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Disturbing news on Chase Credit Cards
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<p>[QUOTE="Gloobnib, post: 295741, member: 2339"]</p><p>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. </p><p></p><p>Similarly, this theory would make more sense if Chase were citing the amount OWED on your various CLs, or even the SIZE of your CLs across all issuers. But that doesn't seem to be the case. They just seem interested in the number of new accounts, not your overall credit health.</p><p></p><p>The more I think about it, I think Chase is simply trying to target *us*, the people who are churning credit cards for rewards. They must be seeing increasing numbers of people who are signing up for the cards and sock-drawering them once they've met the minimum spend. Of course if that is the intent, you'd think it would be better for them to just say something like "Only one new card per year, per person".</p><p></p><p><shrug> Frankly, it really doesn't make any sense to me at this point. There seems to be a lot better ways to wield the "ban hammer" than the rule they've come up with. So maybe it does have something to do with their perceived risk of default after all!</p><p></p><p>My head hurts! <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite2" alt=";)" title="Wink ;)" data-shortname=";)" /></p><p>[/QUOTE]</p>
[QUOTE="Gloobnib, post: 295741, member: 2339"] 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. Similarly, this theory would make more sense if Chase were citing the amount OWED on your various CLs, or even the SIZE of your CLs across all issuers. But that doesn't seem to be the case. They just seem interested in the number of new accounts, not your overall credit health. The more I think about it, I think Chase is simply trying to target *us*, the people who are churning credit cards for rewards. They must be seeing increasing numbers of people who are signing up for the cards and sock-drawering them once they've met the minimum spend. Of course if that is the intent, you'd think it would be better for them to just say something like "Only one new card per year, per person". <shrug> Frankly, it really doesn't make any sense to me at this point. There seems to be a lot better ways to wield the "ban hammer" than the rule they've come up with. So maybe it does have something to do with their perceived risk of default after all! My head hurts! ;) [/QUOTE]
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