Brugge

Probably time to short Chase stock.

Getting rid of clients like her, and forcing her to do all of her spend with Citi is not any way to make a profit.

The good news is someone just posted on a AA thread that they got new AA card with 10 HPs with EXP since January. So if Chase doesn't want our spend, there are other games in town.

starbuk

I've been telling people to have new reasons when calling Chase for the last year or so on these boards. They told me that they saw the notes on my account from prior calls but even before that, it was not a stretch of the imagination to think that a bank which records most phone calls would have a call log with some notes attached to it..

starbuk

You may have experienced this but there are plenty of reports to the contrary. Maybe they are targeting a certain spending pattern, maybe you are not good at recon. It is tough to say. But it might be a tad early to say that Chase apps are dead for good, especially since all the data we are getting on FT is from people that MS and churn without end.

Insder

There are people in that thread I linked that are declined for 6 new cards in the past year, which I consider low....some people honestly get 3-4 cards in a year (between store cards and offers in the mail) and they are not MSers.

I understand how my comment could be taken, as I am on the higher side (I had 12 new cards).

Edit: On the recon success note, I consider myself relatively good at recon. As my underwriter began listing accounts, I was able to counter with the reasoning for each. Thankfully, I travel a lot for both work and personal reasons and most of my recent accounts have been related to that. But she wasn't having it, regardless of why the accounts were opened. I guess all I can say is we'll just have to wait for more data.

TMM1982

MS'ers make money off banks. Banks make money off everyone else. If Chase wants to dump all their MS'ers, it's probably a savvy business move. You say you're going to not to do business with Chase anymore, well they're probably okay with that.

ucacm

Just an update:

I went on travel for work and came home to the declination letter. Said they pulled TU and declined for too many new cards in the past two years. There were only three hard inquiries on TU in the past two years: one from Chase in August 2013, one from Chase in Nov 2014, and one from Barclaycard in 2014. My TU FAKO was 805 and FICO via Barclaycard is 833.

I called the recon line again and the lady noted I had called on the 8th and before I could get a word in she said that they could not review or reconsider approving my application. Gave me no options for obtaining approval.

Other points of reference, I have three Chase accounts: Marriott, Hyatt, and a Freedom. I put a decent amount of spend on both the Freesom and Hyatt cards, but rarely use the Marriott card. I will likely cancel the Marriott in a few months.

I also have a CSP that I converted to the Freedom about a year and a half ago, so this was my second attempt at getting the bonus. I guess I should lay off of Chase for a while, but it has been 1.5 years since I opened a new account with them.

Brugge

They didn't decline you based on HPs, they declined you on new accounts opened. So it wouldn't matter which CB they pulled, every CB will list all of your accounts opened.

Chase seems to have made the (I think foolish) decision they only want loyal card holders who only use Chase cards. Someone recently reported here that despite stellar credit they were denied for having one new account with Citi opened 6 months prior.

Really weird the about face they did on this. First they published T/Cs that you can get new sign up bonuses every two years, which seemed to be an open invitation to churning. Now they are saying they don't want anyone who has had a new cc in nearly forever.

I would think one of their financial statistics would be new accounts acquired, which is just going to absolutely plummet with this new policy. People who are not currently reading this thread are going to cancel their Chase cards when the AF comes due, or when it's 2 years after their last sign up bonus, and get denied when they reapply. At which point all of their spend is going to end up with other banks. This is good for Chase in what way?

DW and I have been consciously spending on every open Chase card every billing cycle. Then only canceling at the one year point for cards where the benefits of spend are poor, and at the 2 years since bonus for cards like the CSP where the spend benefits are good. I thought we had an unspoken 'Gentleman's Agreement' that if we kept our Chase cards open for significant timeframes, and did regular spend on them, that Chase would reward us with new cards. Suddenly without notice Chase has totally reversed course, and only wants strictly monogamous clients.

If they think I'm going to give up my 12 new Citi cards a year, and my 4 new B of A cards a year, just to get a new Chase card every 2 years, they are certifiably insane. And it's not just churners, every high income potential client is going to have different cards for various travel purposes. The only people without apps in the last 24 months are going to be low income young people just starting out, and people whose credit history is so thin they couldn't get approved anywhere else. Are these the only people Chase wants getting their cards?

Brugge

If you read back thru the past several days on this thread, you will see consistent data points that Chase is denying new apps from anyone, despite having even incredible credit histories, that has gotten virtually any new ccs in the past 6 months, or several cards in the past 24 months.

It's not a matter of Chase getting "stricter" about their approvals. It's now clear that Chase is simply not giving out new cards to anyone who has gotten even just a few new cards in the past 2 years. If you have, an app with Chase at this point is a total waste of a HP, not to mention your time calling Recon CSRs who won't even 'give you the time of day'.

I don't know how long they can continue like this, as their established client base is going to quickly atrophy. But in the meantime, unless you are volunteering to be a guinea pig, and take one for the team, by applying to see if they have come to their senses, don't even think of doing an app with Chase. And unlike AMEX, Bus apps are not more churnable, they are even more impossible.

Even if you do want to be the one who tests this out for the rest of us, I'd say one app per 2 weeks, total from readers of this thread, is all we need to do. Otherwise I recommend keeping your apps confined to Citi, maybe Barclays, and of course personal AMEX cards you have never had before.

Insder

Oddly enough, I have another datapoint that I forgot to post about. My fiancee did an AoR on Wednesday with 1 Citi, 2 Chase (combine inquiries), and an Amex.

Citi instant, first Chase provided a number to call, second Chase said pending, will receive a letter in 7-10 days, Amex instant.

On her call for the first Chase, it was verification, then the CSR checked her report and said that she "had quite a few new accounts in the past year and she may want to slow down with applications". He never asked what they were for, and it was approved with a relatively high CL after a hold for 3-4 minutes.

Second Chase App is still pending, and I refuse to call as it will likely be declined in recon. Hoping it auto-approves in the next few days. There is available credit for it due to reductions, so they will not even need to re-allocate.

So yes, Chase is aware of lots of accounts, and they are not afraid to use it as a decline reason.

Edit: I should add that he didn't specify how many accounts she had, but if I am counting correctly, it was between 6 and 7 depending on if they include last May. Of those accounts, none were with Chase. Her last Chase app was almost two years ago.

beltway

They have gotten tougher recently, but this is not as universal as you suggest. See, for example, my data point at post 3432:

Lumpylump76

You know what would be a killer? 150k UR point sign-up bonus, but only for customers who have applied for less than 6 cards in the past 2 years.

Imagine the Howl......

Brugge

Several things come to mind. The first is that you didn't say when she applied, but your post about it was 4 days ago, which is just about the time that the Chase denial insanity began. So it's quite possible that her app was just in time to slip under the wire. Especially since she was auto-approved and didn't get scrutiny from Recon. So that may have been a factor as well.

But then we have this more recent post.

This is the first report of an approval in the last 4 days. As I said in my previous post, there is just no way Chase can keep turning down every app from high income, high credit rated applicants. Not if they want to stay in business. So perhaps they are already starting to come to their senses. Especially since the CSR only mentioned accounts opened in the "past year", and not the absurd 2 years previously cited.

So this is a promising first data point, and I'm looking forward to more of them. But I'm not holding my breath waiting either. About a half hour ago I was instantly approved for another Citi AA EXEC card. In 8 days I'll be applying for a TYP Premier. That will be 108K miles and points without bothering about Chase.

I had been hoping to apply for a CSP soon. But Truth be told, the TYP cards have better spending benefits than the CSP anyway. And my DW still has a CSP open, so no problem transferring my Freedom points to Chase partner accounts.

But those 54K + UR points are still tempting, so I'll be following this thread closely.

Brugge

Slightly frustrating, yes. But if I compare the several million miles and points my DW and I have gotten over the past 2 years, to getting 150K UR points, it would be no contest.

rogerg87

What period of time needs to elapse until one has a good shot of getting dual-approved for 2 SW cards? I have a 750 on creditkarma with the following cards:
•Freedom (2009)
•CSP (July 2014)
•Venture One (April 2015)
•Barclay Arrival+ (May 2015)
•Mileage Plus Explorer (May 2015)
•Alaska Airlines (May 2015)
The total credit on my three Chase cards is 36.5K (13K/16.5K/7K, respectively).

I will be holding off on any more apps and reducing the CL to 10/10/5.

I plan to apply for two SW cards in mid November (6 months without any apps). I know the recent cluster.... with Chase has muddied the waters, but I still would appreciate any advice. I would have 5 new accounts within the past 2 years.

zzmypster

Just want to add that I also got declined for my CSP application per the same message. I have a 750+ FICO and plenty of credit lines that I am more than willing to reallocate to the new card. Called the recon line and the analyst said there's nothing they can do about it. Definitely not a good time for applying for Chase cards!