topic Re: AARP Visa through Chase in General Credit Topics

AARP Visa through Chase

Anonymous — Sat, 26 May 2007 19:04:19 GMT

Now why is Chase asking the old timers @ AARP for their net worth in order to get a credit card? I checked my applications from Chase and there is no line that asks for net worth. I would think this is being discriminatory. My mom was rate-jacked by Chase AARP a few years ago. She closed that account and told me the best way to get rid of credit card debt is just to PAY IT!!

As far as FICO goes, mom said she just read where FICO has been around 50 years and she never once looked up her credit score until I prompted her to do it in 2006. Even now she doesn't check her scores as she states she was doing better not checking them. That she uses her credit when she needs to and if the available credit limit is there, she uses the part she needs and pays it off as soon as she can. Her scores are in the 784 range with the lowest being 730 with TU.

SandyK

Re: AARP Visa through Chase

Tuscani — Sat, 26 May 2007 20:41:23 GMT

I wouldn't say this is discriminatory.. Chase is probably just basing the amount of approval based on net worth.. and not the approval itself. Even so.. Chase can base their appovals on whatever they want. They are not obligated to approve anyone for any reason.

Re: AARP Visa through Chase

MidnightVoice — Sat, 26 May 2007 20:46:16 GMT

My net worth.........priceless.

Re: AARP Visa through Chase

Anonymous — Sat, 26 May 2007 22:32:46 GMT

Tuscani,

Yes I understand Chase isn't obligated to do anything really. Just wondered why they would ask the net worth of the older generation and not everyone on their applications. Nice way of asking "You sure you have enough to pay us if you die today or tomorrow?" Instead of "You're how old? We don't really want to give a card to someone over the age of 65 unless they have the money to pay us."

SandyK

Message Edited by sankofa on 05-26-2007 03:32 PM

Re: AARP Visa through Chase

fused — Sat, 26 May 2007 22:43:03 GMT

sankofa wrote:
Tuscani,

Yes I understand Chase isn't obligated to do anything really. Just wondered why they would ask the net worth of the older generation and not everyone on their applications. Nice way of asking "You sure you have enough to pay us if you die today or tomorrow?" Instead of "You're how old? We don't really want to give a card to someone over the age of 65 unless they have the money to pay us."

SandyK

Message Edited by sankofa on 05-26-2007 03:32 PM

Let me preface this post by saying "chase stinks." If your applying for credit and are retired they might ask for net worth. I believe its a question that address her capacity to pay rather than her character, seeing that she always pays on time.

Re: AARP Visa through Chase

Anonymous — Sat, 26 May 2007 22:50:15 GMT

fused111,

Exactly!

SandyK

Re: AARP Visa through Chase

Anonymous — Sun, 27 May 2007 00:32:19 GMT

Just a possibility ... if the "net worth" question only appears on AARP-branded credit cards, it might have originated with AARP and not Chase. Perhaps the arrangement between AARP and Chase allows such information to be shared. AARP Services Inc. is a for-profit subsidiary that does marketing and I'm sure that net worth information would be useful for them in matching AARP members with product offers.

By the way, here's a semi-related story that's old but still funny:

http://query.nytimes.com/gst/fullpage.html?res=9E0CE4D6153CF933A25751C1A964958260

Re: AARP Visa through Chase

Anonymous — Sun, 27 May 2007 02:47:07 GMT

Revike,

Could possibly be the case. When Chase is involved, I dunno. My husband has had no problems at all with them. He did a balance transfer last year and when it ended, as promised Chase gave him a 8.99% APR.

That was a funny story about Mr. Clayton! Right on time with the AARP question LOL. Thanks for sharing!

SandyK