Reports of Chase Denials for 5+ New Cards in Last 2 Years

[mrage]

You think they actually learned something? Seems like a reach, haha.

[LakersFan]

Chase is battening down the hatches before the storm.

 

I wonder what this storm is going to be about? Fed raising rates? Greece?. Would be nice to be a fly on the wall when the higher ups at chase were deciding these new policy's.

[NoPresetSnarkLimit]

Breeze has been saying this for a while in various topics. Storm's a comin'

[LakersFan]

Then you have cap1 passing out large limits like nothing, discover changing things up and passing out increases almost twice a month. Just a little odd. Maybe it's just a internal thing with chase. defaults percentages are not what they want or have increased.

 

Slate - even though it's a bs card. The free balance transfer is nothing to balk at. It can put more money in somebody pocket then any of the sign up bonuses out there.

 

Pat

[lilyflower]

I'm wondering if I should app the Amazon card for science

 

 

Sent from my iPhone using Tapatalk

[nateinva]

Already thinking about shutting down my CSP early and moving limit for an 8k Freedom to try and ride out the storm.

[mendelssohn]

Diversity is good.

[mendelssohn]

Already thinking about shutting down my CSP early and moving limit for an 8k Freedom to try and ride out the storm.

It's way too early to be paranoid.

[nateinva]

I'm wondering if I should app the Amazon card for science

 

 

Sent from my iPhone using Tapatalk

You just want to app. Go ahead I'll say yes.

 

I was reading some of your posts....they go like, I'm done for 2015....

 

....to, I just added another 20k.

 

Congrats on all your success....seriously.

[nateinva]

 

Already thinking about shutting down my CSP early and moving limit for an 8k Freedom to try and ride out the storm.

It's way too early to be paranoid.

I trust your input

 

But I'm still paranoid

 

[lilyflower]

 

I'm wondering if I should app the Amazon card for science

 

 

Sent from my iPhone using Tapatalk

You just want to app. Go ahead I'll say yes.

 

I was reading some of your posts....they go like, I'm done for 2015....

 

....to, I just added another 20k.

 

Congrats on all your success....seriously.

Lmao! Pretty much, I'm an addict and really annoyed at being only $400 shy of $200k in lines

 

 

Sent from my iPhone using Tapatalk

[mendelssohn]

 

 

Already thinking about shutting down my CSP early and moving limit for an 8k Freedom to try and ride out the storm.

It's way too early to be paranoid.

I trust your input

 

But I'm still paranoid

 

I added a LOT of cards last year, like many of us on CB, but that pace won't continue. I have already slowed down substantially and think I'm diverse enough to withstand whatever could happen.

 

But I do think it's too early to go into panic mode.

[lilyflower]

 

 

 

Already thinking about shutting down my CSP early and moving limit for an 8k Freedom to try and ride out the storm.

It's way too early to be paranoid.

I trust your input

 

But I'm still paranoid

 

I added a LOT of cards last year, like many of us on CB, but that pace won't continue. I have already slowed down substantially and think I'm diverse enough to withstand whatever could happen.

 

But I do think it's too early to go into panic mode.

 

 

 

Agreed on the far too early to go into panic mode. Also, got the 30 day message on my science experiment. But with Chase that doesn't necessarily mean no, that might mean they'll send me a letter about fraud prevention like they did with the United card. We'll see. If I do get approved I'm churning it to add the limit to the one of the other two Chase cards. I really have no use for the Amazon card. At all.

[Konrad2012]

Breeze has been saying this for a while in various topics. Storm's a comin'

 

The writing's on the wall. Whether anyone chooses to take heed is an entirely different matter. The writing was on the wall for the last recession as well, somehow it was this big surprise though.

 

 

 

Then you have cap1 passing out large limits like nothing, discover changing things up and passing out increases almost twice a month. Just a little odd.

Mentioning CapOne or Disco in the same breath as Chase from an overall banking perspective is irrational.

[Konrad2012]

But I do think it's too early to go into panic mode.

Never panic, it gets you killed.

 

The time to prepare for adversity is in advance though.

[aviva_dawn]

I dunno. I hope that Chase isn't acting like this in 2018, when I hope to finally have the scores, clean reports, and (hopefully) income and no new accounts or inquiries to actually app for one of their cards.

[LakersFan]

I dunno. I hope that Chase isn't acting like this in 2018, when I hope to finally have the scores, clean reports, and (hopefully) income and no new accounts or inquiries to actually app for one of their cards.

 

I would not worry about it, after this next big recession we will have, chase will most likely fold and be a thing of the past. Cap1 and Discover will be major players and only the privileged will be allowed to carry their products.

 

Pat

[joelbnyc]

Good luck to any individual or investor trying to time the next crisis. Housing was inflated for years, if you'd bet against it for years you would have lost for years while watching Bulls get rich.

 

Even John Paulson who made billions betting against housing very nearly had his investors pull out because he was a couple years early.

 

I'm no economist, but Greece situation is troubling. Although we've heard the sky is falling with Greece for years now.

 

But markets aren't rational and timing them isn't easy. Chase is apparently now bearish on unsecured consumer debt, other companies are bullish. Just the casino of the global economy as usual. Esp fun to play when catastrophic losses are insured by bailouts.

[cashnocredit]

IMO much of the recovery since 2008 has been to largely re-inflate the housing market with the stock market being benefiting as a side effect. Much of this was done by the Fed pushing down interest rates and buying impaired MBS. The historically low interest rates, especially for housing which is heavily subsidized via the GSEs, has allowed a nearly complete recovery in housing without creating as much of a cash flow issue as existed in 2007 with the insane, pick a payment, no dox loans with higher interest rates kicking in after a few years.

 

So I don't see the same severe drivers for a sharp downturn as in 2008. At least in the short term. In the longer term the cost of the debt load required for the recovery cannot be paid at higher interest rates such as were in play during Volker's time. Inflating away the debt is no longer viable. So what can't be done won't be.

Edited June 16, 2015 by cashnocredit

[joelbnyc]

Thanks for analysis. I hope rates stay low for a while, I'm a renter but hope to be a homeowner.

 

As for JP morgan Chase, I looked at their 2014 annual and 2015 Q1 Earnings reports, they are doing well and claim to be just fine in terms of liquidity and capital. Their return on equity is 17 - 22% for their 4 major divisions.

 

As I'd thought, consumer lending is relatively small for them and reflects only ~10% of their total credit extended and capital raised. But their consumer banking is doing well: Q1 2015 "Net income was $2.2 billion, an increase of $238 million compared with the prior year, driven by both improved net revenue and lower noninterest expense."

https://www.jpmorgan.com/pages/detail/1420956109361

 

However more overall consumer credit losses than last year even though net earnings from consumer banking increased and chargeoffs decreased: "The provision for credit losses was $930 million, approximately $100 million higher than the prior year, despite lower net chargeoffs, reflecting lower reserve releases."

 

I dont know what reserve releases are.

 

Credit card sales were up 8%, maybe they just want to slow down.

Edited June 16, 2015 by joelbnyc

[Konrad2012]

 

So I don't see the same severe drivers for a sharp downturn as in 2008. At least in the short term. In the longer term the cost of the debt load required for the recovery cannot be paid at higher interest rates such as were in play during Volker's time. Inflating away the debt is no longer viable. So what can't be done won't be.

Basically they bandaged up the great depression by stealing from our kids.

 

We're already in another recession. Where it leads, no one knows.

[NoPresetSnarkLimit]

 

Breeze has been saying this for a while in various topics. Storm's a comin'

The writing's on the wall. Whether anyone chooses to take heed is an entirely different matter. The writing was on the wall for the last recession as well, somehow it was this big surprise though.

Then you have cap1 passing out large limits like nothing, discover changing things up and passing out increases almost twice a month. Just a little odd.

Mentioning CapOne or Disco in the same breath as Chase from an overall banking perspective is irrational.

This^ think bigger.

Key phrase to learn: systemically important bank

[NotQuite]

 

I'm wondering if I should app the Amazon card for science

 

 

Sent from my iPhone using Tapatalk

You just want to app. Go ahead I'll say yes.

 

I was reading some of your posts....they go like, I'm done for 2015....

 

....to, I just added another 20k.

 

Congrats on all your success....seriously.

Pot, meet kettle You both have my admiration.

[david_weaver]

OK, so three months ago the sky was falling: Greece was going to default and start a cascade across Europe, and Chase was bolting the door to anyone with 5 or more accounts in the last 2 years (which would be anyone on CB who is even remotely trying).

 

Then, this thread goes completely dormant for 3 months?

 

Well, Greece got bailed out, again. The US economy still has not collapsed despite the Greece situation and the China meltdown (as well as oil prices falling and slamming what was a booming sector) and the Fed has still not raised interest rates.

 

I don't really follow other forums besides CB right now, but would like to take the route of acquiring a new card (and bonus) next month and merging limits rather than taking a hard for a CLI on my current Chase cards.

 

Does anyone know if Chase is still being a brick wall as seemed to be the case in June?

[RussInGotham]

Yes, Chase's 5/24 policy is still in effect.

My guess is because Chase has to comply with capital requirements:
Fed Lifts Capital Requirements for Banks
J.P. Morgan faces highest capital increase of the group at 4.5% of risk-weighted assets
http://www.wsj.com/articles/fed-set-to-finalize-amount-of-capital-big-banks-must-maintain-1437410401