Menu
Home
Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Media
New media
New comments
Search media
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Home
Forums
Starting Out
New Blog Posts
Disturbing news on Chase Credit Cards
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
Reply to thread
Message
<p>[QUOTE="Gloobnib, post: 295419, member: 2339"]</p><p>Didn't see a thread on this yet on Saverocity; just wanted to start a thread for discussion and/or adding data-points.</p><p></p><p>The points & miles blogs have been abuzz over the last few weeks about Chase's newly-implemented limits on 'recently opened credit card accounts' for chase-branded cards. Example:</p><p></p><p><a href="http://www.doctorofcredit.com/chase-credit-card-churning-the-new-reality/">http://www.doctorofcredit.com/chase-credit-card-churning-the-new-reality/</a></p><p></p><p>Sadly (for me), I have been personally affected. In early May I downgraded my (8 year old) CSP to a Freedom, with the intention of re-applying for the card to earn the signup bonus. I re-applied in early June (before the blogiverse blew up with the news) and received the dreaded 'Application Pending' message. I just received the final 'denied' letter in the mail. The reason cited was "Too Many Credit Cards Opened in the Last 2 Years"</p><p></p><p>No real loss on my part here. My wife still has the CSP so I can still consolidate UR points on that card and transfer to partners for redemption. After the downgrade, I now have 2x Freedom cards, and my wife has one, all of which we have been maximizing each quarter. So closing the CSP was the right call either way. I am 'only' out one Hard Pull on TransUnion.</p><p></p><p>Going forward, all this means is that I'm done churning with Chase. I'm certainly not going to curtail my "Earn and Burn" on other issuers cards just so that I can qualify for 40K UR points every 6 months. I can't necessarily fault Chase for their approach, but I do find it a bit curious that they changed the rules to allow churns every 24 months, then less than a year later changed the rules to disallow active churners. I personally think they are going to roll this back in 6 months or so once they see that their new-card signups have plummeted and that they are turning down people with credit scores in the 800+ range due to this policy change.</p><p></p><p>Data points:</p><ul> <li data-xf-list-type="ul">10 Credit Card accounts, 2 AU accounts and 2 Store Credit accounts opened in last 2 Years (per TU report). </li> <li data-xf-list-type="ul">8 Credit Inquiries over last 2 years on TU.<br /> </li> <li data-xf-list-type="ul">TU FICO > 810 as of June 5th<br /> </li> <li data-xf-list-type="ul">Chase mortgage customer for 10+ years</li> <li data-xf-list-type="ul">Chase CC customer since 1999. Oldest open Chase CC is 2002.</li> <li data-xf-list-type="ul">4 Open Chase CC accounts. 2 Open Chase AU accounts.</li> </ul><p>[/QUOTE]</p>
[QUOTE="Gloobnib, post: 295419, member: 2339"] Didn't see a thread on this yet on Saverocity; just wanted to start a thread for discussion and/or adding data-points. The points & miles blogs have been abuzz over the last few weeks about Chase's newly-implemented limits on 'recently opened credit card accounts' for chase-branded cards. Example: [URL]http://www.doctorofcredit.com/chase-credit-card-churning-the-new-reality/[/URL] Sadly (for me), I have been personally affected. In early May I downgraded my (8 year old) CSP to a Freedom, with the intention of re-applying for the card to earn the signup bonus. I re-applied in early June (before the blogiverse blew up with the news) and received the dreaded 'Application Pending' message. I just received the final 'denied' letter in the mail. The reason cited was "Too Many Credit Cards Opened in the Last 2 Years" No real loss on my part here. My wife still has the CSP so I can still consolidate UR points on that card and transfer to partners for redemption. After the downgrade, I now have 2x Freedom cards, and my wife has one, all of which we have been maximizing each quarter. So closing the CSP was the right call either way. I am 'only' out one Hard Pull on TransUnion. Going forward, all this means is that I'm done churning with Chase. I'm certainly not going to curtail my "Earn and Burn" on other issuers cards just so that I can qualify for 40K UR points every 6 months. I can't necessarily fault Chase for their approach, but I do find it a bit curious that they changed the rules to allow churns every 24 months, then less than a year later changed the rules to disallow active churners. I personally think they are going to roll this back in 6 months or so once they see that their new-card signups have plummeted and that they are turning down people with credit scores in the 800+ range due to this policy change. Data points: [LIST] [*]10 Credit Card accounts, 2 AU accounts and 2 Store Credit accounts opened in last 2 Years (per TU report). [*]8 Credit Inquiries over last 2 years on TU. [*]TU FICO > 810 as of June 5th [*]Chase mortgage customer for 10+ years [*]Chase CC customer since 1999. Oldest open Chase CC is 2002. [*]4 Open Chase CC accounts. 2 Open Chase AU accounts. [/LIST] [/QUOTE]
Insert quotes…
Preview
Name
Verification
What is the greatest credit card of all time, with 2x on Dining and Travel? (from Chase)
Post reply
Home
Forums
Starting Out
New Blog Posts
Disturbing news on Chase Credit Cards
Top