topic Re: Closed CSP in Credit Cards

Closed CSP

youngandcreditwrthy — Fri, 20 Jun 2014 12:54:52 GMT

:-(
Sad day today.... I had to close this card though.
They upset me when they denied me for a cli yesterday and really insulted me for having nearly $20k of cc debt (even though overall util is low and I pif most accts)
So I said to hell with it and closed them. I usually pif all of my Chase cards, and I do pif before statement cuts. They did not see it that way and tried to have me talk with the Portfolio Risk people...
One minute Chase is instantly approving you for $25k (last Chase card opened six months ago!) The next they are denying you altogether and treating you like crap.
Good riddance CSP-the free vacay was nice.
They probably dont like me because I rarely pay interest to them. Ha.

Re: Closed CSP

navajomyst2003 — Fri, 20 Jun 2014 13:04:28 GMT

Thought about trying Pen Fed?

Re: Closed CSP

takeshi74 — Fri, 20 Jun 2014 13:05:44 GMT

@youngandcreditwrthy wrote:
One minute Chase is instantly approving you for $25k (last Chase card opened six months ago!) The next they are denying you altogether and treating you like crap.

Utilization plays a role but it's not the only consideration in evaluating risk. They aren't just randomly deciding to pick on you. Something about your behavior is risky according to their analysis.

Re: Closed CSP

Anonymous — Fri, 20 Jun 2014 13:07:31 GMT

You must have tripped some of their risk parameters (lots of cc debt, which you might, or might not, pay off) and now asking for a CLI. Probably matches known risky behavior in which case your past history might count for less. If cancelling made you feel better, good!

Re: Closed CSP

PlasticOrPlastic — Fri, 20 Jun 2014 14:47:53 GMT

Hope that works out well for you! CSP is the only card I still want!

Re: Closed CSP

Anonymous — Fri, 20 Jun 2014 15:23:25 GMT

Sorry they upset you but Chase has to, by law, factor in your ability to pay your card when you request a CLI. Most people "fluff" their CR's to look stellar prior to app'ing for cards to not only increase your ability to get approved but also increase your ability to score some nice limits. Therefore, most of the time people are handed out nice limits when they apply with good credit history because their debts are typically low.

It may have sounded like they were insulting you for your current CC debt, but they are really just obiding by the Credit Card Act by considering your ability to pay (even though this has not been a factor with your Chase accounts). But, it doesn't mean that it won't be in the future.

‘‘A card issuer may not open any credit card account for any consumer under an open end consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the ability of the consumer to make the required payments under the terms of such account.’’

Re: Closed CSP

TheConductor — Fri, 20 Jun 2014 15:31:23 GMT

@youngandcreditwrthy wrote:
:-(
Sad day today.... I had to close this card though.
They upset me when they denied me for a cli yesterday and really insulted me for having nearly $20k of cc debt (even though overall util is low and I pif most accts)
So I said to hell with it and closed them. I usually pif all of my Chase cards, and I do pif before statement cuts. They did not see it that way and tried to have me talk with the Portfolio Risk people...
One minute Chase is instantly approving you for $25k (last Chase card opened six months ago!) The next they are denying you altogether and treating you like crap.
Good riddance CSP-the free vacay was nice.
They probably dont like me because I rarely pay interest to them. Ha.

I am really curious to know what was actually said by them.

If they say "I'm sorry, we can't approve that because you are carrying too much outstanding debt." and you feel insulted, that is you choosing to feel insulted, without any insult intended on their part.

If they say "What kind of idiot carries this much debt and thinks he will get a CLI from anyone?", that's an intentional insult.

In other words, was the insult actually in what they said, or in how you felt about what they did (or in this case, what they didn't)?

Re: Closed CSP

Dw4250 — Fri, 20 Jun 2014 15:35:49 GMT

@youngandcreditwrthy wrote:
:-(
Sad day today.... I had to close this card though.
They upset me when they denied me for a cli yesterday and really insulted me for having nearly $20k of cc debt (even though overall util is low and I pif most accts)
So I said to hell with it and closed them. I usually pif all of my Chase cards, and I do pif before statement cuts. They did not see it that way and tried to have me talk with the Portfolio Risk people...
One minute Chase is instantly approving you for $25k (last Chase card opened six months ago!) The next they are denying you altogether and treating you like crap.
Good riddance CSP-the free vacay was nice.
They probably dont like me because I rarely pay interest to them. Ha.

Hey youngandcreditworthy:

Sorry that happened to you...I know it can be frustrating to be denied for a CLI, especially after burning a HP.

That being said, based on your siggy, your overall UTL is ~$175K. I assume your income is pretty high, but $175K in available revolving credit is A LOT for almost anyone. If you are putting $150-175K/month through your cards and PIF every month, I need to come hang out with you...lol!!!!

Even though you PIF, you may have bumped up against whatever algorithm Chase has pre-set, and they determined you already have enough available credit (thus should not need more). I doubt it was personal...

Anyway, onward and forward right! CSP is a card with an annual fee, so those are always nice to get rid of if you don't need it. You still have a pretty nice portfolio of cards, and getting rid of one may actually help you by further concentrating your spending (and reward earnings).

Re: Closed CSP

Anonymous — Fri, 20 Jun 2014 15:37:02 GMT

I don't get it. Pride is a double edged sword. But to each their own.

Re: Closed CSP

Anonymous — Fri, 20 Jun 2014 16:15:02 GMT

@Dw4250 wrote:

That being said, based on your siggy, your overall UTL is ~$175K. I assume your income is pretty high, but $175K in available revolving credit is A LOT for almost anyone. If you are putting $150-175K/month through your cards and PIF every month, I need to come hang out with you...lol!!!!

+1.

Re: Closed CSP

robbulous — Fri, 20 Jun 2014 16:32:14 GMT

He said he only usually PIF's his Chase cards, so he's not maxing out all of his cards and paying $150k-$175k a month. Still if Chase saw high balances on other cards, I can see why they wouldn't want to up your CL's.

Re: Closed CSP

ExplicitElicit — Fri, 20 Jun 2014 16:49:41 GMT

I've seen others close a chase card because of no cli and then apply for the same card and be approved with a higher limit compared to what they previously had. If you're willing to give chase a chance again I would consider doing this, the CSP is a great card to have as well. It's still on my "to get" list.

Re: Closed CSP

youngandcreditwrthy — Fri, 20 Jun 2014 16:50:59 GMT

I have considered penfed. My EQ is only about 700. Idk if they will approve me, perhaps I will try.

Re: Closed CSP

youngandcreditwrthy — Fri, 20 Jun 2014 17:48:43 GMT

They specifically mentioned the amount of debt. It seemed rather insulting. It was not the run of the mill reason. They mentioned the number.

I do not pif 150k a month. Income is 150k+ On Chase, I pif around 1-2k a month. I do have a high balance on Discover (9/10K) and then (7/25k) on BOA. both are at 0% til like June 2015

It was denied strictly for util. I have literally pif about 10-15k in the past year on Chase cards though and pif. They were very brazen in their approach. Of course, I got pretty heated too - no cussing though.

Edit: seriously, WTH? --Revelate, myFICO moderator

I have:

9k bal on Discover 10k cl

7k bal BOA 25k cl

2k bal on Amex 20k cl(pif before statement cuts usually)

$344 on Marriott 25k cl

$27.00 bal on BR Visa 12.5k cl

They also mentioned the number of accounts with balances. I reminded them that I typically pay in full all except BOA and Discover, they seriously disagreed. Can they not see that I pay Chase over a thousand a month!!

FIVE out of 20 credit accounts with balances must equal bankruptcy. They are just so stupid. Im going to close all of my Chase cards as soon as I find a replacement. I'

m going to make some decisions today. They have really pissed me off. I dont have to deal with that, not especially when I've deposited more than $50k gross into my checking this year so far, and they year is only half done!!!!!!!

One of the reps told me they considered my Discover opened in Oct 2012 a brand new account. I was like really.. it's two years old LMAO.

I have NO auto loan, NO mortgage debt.

Re: Closed CSP

capitalkid — Fri, 20 Jun 2014 17:09:07 GMT

Getting denied is a blow I agree, I was denied for everything for years. First because I had no credit history and after BK because I had a BK. I never had any revolving credit cards until after I BK'd and was forced to rebuild with cards because of the world we now live in where cash is no longer king. I lived cash only for the first decade of my adult life, then BK due to med bills not being paid by insurer. If I get denied now, really its now big deal, its like well just wait it out and see what happens in the next year or 6 months or something. I got denied for credit for years, now I mostly get approved, but credit is a mix of both denials and approvals. I think, IMHO, I have learned more about my profile from denials than from approvals. To each their own.

Re: Closed CSP

dodgerslv — Fri, 20 Jun 2014 19:52:49 GMT

@youngandcreditwrthy wrote:
They specifically mentioned the amount of debt. It seemed rather insulting. It was not the run of the mill reason. They mentioned the number.

I do not pif 150k a month. Income is 150k+ On Chase, I pif around 1-2k a month. I do have a high balance on Discover (9/10K) and then (7/25k) on BOA. both are at 0% til like June 2015

It was denied strictly for util. I have literally pif about 10-15k in the past year on Chase cards though and pif. They were very brazen in their approach. Of course, I got pretty heated too - no cussing though.

I have:
9k bal on Discover 10k cl
7k bal BOA 25k cl
2k bal on Amex 20k cl(pif before statement cuts usually)
$344 on Marriott 25k cl
$27.00 bal on BR Visa 12.5k cl

They also mentioned the number of accounts with balances. I reminded them that I typically pay in full all except BOA and Discover, they seriously disagreed. Can they not see that I pay Chase over a thousand a month!!
FIVE out of 20 credit accounts with balances must equal bankruptcy. They are just so stupid. Im going to close all of my Chase cards as soon as I find a replacement. I'
m going to make some decisions today. They have really pissed me off. I dont have to deal with that, not especially when I've deposited more than $50k gross into my checking this year so far, and they year is only half done!!!!!!!

One of the reps told me they considered my Discover opened in Oct 2012 a brand new account. I was like really.. it's two years old LMAO.

I have NO auto loan, NO mortgage debt.

sorry to hear about that experience young...and i agree, even though chase has been known for great customer service for the most part, once in a while you will get a bad apple..one question though young, why did they want you to talk to the portfolio risk people? wonder what does that department have to do with a CLI request.

Re: Closed CSP

Kenny — Fri, 20 Jun 2014 17:26:23 GMT

I wouldn't recommend a PenFed app, young. They deny quite frequently and if you have already been told by chase that you have too much debt, I'm sure PenFed will have no problem spitting out a pyramiding debt reason for their decision.

You have a large income, use it and pay it off and you won't run into this issue. If you want to continue holding on to the 0% balance, I understand, but you have to also understand that banks sometimes aren't very comfortable with that.

Best of luck to you...

Re: Closed CSP

Revelate — Fri, 20 Jun 2014 17:30:09 GMT

@Anonymous wrote:
Sorry they upset you but Chase has to, by law, factor in your ability to pay your card when you request a CLI. Most people "fluff" their CR's to look stellar prior to app'ing for cards to not only increase your ability to get approved but also increase your ability to score some nice limits. Therefore, most of the time people are handed out nice limits when they apply with good credit history because their debts are typically low.

It may have sounded like they were insulting you for your current CC debt, but they are really just obiding by the Credit Card Act by considering your ability to pay (even though this has not been a factor with your Chase accounts). But, it doesn't mean that it won't be in the future.

‘‘A card issuer may not open any credit card account for any consumer under an open end consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the ability of the consumer to make the required payments under the terms of such account.’’

Hmm? Most people barely know what goes on their credit report let alone how to optimize it. Many barely are even aware such things exist other than an abstraction. Even the person I respect more than anyone else on the planet, and has been in and around the lending industry for decades, recently talked about Credit Karma as if it were some useful measurement of credit standing as far as the FICO algorithm goes... er, sorry buddy but it's not.

If you're taking the population here and at a few other places to be statistically relevant to the population as a whole, well, we don't rate in that regard . Very small, very much an outlier group.

Re: Closed CSP

dodgerslv — Fri, 20 Jun 2014 17:32:39 GMT

@KennyRS wrote:
I wouldn't recommend a PenFed app, young. They deny quite frequently and if you have already been told by chase that you have too much debt, I'm sure PenFed will have no problem spitting out a pyramiding debt reason for their decision.

You have a large income, use it and pay it off and you won't run into this issue. If you want to continue holding on to the 0% balance, I understand, but you have to also understand that banks sometimes aren't very comfortable with that.

Best of luck to you...

good points Kenny, right now my utilization is only 8% but thats with over 200K in available credit. Going to focuse now on paying it off and not try to poke the banks with any CLI request or any more apps as that may open a can of worms when they see im almost 18k in debt. Well cut that in half in the next couple of months though.

Re: Closed CSP

youngandcreditwrthy — Fri, 20 Jun 2014 17:33:17 GMT

Thanks everyone for the advice.

I know I have a lot of credit.

But there is no point in having a lot of credit unless I can make use of it. I suppose at this point it is necessary for me to make some cut backs credit line and debt wise. I have no problem paying any of my current obligations.

You'd be amazed at how much in taxes I pay as a single with no dependents. 150k doesn't go very far at all :-( sad day. Well I just opened a penfed savings account. I got no pre approvals or anything. I will wait until I am officially in with Penfed before I apply as Ive read on here horror stories about people app'ing for cards right away when they haven't even been approved for the savings account. LOL

or should I just go ahead and app for a card with them??? lol

Chase is just pissed that I'm not paying them interest. lmao.