Chris58

The only thing you need to understand about this issue with Chase is that they do NOT consider any kind of credit as satisfying a minimum payment due. BUT, their auto-pay system DOES consider an account credit resulting in a zero or credit balance as satisfying the payment requirement, (hence no auto-pay when no balance is due on the account).

I've never used auto-pay for a credit card but theoretically you could reduce this risk with chase to only one day if their auto-pay system allows a choice of payment date for auto-pay.

For example, if a Chase CC has a closing date of the 5th it will ALWAYS be on the 5th, (weekdays, weekends, or holidays).

In this case if you could set the auto-pay date to the 6th of each month the only risk would be if a credit posted on the 6th resulting in a zero or credit balance prior to auto-pay being triggered.

Happy

Since you mention the "other thread", I ASSUME you have learned about the ordeal the original poster has gone thru when he has THREE consecutive statement cycles with NEGATIVE Balance due to Travel refunds, yet because of he has auto pay set up, the auto pay despite not taking any payment because the balance is negative, the auto pay STILL flagged the system when the minimum payment was NOT made (well, there is no money owed to Chase, Duh!), the system automatically closed his account which was treated as in default. Surely you have read the whole argument and how a stone wall the poster had encountered with Chase until he wrote to the Executive Office. There are also other people reported the same bad experiencese - all because Chase's system to detect account miss payments is VERY MUCH FLAWED, because it has NOT taken into account that when there is NO money owed (Negative balance), there should not be a requirement for the cardholder to pay the minimum payment. Yet, Chase requires you to STILL make a minimum payment even though you do NOT owe them a dime! (Versus AMEX actually would reduce / canceled the scheduled payment if the balance owed is less due to credit posted, or in negative balance).

On the other hand, our CSR since the PYB in place, the statement balance would soon be wiped out by PYB redemption. Since I do not have Auto Pay, the system does NOT ever require a minimum payment. The card has gone on for 3 months without making any payment after statement closed before payment due date because the balance to pay is wiped out by PYB... Our account has neveer had any hiccup yet, the OP of the other thread got his account shut down, AND there are at least 3 or 4 posters reported the same fate, with some were bumping at stone wall without account reinstatement.

The whole thing boils down to, is Chase design on catching account default from missing payment is seriously flawed - with the flaw usually would not show up UNTIL Pandemic time when so much travel refunds creating negative balances while the card holders continue to use their cards for many things, but the new charges were offset by the travel refunds in subsequent billing cycle, but Chase STILL REQUIRE YOU TO PAY even they actually now owe you money, not the other way round... That STUPID SET UP ONLY MANIFEST ITSELF WHEN AUTOPAY IS SET UP. With manual payment, such STUPIDITY never shows up as it should never require cardmember to pay when the bank actually owes the cardmember money!

GarudaSoars

Bank of America allows you to set-up Auto Pay such that payment is made on the same day the statement is generated. Chase should introduce this option. Amex's earliest is 15 days from date of statement generation (would be great if they also have the same option as BofA).

kb1992

Back to this thread, OP here with an update.

After Chase reinstated my CSR in Sept. 2020, I have successfully applied for 3 more Chase cards.

Chase Freedom
United Quest
Marriott Boundless

I loved 80000 United miles and 60000 Marriott points!

I am still keeping my CSR, but my wife and son closed their CSR due to lack of travel.

My current balance for 4 Chase cards is over $30,000 with combined credit exceeding $120,000.

However, my credit score is down to 680 from 830. I only have Chase cards. Why?

hi-guy

Your utilization average is 25%. That will affect your score. Check your score again after you pay off the balances on all cards. The 4 hard inquiries in the last 18 months will also affect your score but likely to a lessor degree than the utilization hit. If Chase reported the late payments to the bureaus, that would affect your score, too.

kb1992

Thank you.

I always pay off statement balance on time. Never missed a payment.

I did request a credit line increase for my United Quest Card from $25K to $35K, and was denied.

My annual income is $200K.

All of a sudden, my credit score went down by 100 points.

bgriff

Your credit report doesn't actually "know" whether you pay your cards every month or not -- it mainly just gets a report of what the balance is when the statement closes on each card. So if you spend a lot each month, even if you pay it after statement close every month and never accrue any interest, your credit report can still look similar to that of someone who is financing large balances over time. Try paying all or most of your balance on each card a day or two before statement close for the next month and see what it does to your score.

Also, I assume you have already checked your credit report in general to make sure there isn't an error or any fraud going on that could affect your score.

ETA: Chase of course knows better your payment habits on their cards than what shows up in your general credit report, so they are using more data than just your credit score to assess your request for a credit line increase. But, Chase also tends to be aggressive with credit lines up front (lots of people got $30K+ on their CSPs and CSRs) but then have a pretty hard target of how much credit they will extend to any one individual, so if you're at that limit it may not be indicative of any broader issue if they won't increase your credit line. They will reallocate available credit among your existing cards if that helps though.

GUWonder

4 hard inquiries drive down a score from 830 to 680? I think that 4 hard inquiries is unlikely to be a significant driver of the credit score dropping that much -- and it probably would not even amount to a third or quarter of that kind of score drop. But then there are reports like kb1992.

Credit utilization skyrocketing and high total balances are where I'd focus to get the score back up. That is after making sure the accounts and payment history on accounts on file are all solid still.

pallhedge

That's a 5th credit inquiry, fyi.
What "credit score" are you referring to? Using data from which credit report? A true FICO score is not likely to swing that wildly without a delinquency on your credit report. Have you looked over any of your current credit reports? Check your FICO 8 credit score for free using Experian or Discover Scorecard.

mia

Once your credit score improves, open a free card from another issuer, any issuer other than Chase, and use it periodically. Chase closed one of your accounts, they could just as easily close all of them, and then what will you use?

hurnik

Depends on which bureau. AFAIK, TransUnion is the most heavily weighted when it comes to utilization. I've had as much as a 60 point different (FICO, not the fake ones) between the 3 bureaus with only have ONE card at almost full utilization (total utilization still at 1-2%). And the big point spread was with TransUnion at the bottom (lowest score). I can imagine having 4 cards almost maxed out would really ding some scores. Espeically if they were recently opened cards. But Pay them off next cycle and you should rebound about 80-90%

kb1992

I'll see what happens in a month when most balances of my cards are paid off. Haven't spent much this month.

Never checked my credit report in general. Chase has score for me when I logged on.

Yes, once I asked a raise of credit line, Chase offered to switch some credit from one card to another.

You are right, it's 5th.

When I log on my Chase account, it has "credit journey" showing credit scores.

I'll check my FICO 8 score today.

Never thought about that. Thanks for the suggestion.

Well, this is my history of credit scores. Pretty sharp drop

pallhedge

This makes little sense as FICO 8 is a single algorithm and doesn't care from which bureau it receives its inputs. Different scores from different bureaus is a function of different data on each report, not different math/weighting. One reason for having a lower score on TU could be that TU is the bureau that all of your recent credit inquires pulled from.

cjw2001

Not completely true - for example Citi uses FICO® Bankcard Score 8 on a 900 point scale while Discover uses FICO® Score 8 on a 850 point scale. Both are "FICO 8" yet different scales.

You Tube

hurnik

In my case, no, all the inquiries are on Experian, not TU (Chase doesn't pull TU in my state). Only ones that do pull TU that I've ever had are Barclays, Citibank, and BofA.

If the singular algorithm is true, then the only difference would be inquiries. At least I've never had a credit card NOT show up on certain reports, same with payments, etc. Now, granted, different banks report on different dates, but even then if you were to check all 3 the first of the month, middle, and end of the month, you shouldn't have a 150 point difference.

In which case, 4 inquiries would equal almost 20% of the OP's score.
This link doesn't show inquiries as being anywhere in the FICO score mix (I don't see inquiries listed anywhere, do you?)
https://www.creditcardinsider.com/bl...%20the%20score.