topic Re: Chase cut limits (again) in Credit Cards

Chase cut limits (again) FIXED BY CSP

swpopham — Thu, 03 Oct 2013 21:39:24 GMT

My wife and I have been chase customers for 10+years never been  late on our house, LOC, credit cards or overdrawn on a checking account. We never carried balances with chase until 3 months ago. We started building a new jeep on june first of this year. I logged online thursday night to make payments, we have about 40k on credit at chase right now. I noticed the limit on our business card had been cut to just above the balance. The limit on the CSP was cut to 1k above balance and they didnt touch any of the JP Morgan cards. I called EX office and they were closed. So I called our Private Client banker and she didnt know what was going on.
 
Friday morning spoke to Ex office, Curt said she should get back to us by Monday, I said that wasnt going to work and I wanted an answer today... Close of business friday I called back to Ex office who said Curt was the highest I could go and he had left for the day. Given the business cards and JPM dont report on our credit the only thing we would lose is the 40k on the CSP if it report to our credit.
 
So I figured wth its been a while since ive done anything and called over to the BOA- ML card line and spoke to a nice guy told him I would like to increase my limit on the card, he transfered me over to a SR credit analyst. She looked at my card at 10k and histrory with them 4 full PIF cycles. Asked what I would like, i explained to her about chase cutting our limits and she said she would up the card to 30k and if we closed the chase card, when it reported call her back and she would up it to 50k. She said they were more then happy to take our business and wanted to know what it would take to get our 12-16k a month away from amex. I said she was doing a great job of getting us to switch. she gave me her name and phone number and said she looked forward to talking to us soon.
 
anyways the first time this happend chase cut the csp from 30k to 10k then i called and raised hell. they put it back to 30k gave it a few months called and upped it to 40k. They blamed it on a computer error... 
 
so this is how we looked to chase when they cut us:
 
Ink Plus card
5k balance 100k limit
 
JP Morgan
20k balance 100k limit
 
CSP
5k balance 40k limit 

Re: Chase cut limits (again)

navyox — Sun, 29 Sep 2013 18:47:00 GMT

Sounds like Chase is trying hand you to BOA on a silver platter. Seems like most stories I hear about random negative account actions against loyal customers involve Chase.

Re: Chase cut limits (again)

myjourney — Sun, 29 Sep 2013 18:47:20 GMT

Sorry to hear of this sounds like BofA wants all your business and is willing to help you dump them

Re: Chase cut limits (again)

eddie84 — Sun, 29 Sep 2013 18:53:07 GMT

Yah, that really sucks. BofA has always been generous with their credit lines to me for some reason.

Re: Chase cut limits (again)

Anonymous — Sun, 29 Sep 2013 18:54:58 GMT

Hmm this is very weird. Something in your profile might have triggered a false alarm.

Did anything change about your income or CR?

Re: Chase cut limits (again)

swpopham — Sun, 29 Sep 2013 18:56:08 GMT

@navyox wrote:
Sounds like Chase is trying hand you to BOA on a silver platter. Seems like most stories I hear about random negative account actions against loyal customers involve Chase.

I can't count how many people I have sang praise of chase too, I helped other military members get their star cards fixed, I have had all my family sign up for cards like the CSP, Marriot or other cards for the AMERICAN customer service, I pay the fees for the CPC because I value american customer service. My wife was on the cards that were cut but they didnt touch mine. NOTHING on our credit report changed besides us paying off our house..

This taught me the only bank I can trust is NFCU

Re: Chase cut limits (again)

swpopham — Sun, 29 Sep 2013 18:57:30 GMT

@Anonymous wrote:
Hmm this is very weird. Something in your profile might have triggered a false alarm.

Did anything change about your income or CR?

Nope income is going up and we paid our house off, the only thing that would have scared them if they could see it is 85k coming out of our savings account and paying the house off...

Re: Chase cut limits (again)

FinStar — Sun, 29 Sep 2013 18:59:16 GMT

@Anonymous wrote:
Hmm this is very weird. Something in your profile might have triggered a false alarm.

Did anything change about your income or CR?

Something definitely spooked them. I'm assuming their PRR group assessed some type of risk which caused AA/CLD - that's the only thing that comes to mind. It wouldn't happen for any other reason.

Re: Chase cut limits (again)

zerobacan — Sun, 29 Sep 2013 19:06:11 GMT

@swpopham wrote:
@Anonymous wrote:
Hmm this is very weird. Something in your profile might have triggered a false alarm.

Did anything change about your income or CR?

Nope income is going up and we paid our house off, the only thing that would have scared them if they could see it is 85k coming out of our savings account and paying the house off...

Maybe

Has your house loan been reported in you CR as paid already?

Re: Chase cut limits (again)

swpopham — Sun, 29 Sep 2013 19:06:52 GMT

i cant figure out what spooked them about my wife.. I looked at all her reports today and nothing is out of the ordinary

Re: Chase cut limits (again)

Anonymous — Sun, 29 Sep 2013 19:07:03 GMT

Are you still working with the EO office? Have you tried talking to an analyst yet? Is your private banker doing anything to help?

Something in your profile spooked them, and its possible that it may be a false alarm. There's always going to be some unintended collateral damage in any risk assessment algorithm (such as Citi and Amex AA practices).

I understand you may want to move your business away, but it's probably better to address the root of this issue. Could your wife's spending on your card been the problem?

Re: Chase cut limits (again)

L-TWT — Sun, 29 Sep 2013 19:07:36 GMT

One thing we must all realize, banks are not to be trusted. They do whatever they want regardless of one's history with them.

But is sounds like they took a page from Amex around the time of the credit crisis, were they would slash CL just shy of one's balance

Re: Chase cut limits (again)

navyox — Sun, 29 Sep 2013 19:09:03 GMT

@L-TWT wrote:
One thing we must all realize, banks are not to be trusted. They do whatever they want regardless of one's history with them.
But is sounds like they took a page from Amex around the time of the credit crisis, were they would slash CL just shy of one's balance

+1 especially true of the big dogs.

Re: Chase cut limits (again)

swpopham — Sun, 29 Sep 2013 19:20:21 GMT

the house reported paid off on july 1st we put 50-60k on cards and have been sending 5-8k a month on the cards. We quit using them that way they would pay down and started puting all of our charges on the amex prg card that way it wouldnt affect our utilazation rates. Yes I will still call the Ex office again tomorrow. Guess im just dissapointed and feel let down, I expect this out of amex would have never guessed that with chase, we made it (well thought we did) through the credit crunch unaffected till now..

Re: Chase cut limits (again)

FinStar — Sun, 29 Sep 2013 19:24:25 GMT

@swpopham wrote:
the house reported paid off on july 1st we put 50-60k on cards and have been sending 5-8k a month on the cards. We quit using them that way they would pay down and started puting all of our charges on the amex prg card that way it wouldnt affect our utilazation rates. Yes I will still call the Ex office again tomorrow. Guess im just dissapointed and feel let down, I expect this out of amex would have never guessed that with chase, we made it (well thought we did) through the credit crunch unaffected till now..

Was this a normal pattern (from a revolving balance perspective) from previous spend on the cards?

Re: Chase cut limits (again)

Anonymous — Sun, 29 Sep 2013 19:42:22 GMT

+1 to what finstar said. Putting that much on a card and not paying it off may have been the trigger, especially if this is not part of your normal spending habits.

Re: Chase cut limits (again)

swpopham — Sun, 29 Sep 2013 19:53:24 GMT

it was WAY out of normal, I even called and told them, hey guys were building a new jeep were gonna have a big balance till around Nov. No problem, thanks for letting us know!

that was pretty much how the phone call went,

Re: Chase cut limits (again)

cashnocredit — Sun, 29 Sep 2013 20:00:56 GMT

Interesting. I've long thought that having a record of PIF then suddenly carrying a balance would be a large red flag. I know it would be in my case since I'm retired. However, if you have a private banker that usually indicates significant investment accounts and one would think they would check that before AA. OTOH, in my experience banks have essentially no automatic access to that side of your information.

Re: Chase cut limits (again)

FinStar — Sun, 29 Sep 2013 20:07:00 GMT

@cashnocredit wrote:
Interesting. I've long thought that having a record of PIF then suddenly carrying a balance would be a large red flag. I know it would be in my case since I'm retired. However, if you have a private banker that usually indicates significant investment accounts and one would think they would check that before AA. OTOH, in my experience banks have essentially no automatic access to that side of your information.

Hopefully, the EO channel may be able to sort it out with intervention from the PRR group. Of course, depending on any diminshed liquidity in your relationship ot CPC portfolio and any recent changes in your spending/revolving balance picture can be explained satisfactorily to restore your original CLs.

Re: Chase cut limits (again)

09Lexie — Sun, 29 Sep 2013 20:12:36 GMT

+2

With this being the second time it happening , I'm not big on coincidences.