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Why I gave up on chase...

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Aim_High
Super Contributor

Re: Why I gave up on chase...


@KJinNC wrote:

For your average person in America with good credit, 5/24 will probably not be a major obstacle.

 

+1 True.  We talk about it (and gripe about it) a lot on My Fico.  But we aren't typical credit users. 

 

For people on MyFICO, specifically people like me who are in a massive build or rebuild phase, I think Chase would need to have unique value to be worth avoiding going over 5/24.

 

+1  I would go so far as to say ANY bank, for ANY consumer needs to have unique value to influence our overall credit applications or behavior. 

 

For a while, I considered the CSR (or maybe CSP, I hadn't really decided) to be a goal card. But when they raised the AF on the CSR, I decided that I'd just get an Amex Platinum (I pay $400/year for it since I am in the CAP program).

 

Another reminder of how our circumstances are unique, since many of us don't have a CAP option to pay $400 for Platinum.  I love seeing details about why people make the decisions they make since it gives insight for all of us about how our profiles and lifestyles and spending are different, and why each of us needs to always evaluate and decide on a personal level what cards and credit strategy to pursue.

 

If I want a Chase card, I'll open a Chase card.

 

Exactly.  That's what most people do.  IMO, the goal is to have my credit working for ME, and always having it "at the ready" when I choose to use it.   Keeping scores high is much easier than getting them there, and I've had many occassions in my life when I wanted to use my credit with fairly short notice.  It takes time to change a credit score and sometimes a lot of it, depending on what you're trying to let age or grow. 


 


Business Cards


Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 41 of 52
Anonymous
Not applicable

Re: Why I gave up on chase...

I made the same decision. I had a BK on my report so chase wouldn't even look at me. So instead of waiting I pledged my loyalty to Amex and got several other cards to build up my profile. Best decision I made. Now I can wait 24 months for a slot to open and build history at the same time! 

Message 42 of 52
Wavester64
Valued Contributor

Re: Why I gave up on chase...


@Gmood1 wrote:
I'm in the minority. As I could care less about the majority of Chase cards. They only get a very small portion of use compared to others in the fold here.

Definitely nothing mystical about them, that is for sure! Lol

At least you have one (or more) Smiley Wink






Potential Future Cards
Message 43 of 52
Gmood1
Super Contributor

Re: Why I gave up on chase...

@Wavester64 

Yes, I had 7 at one time. Down to 4 now. Closed and consolidated some of them. I grabbed mine before all of the 5/24 nonsense.

Besides USAA and Penfed.

US bank has moved up to one of my top three favorites now.

One-third of the HPs on my TU report (21 total) are just from them.😂

 

Message 44 of 52
Wavester64
Valued Contributor

Re: Why I gave up on chase...

>>Yes, I had 7 at one time. Down to 4 now. Closed and consolidated some of them. I grabbed mine before all of the 5/24 nonsense.

 

Good times. I hate all this 5/24 bull. If you have good credit and your payments are *exceptional* like mine say on a few sites like CK, Chase should at least consider someone for a CC.

 

>>US bank has moved up to one of my top three favorites now.

 

Yeah, tried for them this week - declined :-/

 

 






Potential Future Cards
Message 45 of 52
seattletravels
Valued Contributor

Re: Why I gave up on chase...

Sorry for your decline. 



Last App: BECU 02-26-2020
Pronouns: He/Him/His
Message 46 of 52
Anonymous
Not applicable

Re: Why I gave up on chase...


@Wavester64 wrote:

>>Yes, I had 7 at one time. Down to 4 now. Closed and consolidated some of them. I grabbed mine before all of the 5/24 nonsense.

 

Good times. I hate all this 5/24 bull. If you have good credit and your payments are *exceptional* like mine say on a few sites like CK, Chase should at least consider someone for a CC.


 

This was actually in response to churning though, wasn't it?

So I'm curious as to why they didn't just adopt a eligibility policy similar to Amex, rather than just cutting people off from opening accounts period.

Message 47 of 52
Aim_High
Super Contributor

Re: Why I gave up on chase...


@Anonymous wrote:

@Wavester64 wrote:

... I grabbed mine before all of the 5/24 nonsense ...  I hate all this 5/24 bull. If you have good credit and your payments are *exceptional* like mine say on a few sites like CK, Chase should at least consider someone for a CC.


This was actually in response to churning though, wasn't it?

So I'm curious as to why they didn't just adopt a eligibility policy similar to Amex, rather than just cutting people off from opening accounts period.


AMEX policy just discourages people churning their bonuses.  Chase just takes it a little further.  Not only does Chase not want anyone churning THEIR bonuses (such as the Sapphire family 48-month limitation) but they don't want new applicants who have been recently churning OTHER banks.  It actually makes a lot more sense to discourage churning behavior.  If someone just got a dozen new cards from four other banks, it's pretty likely there is either churning going or some other risky credit-seeking behavior.  Like all banks, Chase offers bonuses to try to entice people to become a long term customer.  People complain a lot about 5/24 but it's just well known because Chase is so big and there are plenty of data points on the web to quantify their policies.  But other banks have their own internal limits on approvals based on new accounts or inquiries.  Instead, other less-known banks are just called conservative or 'new account sensitive'.  


Business Cards


Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 48 of 52
longtimelurker
Epic Contributor

Re: Why I gave up on chase...


@Aim_High wrote:

@Anonymous wrote:

@Wavester64 wrote:

... I grabbed mine before all of the 5/24 nonsense ...  I hate all this 5/24 bull. If you have good credit and your payments are *exceptional* like mine say on a few sites like CK, Chase should at least consider someone for a CC.


This was actually in response to churning though, wasn't it?

So I'm curious as to why they didn't just adopt a eligibility policy similar to Amex, rather than just cutting people off from opening accounts period.


AMEX policy just discourages people churning their bonuses.  Chase just takes it a little further.  Not only does Chase not want anyone churning THEIR bonuses (such as the Sapphire family 48-month limitation) but they don't want new applicants who have been recently churning OTHER banks.  It actually makes a lot more sense to discourage churning behavior.  If someone just got a dozen new cards from four other banks, it's pretty likely there is either churning going or some other risky credit-seeking behavior.  Like all banks, Chase offers bonuses to try to entice people to become a long term customer.  People complain a lot about 5/24 but it's just well known because Chase is so big and there are plenty of data points on the web to quantify their policies.  But other banks have their own internal limits on approvals based on new accounts or inquiries.  Instead, other less-known banks are just called conservative or 'new account sensitive'.  


I don't know if it purely/mainly anti-churning, I've always thought that expected profitibility comes in to  it.  An issuer (such as the fine LTL Bank) providing they have set rewards/costs correctly, want a customer to use their card, ideally exclusively, but failing that, "a lot". If someone has recently been getting several cards, even 5 in the last 2 years, they don't sound very faithful.   They may get my card and, even without getting a SUB, just not use it much, meaning I have wasted some effort and resources with little return.   If they DO go for a SUB, then it's even worse.

 

Now it's certainly possible that someone has been trying out cards and finding them unsatisfactory, and once they get mine they will be faithful for the rest of time.   But it's unlikely!   So go for people who appear to be more stable in the credit card selection.....

Message 49 of 52
Aim_High
Super Contributor

Re: Why I gave up on chase...


@longtimelurker wrote:

@Aim_High wrote:

@Anonymous wrote:

@Wavester64 wrote:

... I grabbed mine before all of the 5/24 nonsense ...  I hate all this 5/24 bull. If you have good credit and your payments are *exceptional* like mine say on a few sites like CK, Chase should at least consider someone for a CC.


This was actually in response to churning though, wasn't it?

So I'm curious as to why they didn't just adopt a eligibility policy similar to Amex, rather than just cutting people off from opening accounts period.


AMEX policy just discourages people churning their bonuses.  Chase just takes it a little further.  Not only does Chase not want anyone churning THEIR bonuses (such as the Sapphire family 48-month limitation) but they don't want new applicants who have been recently churning OTHER banks.  It actually makes a lot more sense to discourage churning behavior.  If someone just got a dozen new cards from four other banks, it's pretty likely there is either churning going or some other risky credit-seeking behavior.  Like all banks, Chase offers bonuses to try to entice people to become a long term customer.  People complain a lot about 5/24 but it's just well known because Chase is so big and there are plenty of data points on the web to quantify their policies.  But other banks have their own internal limits on approvals based on new accounts or inquiries.  Instead, other less-known banks are just called conservative or 'new account sensitive'.  


I don't know if it purely/mainly anti-churning, I've always thought that expected profitibility comes in to  it.  An issuer (such as the fine LTL Bank) providing they have set rewards/costs correctly, want a customer to use their card, ideally exclusively, but failing that, "a lot". If someone has recently been getting several cards, even 5 in the last 2 years, they don't sound very faithful.   They may get my card and, even without getting a SUB, just not use it much, meaning I have wasted some effort and resources with little return.   If they DO go for a SUB, then it's even worse.

 

Now it's certainly possible that someone has been trying out cards and finding them unsatisfactory, and once they get mine they will be faithful for the rest of time.   But it's unlikely!   So go for people who appear to be more stable in the credit card selection.....


That's true.  Yet another reason.

 

Also, a lot of recent apps increases profile risk because someone might be seeking more credit if they are in financial troubles.  And banks like stable credit profiles.  So there is a third reason. 

 

But yes, SUB-chasers may not stop to think about (or care about) how they look to the banks paying out those big SUBs.  Personally, while I appreciate the SUBs, I don't want to litter my credit file with HPs and new accounts that might keep me from other credit I want or need to be approved for in the future.  And the whole reason those SUBs exist is not to line the pockets of every consumer they can get to apply; it's to help the lenders build longer term business. 


Business Cards


Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 50 of 52
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