM Card Services to process the app like normal. So yeah, you're wrong.

Re: JP Morgan Palladium approved

Anonymous — Thu, 31 May 2012 07:14:19 GMT

Bribro, I'm not sure if you are trying to be difficult or not. Policy for this card is for private banking clients. Just because there are loopholes or people who aren't strictly following policy doesn't mean it isn't policy. Just like Amex policy around backdating is getting backdated to when they first had Amex and not to someone else's Amex member date. Just because people are getting around this policy doesn't mean it isnt policy. I have jp Morgan private client in sf (not the lower end ones) and he tells me it is policy only for clients and soon to be clients. If you call the palladium line, they will tell you same thing. Your friend just demonstrates the confusion in jp Morgan and that they havent perfected procedures to enforce this policy, but this doesn't change the fact that it is policy. Your "logic" is making the same mistake many politicians make. Just because you make it illegal doesn't mean it won't happen. Or how about something closer to home. The credit bureau policy is to only have truthful and accurate information on your credit report. So given your thinking, it must have happened. Somehow I feel a bunch of people on this forum might disagree. Btw, watch your logic 101 statements as you sounded more like politician 101, by only partially quoting me and ignoring the rest of my statement that explained how the op was able to get through.