CHASE CLOSED ALL MY CC ACCOUNTS?!?!!?!

[Discover2016]

Another thing to consider is that Chase has been known to SP your reports daily for about week or so after you apply for one of their cards. So lets say you apply for a Sapphire, they will monitor you closely for a week to see if your're going bonkers with credit seeking. I went and read some of your earlier posts from this summer and you recently were denied a Reserve and a Freedom and then used the same pull to get the Ritz? When you add it all up, multiple Chase apps and denials, bonus transfers I believe and also all of your cards reporting a balance, it was the perfect storm for Chase AA

[ezdoesit]

Unfortunately when it comes to util and closure they is no single rule like our credit profile. Maybe with 20% util and paying minimum or just over. While also seeking more credit spooked them. I doubt it is just the 10k in debt. Example I just opened a CSR with a 28k co and have more than 10k in cc debt and 3 chase cards. I have the Freedom, Fu( which i just converted from a CSP and CSR and they haven't closed my accounts. Also I do have a saving and checking which I have heard helps because Chase values relationships with them.

[takeshi74]

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@Anonymous wrote:

I called and spoke with a represintive and she said that the accounts were closed because I've opend 12 accounts within the last 12 months(alot I know) 

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@Anonymous wrote:

My scores are 700 across the board and I am under 30% utilization on all my cards.

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There are already a lot of responses that provide good info but 30% is not ideal or anywhere close to it.  It is a suggested max.  If you're going to present risk such as opening 12 accounts in 12 months then you'd better make sure that other aspects of your credit profile are squeaky clean and solid.  700 isn't a bad score but for the amount of new accounts and credit seeking activity you've presented you'd need a much better profile and score.  Don't aim for 30% with that sort of activity.  Get it as low as possible.

You need to look at your entire credit profile -- not just score, not just revolving utilization.  People frequently tend to overlook new accounts as a risk factor.  Don't go crazy with apping unless your credit profle is strong enough to support it and even if it is, carefully consider before taking action.  Even with FICO 8's in the 800's it doesn't take much new activity for me to see a hit to limits and a hike in APR's offered.  If you didn't realize that your profile couldn't handle it then you need to spend more time reading up versus seeking new credit.  You have to understand what you profile can reasonably support and what it cannot.  In your case you went too far too fast.

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@Anonymous wrote:

I read on here that paying them off could result in permanent closure 

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This definitely indicates that you need to more carefully vet your sources as it's not valid information.  You do not benefit from carrying a balance.  Paying off your cards isn't a problem.  You want to pay every statement balance in full.  The scoring hit comes from having all your revolving accounts report 0 balances but if you're carrying then scoring isn't your biggest concern -- getting rid of your revolving debt is.

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@Anonymous wrote:

Any advice or inpaticular succes stories would be greatly apprecitated!!!!

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You don't need to collect anecdotal evidence.  You need to understand why your actions presented risk to creditors and, therefore, led to adverse action from Chase.  A creditor that is quicker to take adverse action isn't stingy or picking on you.  You need to look at it as the canary in the coal mine.  Ignore, blow it off, shift the blame on the creditor, etc it and you'll just get yourself in more trouble.

It's very easy to swept up in the app, limit, etc hysteria reading about others getting approved and high limits.  Don't get caught up in it.  Threads like this aren't uncommon.  Learn from others so you don't have to learn that hard way.

[Anonymous]

I've seen people on Reddit/Flyertalk with 20 to 30 cards in last 24 months with no issues. Heck there's people who got approved for 20 MLB bank of America cards in the same week!

If anything, this is the anomaly

[longtimelurker]

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@Anonymous wrote:
I've seen people on Reddit/Flyertalk with 20 to 30 cards in last 24 months with no issues. Heck there's people who got approved for 20 MLB bank of America cards in the same week!

If anything, this is the anomaly

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Well, what is unusual for Chase is that the OP was told any information at all, beyond "security concerns" or "unsatisfactory relationship with affiliate" or something, so the 12/12 may not have been the entire reason (or even a major part)

Thick profiles can certainly take a lot of new accounts, if the issuers can see long histories (including continual acquisition of new cards in the past without issue).   But at any point, things change, and an issuer may have to become more risk adverse, so past (self-reporting) stories of success don't mean it works well in the future

[Discover2016]

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@Anonymous wrote:
I've seen people on Reddit/Flyertalk with 20 to 30 cards in last 24 months with no issues. Heck there's people who got approved for 20 MLB bank of America cards in the same week!

If anything, this is the anomaly

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I have this gut feeling that this AA is related to bonus issues.

[lhcole77]

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@austinguy907 wrote:

Don't put all of your eggs in the same basket.

Everyone around here seems to open multiple accounts with x.y.z lender once they get a foot in the door instead of looking at different lenders for products that work well with what they're planning on using them for.  There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler that thinks you'll be fine.  Your risk of losing credit is increased when you have multiple lines with the same lender.  Now closing all of your accounts rather than reducing your exposure with a CLD is debatable but, then again Chase isn't known for being the nicest lender to deal with either.  Seeing the flury of activity on here lately brings back the 2008 issue but now it's more related to the CC industry.  They may be thinking that their portfolio of risk has grown exponentially since the recovery began taking hold on the industry and pulling back the balance sheet a bit to prevent a collapse even though they think they would get another bail out from the taxpayers.

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I have multiple cards with some lenders. Things have been working very well for me.

[Anonymous]

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@Discover2016 wrote:

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@Anonymous wrote:
I've seen people on Reddit/Flyertalk with 20 to 30 cards in last 24 months with no issues. Heck there's people who got approved for 20 MLB bank of America cards in the same week!

If anything, this is the anomaly

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I have this gut feeling that this AA is related to bonus issues.

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Good thinking. As well all know, Chase is really, really clamping down on what they see as churners (NOT by any means throwing any accusations at the OP. Those are obviously nice cards - and I envy them!). I'm afraid in branch approvals that bypass 5/24 will be the next thing they will come down on  

[lhcole77]

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@kdm31091 wrote:

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@austinguy907 wrote:

Don't put all of your eggs in the same basket.

Everyone around here seems to open multiple accounts with x.y.z lender once they get a foot in the door instead of looking at different lenders for products that work well with what they're planning on using them for.  There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler that thinks you'll be fine.  Your risk of losing credit is increased when you have multiple lines with the same lender.  Now closing all of your accounts rather than reducing your exposure with a CLD is debatable but, then again Chase isn't known for being the nicest lender to deal with either.  Seeing the flury of activity on here lately brings back the 2008 issue but now it's more related to the CC industry.  They may be thinking that their portfolio of risk has grown exponentially since the recovery began taking hold on the industry and pulling back the balance sheet a bit to prevent a collapse even though they think they would get another bail out from the taxpayers.

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I agree with this, and to expand on it, people just go after too much too quickly in general. Sorry but you don't really need 17 cards total much less from one lender. You're just creating massive exposure and making yourself stand out.

My advice for average Joe consumer is to get 3-4 cards from different banks, get them up to decent limits, pay in full every month, and just live your life. Chasing after every reward or bonus can definitely have consequences.

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And the flip side to this is getting these wonderful bonuses can allow someone to travel the world A LOT for pennies on the dollar.

I'll make sure to post photos from my trip to Hawaii at the end of this month (thank you BofA).

And I'll post again when I'm flying first class to Barcelona, Lisbon and Madrid (thank you Citi and Chase) for $103 for all four flights.

[red259]

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@lhcole77 wrote:

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@kdm31091 wrote:

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@austinguy907 wrote:

Don't put all of your eggs in the same basket.

Everyone around here seems to open multiple accounts with x.y.z lender once they get a foot in the door instead of looking at different lenders for products that work well with what they're planning on using them for.  There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler that thinks you'll be fine.  Your risk of losing credit is increased when you have multiple lines with the same lender.  Now closing all of your accounts rather than reducing your exposure with a CLD is debatable but, then again Chase isn't known for being the nicest lender to deal with either.  Seeing the flury of activity on here lately brings back the 2008 issue but now it's more related to the CC industry.  They may be thinking that their portfolio of risk has grown exponentially since the recovery began taking hold on the industry and pulling back the balance sheet a bit to prevent a collapse even though they think they would get another bail out from the taxpayers.

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I agree with this, and to expand on it, people just go after too much too quickly in general. Sorry but you don't really need 17 cards total much less from one lender. You're just creating massive exposure and making yourself stand out.

My advice for average Joe consumer is to get 3-4 cards from different banks, get them up to decent limits, pay in full every month, and just live your life. Chasing after every reward or bonus can definitely have consequences.

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And the flip side to this is getting these wonderful bonuses can allow someone to travel the world A LOT for pennies on the dollar.

I'll make sure to post photos from my trip to Hawaii at the end of this month (thank you BofA).

And I'll post again when I'm flying first class to Barcelona, Lisbon and Madrid (thank you Citi and Chase) for $103 for all four flights.

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I just took my second international vacation which included flights in SQ suites class all thanks to credit rewards. You just need to show some restraint and cartefully build up your profile.