CSP DECLINED with 740 Credit Score?! Really, CHASE?!

[Anonymous]

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@nitrov wrote:

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@baller4life wrote:
I agree it's an absolutely ridiculous policy. Rumor as it that it will expand to co-branded cards as well on April 1. However, that hasn't been confirmed.

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Wow, their number of new accounts is going to tank. They're passing up on a lot of quality accounts from it. 5 is a pretty small number, even for a "conservative" bank's standards. Like, come on, I'm not even 30 years old ad I just bought a home that needed improvements...I could understand if it's 15 new accounts for Saks 5th Ave, Neiman Marcus, and if I had crazy balances on everything, but good grief. 

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Funny how everyone thinks Chase is going out of business because of the 5/24 rule.  Chase is doing just fine, and won't need all the churners who just want the bonus and just SD the card afterward.  I find it laughable when someone says that because THEY can't get approved that all of a sudden the customer service sucks or the bank is going out of business.  Sour grapes means nothing to their business. There are plenty of conservative borrowers who appreciate the policy of not letting churners have their way with the credit card system.  Me included.  Sorry, but they'll do just fine.

[nitrov]

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@Anonymous wrote:

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@nitrov wrote:

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@baller4life wrote:
I agree it's an absolutely ridiculous policy. Rumor as it that it will expand to co-branded cards as well on April 1. However, that hasn't been confirmed.

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Wow, their number of new accounts is going to tank. They're passing up on a lot of quality accounts from it. 5 is a pretty small number, even for a "conservative" bank's standards. Like, come on, I'm not even 30 years old ad I just bought a home that needed improvements...I could understand if it's 15 new accounts for Saks 5th Ave, Neiman Marcus, and if I had crazy balances on everything, but good grief. 

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Funny how everyone thinks Chase is going out of business because of the 5/24 rule.  Chase is doing just fine, and won't need all the churners who just want the bonus and just SD the card afterward.  I find it laughable when someone says that because THEY can't get approved that all of a sudden the customer service sucks or the bank is going out of business.  Sour grapes means nothing to their business. There are plenty of conservative borrowers who appreciate the policy of not letting churners have their way with the credit card system.  Me included.  Sorry, but they'll do just fine.

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I never said they're going out of business. It's perfectly plausible that their new account volume will decline dramatically for imposing an "all or nothing" rule like this. I could understand that 5/24 be a "general guideline" and upon further review of number of closed accounts, type of accounts opened, overall creditworthiness, etc. they make a reasonable and rational decision from there, but the flat-out "more than 5 in two years," is absurd. I hear what you're saying about churners, and I am NOT a churner, so I'm a perfect example of them denying a creditworthy application that would be profitable for them. I was planning on knocking off usage on my PRG and Platinum Amex cards in favor of CSP, and I can tell you I was planning on spending appx. $25k per year on the CSP, but that's ok. I'll keep using my Amex cards and letting them generate revenue off me and Chase can stay Chase until they change their policy again and everyone survives just fine. Banks don't grow by having policy like that, and that's exactly why I don't work there anymore despite their relentless attempts to recruit me again. I'll take their credit cards, but their senseless policy-making can kick rocks.

[nitrov]

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@Anonymous wrote:

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@nitrov wrote:

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@baller4life wrote:
I agree it's an absolutely ridiculous policy. Rumor as it that it will expand to co-branded cards as well on April 1. However, that hasn't been confirmed.

---

Wow, their number of new accounts is going to tank. They're passing up on a lot of quality accounts from it. 5 is a pretty small number, even for a "conservative" bank's standards. Like, come on, I'm not even 30 years old ad I just bought a home that needed improvements...I could understand if it's 15 new accounts for Saks 5th Ave, Neiman Marcus, and if I had crazy balances on everything, but good grief. 

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Funny how everyone thinks Chase is going out of business because of the 5/24 rule.  Chase is doing just fine, and won't need all the churners who just want the bonus and just SD the card afterward.  I find it laughable when someone says that because THEY can't get approved that all of a sudden the customer service sucks or the bank is going out of business.  Sour grapes means nothing to their business. There are plenty of conservative borrowers who appreciate the policy of not letting churners have their way with the credit card system.  Me included.  Sorry, but they'll do just fine.

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Not to mention...I'm pretty sure you can find PLENTY of "conservative borrowers" who have more than 5 accounts in the last 2 years. I was a victim of identity theft, rebuilt, bought a home, and had to re-establish credit. A human being would understand those things, a policy gives zero effs.

[Anonymous]

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@Anonymous wrote:

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@nitrov wrote:

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@baller4life wrote:
I agree it's an absolutely ridiculous policy. Rumor as it that it will expand to co-branded cards as well on April 1. However, that hasn't been confirmed.

---

Wow, their number of new accounts is going to tank. They're passing up on a lot of quality accounts from it. 5 is a pretty small number, even for a "conservative" bank's standards. Like, come on, I'm not even 30 years old ad I just bought a home that needed improvements...I could understand if it's 15 new accounts for Saks 5th Ave, Neiman Marcus, and if I had crazy balances on everything, but good grief. 

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Funny how everyone thinks Chase is going out of business because of the 5/24 rule.  Chase is doing just fine, and won't need all the churners who just want the bonus and just SD the card afterward.  I find it laughable when someone says that because THEY can't get approved that all of a sudden the customer service sucks or the bank is going out of business.  Sour grapes means nothing to their business. There are plenty of conservative borrowers who appreciate the policy of not letting churners have their way with the credit card system.  Me included.  Sorry, but they'll do just fine.

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Yeah, we tend to look at things from our credit obsessed point of view. The average person out there in the real world would never bump up against the 5/24 rule.

[nitrov]

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@Anonymous wrote:

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@Anonymous wrote:

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@nitrov wrote:

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@baller4life wrote:
I agree it's an absolutely ridiculous policy. Rumor as it that it will expand to co-branded cards as well on April 1. However, that hasn't been confirmed.

---

Wow, their number of new accounts is going to tank. They're passing up on a lot of quality accounts from it. 5 is a pretty small number, even for a "conservative" bank's standards. Like, come on, I'm not even 30 years old ad I just bought a home that needed improvements...I could understand if it's 15 new accounts for Saks 5th Ave, Neiman Marcus, and if I had crazy balances on everything, but good grief. 

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Funny how everyone thinks Chase is going out of business because of the 5/24 rule.  Chase is doing just fine, and won't need all the churners who just want the bonus and just SD the card afterward.  I find it laughable when someone says that because THEY can't get approved that all of a sudden the customer service sucks or the bank is going out of business.  Sour grapes means nothing to their business. There are plenty of conservative borrowers who appreciate the policy of not letting churners have their way with the credit card system.  Me included.  Sorry, but they'll do just fine.

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Yeah, we tend to look at things from our credit obsessed point of view. The average person out there in the real world would never bump up against the 5/24 rule.

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I like to think one can be conservative and also credit obsessed 

[slicemans]

Does chase count  denied application inquires?

[Anonymous]

I read to page two and jumped to say that you should try to get CLI on your cards and ask if you could move credit from those cards to open the CSP. of course, after you get the CLI you mention it and not before. I read someone did this.

[Anonymous]

To take a contrarian opinion to most people on here, from a credit profile standpoint, I actually agree with you that it (objectively) seems unreasonable to deny people with strong credit profiles and a great banking relationship like yours if the reason for denial is only because of a perceived increase in risk due to having opened more than 5 accounts in 24 months without considering any other factors. I personally adore Chase, have 4 of their cards, and don't have a dog in this hunt, but if this is truly Chase's mindset and that is what you're disputing, I fully agree with you that it is illogical and I definitely have empathy for your position. 

The issue is, I don't think Chase is denying people for 5/24 only because they think that people who violate this standard are an increased credit risk (although statistically, this is more likely to be the case). In addition to generic credit-hungry people who are at risk of default, another group who violates 5/24 quite frequently are the churners/rewards hunters, as stated before, and these customers simply aren't profitable. The number of avid rewards hunters/churners is probably quite a bit smaller than the number of high-risk defaulters, but a person in either group would be a persona non grata from a profitability standpoint for Chase. If concerned with profitability, it really may be in Chase's best interest to keep both groups out, even if it may catch occasional innocent people like yourself (who are neither high-risk nor a churner) in the crossfire. In this respect, the policy -- as draconian as I think it is -- is a lot more logical than it appears at first glance.

[nitrov]

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@Anonymous wrote:

To take a contrarian opinion to most people on here, from a credit profile standpoint, I actually agree with you that it (objectively) seems unreasonable to deny people with strong credit profiles and a great banking relationship like yours if the reason for denial is only because of a perceived increase in risk due to having opened more than 5 accounts in 24 months without considering any other factors. I personally adore Chase, have 4 of their cards, and don't have a dog in this hunt, but if this is truly Chase's mindset and that is what you're disputing, I fully agree with you that it is illogical and I definitely have empathy for your position. 

The issue is, I don't think Chase is denying people for 5/24 only because they think that people who violate this standard are an increased credit risk (although statistically, this is more likely to be the case). In addition to generic credit-hungry people who are at risk of default, another group who violates 5/24 quite frequently are the churners/rewards hunters, as stated before, and these customers simply aren't profitable. The number of avid rewards hunters/churners is probably quite a bit smaller than the number of high-risk defaulters, but a person in either group would be a persona non grata from a profitability standpoint for Chase. If concerned with profitability, it really may be in Chase's best interest to keep both groups out, even if it may catch occasional innocent people like yourself (who are neither high-risk nor a churner) in the crossfire. In this respect, the policy -- as draconian as I think it is -- is a lot more logical than it appears at first glance.

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I was very specifically told that it was automatically denied solely because I had too many new accounts in the last 2 years. She said "it's not a reflection of your creditworthiness," and that they cannot even submit a recon request for an analyst to review my credit file SOLELY because of the 5/24 rule. She would not confirm what the "magic number," was but she said I had too many for their policy. Like I said, if it was my credit itself, utilization too high, too much debt, whatever, I would get it, but I've done A LOT of work to make sure none of that applies to me, particularly before apping for this specific card because I know they have high credit standards and that's one of the reasons I like banking and working with Chase. This particular rule, however, I contend is stupid. I would support it as a general theory, as I mentioned previously, subject to analyst/human review and certain circumstances with supporting discussion or documentation, but to outright say no solely based on that factor I find it needlessly stringent. 

[nitrov]

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@Anonymous wrote:

I read to page two and jumped to say that you should try to get CLI on your cards and ask if you could move credit from those cards to open the CSP. of course, after you get the CLI you mention it and not before. I read someone did this.

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I did app for a CLI on my Freedom and if my special recon request via branch channel doesn't work I'm def going to try this so it's not a wasted inq.