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My first AA. Logged in to make my first Chase payment and it said my account was closed! Immediately called in to get the exact reasons. Its not that I was in total shock however. I figured someone would do this because of my recent mega spree where I got too carried away. Spoke with someone from Portfolio Risk department and they said based on recent info from my EX report, they closed the account. This is what they listed:
They cant see the payments made to others yet, all of my cards are new and some of them I have made payments on but they reported higher balances. Some of them I have just had my first statement to cut and was unable to make payment until now. Some of my cards reported 0 balance while others reported the full balance before payment.
I just moved, and while I havent gone bezerk with my credit, I have had to put balances on a few cards.
I am just no able to make payments to Chase and my payment due date isnt until December....for my 1st statement.
Another thing that alarmed them was....Fidelity gave me a Direct Deposit offer, and I took it. ($4800 out of $5k available) I asked them when the statement would cut and would I be able to make a payment before then to get the balance down before it reported. I receieved the deposit at the end of October and the statement was supposed to cut on Nov 6th they told me. Well, it reported on the 6th...but the whole while I had been waiting to make a payment and was not able to do so. It wasnt until after it was reported that I was then able to make an online payment to my account. This really spooked them. Funny, though, they said the same thing about my CSP, but my payment isnt due til Dec. I used about $1k of the $5k available.
On the flip side, the rep said, I could call back in tomorrow if my credit bureau info changed....but they recommend calling back in for a review in 30-45 days. I will do that if I get my balances down and reported by then. They said they just cant see any payment history to any of the other lenders and thats what spooked them. The only one they can see is Chase and I havent made a payment to them yet, but as I said, its not due til Dec and I logged in today to make my first payment. My AMEX PRG and True Earnings I have had the same time as most of the other cards...but have used heavily and made at least 2 payments on each...and 3 PIFs total. I have made payments on each of my Barclays cards, my new CapOne QS (which I have had for almost 2 months and its just now reporting), and my Discover. The rest I will be making the first payments this week.
Sorry to hear about the AA! The cards listed in your signature - are those all new? You said 22 recent INQ's, were you approved for everything? What were you scores at app time and what are your scores now?
Hopefully you can resolve once they see your payments posts on your other accounts. What was your overall utilization at time of AA?
@akula wrote:Sorry to hear about the AA! The cards listed in your signature - are those all new? You said 22 recent INQ's, were you approved for everything? What were you scores at app time and what are your scores now?
Hopefully you can resolve once they see your payments posts on your other accounts. What was your overall utilization at time of AA?
The first 3 cards in my sig are old...everything else is new from September 23rd until present. I wasnt approved for everything. Mostly everything early in the spree I was approved for except Chase Freedom (after being approved for CSP), Capital One Spark and Venture, and Care Credit. After those denials I was still approved for 6 more cards totaling around $30k.
My EX was 689 according to all those who pulled. My EQ was around 678 or so and my TU was around 690-694. My overall util was 1% because I had paid everything down to zero balance for 3 months because I was buying a home.
As of today, my reported util is 18%...which I explained to them that is not high and they agreed...but, the Fidelity is reporting $4800 ($5k limit) and my SM is reporting $2700 ($3800 limit) but I have made payments on it that havent reflected the current balance of $1600. So it was circumstance that they SPed me and saw some of these cards close to max. I may have been ok it not for the Fidelity...but I think once I show that I can pay these, Chase will re-open my account....at least thats how they sounded over the phone. I asked them if one of the reasons were that I had too much credit and they said not necessarily...its a combination of several things.
@godscountry wrote:On the flip side, the rep said, I could call back in tomorrow if my credit bureau info changed....but they recommend calling back in for a review in 30-45 days. I will do that if I get my balances down and reported by then. They said they just cant see any payment history to any of the other lenders and thats what spooked them.
May I ask why you did a spree rather than spreading out the apps over time to let them report?
I would say this board promotes credit card sprees and yours was quite a big one and that will scare any lender racking up that much new credit in a few months then coming close to maxing out a few CC's. Thta is just my 2 cents and you stated you aren't really suprised either. Most normal peeople only apply for maybe a few credit cards a year if even that that aren't rebuilding or into forums etc, the people that do sprees on this forum are not the norm for sure and that would spook me as well
@godscountry wrote:
@akula wrote:Sorry to hear about the AA! The cards listed in your signature - are those all new? You said 22 recent INQ's, were you approved for everything? What were you scores at app time and what are your scores now?
Hopefully you can resolve once they see your payments posts on your other accounts. What was your overall utilization at time of AA?
The first 3 cards in my sig are old...everything else is new from September 23rd until present. I wasnt approved for everything. Mostly everything early in the spree I was approved for except Chase Freedom (after being approved for CSP), Capital One Spark and Venture, and Care Credit. After those denials I was still approved for 6 more cards totaling around $30k.
My EX was 689 according to all those who pulled. My EQ was around 678 or so and my TU was around 690-694. My overall util was 1% because I had paid everything down to zero balance for 3 months because I was buying a home.
As of today, my reported util is 18%...which I explained to them that is not high and they agreed...but, the Fidelity is reporting $4800 ($5k limit) and my SM is reporting $2700 ($3800 limit) but I have made payments on it that havent reflected the current balance of $1600. So it was circumstance that they SPed me and saw some of these cards close to max. I may have been ok it not for the Fidelity...but I think once I show that I can pay these, Chase will re-open my account....at least thats how they sounded over the phone. I asked them if one of the reasons were that I had too much credit and they said not necessarily...its a combination of several things.
Good to know, as that scared me a little. My situation is a bit similar to yours, but I stopped at 10 new accounts. I hope Chase re-opens your account. I have three cards with them and they have been great thus far.
@CreditCuriousity wrote:I would say this board promotes credit card sprees and yours was quite a big one and that will scare any lender racking up that much new credit in a few months then coming close to maxing out a few CC's. Thta is just my 2 cents and you stated you aren't really suprised either. Most normal peeople only apply for maybe a few credit cards a year if even that that aren't rebuilding or into forums etc, the people that do sprees on this forum are not the norm for sure and that would spook me as well
Exactly, I recall the OP's "Colossal App Spree" thread (which kept going and going - albeit some denials) so this AA is no surprise. If they decide to re-open, great. If not, lesson learned. I believe the OP did not think about moderation and the effects on other lenders?
Yep this forum is certainly app spree happy. You have to either have a lot of willpower and self restraint to not get caught up or your bureaus frozen to help with the spontaneous apping. Sorry that happened to you OP. Seeing more and more of these "Blank Closed My Card" threads. Very important to remember that current creditors are indeed constantly monitoring our credit reports. These sprees may not be such a good thing!
Hi, I had the same thing happen to me yesterday with a Barclays card. I am not even going to attempt for them to reopen. I just paid off my balance I owed to them and will monitor to ensure the payment posts and I owe them nothing more. I am just considering it a lesson learned. Like a few others here, I chose to apply for everything under the sun credit card wise and between the apps and new approvals, it bit me in the ass (excuse my language). Like I said, its a hard lesson learned. So last night after I learned it happened, I closed like 8 store cards that had toy limits. I chose to take the Fico score hit (assuming it will happen with the closed accounts) and let it rebound and have my other cards grow and age.
I am sorry it happened to you as well. Keep your chin up, its not the end of the world.
Very sorry to hear of your AA, OP. I do hope in time that you will be able to re-open your CSP. Just want to mention that if you aren't able to make a payment via your card's online account, you always have the option of pushing a payment directly from your bank's online bill pay feature.
Good luck, OP!