Chase CLI via Soft Pull

[Dustink]

CreditScholar

What do you think of the Ritz card? Why did you opt for it over the AMEX plat?

Haha, OT on my own thread...whatever

[Anonymous]

"I think the idea of a HP for any CLI request is a good idea, since it makes you think twice before asking for credit you may or may not need. It also costs the bank something to give you a CLI, so it should cost the person asking something as well. I wish all lenders would adopt this practice."

I see the credit police are out today......

[CreditScholar]

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@Dustink wrote:

@CreditScholar

What do you think of the Ritz card? Why did you opt for it over the AMEX plat?

Haha, OT on my own thread...whatever

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I'm honestly still undecided on this one, and I find myself re-assessing the value of this card regularly.

I primarily got it for gold status after 10k annual spend, which is also applicable at Marriotts. Marriott gold gives lounge access on-demand, whereas it normally requires 50 nights per year which I'll never achieve given my current travel patterns. I prefer to stay at Hyatts if given the choice, but I wanted to add another chain for wider coverage so that left me with Marriott, Hilton and Priority Club. PC has no lounge access benefit so they automatically went out the window, so I was left with Marriott and Hilton.

I chose Marriott since 10k was easier to do than 40k for Hilton diamond; lounge access isn't guaranteed with Hilton gold. I also guessed that JPM's CSRs would be better than Citibank for their Reserve card. So far their CSR does seem quite good. It's not that I have a preference for Marriott or Hilton, but instead see them as interchangable as a backup chain when I go to places without a Hyatt.

The second reason was the $200 airline credit that wasn't restricted to one specific airline, but I'm finding that more difficult to use than I first thought. The credit is only applicable towards baggage fees and in-flight charges, so for me it isn't of much value. You have to call up and ask for the credit, whereas with Amex it's done automatically and their computers will auto-credit airline charges under a certain amount.

For flights longer than 2-3 hours I will only fly J or F, so in-flight charges are extremely rare. For short flights, I'm off the plane fast enough where it usually doesn't matter. I can wait a couple of hours if I'm hungry and want something to eat, it's simply not that big of a deal. International flights are also always J or F, so bags are included and in-flight purchases are non-existant. Domestically I only fly United, and I get 2 bags per ticket with my club card. So far, the airline credit hasn't been of much use to me. Hopefully this will change in the future.

The last benefit was non-star alliance lounge access. It was a lifesaver when I landed in BKK in January around 2:30 am. The THAI lounges were closed until 5:30, so I used the lounge club to get us into an independent lounge. I saw lots of people sleeping on the floors of the terminal and I definitely didn't want to join them. That being said, lounge club isn't unique to the JPM Ritz card. I could easily get it or something similar like PP Select through the Amex plat, Fairmont card (and pay for additional uses beyond the first 2), etc. It's a benefit I want to keep, but it doesn't have to come from the Ritz card.

I use 1 club level upgrade per year on average, but will usually waste the other 2.

I had considered the Amex platinum, but Amex's acceptance here is very limited for starters. Essentially only the major chains (department stores, supermarkets and gas stations) and multinnational companies (Target, McDonalds, etc.) accept Amex in this area. The plat gives SPG gold, and that doesn't offer hotel lounge access. It also has a limited footprint much like Hyatt, so I'd run into the same problem there. Neither have the coverage of Marriott or Hilton. I could always use the $200 airline credit to buy UA gift cards if nothing else, so that's a plus. Priority Pass would replace lounge club, so I see those as interchangable as well.

I'll make a decision when the AF comes around, but I'm not firmly decided either way. I'm leaning towards keeping it for perhaps one more year, just to see if it gets better. I still have several months to make a final decision.

[CreditScholar]

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@Anonymous wrote:

"I think the idea of a HP for any CLI request is a good idea, since it makes you think twice before asking for credit you may or may not need. It also costs the bank something to give you a CLI, so it should cost the person asking something as well. I wish all lenders would adopt this practice."

I see the credit police are out today......

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It looks like the people with crappy credit are out today too. Now doesn't that sound stupid?

In all seriousness I merely stated an opinion, and as an opinion you're free to agree or disagree. Just keep the snide comments to yourself.

[FinStar]

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@Anonymous wrote:

"I think the idea of a HP for any CLI request is a good idea, since it makes you think twice before asking for credit you may or may not need. It also costs the bank something to give you a CLI, so it should cost the person asking something as well. I wish all lenders would adopt this practice."

I see the credit police are out today......

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They were here?!  Must've missed them.  However, I'd have to say the above comments make perfect sense from a business and risk perspective.

[FinStar]

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@CreditScholar wrote:

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@Anonymous wrote:

"I think the idea of a HP for any CLI request is a good idea, since it makes you think twice before asking for credit you may or may not need. It also costs the bank something to give you a CLI, so it should cost the person asking something as well. I wish all lenders would adopt this practice."

I see the credit police are out today......

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It looks like the people with crappy credit are out today too. Now doesn't that sound stupid?

In all seriousness I merely stated an opinion, and as an opinion you're free to agree or disagree. Just keep the snide comments to yourself.

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+1

[Anonymous]

If it takes a hard pull to get an additional $5,000 or $10,000, I really don't see the big deal. After 6 months they barely hurt, and after 1 year they aren't even factored in FICO.

[FinStar]

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@Anonymous wrote:

If it takes a hard pull to get an additional $5,000 or $10,000, I really don't see the big deal. After 6 months they barely hurt, and after 1 year they aren't even factored in FICO.

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+1

Exactly.

[Dustink]

I'll make a decision when the AF comes around, but I'm not firmly decided either way. I'm leaning towards keeping it for perhaps one more year, just to see if it gets better. I still have several months to make a final decision.

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I see the list of airport lounges provided by lounge club to be pretty short.

The plat comes with access to AA, Delta, US Air, airspace, plus the priority pass. So, it seems like the Plat is much better there.

The $200 airline restricted credit has been pretty hard to use for the Plat as well, but I think I can manage to hit the $200. They reimbursed me for some fee's charged when I redeemed miles, so that was an unexpected bonus.

Other than that, the perks like rental car & SPG gold are pretty lame like you mentioned. The concierge has been better than Visa sig, but I am sure JPM can top it.

Now back to the SP CLI. My credit scores have dropped about 80 points due to my new accounts, INQs, and utilization on my Chase Freedom. So, I could use the SP CLI. I asked them to recon limit when I apped to no avail. I neglected to call the EO at that time, oops.

My recent auto loan is with Chase, I wonder how that effects the credit card side of things?

[Dustink]

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@FinStar wrote:

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@Anonymous wrote:

If it takes a hard pull to get an additional $5,000 or $10,000, I really don't see the big deal. After 6 months they barely hurt, and after 1 year they aren't even factored in FICO.

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+1

Exactly.

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But if you are already risking AA. It can hurt. I am at 20 INQs on EQ. Usually I would accept a HP and understand it for the reasons @CreditScholar gave. This time though, I could use a SP increase. If they don't grant it, I understand and am okay with it.

I honestly would not grant somebody with a profile like mine any credit. I loan to people on prosper, and I would stay far-far away from a profile like mine.