Chase Joint Closed... how bad?!

[Creditaddict]

Have a joint Chase account, been waiting over a month to try to get myself removed from the account.  Called back door number again today and he checks into it and says they did complete the process and they will not remove me... Further more after the review they are also Closing the account permanantly.  it is a Signature card that was reporting highest balance of around $15.5k with close to $13k balance... so already wasn't helping me in util very much but what will happen now that they show it as closed?

[haulingthescoreup]

Ick.

This is from fused's Closing Credit Cards (linked in my siggy below):

Tidbits(this section is courtesy of moderator, Lel)

- If a closed CC account with a balance continues to report the original credit limit, then both the balance and the CL of the closed account will be used in the utilization calculations.

- If a closed CC account is reporting a zero CL, even if there is a balance on the CC, the card will not be included in the calculations.

- If a closed CC account is reporting a non-zero CL but has a zero balance, the card will not be included in the calculations.

- If a closed account reports a CL that is equal to the balance (balance chasing), then this will be included in the calculations.  This is the worst-case scenario with regard to utilization.

I'm guessing (emphasis on guessing) that if the card continues to report the highest-ever balance, you'll be in scenario one. Fingers crossed that it won't be version 4.

You'll have to wait for your next statement to see if they continue to report the highest balance (in lieu of a CL.) If you're lucky, they won't, or it will somehow be ignored while looking at the actual CL field.

[drkaje]

Tough one.. Is there a balance on the account?

[Creditaddict]

so based on this looks like I'm okay for reporting right? besides that it isn't that much below high balance.

CHASE Current Close Account Details 800-955-9900 PO BOX 15298 WILMINGTON, DE 19850
	Experian®	Equifax®	TransUnion®
Account Name	CHASE	CHASE BANK USA, NA	CHASE
Account Type	Credit Card	Open Account	Open account
Balance	$13,553.00	$13,553.00	$13,553.00
Date Opened	5/1/2005	5/1/2005	5/27/2005
Account Status Open Closed Closed Mo. Payment $274.00   $274.00 Past Due     $0.00 Payment Status Current Pays account as agreed Paid or paying as agreed High Balance $15,215.00 $15,215.00 $15,215.00

[PNut08]

I had a Chase card that I closed back in '07 that had a balance on it. I was still a student and having financial problems. They closed the account and set a fixed monthly payment to pay it off in 3 years. The entire time I was paying it off, it showed up on my CRs with both the amount owed and the original credit limit. So I would think you would be fine but, like I said, I closed mine voluntarily.

[haulingthescoreup]

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@Creditaddict wrote:

so based on this looks like I'm okay for reporting right? besides that it isn't that much below high balance.

CHASE Current Close Account Details 800-955-9900 PO BOX 15298 WILMINGTON, DE 19850
	Experian®	Equifax®	TransUnion®
Account Name	CHASE	CHASE BANK USA, NA	CHASE
Account Type	Credit Card	Open Account	Open account
Balance	$13,553.00	$13,553.00	$13,553.00
Date Opened	5/1/2005	5/1/2005	5/27/2005
Account Status Open Closed Closed Mo. Payment $274.00   $274.00 Past Due     $0.00 Payment Status Current Pays account as agreed Paid or paying as agreed High Balance $15,215.00 $15,215.00 $15,215.00

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Well, that's the problem. We know how closed cards with balances report when they report the CL in a normal fashion, but I don't know if anyone has posted experiences with closed NPSL cards, where they go to the high balance field instead of the CL field. You may wind up being our non-volunteer guinea pig on this one, I'm afraid.

I guess that if they do report the high balance, at least they can't balance chase you, right? It's not like there's a CL that they can drop and drop and drop.

[Creditaddict]

I guess that if they do report the high balance, at least they can't balance chase you, right? It's not like there's a CL that they can drop and drop and drop.

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HAHA, yes that's the funny thing, the "Guideline" use to be $15900 or something and about 3-4 years ago they dropped it to 13,900 where the balance was but nothing changed credit wise because the high balance remained same... it will be hard to initially judge what if anything this will do to my credit because this is happening at the same time as 2 chargeoffs being settled in full and 10-15 credit cards updating to a $0 balance, a line of credit updating to $0 balance, and the removal of AU cards that also carried some balances. But I will post when I pull Fico again, been waiting for the chargeoffs to update on CR but my USAA Credit Monitoring has shown my EX go from under 600 to 703 as of yesterday (clearly not a good score but I have to assume that my Fico is doing the same incline, just don't know if at that pace)

[john398]

I think you better make sure that atleast the minium payment is made, even if the debt isnt yours since they did not take you off you would not want a 30 day or more late to report

[Creditaddict]

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@john398 wrote:

I think you better make sure that atleast the minium payment is made, even if the debt isnt yours since they did not take you off you would not want a 30 day or more late to report

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The banks are unwilling to work with people on interest rate and payments unless the account is delinquent (usually 5 days after payment missed) I would never let a late appear on credit!

[john398]

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@Creditaddict wrote:

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@john398 wrote:

I think you better make sure that atleast the minium payment is made, even if the debt isnt yours since they did not take you off you would not want a 30 day or more late to report

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The banks are unwilling to work with people on interest rate and payments unless the account is delinquent (usually 5 days after payment missed) I would never let a late appear on credit!

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ok gotcha, at 5 days late it wont report of course ...thats a good stategey since it wont report til 30 days late