February 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
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kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Thu Feb 11, 2016 2:24 pm

Vattené wrote:
JonE wrote:Finally put Walmart out of its misery and closed it today. $400 limit wasn't growing with me and I like Target better. With the cards I have I should be fine. CareCredit is next on the hit list.

That's awesome! It clearly wasn't doing anything for you, so you might as well trim the useless crap and focus on credit products that are actually beneficial to you. On to bigger and better :)


Regarding Chase, I can't say I'd blame them at all. It is an objective measure to try to weed out the more risky applicants. I would suspect it's meant more to eliminate the people desperately searching for credit (for credit purposes, not reward purposes), and the small amount of churners that get cut off will only amount to a side benefit for Chase's profitability. I have nothing against churners either, but no reasonable person could deny why a lender wouldn't care to have them as a customer. The entitled credit addicts whining about it hurting Chase simply can't recognize how small a minority we are.


Exactly.

I think the addicts will just have to accept what the reality is becoming: everyone is just going to have to be more selective in what cards they apply for if they want a future Chase card so they won't have more than 5 in 24. It is what it is.


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Vattené
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Re: February 2016 Garden Club

Postby Vattené » Thu Feb 11, 2016 2:33 pm

kdm31091 wrote:Exactly.

I think the addicts will just have to accept what the reality is becoming: everyone is just going to have to be more selective in what cards they apply for if they want a future Chase card so they won't have more than 5 in 24. It is what it is.

5 accounts in 2 years is a lot for the general public that doesn't pay much attention to rewards. It hits churners for a different reason. They're not at as high a risk for default, but they also aren't profitable so it's really not much of a loss to Chase.

But I'm a special little snowflake that spent $200 on a Disney card, so Chase better waive that AF or else feel my wrath!
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Thu Feb 11, 2016 2:41 pm

Vattené wrote:
kdm31091 wrote:Exactly.

I think the addicts will just have to accept what the reality is becoming: everyone is just going to have to be more selective in what cards they apply for if they want a future Chase card so they won't have more than 5 in 24. It is what it is.

5 accounts in 2 years is a lot for the general public that doesn't pay much attention to rewards. It hits churners for a different reason. They're not at as high a risk for default, but they also aren't profitable so it's really not much of a loss to Chase.

But I'm a special little snowflake that spent $200 on a Disney card, so Chase better waive that AF or else feel my wrath!


LOL!

I agree, the public isn't largely going to be impacted by this rule. Most people aren't applying for a new card constantly.

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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Thu Feb 11, 2016 2:50 pm

I had been considering Ink Cash, but $3k in three months would be a lot for my genuine business expenses, and I was never interested in risking putting personal expenses (especially gift cards) on a true business card. Hyatt has been serving as my business expense / other tax deduction card and will remain so.

Still, I've got 4 other Chase cards that I get good value from that I plan to keep indefinitely, and Marriott and Ritz would only ever be for the signup bonuses.

I'm not a snowflake. I take pride in being an unprofitable leech. :cheers:
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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Vattené
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Re: February 2016 Garden Club

Postby Vattené » Thu Feb 11, 2016 3:48 pm

Ha! As do I. But honestly, since I haven't gone after any big bonuses, the only bank that is losing money on me is probably Barclays. The SM is and will remain strictly a 5% card until it gets shut down for existing cardholders. (Maybe Synchrony is for my Banana Republic Visa - I've been getting special promos mailed to me somewhat regularly lately, and relatively large rewards for little spend are worth stringing them along.)

This isn't the most rational thinking, but I've been seriously considering getting a Freedom if I see a chance to grab a $200 offer. It would also be just a 5% cash back card, but Chase has bought my mortgage and it is now already the bank that has made the most money off of me by a mile. It would feel nice to have a card from them that costs them just a little bit.
I've also put some thought into a CSP while it's at 50,000, knowing I could cancel after a year before paying an AF if need be, but I guess I shouldn't be making credit card application decisions based on spite :ppp
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Nixon
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Re: February 2016 Garden Club

Postby Nixon » Thu Feb 11, 2016 3:57 pm

JonE wrote:
kdm31091 wrote:People now suspect chase is gonna start applying the 5 in 24 to cobranded cards. Of course the posters imply that the backlash will be so great that chase will have to backpedal.

Um, Don't think so. Chase doesn't want people who apply for a bunch of cards. Like it or not that's their newer business model and rejecting churners isn't going to suddenly make them go under. They aren't going to lose all their cobranded partners either as some speculate. After all the cobrands want profit too, not just handing out bonuses over and over. I can't stand when people who are clearly in the (unprofitable!) minority act like their opinion and desire to milk benefits should sway chase.


If anything this will make me like Chase more, since we won't have the BearsAndTurtles and Ron1's of the world mucking things up for the rest of us. I only plan on keeping 3-5 cards in the first place, and going for only 2 more including a CSP. You may see a lot more of this with other credit card lenders since they see how well it's working for Chase.


Wrong. Ron only ever applies for Crudmenity bullshit cards.
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kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Thu Feb 11, 2016 4:04 pm

Nixon wrote:
JonE wrote:
kdm31091 wrote:People now suspect chase is gonna start applying the 5 in 24 to cobranded cards. Of course the posters imply that the backlash will be so great that chase will have to backpedal.

Um, Don't think so. Chase doesn't want people who apply for a bunch of cards. Like it or not that's their newer business model and rejecting churners isn't going to suddenly make them go under. They aren't going to lose all their cobranded partners either as some speculate. After all the cobrands want profit too, not just handing out bonuses over and over. I can't stand when people who are clearly in the (unprofitable!) minority act like their opinion and desire to milk benefits should sway chase.


If anything this will make me like Chase more, since we won't have the BearsAndTurtles and Ron1's of the world mucking things up for the rest of us. I only plan on keeping 3-5 cards in the first place, and going for only 2 more including a CSP. You may see a lot more of this with other credit card lenders since they see how well it's working for Chase.


Wrong. Ron only ever applies for Crudmenity bullshit cards.


Ron and people like him have some kind of addiction to apping and seem to care very little about what they app for. As long as it's a new credit line, they'll take it. Any minor, seemingly silly purchase he can make by opening a new CC he does. His posts go something like "my brother needed new sunglasses so I opened a sunglass hut CC". It's insane, but that's a mental issue clearly, so I give him a slight pass.

The people ruining things for everyone are the ones obtaining cards only for the bonuses, then either closing, downgrading, or barely using them. The crackdowns have been coming in full force. Citi just announced that no one can fund checking with a CC anymore, because people were abusing that to get the Citigold checking bonus and then cancel.

The point is that people can't expect to just milk the banks forever, so I don't mind seeing the banks fight back. While 5 in 24 may feel restrictive to some of us, who do we have to blame but ourselves?

Nixon
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Re: February 2016 Garden Club

Postby Nixon » Thu Feb 11, 2016 4:10 pm

kdm31091 wrote:The people ruining things for everyone are the ones obtaining cards only for the bonuses, then either closing, downgrading, or barely using them. The crackdowns have been coming in full force. Citi just announced that no one can fund checking with a CC anymore, because people were abusing that to get the Citigold checking bonus and then cancel.

The point is that people can't expect to just milk the banks forever, so I don't mind seeing the banks fight back. While 5 in 24 may feel restrictive to some of us, who do we have to blame but ourselves?


I blame you for applauding them. ;)

The banks are getting "cocky" again as the fed rate creeps back up. Another crash will come in a few years and clear out all the pikers.
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Dcyphrz
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Re: February 2016 Garden Club

Postby Dcyphrz » Thu Feb 11, 2016 5:36 pm

oldsoldier wrote:...I want congratulate you DC on your credit journey.
... [sic]

Thank you for that, sincerely. I don't often get a chance to talk candidly about my financial mishaps. I'm glad it all happened though. It fixed everything that was wrong with my money management habits. I stay in survival mode all the time now. Most people assume that I'm just frugal. LOL

Also from Tennessee, btw, a few miles from Nashville. :)
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EX 756 - TU 776 - EQ 749

Tubpbs
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Re: February 2016 Garden Club

Postby Tubpbs » Thu Feb 11, 2016 8:28 pm

Is the current "rule" 5 accounts or 5 credit card accounts?

I'm asking because I just moved and the electric service reports apparently. I have a new account so far with two CRAs.

I don't think I have 5 new accounts in 2 years anyway, but for the future...

I actually would say I mostly agree with the implementation of the rule or a rule like this. It definitely doesn't harm the bank any. I think if it's credit cards (and stays credit cards) then 5 is completely 100% reasonable almost no matter who you are and what you're doing. If it's accounts, that could get a little ridiculous. Let's say your household gets two new vehicles and a mortgage within 2 years. That's potentially perfectly reasonable, but if they have 2 other new accounts, they won't qualify.

That would be my only issue with it. I do think if it stays credit cards or is credit cards that it's really very reasonable.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
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