Originally Posted by
StartinSanDiego
The other has decent credit, uses an Amex Plat card exclusively, and decided to try branching out to other points programs. She has one credit card only....who could sell Florida swampland to Donald Trump, and is literally the most persistent person I have ever known, was unable to get her card approved with 2 or 3 recon calls. She got an instant approval for an SPG the same day.
Originally Posted by
Happy
Had the Vet had even one or better two credit cards in her credit history, she would have a much easier time to get approval. This is because the system to determine one's ability to pay is so skewed to the point that in some situations it is totally dysfunctional. For example, people who are very financially responsible, pay off their mortgages very early and always buy their cars with cash, they are penalized by not having "a variety of credits so to demonstrate the ability to manage payment." (para-phrased the reason why said person's FICO is negatively affected.)
How could a person has no personal debt, with a paid for house and cars and decent income, would be determined less credit-worthy (by way of the FICO score) than a person who has 300K mortgage, 50K car loan and similar income? But that seems the way the banksters' models work...
.
True enough, and every time I see my CR, it notes my down point is the lack of "installment loans and different types of credit", since my house is fully paid off, I don't have any loans, I am not paying for anything on time, and my CU is <1%.
Still, Citi tells me my EQ rating is 830.
So I don't think this explains the above. Remember,
they both have already been approved for an AMEX PLAT, and the second person was instantly approved for a SPG right after being denied by Chase.
Originally Posted by
knowledgeispower
If 5 cards is the "limit" then consider a person who opens 6 cards in 24 months. That's one card every 4 months which is the typical 3-4 month meet minimum speed requirement. Like you said it's a low threshold, but chances are this person is looking for sign-up bonuses more than long-term loyalty. From a business perspective all of them are bad. The typical American may open maybe 1 or 2 cards a year and not more than that and these are the people they want as customers.
That would make sense, but that's not what Chase is doing. Look again at my previous post about the comment on VFTW. The OP had a CSP open for 12 years, during which he spent $30K to $40K a year. He had 5 or 6 cards open, (AA and US Air) but hadn't opened anything for at least a year. Hardly the definition of a churner. Yet Chase denied him for a measly Freedom card. This is not just in Happy's word "dysfunctional", this is utterly insane.
Refusing to give a simple no fee card, with a very small sign up bonus, to a customer who has spend nearly half a Million $ with you over more than a decade? This symbol
doesn't begin to do justice to the insanity of that.
