cancel
Showing results for 
Search instead for 
Did you mean: 

Chase CLD X 3

tag
tcbofade
Super Contributor

Chase CLD X 3

So, the GOOD news is that they emailed me about it....  the bad news is that Chase CLD'd all three of DW's accounts.

 

Smiley Mad

 

She's got two brand new balance transfers on two of them... which WERE at 68% utilization, but now are BOTH maxed out.  Smiley Frustrated

 

Third card HAD zero balance and a $5k CL, my daughter put a $26 purchase on it, and they CLD'd all three accounts.

 

We've got 48 hours before one of the statements closes, and we're discussing what to do.  We COULD pay them both back down to 68%, but they COULD CLD them again.  Currently, I'm thinking that I'll pay them down to 88% BEFORE the statement cuts to reduce Fico damage, and if they CLD her again, we'll know that is not the route to take.

 

I'll pay off the third one and give the kid a different card to use.  Smiley Indifferent

 

I know that it isn't personal, and it isn't aimed at us, but it sure feels ugly.  

 

According to the letters, DW has balances on too many accounts and too many new accounts.  They listed her Equifax score as 720.

 

Frankly, if they don't want us to use balance transfers, they shouldn't offer them.    Both are still "free money" through October and/or November 2021, so I'm in no race to pay them off, but don't want to see DWs Fico8 scores plummet either.

 

Argh.

 

 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 1 of 36
35 REPLIES 35
FinStar
Moderator Emeritus

Re: Chase CLD X 3

Wow sorry to hear about the CLD on DWs accounts 😬

 

A variety of lenders are placing more scrutiny on how some accounts are being used and handled, including frequent ARs to determine proactive risk assessment decisions.  Yes, it can definitely be ugly when it happens.  The good news, other than any potential balance chasing scenarios (if at all), is that the accounts remain open vs. closed.

 

This is typically the downside for a variety of individuals whose profiles become a target in this ever-changing environment, especially when AI risk engines are continually adjusting their risk models.  And, we're not out of the woods yet.

 

Are you or DW planning on any major purchases or financing within the next 12 months?  If not, finances over FICOs might be something to keep in mind.

Message 2 of 36
bizarrocreditworld
Valued Contributor

Re: Chase CLD X 3


@FinStar wrote:

Wow sorry to hear about the CLD on DWs accounts 😬

 

A variety of lenders are placing more scrutiny on how some accounts are being used and handled, including frequent ARs to determine proactive risk assessment decisions.  Yes, it can definitely be ugly when it happens.  The good news, other than any potential balance chasing scenarios (if at all), is that the accounts remain open vs. closed.

 

This is typically the downside for a variety of individuals whose profiles become a target in this ever-changing environment, especially when AI risk engines are continually adjusting their risk models.  And, we're not out of the woods yet.

 

Are you or DW planning on any major purchases or financing within the next 12 months?  If not, finances over FICOs might be something to keep in mind.


I'm also sorry to hear about your DW's cards. It's a tough break, but as FinStar said, things are changing constantly and risk models are no exception. 

 

As you said tcbofade, it's not personal, but it still hurts. I think you're doing the right thing to see if they are going to balance chase you or if it was just a CLD. 

No credit news is good credit news!
Message 3 of 36
AverageJoesCredit
Legendary Contributor

Re: Chase CLD X 3

Sorry Taco, hope its just a small bump in the road.  

Message 4 of 36
Remedios
Credit Mentor

Re: Chase CLD X 3

@tcbofade  I'm sorry. That's quite unfortunate. 

Message 5 of 36
tcbofade
Super Contributor

Re: Chase CLD X 3


@FinStar wrote:

 

Are you or DW planning on any major purchases or financing within the next 12 months?  If not, finances over FICOs might be something to keep in mind.


I am, she's not.

 

None of her Chase accounts show on MY credit report, so as you (and SHE) mentioned, finances over FICOs and they can sit there maxed out.  Smiley Indifferent

 

We discussed it for a while, and I think that I'll pay them down a bit...and we'll see what happens.

 

 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 6 of 36
ChargedUp
Senior Contributor

Re: Chase CLD X 3

Sorry about the CLD's Taco... It's crazy to offer a BT and then perform AA for using it.

Message 7 of 36
Brian_Earl_Spilner
Credit Mentor

Re: Chase CLD X 3

Wow, sorry to hear that. And you're so close to your goal date. 

    
Message 8 of 36
simplynoir
Community Leader
Mega Contributor

Re: Chase CLD X 3

@tcbofade  Sorry that happened to the DW

Message 9 of 36
rostrow416
Established Contributor

Re: Chase CLD X 3

You could test the waters and pay 1 down before the statement cuts.  If the limit holds, try paying down the other one and wait.

 

Sucks to hear, but once banks settle down a bit, those limits can be brought back up 

AMEX Gold | Purdue FCU $20,000 | FNBO Evergreen $15,000 | TFCU Plat Visa $15,000 | PenFed Platinum Rewards $15,000 | PenFed Pathfinder $15,000 | Citizen's Bank Cash Back+ $15,000 | Synchrony Premier MC $10,000 | SG Visa $10,000 | NFCU MoreRewards $7,000 | NFCU cashRewards $17,000 | Discover IT $6,000 | Capital One BuyPower $950 | AMEX BCP $5,000 | AMEX Amazon Prime Business $3,000

B&H Payboo Card $15,000 | Amazon Prime Card $10,000 | PC Richard Card $15,000 | Target RedCard $2,000 | Walmart Store Card $1,400 | Shell Gas Card $1,200 | Overstock Store Card $7,000 | Kohl's Store Card $3,000


Spring Cleaning:
C̶a̶p̶i̶t̶a̶l̶ ̶O̶n̶e̶ ̶Q̶u̶i̶c̶k̶S̶i̶l̶v̶e̶r̶ ̶$̶1̶,̶0̶0̶0̶ | C̶r̶e̶d̶i̶t̶ ̶O̶n̶e̶ ̶V̶i̶s̶a̶ ̶$̶1̶,̶2̶0̶0̶ | M̶e̶r̶r̶i̶c̶k̶ ̶B̶a̶n̶k̶ ̶$̶2̶,̶7̶0̶0̶ | M̶a̶r̶v̶e̶l̶ ̶M̶a̶s̶t̶e̶r̶c̶a̶r̶d̶ ̶$̶1̶,̶̶2̶0̶0̶ | C̶o̶m̶e̶n̶i̶t̶y̶ ̶M̶a̶s̶t̶e̶r̶C̶a̶r̶d̶ ̶$̶1̶,̶1̶8̶0̶
Message 10 of 36
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.