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Second Thoughts on Chase anybody?

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K-in-Boston
Credit Mentor

Re: Second Thoughts on Chase anybody?


@Anonymous wrote:

@Anonymous wrote:

No issue for me with 2 chase cards (CSR + CFU). Chase has been so far a pleasure to deal with, and is by far the most generous in terms of CL (it accounts for more than 60% of my total CL).

 


I don't know how comfortable I would be with that kind of number.  It's time to diversify lenders just to spread things out a bit in case they see your post and take a peak.


Many average consumers have the majority of their credit lines with a single bank; it's quite common.  Joe and Sue Generalpublic will usually have a primary bankcard from their primary bank where they have their checking account, usually 1 or 2 other bankcards from other lenders and maybe a store card with a low limit.  Diversifying really only comes up in places like this where churning is normalized.  No judgment; I'm obviously in the diversification insurance group.

Message 11 of 43
K-in-Boston
Credit Mentor

Re: Second Thoughts on Chase anybody?


@wasCB14 wrote:

@hawkins wrote:

Was just wondering if anyone has second thoughts about getting a Chase credit card and/or keeping a Chase card? I keep reading about all the shutdowns and/or AA from Chase to card holders just makes me kind of wonder myself. I dont know still got a year before I am under 5/24 so I will see I guess. 


You read about a few shutdowns, but plenty of people here have Chase cards and use them without AA.

 

"My cards worked smoothly today, as usual" would be a pretty boring thread topic.

 

Take out the cases where:

-Offers were based on old marketing SPs

-Other new accounts are not yet reporting

-People are trying to MS

-People misrepresent a business, or what they will do with a business card

...and the AA becomes a lot less common.


I completely agree with this post.  Also, this one's for you.

Message 12 of 43
AverageJoesCredit
Legendary Contributor

Re: Second Thoughts on Chase anybody?

K, please remember Forum TOS, i dont want my wifes full name out there for anyone to ChaseSmiley Sad
Message 13 of 43
Anonymous
Not applicable

Re: Second Thoughts on Chase anybody?

I mean we know the rules of the game being on this forum and we all know the risks of adding a bunch of accounts with any lender. I will still get Chase products if I become eligible to do so but I won’t go out of my way to get them and I’ll play by their rules and just app one card with them at a time and not include them in a spree.

Message 14 of 43
Anonymous
Not applicable

Re: Second Thoughts on Chase anybody?


@K-in-Boston wrote:

@Anonymous wrote:

@Anonymous wrote:

No issue for me with 2 chase cards (CSR + CFU). Chase has been so far a pleasure to deal with, and is by far the most generous in terms of CL (it accounts for more than 60% of my total CL).

 


I don't know how comfortable I would be with that kind of number.  It's time to diversify lenders just to spread things out a bit in case they see your post and take a peak.


Many average consumers have the majority of their credit lines with a single bank; it's quite common.  Joe and Sue Generalpublic will usually have a primary bankcard from their primary bank where they have their checking account, usually 1 or 2 other bankcards from other lenders and maybe a store card with a low limit.  Diversifying really only comes up in places like this where churning is normalized.  No judgment; I'm obviously in the diversification insurance group.


I don't think about the general public when hanging around here or other places.  If you're here you aren't playing by the norm by any means usually.  I was targetting the thought of 100K TCL and losing 60K at the whim of a single bank.

 

K you're def not the norm either sporting BOA CL's of 99K on a single card.  I'm stuck at 65K with them but, since it's a SP for a CLI I just put them down for a click every few months even though they keep sending letters that say I Meet or Exceed their limit.

Message 15 of 43
kdm31091
Super Contributor

Re: Second Thoughts on Chase anybody?

It’s not just Chase. Like it or not all banks are cracking down and the days of multiple credits apps in a short period being okay are basically over. Everyone needs to keep these stories in mind from all lenders when deciding when and how many cards to app for. From any bank.

If you practice good credit seeking habits you are far less likely to have an issue with Chase or any bank. The issue is not at all just Chase.
Message 16 of 43
Anonymous
Not applicable

Re: Second Thoughts on Chase anybody?

A lot of the threads about AA and closing of accounts comes from behaviors that create such instances. Maybe it's Chase, maybe it's WF, or even AMEX. They all have algorithms that flag suspicious behaviors and behaviors that fall outside of their risk appetite. For the same reason we talk about avoiding a spree before a mortgage, banks are aware of sprees for their cards and others once the dust settles. Each application is a snapshot in time where a lender makes a decision. When they see the snapshot has drastically changed (5 new accounts with CL's they didnt account for), yeah...they may change their mind as the analytics make them uncomfortable about ability to repay. The most important part of the equation here on the board is finding the credit that fits you and that you can handle responsibly. 

Message 17 of 43
Anonymous
Not applicable

Re: Second Thoughts on Chase anybody?

Ok.. so let's summarize things here.  It's all YMMV

 

While it's okay for me to open 15/24 and gain 300K+ in CL's it mgiht not be for you.  Do your homework and stick with what your gut tells you to do.

Message 18 of 43
CreditInspired
Community Leader
Super Contributor

Re: Second Thoughts on Chase anybody?


@SBR249 wrote:

Shutdowns and AA happen for a reason and the things that trigger Chase are pretty well known. If you think about the general population that uses credit cards, things like app sprees, being over 5/24, SUB chasing, and churning are all very uncommon things. It might not seem so since we are on MyFICO and it's par for the course but that kind of behavior is definitely not prevalent if you look at the general population. So while instances of AA and Chase nuking accounts might be frequent here, I think the reputation that Chase has for being finicky or skittish probably doesn't pan out across its entire customer base and as long as you use your cards like a normal responsible person would, you likely won't have a problem with Chase. 


+1000


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 19 of 43
Remedios
Credit Mentor

Re: Second Thoughts on Chase anybody?

It's the gut thinking that leads to AA. 

Dont trust your gut, trust common sense. Nothing good came out of the gut. Literally. 

 

 

 

 

 

 

Message 20 of 43
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