My one year zero percent with Chase will end in one month, with the amount almost paid. Chase called me today and stated they had reviewed the account, and was reducing my go to rate for purchases, and would provide another bt at zero percent until December 2004. The money is on its way to my checking account. I'm beginning to like Chase! I have the Chase Platinum Travel Rewards with a cl of $10,000. This could be switched to a Continental Airlines Chase card should I ever have the need.
Thanks for all the replies You all make really good points. But I'm feeling the way George is right now - at the same time, I went through 2 reconsiderations and inquiries to get my $500, LOL! I guess I'll have to wait and see how they are when I call to activate the card (or not).
At $500, it's still lower than your starting limit I don't have the scores you do, either. This approval comes after 2 reconsiderations - the first CSR was super nice, the 2nd was a total b*tch. They also denied me the second time because of a Crap 1 charge-off from 1998 that TU deleted this June. I asked her if she was looking at a report from another CRA, and she said no it was Transunion. I told her I had a very recent TU report in my hands that I could fax to her, and she put in for another reconsideration finally. All that, and I have $500. I don't know what card it is, either. All I know is that with Crap 1 being closed, this is now my lowest CL (besides Bloomie's). I have 4 new revolving accounts, so I'm not sure I'll bother activating this one just yet. (Unless they will up me to at least $2000, but I doubt it.)
city, personally I would keep the card at 500 since it cost you an inquiry, but dont expect much more. Im starting to understand Chase's reasoning behind what they do. I personally thinking their rationale is like Capital one where you get approved with your account being labeled "prime or subprime." here's my scanario. In november 2002, chase kept sending me multiple pre-approvals for platinum account. I was approved for 2k at intro 5.99 for 1 year then go to rate of 20.99. Well, during the process of viewing CN at the time of the intro bt, i called retention and they lowered my rate from 20.99 to 16.99 then month later to 12.99. Then, right before my intro rate expires, I receive a letter in the mail showing the review my credit report and lowered my limit from 2000 to 800! for a platium account. WHAT AN INSULT. Then, couple weeks later I recieve "change in terms" insert in bill saying my rate will become "non-preferred billing (23.99) due to credit report info. Since then, im following George's philosophy of "sock drawer" where I buy some gas for car then pay it off. Its obvious they do not appreciate my business, but they are many chase holders that have "prime status" with them in which they are treated well. My theory, you, George, myself along with others in their view are considered "subprime" so we dont get the 5-20K limit and low APR, despite having accounts with prime lenders (i already have amex, discover, BOA, etc) Chase obviously does not see the "Prime status", and has the nerve to send me another preapproval for another platinum! Sorry for the long essay, but im angry with Chase, but am not going to close my account due to good payment history and inquiry.
i got a chase mc plat (haha - plat!) for $500 a year and a half ago. after a few months i had the balance around $450 and left it there. i kept my utilization for all cards though around 50%. then after a year of having the card i decided to pay that balance down. i paid it first to $200 balance and within weeks i get a letter saying they are lowering my balance from $500 to $400. i have no derogs with anyone but had a utilization of about 50% on other cards. so i let it slide for a couple months and paid down the utilization and requested a cli or apr dec. NO. NOT FOR YOU JAYTEE!!! OK MR. CHASE, cancel the account. they didnt care or try to keep me. so i got my BLUE a couple months later and i dont understand why chase can be considered prime. it seems like you have to have home and car loans with them to get anything good.
I called to activate my card, and got a very nice CSR who told me that all CLI requests required a hard inquiry, so I said no. This application was in response to an "invitation to apply" I received in the mail for a platinum MC, which is what I received after 2 reconsiderations, so I also didn't want to waste another inquiry for a denial. She confirmed with me, however, that my intro rate of 0% was good until April 2004, then after that 9.99%. I thought those terms were better than the Crap 1 account I just closed, so ironically, I replaced my subprime account with a better subprime one (and a better-looking card to boot, LOL). It's funny you should make that analogy - I was thinking the same thing!
I wonder why they'd do that to people with perfect payment histories. Fleet treats me like that, even though I've been a banking customer for years, and have a year of perfect payment history on their classic Visa. But even they've lowered my rate and raised my CL. I'll have to see after about a year, as my utilization is usually no more than 30 - 35% on my cards. Otherwise, to Hell with them...I'm keeping Fleet active for now, just waiting on the BofA conversion (hopefully it will happen).
