Thanks for the help! I did end up waiting for the letter because I saw somewhere that people thought with the new policy, waiting might be better, and I got it today. It said denied because of insufficient income - I didn't realize, but I guess this is a Visa Signature card with the accompanying $5k minimum limit? Not much point in calling recon on that, I have a part-time student income and don't have any cards with a limit over $5k...highest is $3.7k. So I guess I'm out of luck for this one
You're welcome. Yes, Visa Signature requires a minimum credit limit of 5K. If you have established credit and cards with a bank they will often reshuffle it to make it work. If you are just establishing as a student, you might take a look at some cards that you are more likely to be able to get and build from there.Thanks for the help! I did end up waiting for the letter because I saw somewhere that people thought with the new policy, waiting might be better, and I got it today. It said denied because of insufficient income - I didn't realize, but I guess this is a Visa Signature card with the accompanying $5k minimum limit? Not much point in calling recon on that, I have a part-time student income and don't have any cards with a limit over $5k...highest is $3.7k. So I guess I'm out of luck for this one
Is there a hard minimum income that banks need to approve that limit? A lot of good cards seem to be Visa Signature! I have decent scores since I've been an AU on my parents' Discover card that's been open for longer than I've been alive, and personally I've got a Barclays Apple Rewards Visa, Citi Thank You Premier, Chase Freedom, SPG Amex, and Delta Gold Amex (2 of those not yet showing on my credit reports so they didn't effect the CSP app). The thing holding me back is mostly the income I think. I was just hoping to be able to combine the Freedom with the CSP to transfer points out, but I guess I could still hoard those points and wait and see if I can get the CSP in the future. Would I still be able to transfer points that were earned awhile ago to a new CSP (and thus out to airline partners) even if it was a year or two down the line? Do they expire?
You can absolutely hoard the points and wait to get CSP later. (UR don't expire, just make sure you keep your Freedom open - although why wouldn't you?) Just remember, Chase is being finicky about approving people for new UR cards who have a bunch of new accounts with the last 2 years, so plan accordingly.
Thanks! I'm kind of hoping (as I'm sure most people here are!) that they ease up on this apparent new policy at some point, but I guess I'll just watch and see and try to make some sort of plan for it
If you cancel it, it will still show up as an account that was opened. I have been questioned by Chase about accounts that were opened and closed within a short period.
I wonder, though, if canceling brought me below 5 cards opened (and still open) in the last 24 months (it would, if I cancel some of them), if the Chase algorithm would auto approve me.
Were you trying to set up that office supply store kiosk next to the OfficeMax as your new business or what? Geez, gone are the days of babysitting as business a la Mommy Points.
Nah. Biz is legit, and I have fricken Chase Biz account to go with it.
Looks like I'm never cancelling my Ink card I got then!
Starting an LLC and need to pay the fees and would like to pay with a new business card and would prefer to get a new Ink but pretty sure they won't give me a card as the business is too new. Bit of a Catch 22.
We tried to do the CP the easy way, w/personal and biz SW cards. I have a LLC, no income yet. Same answer: too new.
AKA another "winning" strategy by JPMC's supreme leader, Jamie Dimon
Ah, yes, but there is! It's hiding over in "New Blog Posts" section. Here seems like a more logical place for the thread to live, though.
Agreed. My Saveroicty-Fu is weak today.
It is not clear yet that Chase is or will be applying the new policy to apps for cards other than ones that earn UR (e.g. Ink, CSP and Freedom). There are reports that affiliate cards such as Hyatt and UA may still be judged under the old rules. In fact, my wife and I each applied for the UA Explorer at the beginning of June and were approved, even though we are way over whatever number of cards Chase might be using to call "too many".
A few minor nuances (as I know them)
Interesting theory. At first, it seems to make sense in that Chase seems to be more concerned now about how much credit has been extended to you across all lenders. But, Chase is still on the hook if you default on a Southwest or Marriott card, just as they are on the hook for if you default on a CSP. So the new rules don't seem to jive with that reasoning.
You're right, that's what I meant to say. What they're looking at is the *amount* of new credit you've received. It's their algorithim that makes you look suspicious. Hmmmm-- Jane Doe has received $150K in new credit in the last 12 months--might she be getting ready to leave the country (this scenario was basically confirmed to me by Chase Sr. Credit analyst)? Let's see what her next move is. OTOH, one cannot deny they do not like/want churners and this is their way of weeding us out.
Slate is the best (along with perhaps the Citi Simplicity IIRC) for issuing a long term 0% APR and that also doesn't come with the BT initiation charge... people use it for interest free loans..
Same here--Citi AA Bronze MC closed for no activity in the last 25 months.
+1. I *WAS* planning on getting it around this time next year after my current promotional 0% APR rate expires on one of my store cards (used to finance a good portion of a minor remodel). I'm always willing to take interest-free loans when available; I have better uses for my cash.
How long were they dormant? I'm trying to figure out how often I need to take my sock-drawer cards out for a little spin. Amex cards are easy with Small Business Saturday (assuming once a year is good enough). Others may require a little more planning.
Not sure exactly, but probably 1-2 years.
Debt to income(usually salary or pension) ratio is what counts. Credit underwriters look at the debt-to-income (DTI) ratio, not your debt to assets. For non-investment properties, Fannie/Freddie doesn't care much about your reserves. Zero to two months of reserves is enough.
Yep, I know how it works, I just said 'it should be assets'.. silly rules.Debt to income(usually salary or pension) ratio is what counts. Credit underwriters look at the debt-to-income (DTI) ratio, not your debt to assets. For non-investment properties, Fannie/Freddie doesn't care much about your reserves. Zero to two months of reserves is enough.
When you get a mortgage, it is actually a loan against your income earning ability secured by collateral. Credit card is the same except for the collateral part. The collateral is there in case you default (not for payments) since you can't pull cash out of the walls easily. If you pay 80% down with zero income, you will not get the mortgage. Automatic denial for conventional financing.
To survive an Amex FR unscathed, they pull your IRS income taxes, not your asset statements from the brokerage or bank. Income is what you need to survive the FR, not assets. Income is what pays the bills for normal people. People who MS with lots of assets in Serve accounts waiting to pay CC are not normal people.
First thing to go when we started this a year ago was SO's Chase Advantage LOC. It had been unused for a long time and I didn't think much of it at the time (SO whined but then...)
I know several folks who have "survived" an Amex FR unscathed without tax returns. Perhaps they aren't "normal people" as you refer to above but retired folks with small incomes but lots of assets/ investments easily liquidated. I believe Amex is one of the few CC companies (at least they were in the past) that actually asks on a CC app for asset totals although I believe the highest category is "over $500K." They want to be paid period and a retired person with a couple million in asset/investments (not counting primary residence) is probably in better shape than someone earning $150K who could lose their job tomorrow.To survive an Amex FR unscathed, they pull your IRS income taxes, not your asset statements from the brokerage or bank. Income is what you need to survive the FR, not assets. Income is what pays the bills for normal people. People who MS with lots of assets in Serve accounts waiting to pay CC are not normal people.
What I have wondered for a while is how Amex would view income earned in IRAs that is not distributed. Getting tax returns won't show any of that, and someone could have (intentionally) small income outside their IRA but a lot of income inside the IRA. Granted a creditor generally can't get to separated retirement savings but that doesn't mean it is worthless.