Chase Marriott Denial..Too Much Exposure?f UPDATE..

[takeshi74]

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@Credit-hoarder wrote:

Called the app. recon number here on the thread and talked to a rep. and was told it was pretty much denied for amount of exposure on all other exitsting accts. (keep in mind Cap. One Venture isn't reporting yet). Also said I'm close to or at max. eposure with Chase on the 2 cards I have as well andthe only possiblilty would be closing CSP to meet the minimum CL for Marriott. He also cited any derogs., payment history, UTIL, were not the main reason for the decline-NOTHING ELSE, but strictly exposure with other lenders/ how many cards I currently have. I must admit that's a new one I've never ran into before.

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It can and does happen.  Any creditor is only going to be willing to extend a certain amount for a given credit profile.  While total exposure may be the main cited reason the total exposure (and your internal limit) deemed acceptable for you is certainly determined based on all the other factors.  If you have dergos then get them addressed.  If your utilization isn't in check then get it in check before you apply.  Those are both major factors.

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@redpat wrote:

I addition, they may also consider how much of a relationship or how much card usage they would get along with all your other cards.

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It can be a small consideration but the primary deciding factors are credit and income.

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@redpat wrote:

Income vs. cl availability could be the problem.  Your available lines are over your annual income.

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Varies by credit profile but many have credit that supports total limits that are a multiple of one's income.  I'm just over 2x and there are certainly those that are higher.  That said, many have credit that limits them to a percentage of income.  Again, depends on one's credit.

[redpat]

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@takeshi74 wrote:

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@Credit-hoarder wrote:

Called the app. recon number here on the thread and talked to a rep. and was told it was pretty much denied for amount of exposure on all other exitsting accts. (keep in mind Cap. One Venture isn't reporting yet). Also said I'm close to or at max. eposure with Chase on the 2 cards I have as well andthe only possiblilty would be closing CSP to meet the minimum CL for Marriott. He also cited any derogs., payment history, UTIL, were not the main reason for the decline-NOTHING ELSE, but strictly exposure with other lenders/ how many cards I currently have. I must admit that's a new one I've never ran into before.

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It can and does happen.  Any creditor is only going to be willing to extend a certain amount for a given credit profile.  While total exposure may be the main cited reason the total exposure (and your internal limit) deemed acceptable for you is certainly determined based on all the other factors.  If you have dergos then get them addressed.  If your utilization isn't in check then get it in check before you apply.  Those are both major factors.

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@redpat wrote:

I addition, they may also consider how much of a relationship or how much card usage they would get along with all your other cards.

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It can be a small consideration but the primary deciding factors are credit and income.

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@redpat wrote:

Income vs. cl availability could be the problem.  Your available lines are over your annual income.

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Varies by credit profile but many have credit that supports total limits that are a multiple of one's income.  I'm just over 2x and there are certainly those that are higher.  That said, many have credit that limits them to a percentage of income.  Again, depends on one's credit.

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Just my curiosity but why is there a need for a total lime of 2x or 1x?  CC are a bad way to borrow, if that is someone's only means then okay but if you have other options with lower APR why not use those options.  

I'm new to the forums and I'm still trying to understand needs or wants for such large limits and mulitiple and I mean multiple cards, were's the balance (just get it because, or need).

I really don't need or want additional increases or cards because that can affect home equity loans, business loans and credit lines if I want them.

[Credit-hoarder]

@Redpat: I do currently have a plan and at this stage it is ALL about quality not quantity. I DO intend to weed out cards I deem useles (can't grow with low limits and/ or terrible APR's) over the next few months (right now Wal-Mart M/C is a the top of the list). That was PART of the reason for app-ing for Marriott--to try and move up a little with a top lender. At this point I don't want a low-limit FRN Mastercard (got a pre-approval a few days ago and quickly declined it) or anything else along those same lines.

   To the poster who asked about the ages of my Chase accts; My first card with them was a BP Gas Card obtained in 8/13 (which just moved over to Synchrony), then Chase Freedom in 4/14, then CSP in 8/14.

[Bman70]

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@Credit-hoarder wrote:

Wanted the free-night stay and otherbenifits of the card and thought I may have had sufficient credit pymt. history with Chase. So went online and app-ed late last night and went to "further review" status. Called the app. recon number here on the thread and talked to a rep. and was told it was pretty much denied for amount of exposure on all other exitsting accts. (keep in mind Cap. One Venture isn't reporting yet). Also said I'm close to or at max. eposure with Chase on the 2 cards I have as well andthe only possiblilty would be closing CSP to meet the minimum CL for Marriott. He also cited any derogs., payment history, UTIL, were not the main reason for the decline-NOTHING ELSE, but strictly exposure with other lenders/ how many cards I currently have. I must admit that's a new one I've never ran into before. Oh well. They pulled Equifax which according to myFico is at 675 right now. UTIL at around 11% total on all cards.

AMEX Blue Cash Evdy-$10K ll Capital One Venture VS-$15K Discover It-$6K ll Wells Fargo Visa-$6K ll USAA Cash Rew. Visa-$13K ll Chase Sapphire Prefereed VS-$5K ll Capital One QS
Visa Signature-$5K ll OCCU Beaver Visa-$1.5K ll AMEX Green-NPSL ll Macy's store card-$2.8K + $10K in special accts. ll Wal Mart Mastercard/Synchrony-$2K ll
Synch/BP Store/Gas-$650 ll Sears/Citi-$2k ll Pay-Pal Smart Connect/Synchrony-$3.5K ll Best Buy/Citi-$4K ll Sportsman's Guide Visa-$7.5K ll
Coldwater Creek M/C-$5.5K ll Credit Union Visa-$2.5K ll FNBO AMEX-$8K ll Barclay Rewards WMC-$2.5K ll Chase Freedom-$1.5K
ll Camping World Good Sam Visa-$2.75K ll Union Plus Mastercard/Capital One-$2K ll Total Rewards Visa-Comenity-$2.5K

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Looking at others with equal or greater exposure, it seems the Chase rep was just picking one issue to highlight, but your entire profile clearly factored into the decision. It always does. Carrying around $12k in revolving debt (11% total util?) might make them a little shy too.

[Credit-hoarder]

@Bman70: He said he only counted 16 accts. (go figure) and right now I only have about $10K--$11K in total CC debt. Not sure with accts. they left out. Not only that--only 3 more payments on my 20 years old mortgage left to go.

[Anonymous]

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@Anonymous wrote:

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@jsucool76 wrote:
@Anonymous

he could pull 4k from csp, and 1k from freedom. keeping all 3 accounts open.

then once Marriott is open, reallocate limits around to meet spend needs.

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I thought the CSP had to stay at $5K.  Guess I'm wrong

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That was my understanding, too. 

[jsucool76]

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@Anonymous wrote:

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@Anonymous wrote:

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@jsucool76 wrote:
@Anonymous

he could pull 4k from csp, and 1k from freedom. keeping all 3 accounts open.

then once Marriott is open, reallocate limits around to meet spend needs.

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I thought the CSP had to stay at $5K.  Guess I'm wrong

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That was my understanding, too. 

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People were able to lower their ritz limits to 1k. Same concept. 

Needs to be 5k to open, but I dont think it needs to remain 5k. 

[Anonymous]

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@redpat wrote:

Just my curiosity but why is there a need for a total lime of 2x or 1x?  CC are a bad way to borrow, if that is someone's only means then okay but if you have other options with lower APR why not use those options.  

I'm new to the forums and I'm still trying to understand needs or wants for such large limits and mulitiple and I mean multiple cards, were's the balance (just get it because, or need).

I really don't need or want additional increases or cards because that can affect home equity loans, business loans and credit lines if I want them.

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It depends on how you are using those credit cards. For me I try to maximize my rewards, so multiple cards come into play for different rewards. Also I like to pay by due date and not have to worry about reporting date. So I run 2k-4k a month through my cards and that amount reports each month, if I want my Util low so my score does not tank I need CL's that support monthly reporting of at least 4k. Now add in 3 new cards with 0% interest that I am letting revolve a balance right now and my reported CC balances are around 10k. To keep Util under 10% I need total credit lines in excess of 100K.

I pay absolutely no interest on my credit cards, and I get rewards back around 100 a month right now, so I am ahead each month. Additionally once your credit supports it you start to see new accounts with SL in the 10k+ range so it does not take many cards to hit some high total CL.

Like everything in life it is a balancing act, for me personally I would prefer to be able to keep Util under 5% so I will work on getting credit lines around 200K. Just over double my income. I do not use the credit cards to borrow money, I use them to maximize my rewards and minimize my exposure to fraud. Credit cards are much safer then debit cards and carrying cash around. Plus much more convient to deal with for me, I don't like going to the bank for cash, easier to swipe the card and pay the balance at the end of the month.

[Anonymous]

Call recon repeatedly. Hope you don't get the same rep 12njoy did.

[Credit-hoarder]

Interesting. Can anyone here ellabortate on what jsucool76 just posted about signature cards being decreased to $1K and remaining open? Even if it were possible I wouldn't do that just to get the Marriott--I don't need the card that bad.. Closing Freedom and moving the line over would be a far as I'd go. Other than that if I can't get a flat out approval based on what I've accomplised so far then I don't need or want it. But thanks for the suggesion. Really the only reasons I app-ed for it were 1. To get a slightly higher-end card 2. The free-night stay and other perks 3. I'd rather take a HP trying to get a new card with Chase than take one trying to get a CL on Freedom and knowing it will end up failing.