Completely shut down by Chase

[pinkandgrey]

This is a good warning. Sorry about the closures!

[Remedios]

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@5KRunner wrote:

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@Remedios wrote:

Cards with green check marks and in branch preapprovals are not "All You Can Apply Buffet", they basically give you options and you pick one of the available options. 

Once you do, other preapproved cards will still show in the account till lending and marketing catch up. 

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Good information that I had clearly missed in the lead up to my apps. Thanks for adding it.

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It's not the end of the world. There are other lenders, though that may not be much of a comfort right now. 

Whatever you do, dont go on rebound apps. Just let accounts age a bit. 

It's definitely gardening time 

I really do appreciate you telling this story. I know it's not easy especially when we all jump in with " told ya so", me included 

[5KRunner]

No worries, @Remedios, I’m still learning, and fortunately this AA didn’t hurt me all that badly as I’d set myself up reasonably well ahead of it, and I have plenty of options to cover my typical spending patterns. I’m considering it a lesson learned for the sake of others who might not have the flexibility that I do.

[Anonymous]

ANY lender that you have to tip toe around is not worth it. The closures should not be seen as a loss. Find other lenders that aren’t as sensitive.

[5KRunner]

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@Anonymous wrote:

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Green checkmark offers are denied many times for exceeding 5/24, and certainly two apps at a time will get you shut down.  As far as I know the only Chase offers that are nearly "bullet proof" are the in-branch pre-approvals.  Those are the only ones I pursue and even then I space my applications by a minimum of 6 months.

Do you have a depository relationship with Chase or is it just credit products?

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Yes - I have a checking account with them, though I haven’t yet made it my primary account and haven’t done much more than parking the minimum balance to avoid fees, plus a small direct deposit from my paycheck.

[5KRunner]

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@pinkandgrey wrote:
This is a good warning. Sorry about the closures!

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Thanks... just hope it helps people who don’t have the luxury to risk it as I did!

[Anonymous]

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@Anonymous wrote:
ANY lender that you have to tip toe around is not worth it. The closures should not be seen as a loss. Find other lenders that aren’t as sensitive.

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This is not about tip toeing around a lender.

The OP was 6/24 but was still approved for a Chase card.  He added 6 cards from other lenders in less than 3 months to take him to 13/24, then applied for two more Chase cards simultaneously.  That's not behavior that any lender will tolerate; in fact many others would have shut him down earlier.

[Blackswizz750]

I thought about getting a card with after over 10 years. I will definitely pass as they are like Barclay. HP for everything as well. Dont worry OP, there are lenders for everyone.

[Anonymous]

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@5KRunner wrote:

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@Anonymous wrote:

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Green checkmark offers are denied many times for exceeding 5/24, and certainly two apps at a time will get you shut down.  As far as I know the only Chase offers that are nearly "bullet proof" are the in-branch pre-approvals.  Those are the only ones I pursue and even then I space my applications by a minimum of 6 months.

Do you have a depository relationship with Chase or is it just credit products?

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Yes - I have a checking account with them, though I haven’t yet made it my primary account and haven’t done much more than parking the minimum balance to avoid fees, plus a small direct deposit from my paycheck.

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Maybe you could go to a branch and see if a personal banker could intervene on your behalf.  At least they could point you in the right direction instead of having to deal with front line CSR who are often unhelpful or don't have the required knowledge.

[SBR249]

Looks like I'm late to the party but I believe 2 apps in less than 24 hours (or maybe on the same calendar day, I don't remember precisely which) is automatically flagged for manual UW review by Chase because their automated system doesn't catch all the ways that people can slip by (like with pre-approved offers, etc.). The manual review takes at least a few days to even a month or two and then usually some sort of AA happens. Generally at that point, it depends on how strong your credit profile is in terms of whether you were aggressively seeking credit. The AA ranges from a complete shutdown (as you've found out) to offering a choice of which of the 2 cards you want to keep to a reduction in CL for one or both of the cards and perhaps an offer to reallocate CLs between the two. 

I believe there is an old thread on here where someone was AAed as late as 2 months after they got their cards. But in any case, I don't think it's fact that you are over 5/24 that really triggered all this AA but the fact that you simultaneous apped 2 cards and then had gotten 6 more accounts in the past 6 months or so. Chase just doesn't like people who app spree (even spread out over a few months) and they won't hesitate to cull accounts they see doing that.