Seriously Paranoid with all the recent accounts closed by chase

[kdm31091]

Yeah, not just because of the Chase closures but also just to reduce clutter, I pared down to 1 Chase card, the Amazon Visa. Since they are perfectly fine with reallocating limits, I'd say people should try to reduce to no more than 2 cards with them. Yes you can have more than that, but it seems that you are raising your exposure by an undesirable amount. In the interest of diversifying, you probably don't want to have more than 1 or 2 cards with a certain lender anyway. Many of Chase's cards are similar (the travel ones, anyway) so having one travel and one of their "Regular" cards should be enough.

And yeah, time doesn't always mean much. Some creditors are more generous with CLI and additional lines if you've been with them. Others more or less consider each app seperately, with almost no bearing on whether you already have a card or not.

[Anonymous]

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@takeshi74 wrote:

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@jsucool76 wrote:

Despite what any thread anywhere says, in my opinion, there's always a "reason." 

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^ This.  Don't sweat over it.  So many here seem to be afraid of all sorts of things like Chase closures, AmEx FR, etc.  These aren't just randomly done.

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Yes, this seems to be the general wisdom, but:

1) Issuers can change policies.   What was once fine or at least tolerated is no longer ok

2) Chase updated their T&Cs, presumably for a reason.   So this "maintaining credit card accounts for the  sole purpose of generating rewards" could start being interpreted as a "reason" that people really don't expect.   "Only using Freedom for 5x categories?  Yes, shut it down"

3) Elastic terms like "too much available credit" don't really provide guidelines as to how to stay ok.

So though shut downs aren't random, the "reason" may not be obvious to anyone.

[kdm31091]

Well if they are saying don't use it for the sole purpose of rewards, that's obviously against MS, but for the general population it sounds like they don't want people only using Freedom for the 5% categories. Unfortunately, it kind of sucks because for general spend it's easy to find a card that exceeds 1%, but they sound like they want you to be making most of your purchases on Freedom.

I would tend to think "too much credit" relates to your credit vs income. If you have 5 Chase cards, ignore them after the bonuses and 5% categories, but have relatively high limits, it's not going to look good for you. And having 5 cards with Chase (or any issuer) isn't a good idea. This is why you shouldn't open cards just for bonuses, unless you're closing something else.

I think Chase's point is that they want things kept moderate and reasonable. No MS and no churning for bonuses. Which I agree with. But they need to lay out the limits in a more detailed way.

[Anonymous]

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@kdm31091 wrote:

Well if they are saying don't use it for the sole purpose of rewards, that's obviously against MS, but for the general population it sounds like they don't want people only using Freedom for the 5% categories. Unfortunately, it kind of sucks because for general spend it's easy to find a card that exceeds 1%, but they sound like they want you to be making most of your purchases on Freedom.

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Well, also against opening and closing just to get bonuses.     From time to time that can catch "innocents" as well, who open a card and then find out it isn't a good match, and then get the right one.

If I were concerned, it would be more with the stories of being closed for "too much available credit" as there is no way to tell how much, given your income and whatever, would be too much for Chase.

ETA: I see you edited as I was replying.  It's not multiple cards with an issuer, it's "too much credit" for some undefined quantity.    People here used to complain about Barclays not liking new accounts opened after them.   This is somewhat like that.

[kdm31091]

It kind of sucks that they are catching "innocents", considering I've opened a few cards (not just with Chase) and closed pretty soon after because it wasn't a good fit or whatever. I guess it's impossible for them to tell if you are innocent or if you are churning just based on seeing the accounts on your report, though.

[Anonymous]

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@kdm31091 wrote:

Well if they are saying don't use it for the sole purpose of rewards, that's obviously against MS, but for the general population it sounds like they don't want people only using Freedom for the 5% categories. Unfortunately, it kind of sucks because for general spend it's easy to find a card that exceeds 1%, but they sound like they want you to be making most of your purchases on Freedom.

I would tend to think "too much credit" relates to your credit vs income. If you have 5 Chase cards, ignore them after the bonuses and 5% categories, but have relatively high limits, it's not going to look good for you. And having 5 cards with Chase (or any issuer) isn't a good idea. This is why you shouldn't open cards just for bonuses, unless you're closing something else.

I think Chase's point is that they want things kept moderate and reasonable. No MS and no churning for bonuses. Which I agree with. But they need to lay out the limits in a more detailed way.

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It's all good until they catch you, I say.

[Anonymous]

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@Anonymous wrote:

 From time to time that can catch "innocents" .

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LoL, M$'ers

[Anonymous]

Innocent until proven guilty.

[emptypockets]

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@Anonymous wrote:

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@Anonymous wrote:

 From time to time that can catch "innocents" .

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LoL, M$'ers

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Lol, not to get religious on you, but in Matthew 5:45 it says

“[He] sends rain on the just and on the unjust.” 

Replace the He with Chase, and there's you answer....

[Anonymous]

The above statement said it all.