RNE

It's OK that you and I have differing opinions. You do things your way and I'll do things mine. Find the peace to stop responding to every post I make.

Brugge

Ok, but you go first.

I'm not really interested in arguing with you. But when you post things that I think are clearly incorrect I don't think it's fair to other readers of this thread to not respond, which would give them the impression that everyone agrees with you.

By the way, I really did mean what I said. If you do have actual data points on lowering CLs leading to Chase shut downs, by all means post them. But if you don't, expect that your unfounded assertions will meet resistance when you post them here.

Have a nice day...

Happy

Nonsense.

The mere fact that now Chase has the uniform clause of sign up bonus eligibility hinged upon not receiving a bonus in previous 24 months, clearly sends a message that Chase does not mind people getting cards for the sign up bonus - after all, all such bonuses must be earned via spending, from 2K to 5K being the norm. The majority of applicants are also good credit risks that helps to improve the quality of the bank's portfolio of card accounts. So your harping is clearly off the base.

Chase essentially is telling us, you can get as many bonuses as you want, as long as you only get them once every 24 months. Got the message?

Furthermore, there is not a word about open / close accounts tied to the eligibility of receiving recurring bonus.
By not tied the eligibility of bonuses to account opening and closure, Chase essentially encourages people to keep their cards pass the 1st year mark and well into the 2nd year, knowing they would not be penalized when and if they decide to get another bonus - as long as they close the same product PRIOR to apply it again. I know I am keeping my Chase cards longer as long as they are willing to offer some incentives on retention.

But I guess the above is completely lost on you. Or you just keep on arguing a losing cause.

Besides, there is no such term of "structuring credit limits" - the credit limit is GIVEN to you by the banks, the consumers have every right to say, No, I dont need this much credit, just as much as the right the banks have, to say, No, we cannot give you any more credit.

Just an invention of phrase by the poster so he can keep on arguing.

There is no such thing called "structuring credit limit". Not to mention the fallacy of the argument as pointed out above.

Structuring has absolutely nothing to do with credit limit but other things related to banking. May be OP should do some googling to get a better understanding versus inventing a term that does not describe anything but his own misconceptions.

^
Look forward to see some actual data points on such "structuring credit limits" and the dire consequence... But let's not hold our collective breath on it because there is not any.

Brugge

Chase is really much smarter than Citi on this. With Chase, I keep any new cards open for at least the first year. And cards where the spending benefits are strong enough, (such as the CSP), or the benefit of having an open card is strong enough, (like the IHG card), I keep open right up to the 2 year limit. Because I know I can cancel at that point and reapply.

With Citi, I find I'm now forced to meet the min spnd as soon as possible, and then cancel immediately, so as to restart the '18 months after canceling clock' going again. Did this negative incentive to close the card as soon as possible really not occur to them? Or do they just think most people aren't smart enough to figure that out?

David_

Here is a data point:

Applied for CSP in February and was declined. Underwriter basically said you burned us before but it won't be held against me forever.

Used the pre-qualify site last month and CSP and Freedom popped up. Had been checking for months with nothing available.

Applied for CSP and was instantly approved for $26,400.
Applied for Freedom minutes later and was instantly approved for $17,000.

Both apps resulted in only a single TU pull. FICO was 690 with a few collections and derogatories still reporting.

TReckoner

What area are you in?

Happy

That is why Chase has so many offerings while Citi for the longest time has only AA being the only draw (the HHonors cards have competitions and many dont view it as valuable. TYPs are only recently beefed up its usefulness.) Chase also poached Execs from AMEX a few years ago. With that the transfer of knowledge apparently helps Chase a lot to quickly become a very dominant player in short period of time.

Yes I too think the 18 months include both open and closure is downright stupid. This encourages high attrition rate. Not a thing any issuer wants to see but Citi designs its program to precisely encourage such behavior. It is not the first time nor the last time Citi's marketing dept has no clue when designing a program / product. The bank also seems to have different goal - often focus on adding new accounts at any cost for short term gain as the prime example of the highly churnable Exec card in a long period of 2014.

That said, the Chase policy is only in place may be 6 months? It remains to be seen how long this remains in place or if there are data points showing up about not getting bonus because cards not closed 24 months ago (like in the old days).

Happy

Until you have cards in hand and be able to use it to earn the bonus, it is too soon to say you are now back on Chase good side.

When was the last time you had burnt that bridge that now seemed being mended?

V6Jeep4x4

Whoa, Kind of Ballsy... I probably would have stuck with just one card to work myself back in good graces but if it worked (and you've received the cards and have been able to use them) Congrats

TReckoner

+1 Ballsy for sure.

meecal

Chase cards I have:

Ink
Freedom
Hyatt
United (Personal)
SW Plus (Personal)
SW Premier (Personal)

Closed Sapphire Preferred a few days ago. Great card but decided I was going to be putting spend on to-be-acquired cards to meet min spend requirements so CSP wasn't going to offer a ton of value for the next 6-12 months.

I lowered credit limits on some of the Chase cards last week such that total CL for all cards, after closure of CSP, was $34.5k.

Did an app-o-rama tonight. Was approved for Chase IHG w/ $30.4k CL. ^ (Was also approved for Arrival+, Citi AA and Alaska Airlines cards.)

Brugge

^ A nice evenings work for sure.

meecal

Thank you! Only downer is that IHG just stealthily disclosed that there will be some hotels changing categories in May. I had my eye on a hotel that's currently at 35k points per night so 72k signup bonus would cover two nights but come May that might not be the case.

Lumpylump76

SM Chase to match the 80k offer.

Brugge

^ Quite a few people have reported success with that.