@Anonymous wrote:
It just absolutely boggles my mind that there are a number of people trying to rationalize and explain away Chase's clearly bad faith, borderline illegal behavior. If they wanted to enforce this asinine policy then they should either put up a disclaimer about the 5/24 rule before people apply, or they should perform a sp to decide whether to evaluate the application. Instead, they just institute this policy and damage people's credit by pulling a hard inquiry which they NEVER intend to even evaluate, because they just can. People should be mad about this kind of behavior from a bank that is way too powerful, but instead some of you guys are saying things like oh, it makes sense for their bottom line; oh, it's your fault for not paying attention, you should've learned about this policy that has never been actually published by Chase; and it's understandable Chase cavalierly hurts our credit because god forbids Chase suffers the horrors of acquiring unprofitable customers.
Chase does not hurt yout credit for adding a hp, people do it to themselves for applying for several cards just to have so much in available credit where 95% of them don't even use 10% of available credit to them. They hurt their own reports/scores by adding several cards just to have them sit in their sock drawer have the bragging right to say, i have XXX amount of available credit. Don't forget that banks DO NOT have unlimited amount of money. If they will extend credit to someone, they would rather do it to someone that will actually swipe the card and use the extended credit rather than to someone that will just SD the card just to say they have a chase saphire card. I am sure that Chase did not wake up one morning and say, hey let's make a new rule and call it 5/24 blah blah blah....! They have definitely done their homework, research, risk/gain/loss assestments and decided that it is more beneficial to them and apply the rule. As far as putting a disclaimer, than there is several other reasons that people can get denied credit, and they do not have disclaimers for them either. As i said above in another post under this thread earlier, i do not have a chase account, but i even know that Chase has the 5/24 rule, it includes AU accounts, Chase CLI's are almost always HP's no matter when you request it, their cobranded cards are excluded from the 5/24 rule (at least for the moment), and if you are not instantly approved for a chase card, you never call and talk to the reps about your application, but call the app status line, and wait it out. And about Chase acquiring unprofitable customers, they have data points of millions and millions of Chase users for several years. I am sure they have done their homework and decided that this will be to their benefit. And maybe they chose to bring this rule to eliminate the people that is onlyu costing them money to maintain an account, but not making any money to the company. And to sum it all, just like as a consumer, you have a right to choose any credit company / product to apply for, they have a right to choose who they want to work. We can not blame them for our own ignorance.
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8/17/15: Equifax 626 Experian 619 Transunion 622
9/28/15: Equifax 655 Experian 636 Transunion 641
11/11/15: Equifax 698 Experian 687 Transunion 672
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