Chase new account data point

Discussion in 'General Discussion | Miles/Points' started by mikesteg, Dec 15, 2011.  |  Print Topic

  1. mikesteg

    mikesteg Silver Member

    Messages:
    39
    Likes Received:
    54
    Status Points:
    195
    I may have missed it, but I haven't heard of this particular discussion with Chase before.

    I applied for the 30k Freedom on Dec 1st. Didn't hear back, so I called the reconsideration line yesterday. The gentlemen said it had been denied due to too many new cards. I have also gotten the Citi AA 75k Visa and AMEX in August, so I figure that was the issue but he didn't even mention those. This is the part I haven't heard before: they were considering all cards issued by Chase within the household to be relevant.

    DW and I both got SW 50k in July. DW got the Sapphire 50k in September. Before that, I had no Chase cards in recent memory (though perhaps a store card that I don't know about.) No open accounts, in any case. DW had a TRU card, so she has some past history with them.

    He asked why I wanted the card and I explained that I wanted to leverage the 5% bonuses and transfer the points to my wife's Sapphire. He was then able to get it approved.

    So... just a data point. If this is something new and Chase is now considering household apps, I guess it could change the scenery for those of you who are double dipping via a spouse.
     
    gwhit21 likes this.
  2. Scottrick
    Original Member

    Scottrick Gold Member

    Messages:
    2,586
    Likes Received:
    4,078
    Status Points:
    2,570
    Not surprising given that most apps also ask for household income. What helps can also hurt.
     
  3. FrequentMiler

    FrequentMiler Gold Member

    Messages:
    622
    Likes Received:
    2,423
    Status Points:
    1,170
    Interesting. Thanks for sharing. Also, I didn't know that you could transfer points from the Freedom card to a spouse's account. That could be really useful for a family that can't swing too many new card apps
     
    YULtide likes this.
  4. okrogius

    okrogius Silver Member

    Messages:
    696
    Likes Received:
    853
    Status Points:
    795
    Not since recent legislation taking effect a few months ago. Every application now asks for YOUR income, not your households.
     
  5. deant
    Original Member

    deant Milepoint Guide

    Messages:
    3,129
    Likes Received:
    12,385
    Status Points:
    10,620
    Did not realize that the applications are now talking about individual incomes. All most applications say is "Annual Salary and Wages" and "Other Income". No where does it specify that it is the individuals income. I live in California and it is a community property state so what is income to one is income to the other - especially when it comes to retirement etc.

    On this basis, I always use household income as the amount to put in the block.
     
    hulagrrl210 and Scottrick like this.
  6. Scottrick
    Original Member

    Scottrick Gold Member

    Messages:
    2,586
    Likes Received:
    4,078
    Status Points:
    2,570
    I agree with deant. Where the language is vague, I include household income, even though I'm not yet married. I have seen few applications that ask for "individual income" and when they did, it was with words like that that were obvious.
     
  7. HaveMilesWillTravel
    Original Member

    HaveMilesWillTravel Gold Member

    Messages:
    12,504
    Likes Received:
    20,199
    Status Points:
    16,520
    So the home maker taking care of the kids would put in zero instead of the household income? I'll have to have a closer look at the wording on the next application coming into my mailbox...
     
  8. NYCAdventurer

    NYCAdventurer Gold Member

    Messages:
    11,382
    Likes Received:
    5,329
    Status Points:
    10,070
    Out of all my applications, proof was never required. I think its safe to use household even if they ask personal and you can over estimate!
     
  9. okrogius

    okrogius Silver Member

    Messages:
    696
    Likes Received:
    853
    Status Points:
    795
    Yep, that's the current wording/question. The stay at home significant other scenario is indeed one of the issues with this current approach.

    http://articles.chicagotribune.com/...11202_1_card-issuers-credit-card-nessa-feddis

    Of course, there's generally little to stop anyone from lying. But that's largely an ethics question (and there are a few legal concerns should that lying come up later).
     
  10. okrogius

    okrogius Silver Member

    Messages:
    696
    Likes Received:
    853
    Status Points:
    795
    Other income is generally used to indicate things such as market earnings or other things that tend to fluctuate more frequently compared to a conventional salary based income. Or at least that's my own interpretation of that - you can probably ask the specific bank about what they mean.

    Do agree that it's certainly ambiguous for a few banks given past encouragements to provide household income (but now even if you don't see "personal income", you similarly won't see "household income"). Just one of the few effects of CARD Act.

    http://new.citi.com/2011/11/the-card-act-and-updates-to-the-ability-to-pay-standard.shtml:
    "The final rule now prohibits the granting of credit to one spouse based on the non-applicant spouse's income... Further, the new rule replaces the consideration of household income with individual income on credit applications. In other words, when an individual applies for a credit card or an increase to an existing line of credit, it is solely that individual's income that is assessed, not the overall income of the household."
    Or from http://www.federalreserve.gov/newsevents/press/bcreg/20110318b.htm:
    "Specifically, the rule states that credit card applications generally cannot request a consumer's "household income" because that term is too vague to allow issuers to properly evaluate the consumer's ability to pay. Instead, issuers must consider the consumer's individual income or salary."
     
  11. HaveMilesWillTravel
    Original Member

    HaveMilesWillTravel Gold Member

    Messages:
    12,504
    Likes Received:
    20,199
    Status Points:
    16,520
    I guess the home maker could draw a "salary" from the employed partner for raising kids, cleaning, cooking and miscellaneous other services ("personal assistant").
     
    cordray2643 likes this.
  12. cordray2643
    Original Member

    cordray2643 Silver Member

    Messages:
    159
    Likes Received:
    170
    Status Points:
    395
    The stay at home Mom in my household draws a salary the same size as mine (it's amazing how it matches identically).
     
  13. gleff
    Original Member

    gleff Co-founder

    Messages:
    3,616
    Likes Received:
    6,793
    Status Points:
    4,670
    Are you reporting it on a W2? And does your spouse consider themselves to be your employee / you their boss? :D
     
  14. cordray2643
    Original Member

    cordray2643 Silver Member

    Messages:
    159
    Likes Received:
    170
    Status Points:
    395
    In no way am I ever the boss!
     
  15. slotownmomma
    Original Member

    slotownmomma Silver Member

    Messages:
    149
    Likes Received:
    81
    Status Points:
    325
    I always put my husband's income & his employers and never have had a problem. They want my income source and that's the truth. I would never put stay-at-home Mom, because it would just put the red flag up right away. I have heard about this new situation but it's not going to change how I apply. If I were ever asked if over the phone if I worked for his employer and was employed there I would of course tell them that's my husband's employer and income but has never been an issue so far.
     

Share This Page