kdm31091 wrote: 4ktvs wrote: kdm31091 wrote:
I love seeing people talking about year end card closures and then saying "it sucks wasting HPs on cards you'll eventually close but this isn't an ideal world!"
Umm, last time I checked, HPs are completely avoidable and are done with permission. The people speak as if HPs are some inevitable consequence of existence. There are some instances where we have to take HPs if we want to get something, i.e. a car, a home, even a phone sometimes. But to act as if your 20 HPs per month are unavoidable is just ridiculous. It can be as "ideal" as you make it: stop applying for credit!
And here I thought my 5 HP in total over two years was a ton.
I guess I am in the so called "garden" until fall of 2016 when I hope to get a US bank cash+. Then maybe get a citi double cash, after that I plan to be done.
I won't just app because it's been X amount of time though as I don't want to get the %1 card from them or get rejected all together. I will want to be sure my odds are good when I try for it.
Read enough myfico and you'll find that the vast, vast majority of them have 20+ HPs on each bureau. 5 HPs in two years is child's play! That's why none of them can qualify for Chase Freedom/CSP anymore: the "no more than 5 new accounts in 2 years" thing. Of course they blast it and say it will kill Chase's profits, but that's just them being angry because none of them will ever qualify at the rate they open new accounts.
It does seem frequently that people app because "it's been 6 months" or some such. Again, it's not necessarily good to be applying for credit every 6 months or anything...apply when you need something. Going by an arbitrary "every so often" timeline is crazy IMO
I don't see what is wrong with that rule. Not that I would ever want to deal with Chase but if there profits are going to die I doubt it's going to be over that.
People app just because it's been 6 months really just app just because of how long it's been. You have to be joking, I must not live on the same planet or something. Did they really use all those HP's to get credit cards, do they end up getting approved for 20+ cards in two years or do they have a mail box full of denial letters?
How do they keep up with all of those credit accounts, I mean really how on earth to they keep all of that paid as agreed or how on earth do banks keep giving them cards at all. Shouldn't they get slammed by just about every bank for too many new accounts/HP's?
I would have thought that 5 new accounts in two years or the like was like a standard from all issuers more or less. Why are they only slamming Chase for that, is it because of the other stuff they have done before like they did to a family member of mine? I would understand if they are pissed because of putting a monthly account fee on them just for paying in full and not carrying a balance. But they are throwing a fit because of if the number of new accounts in two years is really high they will reject you. Isn't that in credit 101 or something?