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MB82x

Credit Issuers, and their differing standards

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Posted (edited)

I've recently become keenly aware of something regarding my credit, and thought it might make a good discussion.

Simply put, I have five credit cards - and some of the issuers seem to be in love with me, while one seems to hate me. Others seem indifferent.

 

Going back about two years ago, I had no active credit cards.

 

At some point in 2017, I started applying for cards - and got the following over the subsequent year and a half.

 

Capital One: $1000 (sometime in 2017) -> 1100 (3 months later) -> 1600 (Feb 2018) -> 4600 (July 2018) -> 5600 (May 2019)

Usage: I tend to use this card to make larger purchases that I need sooner rather than later, but might want to gradually pay down. As such, this card will typically have my highest utilization. Overall, I swipe/use it pretty infrequently. Oddly enough, I got turned down for a CLI right before the most recent increase for having my average monthly payment be "too low". Then I made an $800 purchase, paid off $600 of it, and got a CLI shortly after. At first, this was my everyday "default" card - but right now I seldom have a reason to use it, as Barclays, Chase, and Amex get 95% of my action due to better cash back perks.

 

Chase: $1000 (Oct 2017)

Usage: This is the weird one for me. I'm pretty sure they hate me over at Chase. Like they're convinced I killed their dog. When I first got the card, I was using it almost everyday because I worked in a chain pharmacy that shared a building with a Whole Foods. So I had 2% cash back at work, and 5% cash back on the market next door. It was basically my meal ticket. And my snack ticket. And my bottle of water ticket. Sometimes I hit high utilization on the card, but always paid it down. Then I quit my job, went to greener pastures, and stopped using the card so much. Maybe 5-10 times a month on average. I've never paid late. I've periodically have asked them for a CLI, always when utilization is low, and each and every time the answer has been a "no".

 

Discover: $1200 (Nov 2017) -> 1700 (Feb 2018) -> 2100 (Aug 2018) -> 2400 (Feb 2019)

Usage: Ah, Discover... the card I have because... well... because. The rotating 5% categories are nice, when I remember about them. All in all, I seldom use this card. Mostly, I just use it to keep it active when I remember it's tucked in the back of my wallet. I'm guessing I might get an auto CLI in August, based on what they've done so far, but who knows.

 

American Express: ??? (1000, summer 2018) -> $2500 (by end of 2018) -> $6500 (Feb. 2019 - coincides with me upgrading card to "Preferred")

Usage: I can't remember all of the early details on this one, despite it being my newest card. I went from using it regularly for the 3% cash back on groceries, to almost every day when I started working in a grocery store. Shortly after I started taking advantage of the 3% cash back more frequently, they offered me the Preferred card for $95/yr, but with a 6% bonus. Did the math, and it made sense. Once I upgraded, they more than doubled my credit limit.

 

Barclays: $1000 (spring 2018) -> 2800 (Aug 2018) -> 5800 (Jan 2019) -> 8800 (Jul 2019)

Usage: I typically use this card at least twice per day, as it pays for my trips to and from work. Initially, it was very tough getting this card. I got denied my first attempt, and recon failed. Second attempt was another denial, but I got in on recon. Since getting in, they seem in love with me, giving me three substantial CLIs in just over a year - none of which I asked for. 

 

So some if this is bewildering to me. Barclays and CapOne seem to like me very much. Amex too - though I'm curious to see if the recent $4000 CLI was because of my product upgrade, my sudden uptick in usage, or something that was going to happen anyway. Wondering if I should expect another Amex CLI next month.

 

Discover and I seem equally indifferent towards each other, as if we're just going through the motions, kind of like a dead marriage. No major reason to stay together, but not worth the inconvenience of breaking it off.

 

But Chase. Chase just seems to hate me. And I'm not really sure why. I've been a frequent user. I've been a responsible user. But they don't trust me with what seems to be more than the bare minimum.

 

Is it possible that I'm doing something that Barclays, Amex, and CapOne all love - but Chase looks at and says "yeah, no... hard pass"?

 

 

 

Edited by MB82x

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Every time Chase tells you "No" they give you a reason.  What was it?

 

I'll venture a guess and say that they told you something like "not enough experience with the account".  Chase does not like thin files and even though you have 5 cards reporting, the fact is that all your accounts are new.  Lenders consider an account new for the first two years.  

 

Further, Chase isn't generally big on credit limit increases anyhow.  The best way to get a CLI with Chase is to not get a CLI.  Instead, you apply for a new card and then after a while combine cards and limits into one card.  

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Hmm, that's too bad - not really sure it makes sense for me to have another CC at the moment. The rewards on Barclays and Amex cover like 90% of my spending outside of rent/utilities.

 

The process is made worse now that I can't seem to request CLI online anymore, and have to call and talk to a person. 

 

"Why do you want a CLI?"

 

"Uh, because I make a respectable salary, always PIF and on time, have a 740ish credit score, and compared to my other cards, $1000 is laughable?"

 

I don't think that would fly though.

 

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19 hours ago, PotO said:

Every time Chase tells you "No" they give you a reason.  What was it?

 

I'll venture a guess and say that they told you something like "not enough experience with the account".  Chase does not like thin files and even though you have 5 cards reporting, the fact is that all your accounts are new.  Lenders consider an account new for the first two years.  

 

Further, Chase isn't generally big on credit limit increases anyhow.  The best way to get a CLI with Chase is to not get a CLI.  Instead, you apply for a new card and then after a while combine cards and limits into one card.  

Matches my experience with Chase. Their auto CLIs are few. OTOH, I had no problem charging more than 10k over my CL as an experiment. So they are flexible in ways that count. Even though it's unlikely as hell that I will need to do that other than just to experiment. I really have no need for higher Cls being retired and all.

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20 hours ago, PotO said:

The best way to get a CLI with Chase is to not get a CLI.  Instead, you apply for a new card and then after a while combine cards and limits into one card.  

And the SUB you get is worth far more than a CLI anyway! There's no excuse not to do it this way unless you're over 4/24.

54 minutes ago, MB82x said:

not really sure it makes sense for me to have another CC at the moment.

?!? Have you gotten into Ramsey's snake oil?

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3 hours ago, MB82x said:

Hmm, that's too bad - not really sure it makes sense for me to have another CC at the moment. The rewards on Barclays and Amex cover like 90% of my spending outside of rent/utilities.

 

The process is made worse now that I can't seem to request CLI online anymore, and have to call and talk to a person. 

 

"Why do you want a CLI?"

 

"Uh, because I make a respectable salary, always PIF and on time, have a 740ish credit score, and compared to my other cards, $1000 is laughable?"

 

I don't think that would fly though.

 

 

Have someone re-read to you the question about what reason Chase gave you when they declined your CLI request.

 

Anymore?  I don't recall where in recent history you ever could request a CLI online with Chase.

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