Chase Slate: unfair practice, 2 credit reports pulled

For just about anything you want to get off your chest about credit cards.
5 posts
benla
 
Posts: 1
Joined: Wed Mar 30, 2016 3:26 pm

Chase Slate: unfair practice, 2 credit reports pulled

Postby benla » Wed Mar 30, 2016 3:34 pm

Don't apply for a Chase Slate card for a balance transfer unless you want 2 credit reports pulled back to back. They approved for one amount as though I didn't already give them the balance request. Then they had to pull a second credit report in order to consider the amount i originally asked for. This is a ripoff to consumers. I am writing to Elizabeth Warren in hopes that the Credit Card Reform Act will take this shady practice into consideration for examination.


User avatar
CreditCardGuru
 
Posts: 160
Joined: Tue Apr 01, 2008 1:48 am
Location: Austin, TX

Re: Chase Slate: unfair practice, 2 credit reports pulled

Postby CreditCardGuru » Wed Mar 30, 2016 10:58 pm

This isn't a common practice for Chase or any other issuer for most new accounts involving a transfer. When you were approved Chase most likely gave you an initial credit limit in line with your credit score, regardless of the amount you requested for a transfer on your application. So, any amount higher than that initial line would require a hard pull evaluation, which is the case with most customer-requested line increases. Regardless, it makes for a bad customer experience, no doubt. It's usually best to try to resolve disputes directly with the issuer but once a hard pull is made there's no undoing it. Any impact to your credit score shouldn't be long lasting, at least. Also, contacting Elizabeth Warren might not be the best way to report this situation since she is now a US Senator from MA and is no longer the acting director of the Consumer Financial Protection Bureau. Contacting the CFPB directly through their website would probably be a more effective way to voice your grievance if you haven't been able to resolve your concerns with the issuer.

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Re: Chase Slate: unfair practice, 2 credit reports pulled

Postby takeshi » Mon Apr 04, 2016 7:59 am

benla wrote:Don't apply for a Chase Slate card for a balance transfer unless you want 2 credit reports pulled back to back. They approved for one amount as though I didn't already give them the balance request. Then they had to pull a second credit report in order to consider the amount i originally asked for. This is a ripoff to consumers. I am writing to Elizabeth Warren in hopes that the Credit Card Reform Act will take this shady practice into consideration for examination.

Nothing shady about it. The amount requested for balance transfer has nothing to do with the credit limit that you qualify for -- that's based on your credit profile and income, not the BT amount requested. If you don't qualify for a high enough limit then they will have to pull your credit to reconsider. Since there's no guarantee what limit you might get I don't recommend requesting the BT on the application. Initiate the BT after approval and you're aware of the limit and the BT's impact on revolving utilization.

Hard pulls are a relatively small factor anyway. If another hard pull is the straw that broke the camel's back then there are bigger issues with your credit profile than the 1 hard pull.

kdm31091
Centurion Member
Centurion Member
 
Posts: 1009
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: Chase Slate: unfair practice, 2 credit reports pulled

Postby kdm31091 » Mon Apr 04, 2016 9:39 am

Note that applying for credit gives the creditor permission to pull any and all bureaus, so you can potentially get all 3 pulled if the issuer chooses. Nothing shady or dishonest about it. It just is what it is. As takeshi notes, the HPs themselves are not that big of a deal.

Yes, it's annoying, but more and more issuers seem to be moving to the double pull thing.

Nixon
Centurion Member
Centurion Member
 
Posts: 1078
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Re: Chase Slate: unfair practice, 2 credit reports pulled

Postby Nixon » Mon Apr 04, 2016 5:29 pm

Not seeing how this is unfair. You requested credit. Got an amount in accordance with your creditworthiness to their standards. And proceeded to request more credit.
Image



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests