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I burned chase back in the early 2000's, not purposefully. I was in college and my paypal card was in default when chase bought them out. The card got charged off and went into collections which i eventually paid. The total amount was less than 1k. Fast forward to 2016 when I was finally able to get a card with chase again. I was pre-approved and got the Chase Freedom Unlimited with a 500 CL after calling the recon department and discussing the previous account I had with them, even though it had fallen off my credit report at least 3 years before. I was in the process of rebuilding so this was a win.
Here we are now and I have every card I could possibly want. Scores in the high 700s - low 800s. Several credit limits over 20k. income exceeding 400k. And the only card that has never moved is the chase FU card. I have asked if there are any offers for CLI and been told no. I have inquired about cancelling the card to see if they have any retention offers and again no. I have not been pre-approved for anything on their site. I am an authorized user on my spouses Southwest chase card with 24k limit but chase appears to still dislike my profile or our history. Is it even worth:
1. HP CLI request
2. Applying for CSP ( I have not asked about a product change)
3. Contacting executive offices
4. Cancelling and cutting ties
I was a little shocked they didn't even care for me to cancel the card. What would others do with this if they were in my situation.
Given your list of 4 options, I would apply for a CSP but would not request a CLI on the existing card (if you're going to use a HP, use it on a new card) nor would I bother contacting the executive office as that's a likely waste of your time.
I would not cancel the card either, worst case is to sockdrawer it and let Chase eventually close it for non-use.
Keep in mind that Chase is not the only game in town, there are plenty of issuers that have good cards.
Chase isn't known for retention offers. They're not Amex. As for what to do, to be honest, they have a LONG memory. Even if negative accounts with them may have fallen off your reports, they still have their own internal records. They may never give you another card or a CLI. I guess it just depends how long you want to keep trying to grow with them, or whether you just want to cut ties now. I'll ping @Brian_Earl_Spilner, as he has a little more insight on Chase.
@c32knight wrote:I burned chase back in the early 2000's, not purposefully. I was in college and my paypal card was in default when chase bought them out. The card got charged off and went into collections which i eventually paid. The total amount was less than 1k. Fast forward to 2016 when I was finally able to get a card with chase again. I was pre-approved and got the Chase Freedom Unlimited with a 500 CL after calling the recon department and discussing the previous account I had with them, even though it had fallen off my credit report at least 3 years before. I was in the process of rebuilding so this was a win.
Here we are now and I have every card I could possibly want. Scores in the high 700s - low 800s. Several credit limits over 20k. income exceeding 400k. And the only card that has never moved is the chase FU card. I have asked if there are any offers for CLI and been told no. I have inquired about cancelling the card to see if they have any retention offers and again no. I have not been pre-approved for anything on their site. I am an authorized user on my spouses Southwest chase card with 24k limit but chase appears to still dislike my profile or our history. Is it even worth:
1. HP CLI request
2. Applying for CSP ( I have not asked about a product change)
3. Contacting executive offices
4. Cancelling and cutting ties
I was a little shocked they didn't even care for me to cancel the card. What would others do with this if they were in my situation.
Assuming you're within 5/24 I would apply for the CSP. If you get it, and it has a big limit, you can transfer some of that to the CFU.
In any event I wouldn't close the card. In my experience and from what I have read, the best way to get a CLI on it is to use it a lot, and then be anointed with an auto CLI.
I would not waste my breath calling executive offices and I would not voluntarily cut off ties to Chase.
Chase will never forget. Depending on severity of the loss, you may have to recon everything you do with them for awhile. @UncleB can attest to that with a similar situation, iirc. I say apply for csp and recon. They're only HPs.
@Brian_Earl_Spilner wrote:Chase will never forget. Depending on severity of the loss, you may have to recon everything you do with them for awhile. @UncleB can attest to that with a similar situation, iirc. I say apply for csp and recon. They're only HPs.
Yep, they never forget.
I had a card with WaMu that was about to be charged off when it migrated to Chase. If I remember correctly, I was sent a new Chase Freedom to replace the WaMu card, but I was never able to swipe it since the account was already closed to new charges.
Anyway, I eventually got back "in" with Chase a few years ago, and the first thing I noticed was my online profile had remnants of phone/address info from the old WaMu account. My first app went to review (which was expected) but was approved, and things have been OK since then. It definitely took them a while to warm up to me, though.
@UncleB wrote:
@Brian_Earl_Spilner wrote:Chase will never forget. Depending on severity of the loss, you may have to recon everything you do with them for awhile. @UncleB can attest to that with a similar situation, iirc. I say apply for csp and recon. They're only HPs.
Yep, they never forget.
I had a card with WaMu that was about to be charged off when it migrated to Chase. If I remember correctly, I was sent a new Chase Freedom to replace the WaMu card, but I was never able to swipe it since the account was already closed to new charges.
Anyway, I eventually got back "in" with Chase a few years ago, and the first thing I noticed was my online profile had remnants of phone/address info from the old WaMu account. My first app went to review (which was expected) but was approved, and things have been OK since then. It definitely took them a while to warm up to me, though.
Remember "Warm Hands and a Cold Heart"
@UncleB did your WAMU Bank start out as the Providian Bank?
@Anonymous wrote:
@UncleB wrote:
@Brian_Earl_Spilner wrote:Chase will never forget. Depending on severity of the loss, you may have to recon everything you do with them for awhile. @UncleB can attest to that with a similar situation, iirc. I say apply for csp and recon. They're only HPs.
Yep, they never forget.
I had a card with WaMu that was about to be charged off when it migrated to Chase. If I remember correctly, I was sent a new Chase Freedom to replace the WaMu card, but I was never able to swipe it since the account was already closed to new charges.
Anyway, I eventually got back "in" with Chase a few years ago, and the first thing I noticed was my online profile had remnants of phone/address info from the old WaMu account. My first app went to review (which was expected) but was approved, and things have been OK since then. It definitely took them a while to warm up to me, though.
Remember "Warm Hands and a Cold Heart"
@UncleBdid your WAMU Bank start out as the Providian Bank?
Yep, it sure did!
Great advice thus far. I'll add a few things. For your HP CLI request, given your current profile I don't think it would be at all worth it. When Chase does grant HP CLIs, they are usually (always?) 100% or less of the current credit line. If you had very limited other credit, maybe a HP would be worth it to you for maybe a few hundred extra bucks, but that doesn't seem like what you would be looking for. When you have a $15k line and they might double it to $30k, or meet somewhere in the middle, that takes the sting out a lot more than "congratulations your new limit is $550 to $1000."
You also mentioned asking if your card had any CLI offers. Without a HP, Chase does not consider customer-initiated increases and any automatic CLIs are just that - automatic. (And often rather rare; I have had a single auto CLI in 17 years with Chase, not counting earlier accounts they acquired.)
Chase has a very long memory and even seemingly minor (when considered today) things like a paid collection or paid charge off from decades ago can and do follow people, even when they have otherwise spectacular credit. And if we start getting into unpaid or unsettled territory, things can be even more dire.
If you are okay with taking a chance on one or two hard pulls, I would echo the advice above. Go for a Sapphire Preferred if the card makes sense to you. Recon if necessary. If everything else is in order with your profile and you can get a sympathetic and reasonable ear on the credit analyst side, you should be approved. Anything above $5k on your CSP credit limit can be moved to Freedom at any time by calling the number on the back of either card, or even just by sending a Secure Message through your Chase account. With its large SUB and ability to increase the value of your Freedom earnings, CSP would likely be a great value. If it is not for you, the same would apply if perhaps you considered a Southwest Air Lines card of your own (and if not issued as a Visa Signature product with a $5k requirement, you could move even more of the limit over).
If you are under 5/24, you may apply for CSP in branch (book an appointment). My prior in branch applications with Chase were successful and all of them were finalized within the 30min appointment.