whoknew89

This development is really interesting and really does remind me of unlimited data plans going away slowly with the wireless carriers.

Essentially AT&T started that trend as a way to prevent the top 1% of bandwidth users from costing them a .... load of money, and ultimately it ended up hurting those of us who wouldn't necessary use many gigabites a month but instead would occasionally go over.

Unfortunately I have to agree with bgriff I think this is market posturing letting the other banks know that it is okay to implement similar restrictions on applications and while I don't feel like many banks will join the game immediately I do feel in the next 4-5 years that all banks will have implemented a similar policy. Just as those unlimited data plans went away.

However, I am interested to see which banks go completely against the grain and make it a selling point that they don't limit approvals based on past approvals and stick it to the competition as the best alternative for those of us who would gladly give our business to banks that would allow us to continue to open new accounts.

jsmithv

I had 3 personal, 2 business at the time of this application with Chase. 11 cards open with other banks. 28k total exposure with Chase (I always reduce my limits after I've had the cards for a few months) and the approval for the hyatt card almost doubled my total CL.

I have a modest mortgage with Chase and a checking account that is only used to pay the mortgage and it rarely has any excess funds in it. I'm hopeful this will help me get another CSP in a few months. Time will tell... URs are preferred, but i can get by as long as the co-branded cards are accessible.

Brugge

RNE's plan is already fully proven: don't apply for new cards and you will never be denied.

RTWRide

Ugh, my issue may be my 66k total exposure with Chase. I completely forgot about that factor. I only have 3 personal (31k total) an 1 business (35k). Now I'm not sure if I should call or just wait it out my "under review" application for the UA MP Explorer Business card.

teammjs

Does anyone know if Chase has a time rule on applications too close together that would preclude an auto-approval and kick-out for manual review?

This used to never be an issue since it was routine to call recon and just shift some lines so I don't know if anyone knows. I thought Chase had a policy of only "wanting" one card per 90 or 180 days (which wasn't hard in the past but might be relevant to auto-approvals necessary now)?

creditcardgt645

As a data point, I was just approved for the ritz carlton card after calling recon. I have gotten at least 4 new chase cards this year alone. However, my attempt to get them to match the 140k points offer (instead of 2 free nights) was unsuccessful. When I sm'd them, they said that this offer is no longer available and that they are unable to match it.

italdesign

Or worse, auto rejected as a duplicate a la "Barclay 30 days"

I asked earlier and no one replied. Not sure if anyone knows.

teammjs

Someone suggested signaling competitors as a theory.

Here's another: some Type A VP saw some metric he didn't like and went crazy yelling some absurd absolute that forced the minions under him to draft a memo leading to the crazy recent policy.

Now someone finally went to the corner office to get "clarification" and we're back to the status quo!

Anyone working in corporate America I think could see this as possible

P.S. Using male pronouns specifically because it's rare for a female exec to usually do something thus crazy and knee-jerk

jjakers

[QUOTE=teammjs;24980709]Someone suggested signaling competitors as a theory.

Here's another: some Type A VP saw some metric he didn't like and went crazy yelling some absurd absolute that forced the minions under him to draft a memo leading to the crazy recent policy.]

Seems spot on to me

rrez

Another data point: Just applied for British airways cc and auto-approved with high credit limit. Probably 9 cards in past 24 months with various issuers. 3 in the past 12 months with Chase. I did recently reduce credit limits with the chase cards as this seems to help with auto-approvals. Thanks everyone for all the input as it certainly helped.

Brugge

I'm sure Scott Adams reads this thread. That's going to be on Dilbert tomorrow.

RNE

No need to thank us, but you're welcome. I'm glad you had the perseverance to swim forward against the tide of doubt. Bravo!

snic

...yet.

Citi strikes me as kind of wet-behind-the ears at this game. Chase and Amex have had strong products like the CSP and Gold cards for a long time, and Citi's version has only recently been improved to be competitive. They are probably basking in the enormous number of new customers they are getting from the generous Premier and Prestige sign-up bonuses, and won't realize they have a churning problem until another year or two.

When they finally slam the door shut, none of the major "own-branded" cards will be easily churnable. Something to think about: get in on the game while you can?


There is no "tide of doubt" when it comes to co-branded cards, which is what the OP you replied to described opening.

nsx

Affiliates have been upset that CSP was *too* competitive with their cards. The demise of the 7% annual bonus helped, as does this change.

RNE

You're right, co-brands were a riptide. But still all wet.