UPDATE: POLICY CHANGE -CHASE: Lets put our heads together on recent denials.

[Anonymous]

Update:

I went into a branch today and the banker I deal with said, starting MAY, 2015 if you have more than 5 accounts with any other bank in the last 2 years and apply for any CHASE BRANDED CARD - CSP, FREEDOM AND SLATE, if you don't get approved instantly then it is an automatic denial after review.

This policy however does not apply to co- branded cards.... So this somewhat explains the recent surge in denials....

So I am one of Chase's biggest fan.  I really like them because when I was starting out one of their banker's always made time to walk me through transactions, what I did wrong, what I should be doing etc..

Not alot of people usually go out of their way to want to help hence my fierce love for them.  At the same time, there are others who loathe them with a passion which I can understand.  

But recently, there has been a surge of denials with the same reason- too many inquiries, too many accounts for the last 2 years etc... What do you guys think is going on?  This is worrying and can be terrifying if you are wanting a Chase card.  Any thoughts, insights? Why do like like /loathe them?

For Chase credit analysts on here, disguise youselfs and tell us what is going on....

[Anonymous]

Is it possible that they just changed their acceptable risk level?  I did just fine 3 months ago, getting Ritz and CSP with avg 699 score for all 3 bureaus.

[Anonymous]

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@Anonymous wrote:

Is it possible that they just changed their acceptable risk level?  I did just fine 3 months ago, getting Ritz and CSP with avg 699 score for all 3 bureaus.

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Maybe... But why all of sudden too many new accounts in the last 2 years?  Why 2 years?  And then there are the inquiries when we thought Barclays was the one to be on the look out for...

Just really interesting...

[Anonymous]

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@Anonymous wrote:

So I am one of Chase's biggest fan.  I really like them because when I was starting out one of their banker's always made time to walk me through transactions, what I did wrong, what I should be doing etc..

Not alot of people usually go out of their way to want to help hence my fierce love for them.  At the same time, there are others who loathe them with a passion which I can understand.  

But recently, there has been a surge of denials with the same reason- too many inquiries, too many accounts for the last 2 years etc... What do you guys think is going on?  This is worrying and can be terrifying if you are wanting a Chase card.  Any thoughts, insights? Why do like like /loathe them?

For Chase credit analysts on here, disguise youselfs and tell us what is going on....

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My thoughts first start with recent history and far below standards approvals (Think low 600's - mid 600's). I'm going to Venture that it wasn't as isolated as we thought it was and they may have "overextended" themselves towards riskier borrowers nationwide. They may be pulling back the reigns and setting the bar higher at this time. Also a factor in this is the potential increase in prime rate looming in the horizon.

[CreditCuriosity]

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@Anonymous wrote:

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@Anonymous wrote:

So I am one of Chase's biggest fan.  I really like them because when I was starting out one of their banker's always made time to walk me through transactions, what I did wrong, what I should be doing etc..

Not alot of people usually go out of their way to want to help hence my fierce love for them.  At the same time, there are others who loathe them with a passion which I can understand.  

But recently, there has been a surge of denials with the same reason- too many inquiries, too many accounts for the last 2 years etc... What do you guys think is going on?  This is worrying and can be terrifying if you are wanting a Chase card.  Any thoughts, insights? Why do like like /loathe them?

For Chase credit analysts on here, disguise youselfs and tell us what is going on....

---

My thoughts first start with recent history and far below standards approvals (Think low 600's - mid 600's). I'm going to Venture that it wasn't as isolated as we thought it was and they may have "overextended" themselves towards riskier borrowers nationwide. They may be pulling back the reigns and setting the bar higher at this time. Also a factor in this is the potential increase in prime rate looming in the horizon.

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Although I don't see Prime rate going up anytime soon as the stock market loves the rates and the feds are to scared to do anything to upset the economy/market as cheap money has been around for way to long.. Feds are in business they shouldn't be in being the market, but that is another story.. Chase was known to loosen their standards was a big article on it to get some of the sub-prime crowd (wishI had link to article).. Maybe they have reached their tollerance level as you have stated or some of their losses are starting to go up?  No proof of this.. People with solid profiles are getting approved still, people like me and others are the ones that are getting what was brought up by OP.

Still plenty of banks giving out wild cash for so-so profiles, Chase just seems to be tightening up

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So I am one of Chase's biggest fan.  I really like them because when I was starting out one of their banker's always made time to walk me through transactions, what I did wrong, what I should be doing etc..

Not alot of people usually go out of their way to want to help hence my fierce love for them.  At the same time, there are others who loathe them with a passion which I can understand.  

But recently, there has been a surge of denials with the same reason- too many inquiries, too many accounts for the last 2 years etc... What do you guys think is going on?  This is worrying and can be terrifying if you are wanting a Chase card.  Any thoughts, insights? Why do like like /loathe them?

For Chase credit analysts on here, disguise youselfs and tell us what is going on....

---

My thoughts first start with recent history and far below standards approvals (Think low 600's - mid 600's). I'm going to Venture that it wasn't as isolated as we thought it was and they may have "overextended" themselves towards riskier borrowers nationwide. They may be pulling back the reigns and setting the bar higher at this time. Also a factor in this is the potential increase in prime rate looming in the horizon.

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@Anonymous,

I'd have to agree base on some of the profiles approved for credit... And with their quaterly report sucking also, we may be in for some shocks.

[rlx01]

Probably got all the customers they want at X scores, now looking for different segments.

These things change daily.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Is it possible that they just changed their acceptable risk level?  I did just fine 3 months ago, getting Ritz and CSP with avg 699 score for all 3 bureaus.

---

Maybe... But why all of sudden too many new accounts in the last 2 years?  Why 2 years?  And then there are the inquiries when we thought Barclays was the one to be on the look out for...

Just really interesting...

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Two years is a long time to wait before applying for another card!    I've had just the one Chase Freedom for almost 7 months now & no auto cli, nothing.  I've had a car payment with them for 3 yrs before I bought my new car.  Yet, I get nothing from them & no lates or small payments.  They are PIF.  I try the prequalifier almost everyday and get nothing.  So I do believe they're changing.  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Is it possible that they just changed their acceptable risk level?  I did just fine 3 months ago, getting Ritz and CSP with avg 699 score for all 3 bureaus.

---

Maybe... But why all of sudden too many new accounts in the last 2 years?  Why 2 years?  And then there are the inquiries when we thought Barclays was the one to be on the look out for...

Just really interesting...

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Two years is a long time to wait before applying for another card!    I've had just the one Chase Freedom for almost 7 months now & no auto cli, nothing.  I've had a car payment with them for 3 yrs before I bought my new car.  Yet, I get nothing from them & no lates or small payments.  They are PIF.  I try the prequalifier almost everyday and get nothing.  So I do believe they're changing.  

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2 years is indeed a long time...

[Anonymous]

If we go back a few years, maybe more, Chase was always strict when it came to anything negative on your credit report.  Remember those boxes asking if you have anything negative?  Maybe they decided to loosen the reigns for a bit & get some new customers then went back to their original app prerequisites .