February 2016 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: February 2016 Garden Club

Postby Nixon » Wed Feb 10, 2016 9:00 pm

See? It's gotta be true if it's on the intarwebz.
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oldsoldier
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Re: February 2016 Garden Club

Postby oldsoldier » Thu Feb 11, 2016 9:43 am

Dcyphrz wrote:
oldsoldier wrote:390 really?

Back in 2007, I scored in the low 400s. Was a disaster (serious money problems), couldn't even get an Ally Bank savings account once money started coming in. Took a long time to claw my way out of that hole.

Incidentally, I just got a decent CLI from Discover today ($9100 to $13600). They sure have been good to me. :)


I wasn't saying I didn't believe him. I was just surprised anyone would put it in there signature. I want congratulate you DC on your credit journey.
I think a lot of us on here had an up hill battle with credit and just understanding how it works. That's why I came here. This site has helped me learn and grow tremendously. My scores were never that low (390) but they were bad.
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kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Thu Feb 11, 2016 10:29 am

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.

Kevin86475391
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Re: February 2016 Garden Club

Postby Kevin86475391 » Thu Feb 11, 2016 12:04 pm

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.


Good point. Personally I could understand a (conservative) lender applying the 5/24 rule even more generally to include any 5 accounts opened in 24 months, anywhere with any other creditor.

It's none of my business if people want to open a lot of new accounts quickly and if that makes them happy and works for them I think it's great. But I can certainly also understand a lender wanting to focus on people who use fewer cards and for longer. Basically I don't think there's anything wrong with churners, but I also don't think there's anything wrong with lenders trying to weed them out.

JonE
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Re: February 2016 Garden Club

Postby JonE » Thu Feb 11, 2016 12:25 pm

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.
Current Cards: Chase Freedom, Discover IT
Future: TBD

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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Thu Feb 11, 2016 12:50 pm

Cap1 must be making a fortune from Buy Power. They charge merchants WEMC transaction fees and so many people close their accounts without ever actually redeeming the rewards.
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

JonE
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Re: February 2016 Garden Club

Postby JonE » Thu Feb 11, 2016 12:51 pm

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.
Current Cards: Chase Freedom, Discover IT
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4ktvs
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Re: February 2016 Garden Club

Postby 4ktvs » Thu Feb 11, 2016 1:43 pm

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.


I think of it as a two way street. People can chose who to acquire credit from and lenders can chose who they wish to lend to. It's not like any bank has full control over the credit card market. People have a choice of who to give business to, just as lenders have tons of customers out there to chose from.

It really shouldn't be that hard to believe both party's have the right to chose who they want to conduct business with.

kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Thu Feb 11, 2016 2:09 pm

4ktvs 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.


I think of it as a two way street. People can chose who to acquire credit from and lenders can chose who they wish to lend to. It's not like any bank has full control over the credit card market. People have a choice of who to give business to, just as lenders have tons of customers out there to chose from.

It really shouldn't be that hard to believe both party's have the right to chose who they want to conduct business with.


Right. If someone wants to be a churner, whatever, more power to them. But as a whole, they tend to have this attitude of "well fine then! Chase is gonna go bankrupt because they'll lose sooo much business!"...Yes, less people will apply for Chase cards, but how many of them were really planning on keeping/using the cards? It's Chase's right to put a stop to it, and I think JonE is right. We will probably only see more of these types of policies as times goes on. Banks want long term customers, and as evidenced by many recent crackdowns across the board, they're tired of churners.

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Vattené
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Re: February 2016 Garden Club

Postby Vattené » Thu Feb 11, 2016 2:14 pm

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.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
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plus several store accounts of varying usefulness now



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