Chase closed all my cards - when can I reapply for another Chase card?

[Anonymous]

Hi everyone

I'm quite new to the credit score build-up journey. Right now I have BOA Cash rewards with 7k limit (opened in Oct, 2015) and Discover It with 4.7k limit (opened in Jul 2016). Both of the limit were actually increased after several request. My credit score at the new year of 2017 was 724. It's unfortunate that I have a short history. In Oct 2016, I tried to apply for the Citi Double Cash card and got rejected. Please understand that I don't actually need to borrow money. I just want to spend money to get rewards and build the score. I tend to pay back immediately and my utilization ratio is always lower than 5%. 

And with the new year spirit, I did a stupid action. I applied for Chase Sapphire Reserve. Somehow they approved me immediately with 17k limit. Then I thought maybe luck came to me, I became greedy. see how greed can kill us. the day after that, i apply for citi double cash again and got rejected. But I didn't stop there. With the new spirit of getting accepted for Chase, and because I do have quite a lot of money to spend in January, I decided to apply for Chase Marriott Premier Card. I got accepted for 7k limit. I then used the card immediately, maxed out the card two times. And because I do want to spend more and with a time limit, I then stupidly asked for credit line increase with this card. The reason I spent a lot with Chase Marriott is because I want to get the points bonus from them (the 150k bonus for 30k spending first year).  So far, it's good. I got my goal. I got 100k points bonus from the Chase Reserve and around 120k points in my Marriott. Again, I'm willing to pay the annual fee and I just want to spend money in a beneficial way with rewards and build the score for the future. 

Then it came last Friday. Chase closed all accounts without notice. I were shocked. Called them and ask for reconsideration. They ignored and denied. But thanks god I still can redeem my points. So I'm not sure it's good news or bad news. Good news I get free points. Bad news I lost a relationship with Chase. But seriously. Chase claimed I inquired a lot and had a short credit history. They claimed I posed a credit risk. I honestly don't understand. But I guess because I pay off immediately, they can't get interest from me. But then I also spend a lot, which brings a lot of profit for them. I spent almost 30k in 4 weeks.To be honest, I don't get it why this happened to me.

But anw, the past is the past. My question is will I be able to apply for Chase Unlimited Freedom around August or September of 2017 (which means 6-7 months from now)? Or should I wait for 24 months to apply for a Chase card? Or should I give up on Chase forever? Will their closing my two cards be the final verdict that will become the stain of my life? And yes, the reason I still want to reapply with Chase is because I want to diversify the portfolio of credit cards and yes, their points program is among the best one. I still want to own a Chase card.

Hope that you guys can give me advice. And sorry for my long stupid story. Just want to make clear my situation. 

[SouthJamaica]

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@Anonymous wrote:

Hi everyone

I'm quite new to the credit score build-up journey. Right now I have BOA Cash rewards with 7k limit (opened in Oct, 2015) and Discover It with 4.7k limit (opened in Jul 2016). Both of the limit were actually increased after several request. My credit score at the new year of 2017 was 724. It's unfortunate that I have a short history. In Oct 2016, I tried to apply for the Citi Double Cash card and got rejected. Please understand that I don't actually need to borrow money. I just want to spend money to get rewards and build the score. I tend to pay back immediately and my utilization ratio is always lower than 5%. 

And with the new year spirit, I did a stupid action. I applied for Chase Sapphire Reserve. Somehow they approved me immediately with 17k limit. Then I thought maybe luck came to me, I became greedy. see how greed can kill us. the day after that, i apply for citi double cash again and got rejected. But I didn't stop there. With the new spirit of getting accepted for Chase, and because I do have quite a lot of money to spend in January, I decided to apply for Chase Marriott Premier Card. I got accepted for 7k limit. I then used the card immediately, maxed out the card two times. And because I do want to spend more and with a time limit, I then stupidly asked for credit line increase with this card. The reason I spent a lot with Chase Marriott is because I want to get the points bonus from them (the 150k bonus for 30k spending first year).  So far, it's good. I got my goal. I got 100k points bonus from the Chase Reserve and around 120k points in my Marriott. Again, I'm willing to pay the annual fee and I just want to spend money in a beneficial way with rewards and build the score for the future. 

Then it came last Friday. Chase closed all accounts without notice. I were shocked. Called them and ask for reconsideration. They ignored and denied. But thanks god I still can redeem my points. So I'm not sure it's good news or bad news. Good news I get free points. Bad news I lost a relationship with Chase. But seriously. Chase claimed I inquired a lot and had a short credit history. They claimed I posed a credit risk. I honestly don't understand. But I guess because I pay off immediately, they can't get interest from me. But then I also spend a lot, which brings a lot of profit for them. I spent almost 30k in 4 weeks.To be honest, I don't get it why this happened to me.

But anw, the past is the past. My question is will I be able to apply for Chase Unlimited Freedom around August or September of 2017 (which means 6-7 months from now)? Or should I wait for 24 months to apply for a Chase card? Or should I give up on Chase forever? Will their closing my two cards be the final verdict that will become the stain of my life? And yes, the reason I still want to reapply with Chase is because I want to diversify the portfolio of credit cards and yes, their points program is among the best one. I still want to own a Chase card.

Hope that you guys can give me advice. And sorry for my long stupid story. Just want to make clear my situation. 

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I don't have any experience or expertise with this type of situation, but my guess is that you should just put Chase out of your mind... for a long long time.

[fltireguy]

I agree with SouthJamaica. One thing that has been said about Chase many times on here is that they have a memory like an elephant 🐘 . I wouldn't plan on apping on anything from them for quite a while...

[Anonymous]

Agree with the others above. Best to learn from the experience. You did too many things in a short period of time with new accounts. Banks do not like lots of rapid moves in quick succession. Plus, it sounds as if you may have too many other overall inquiries. I'd move on and learn from the experience. Sorry it happened, OP.

[Anonymous]

Hey...

First of all...your story isn't stupid.

Second of all....credit (all aspects of) should never be the "stain of your life."  Life offers soo much more than a credit line and a cash back reward.

My advice to you is take a breath....and relax. Garden and use your current accounts wisely. In due time you will have your pick of the credit litter (Citi included).

Its a walk...not a race. Forget Chase. Everything will be ok...I promise.

Be well

Gregg

[Viva-LV]

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@Anonymous wrote:

Hi everyone

I'm quite new to the credit score build-up journey. Right now I have BOA Cash rewards with 7k limit (opened in Oct, 2015) and Discover It with 4.7k limit (opened in Jul 2016). Both of the limit were actually increased after several request. My credit score at the new year of 2017 was 724. It's unfortunate that I have a short history. In Oct 2016, I tried to apply for the Citi Double Cash card and got rejected. Please understand that I don't actually need to borrow money. I just want to spend money to get rewards and build the score. I tend to pay back immediately and my utilization ratio is always lower than 5%. 

And with the new year spirit, I did a stupid action. I applied for Chase Sapphire Reserve. Somehow they approved me immediately with 17k limit. Then I thought maybe luck came to me, I became greedy. see how greed can kill us. the day after that, i apply for citi double cash again and got rejected. But I didn't stop there. With the new spirit of getting accepted for Chase, and because I do have quite a lot of money to spend in January, I decided to apply for Chase Marriott Premier Card. I got accepted for 7k limit. I then used the card immediately, maxed out the card two times. And because I do want to spend more and with a time limit, I then stupidly asked for credit line increase with this card. The reason I spent a lot with Chase Marriott is because I want to get the points bonus from them (the 150k bonus for 30k spending first year).  So far, it's good. I got my goal. I got 100k points bonus from the Chase Reserve and around 120k points in my Marriott. Again, I'm willing to pay the annual fee and I just want to spend money in a beneficial way with rewards and build the score for the future. 

Then it came last Friday. Chase closed all accounts without notice. I were shocked. Called them and ask for reconsideration. They ignored and denied. But thanks god I still can redeem my points. So I'm not sure it's good news or bad news. Good news I get free points. Bad news I lost a relationship with Chase. But seriously. Chase claimed I inquired a lot and had a short credit history. They claimed I posed a credit risk. I honestly don't understand. But I guess because I pay off immediately, they can't get interest from me. But then I also spend a lot, which brings a lot of profit for them. I spent almost 30k in 4 weeks.To be honest, I don't get it why this happened to me.

But anw, the past is the past. My question is will I be able to apply for Chase Unlimited Freedom around August or September of 2017 (which means 6-7 months from now)? Or should I wait for 24 months to apply for a Chase card? Or should I give up on Chase forever? Will their closing my two cards be the final verdict that will become the stain of my life? And yes, the reason I still want to reapply with Chase is because I want to diversify the portfolio of credit cards and yes, their points program is among the best one. I still want to own a Chase card.

Hope that you guys can give me advice. And sorry for my long stupid story. Just want to make clear my situation. 

---

I think that kind of spending on new accounts, combined with a short history drew negative attention to you.  Credit card companies frown upon that kind of behavior, unless you have a proven history with them.  I'd be concerned about your reports when Chase hits your file, about how those accounts were closed.  If there are open balances on those cards, zero them out.  The price of those points that you received won't be worth it, I'm afraid.  I agree with other posts: you should forget about Chase.  5/24 wipes me out with them (I only have one), but they are other possibilities!  I'd grow your other cards and establish a solid history with them.  My AAOA is under two years, but with a little patience, you should be able to achieve your goals.

[Anonymous]

I'm wondering if OP at least got their AF's back

But yeah I wouldn't plan on getting another Chase card for 2 years after this fiasco. I think if you didn't ask for the CLI maybe they'd have kept you. They want customers who spend a lot because they get a percentage from merchants of the amount spent for accepting the payment (it's split between Visa/MC and the bank).

[Anonymous]

1) Sorry, this happened to you...
This is yet ANOTHER example of why I preach about the ills of reward/points chasing.

The marketing game has made a mockery of sensibly handling one's financial affairs...

Their goal is to make ppl jump here then there and too many ppl get all twisted into 'thinking' this thing is like playing that monopoly game at McDonald's 😶

But this ish is REAL live money/credit and if loss prevention gets spooked ESPECIALLY bean counters at big places that have stock holder money and stock prices to protect, they are gonna back off and treat you like a skunk about to spray!!!

Yes, the candy is FREE but if you take MORE than the actuarial table predicts a 'normal' regular, well meaning and intended individual would.....Well that's enough to indicate you MIGHT be up to no good and they ain't hanging around to test the freaking theory!!!

When it comes to RISKY behavior or let's be clear...Risky LOOKING or FEELING behavior

It's a wrap, see NEVER, I'm out...A man (& many a woman) don't wait around for the other shoe to drop
IF they feel the least bit funny when, it comes to 'da $$

You see when they brain wash, you kids into thinking this ish is a 'game' to be toyed with...All of a sudden, they go adult on your as and snatch away your play things....

Yes, you may it through the automated instant computer driven approval system based on 'light' UW...That may primarily just spit out approvals based upon score, no lates and a basic length of history

BUT...

A) Some further UW may be done randomly a bit later
B) With multiple new accounts, especially as the outstanding liability goes up
C) Yell for extra ATTENTION blasting 10's of 1000's through a relatively new account

= What the freak is this.... Never mind, just RUN!
Not here, no how....we will pass

Loss prevention and common financial sensible UWers couldn't be anything but CONCERNED as to "what the F"
If a profile that hasn't even had a CC account 2 years all of a sudden NOW on my watch NEEDS to bury 30g's through my system...

30k in 4 weeks? What the H is this about?
Is it a business?
Is it a band of gypsies, scamming?
Is it some kind of rouse?
Is money laundering for terrorist?
Is drugs, hookers, identity theft?

Whatever it is...Head for the hills, because it's too far out of NORMAL (as we've gauged over time and study of historical data)

We're not gonna stick around and wonder and guess why this profile now sticks out like a soar thump ( and possibly lose money, I'm the process) we cut bait, Now, today,in a My minute😎

I'm having fun,with this but honestly the thought pattern does go something like that😊

And I agree...Waiting 6 months isn't gonna change the notes on this profile, hopefully you were KIDDING when you said that and not being serious 😙

To think, that a company shutting you down for fear of being defrauded or a suspicious degree of RISK would be all forgotten....Like no big deal, come back in a 4-6 months just isn't rational thinking, no offense

So,I think you might be crooked but 6 months from now, I want to get in bed with you FINANCIALLY!!!
Unsecured???

Read that back to yourself....

And this time, pretend you aren't the kid with the trick or treat bag...Just seeing things from the what's in it for me frame of mind....

If we start to see it from the other side's POV people would be a bit more measured in what makes reasonable sense

In fairness, Chase might have to cease to exist for the OP for years.... Because if you see from 'their' POV they've been put on notice about you

If that were YOU...How long would YOU, pay close attention and have a short fuse towards a 'possible' crook or 'possible' women beater coming to date your daughter (I bet it'd be longer than 6 freaking months😉)

*This isn't the end of the world, by any stretch
You'll find another boy/girl that you like 😍

Anyway, there are plenty of CCC you'll be fine
Just don't let these companies lead you down the sillytown path chasing B.S. points...

The time and effort used chasing points and rewards could as easily be spent making some extra money such that the freaking 'points' aren't THAT big a deal.

I feel sorry (& a little mad) that so many people have gotten TRAINED into this nonsensical crap vs simply growing their credit profile organically.

Here was a person, whom probably would have been just fine then comes the point chasing mindset...W/O even 24 months of freaking just managing a credit profile.... It's absolutely ridiculous.....

Save yourselves 😀

Best to all

[Anonymous]

Youre probably done with chase for a while. My opinion is the quick spending to make minimum spend for the bonuses red flagged you. I know Amex is known to fr people for that. Credit card companies are trying to weed out churners who just get cards for the bonuses and then close them. They give you time to make the minimum spend. My advice would be to use at least half of it in the future. Good luck.

[Anonymous]

Hi guys

Thanks a lot for your replies. I really appreciate. I agree with you guys. I think it's the psychology of this game: when you can spend a lot of money and you don't need to borrow but get tired of paying with your debit card for nothing. And boom, the lovely rewards just come. I think it might be because I get invisible pressures from people around me with credit cards offering more rewards and also with the instant approval for the credit cards. 

But well I guess they should have rejected me in the beginning. It bothers me because I contributed my money for their profits because I think they want to build relationships with me. But yes, I do agree that from Chase's view, they might think the relationship is toxic. So I guess noone is to blame here. Chase is safe from their worries. I got the bonus for a long term goodbye from Chase. 

So yeah. Greed can kill us. At first I was shocked but I guess now I learn a good lesson for this type of credit card thing. And yes, you're correct. It's not a game. I think I need to remind myself constantly that I open credit card for building credit score so that instead of a big downpayment for houses, I can get a mortgage with a good rate and use the money for investment. This running for bonus and rewards is definitely not for stupid kid like me.

Anw, thank for all the kind advice. And hey Gemini101, I love your long reply!!! Thank you for replying to the first poster like me.  

Wish you guys all the best. And if somehow you guys still want to comment on my boring story, please feel free to give me further advice as where I should start from now with my two credit cards.