Saks Card.

[coldfusion]

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@whoknows1 wrote:
Going to Vegas tomorrow, I think they have a Saks store there, should I cancel my store card now, or is it too late?

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There is a Saks 5th Avenue in the mall on the southbound side of The Strip across the street from the Wynn, near the Venitian. 

[whoknows1]

Got approved, 790s, 10k. But got a letter from Cap One 2 weeks after needing income verification, social security card, bank statements, passport, utilities. This is nuts.

[wasCB14]

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@whoknows1 wrote:

Got approved, 790s, 10k. But got a letter from Cap One 2 weeks after needing income verification, social security card, bank statements, passport, utilities. This is nuts.

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To be fair, I could see how closing one account and then opening a very similar one a week or two later would raise red flags in terms of identity theft.

*And presumably there's no big SUB to account for your behavior as a churner.

[whoknows1]

No idea what you're saying, not sure what SUB means or churner.

I closed the Saks store card because it's required in order to apply for the Saks World Elite.

[wasCB14]

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@whoknows1 wrote:
No idea what you're saying, not sure what SUB means or churner.

I closed the Saks store card because it's required in order to apply for the Saks World Elite.

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SUB = Sign up bonus  = The rewards bonus you get when opening a new credit card account. This can be cash back, airline miles, a discount on a purchase at the register, etc. It's a slight misnomer in that getting the bonus generally requires a certain amount of minimum spend...and isn't often given merely for opening the account. Ex: Open a new CC account, spend $5k on it in three months, and get 100k airline miles.

Churner = Someone who applies for and receives the same card (or a similar one) multiple times as part of a bonus-chasing strategy. The first card may be closed, converted to a different rewards program, or kept open. Ex: Getting a SUB on a Chase Sapphire Preferred, later converting it to a Chase Freedom, and then applying for a Chase Sapphire Reserve and getting a bonus on that, too.

What I was saying is that when some people close one account and then apply for a similar one with a big SUB in a short period of time, banks may frown on the practice (and many have set up restrictions against people doing this) but they can at least understand what the consumer is trying to achieve.

But when there's no big SUB involved, that incentive isn't present to account for the applicant's behavior. So maybe they think there may be identity theft involved...especially when it sounds like your past spending never got close to $5k.

You have your desire to have a higher credit limit and want the ability to use the card outside of the store. But that's probably an uncommon preference. Outside of the store, most people with $300k incomes probably favor other cards with better rewards, customer service, *and protections.

[whoknows1]

I see. Yea there wasn't any SUB for any Saks cards. I got tired of all the other cards? I guess - I have all the AMEX, Chase, Wells Fargo, and Citi cards, and BOA private bank.

Cap1 said something about making multiple payments could've triggered it, though I've never had that issue before.