UPDATE-RE-OPENED Chase Freedom-Thanks-But No Thanks

[maiden_girl]

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@Anonymous wrote:

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@Credit-hoarder wrote:

@Anonymous-girl: That was my thinking too. Since Discover is their biggest competitor right now, I would have figured they (Chase) would have given me a little more incentive to steer me away from using my Discover Card. Looked to me though like they (Chase) could care less about the competition by giving me a much lower starting CL limit than Discover..

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Why is Discover their biggest competitor?  I would put a few other banks first!  Just because Freedom is similar to discover?

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I think the OP meant as far as Chase Freedom and Discover IT are concerned. They are very similar in reward structure and seem competitive in quarterly rotating categories. I wouldn't say they are equal competition. Each company/card offers a different experience.

[DrZoidberg]

Closing the card in spite was a bad move. Might as well as keepit open since you took the hp already.

[Anonymous]

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@DrZoiberg wrote:

Closing the card in spite was a bad move. Might as well as keepit open since you took the hp already.

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Just depends.   Sometimes you feel so annoyed moving away and on IS the better move.  Wasting a HP is a pretty small price to pay if it makes OP happier.

[Credit-hoarder]

@maiden-girl: that's exactly what I was trying to say about them being competitors.

@longtimelurker: You are exactly right. I felt that the experience I had with Chase warranted the exact action I took. And yes it did feel good letting them know I didn't need their card bad enough to play those kinds of games with them. And yes-after all it was only one HP, not like Cap One with their 3 HP's for one app.

[navigatethis12]

Chase gave you 2000 in credit, and that doesn't seem to be that out of line with the other accounts you have. You said that next year they'd all be one year old, so does that mean you've opened a lot of accounts recently? If so, that doesn't look like a good risk to them.

Chase is number 2 in limits for me, with number 1 on ther personal credit report. They really had no problem giving me the highest limits out of all personal issuers. Of course, I showed them good usage and payment history, which warranted the higher limits. If you kept the card and used it for one year, not only could you have gotten a decent increase, but you may have gotten another high approval. The $500 gasoline card is history, but with a low limit and not being a Visa(or is it?), there isn't much for them to go on. They gave you a chance to show responsibility with the Freedom and you turned it down.

[Credit-hoarder]

@navigatethis12: I said most of my accts. would be well over a year old. And second, Chase giving me decent increases after ayear is purely speculative. After one year even with responsible use--they could have still either denied me CLI's or given miniscule amounts even after taking a HP. And 3rd-you would think having your mailbox flooded with mailers (from Chase) for the last couple of mos.-and having some of the CL's I have-that they would have been able to do better than a $1500 CL-am I wrong here? That (all of the mailers) was the main reason I accepted the card-I figured they thought my reports were good enough to justify a decent CL-not a toy limit. If they (Chase) send me any mailers now-guess where they're going to end up?

[Creditaddict]

You didn't even move the CL over to your BP card??!!

I think you made big mistake on this one and what is done is not done... I think you can have that re-opened!

My partner when I met him with his like 796 Fico had a $500 freedom which was auto cli to $1k... I of course did not know his CL or his fico for a while but when I did that card made me mad just seeing it despite that I like Freedom and chase most of the time... fast forward he got $9k slate instant which we moved to freedom (now $10,500 isn't nearly as bad!)

fast forward and last month approval (after verification, so instant, not counter) was approved for CSP for $27k!!!) and guess whos credit is in the 720-740 range now vs. his almost 800 when he got that measly freedom!!

[wHiTeSoL]

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@navigatethis12 wrote:

Chase gave you 2000 in credit, and that doesn't seem to be that out of line with the other accounts you have. You said that next year they'd all be one year old, so does that mean you've opened a lot of accounts recently? If so, that doesn't look like a good risk to them.

Chase is number 2 in limits for me, with number 1 on ther personal credit report. They really had no problem giving me the highest limits out of all personal issuers. Of course, I showed them good usage and payment history, which warranted the higher limits. If you kept the card and used it for one year, not only could you have gotten a decent increase, but you may have gotten another high approval. The $500 gasoline card is history, but with a low limit and not being a Visa(or is it?), there isn't much for them to go on. They gave you a chance to show responsibility with the Freedom and you turned it down.

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I'm going to have to agree with Navi on this one. Based on what I see in your sig it doesn't seem like it's out of line with the rest of your TLs, save USAA which is known to be really liberal. Do i personally think you made a good/bad decision? Eh. But you did make an emotional decision which is almost never a good thing when it comes to making business decisions.

8 Months of good ontime history on your BP card certianly is a good thing but you need to remember, 8 months in the context of credit history is a small drop in the bucket.

Mailers isn't a good indication of how a bank feels about your save a few broad requirements, DW gets 3-4 Discover mailers each week but that doesn't mean she's a better or worse canidate than I am for the card or that she will get more/less of a CL. 

@When i got my freedom card it was my first from chase @ $1k, 8 months later it jumped to $12k so it wasn't the end of the world to start off where it did. 

[Anonymous]

Too much angst on both sides IMO!   Yes, the OP may have overreacted to what he/she perceived as dishonesty  (Remember, the original complaint was not just the low CL, although everyone including OP has focused on that recently, it was also the SP/HP discussion).   But it's not as if someone has been killed, the OP closed a credit card after an HP.  Other issuers will come along and the OP won't suffer terrible consequences for this deed

[j_casteel]

seems dumb to close a new card that has no AF,  with rewards, and potential to grow. (especially after getting approved and accepting the card a few days ago)

no one is entitled to any card or any certain CL, and always expect a HP when applying for new credit regardless of what you're being told.

good luck