December 2015 Garden Club

For just about anything you want to get off your chest about credit cards.
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Nixon
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Re: December 2015 Garden Club

Postby Nixon » Fri Dec 11, 2015 1:30 am

4ktvs wrote: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? :eek:

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? :confused:


23 Revolving credit lines here. It's easier than you think, but nonetheless I will be paring down substantially over the next year as I add a bonus card here and there.

I definitely got more approvals than denials during my 7 month mega-spree. 17 out of 22 applications approved for a 78% success rate.
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kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Fri Dec 11, 2015 7:45 am

It is an addiction for many of them and credit 101 goes out the window. Just look at how they treat HPs: as some unavoidable consequence of living or something, as if they didn't authorize each and every one of them and apply for cards. There's a reason they all harp about NOT calling underwriting to get apps approved: they know in their heart and soul they really shouldn't be approved for the card, and are hoping the system will let them squeak by where an underwriter doing it manually certainly would not. All told though, I think that "don't call and you'll be approved" is just fooling themselves and trying to normalize their bad behavior but whatever, it's not my credit file. Then they act surprised when AA happens.

If you are not applying for cards on a weekly basis, you should have nothing to fear with calling underwriting when an app goes pending if you want to get a decision. I'm not saying by any means you HAVE to call. There's nothing wrong with waiting it out. But they extrapolate "nothing wrong with waiting it out" to mean "guaranteed approval if you just wait it out"...smh

Vermonster
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Re: December 2015 Garden Club

Postby Vermonster » Fri Dec 11, 2015 8:36 am

I got a 7-10 message on my CSP but was also told to call. The woman looked at my file and asked if I had mistakenly put my income in (Silly me didn't take advantage of my wife's income). It was like she expected me to have dropped a digit, because she couldn't understand why I would app for a CSP with such a low income. Yet MF is filled with people bitching about "Chase and their unrealistic standards." I saw a denial thread where someone reported $24k income and couldn't understand why they were denied for lack of income. $24k is about $2k/month, if you aren't embellishing you income. You would have to spend 100%+ of your income on the CSP to meet the $4k spend for the bonus. That alone is probably enough to make Chase think twice.

I fully support Chase in cutting down on accounts. It will lead to more loyal customers, and hopefully more lucrative bonuses. At the very least they might stop nerfing the little bonuses that used to make the "Chase Trifecta" so amazing.

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Fri Dec 11, 2015 11:55 am

"So I've added 12 cards in the last three months, but now I'm all set and definitely gardening. Not going to app for anything at all until 2018."

If I had a nickel...
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Fri Dec 11, 2015 12:19 pm

CarefulBuilder14 wrote:"So I've added 12 cards in the last three months, but now I'm all set and definitely gardening. Not going to app for anything at all until 2018."

If I had a nickel...


Right, until a day later when they "fall out of the garden"!

I really love how on the AA threads people gush about "thanks for the data" and that it really "opened their eyes". Again, is it not common sense that opening 12 accounts in a month is not a good plan? What eye opening did you need to realize that? Sigh

Nixon
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Re: December 2015 Garden Club

Postby Nixon » Fri Dec 11, 2015 12:33 pm

kdm31091 wrote:
CarefulBuilder14 wrote:"So I've added 12 cards in the last three months, but now I'm all set and definitely gardening. Not going to app for anything at all until 2018."

If I had a nickel...


Right, until a day later when they "fall out of the garden"!

I really love how on the AA threads people gush about "thanks for the data" and that it really "opened their eyes". Again, is it not common sense that opening 12 accounts in a month is not a good plan? What eye opening did you need to realize that? Sigh


Getting away from that circus was one of the best things I did for my credit in recent history.
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4ktvs
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Re: December 2015 Garden Club

Postby 4ktvs » Fri Dec 11, 2015 7:57 pm

kdm31091 wrote:It is an addiction for many of them and credit 101 goes out the window. Just look at how they treat HPs: as some unavoidable consequence of living or something, as if they didn't authorize each and every one of them and apply for cards. There's a reason they all harp about NOT calling underwriting to get apps approved: they know in their heart and soul they really shouldn't be approved for the card, and are hoping the system will let them squeak by where an underwriter doing it manually certainly would not. All told though, I think that "don't call and you'll be approved" is just fooling themselves and trying to normalize their bad behavior but whatever, it's not my credit file. Then they act surprised when AA happens.

If you are not applying for cards on a weekly basis, you should have nothing to fear with calling underwriting when an app goes pending if you want to get a decision. I'm not saying by any means you HAVE to call. There's nothing wrong with waiting it out. But they extrapolate "nothing wrong with waiting it out" to mean "guaranteed approval if you just wait it out"...smh


When I read the forum trying to figure out good cards to apply for I thought when they said that it was because it wasn't needed / just because it was a pain in the neck. Guess I misread that whole ordeal didn't I.

What is AA anyways, closing the card?

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Fri Dec 11, 2015 8:43 pm

4ktvs wrote:What is AA anyways, closing the card?

Adverse Action. It includes any of:

The issuer closing the account.
The issuer lowering the credit limit.
The issuer declining a CLI request in part or in full.
I think an APR increase would also qualify as AA.
...and maybe other things I can't recall right now.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Tubpbs
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Re: December 2015 Garden Club

Postby Tubpbs » Fri Dec 11, 2015 8:53 pm

CarefulBuilder14 wrote:
4ktvs wrote:What is AA anyways, closing the card?

Adverse Action. It includes any of:

The issuer closing the account.
The issuer lowering the credit limit.
The issuer declining a CLI request in part or in full.
I think an APR increase would also qualify as AA.
...and maybe other things I can't recall right now.


You would consider a denial for a CLI to be adverse action?
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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Fri Dec 11, 2015 9:49 pm

Tubpbs wrote:
CarefulBuilder14 wrote:
4ktvs wrote:What is AA anyways, closing the card?

Adverse Action. It includes any of:

The issuer closing the account.
The issuer lowering the credit limit.
The issuer declining a CLI request in part or in full.
I think an APR increase would also qualify as AA.
...and maybe other things I can't recall right now.


You would consider a denial for a CLI to be adverse action?

I don't think it's a matter of what I "consider" to be AA. I think the definition of what is and what is not AA (whatever the exact definition is) is generally fixed since it's a legal term and not just a term used by credit enthusiasts.

But, yes, even a partially declined CLI is AA. Chase gave me my FICO score and the ability to pull a report when they only granted me a partial CLI I requested. They were turning me down for credit, after all, presumably based on my limited history at the time.

I see the Macy's crowd is in revolt on MF...IT problems and customer service isn't holding up to customers' expectations...don't know why it's such a surprise that a store card won't rival Discover or JP Morgan.
Last edited by CarefulBuilder14 on Sat Dec 12, 2015 9:00 am, edited 1 time in total.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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