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@ma_fico wrote:They haven't touched my Chamu yet.
I think it's because they are fully aware that closing their piddly little 1.5k CL* wouldn't register even a teeny blip on my utilization scale.
I think Chase is borderline evil - and I'm only half-joking. They seem to be targeting (mostly) customers upon whom they can wreak the most havoc and woe, and whose scores they can best decimate.
* not impugning those for whom $1.5k is significant - just saying that they are about 1/8 - 1/10 of most of my other CLs.
"Chamu"
LMAO!!!!
@ma_fico wrote:They haven't touched my Chamu yet.
I think it's because they are fully aware that closing their piddly little 1.5k CL* wouldn't register even a teeny blip on my utilization scale.
I think Chase is borderline evil - and I'm only half-joking. They seem to be targeting (mostly) customers upon whom they can wreak the most havoc and woe, and whose scores they can best decimate.
* not impugning those for whom $1.5k is significant - just saying that they are about 1/8 - 1/10 of most of my other CLs.
I will say it flat out and not joking - Chase Bank is evil! I would not doubt that inflicting woe to incourage massive and immediate repayments is part of the program here.
I had an account through WaMu at a fixed rate of 9.9% that Chase purchased. Unfortunately do to a drawn out divorce, I ended up building up a balance of about $3500 on it with a credit limit of $4500. I received a notice in June that they were changing me to a varying interest rate that at this point was about 15% and that my minimum payment would now be 5% and that I would have until July 1st to close the account if I didn't agree with it. I decided to keep the account open, so didn't do anything. On July 17th, they sent me a letter closing the account and said that since I hadn't closed it before July 1st, I would now be paying at the higher rate.
When I called them to complain, they said that I should have closed it before July 1st, and refused to lower it back down to the 9.9% rate. Additionally, when I made my way up the managerial chain, they all refused. One of the people at the top, when I asked her if she truly thought that this was okay to do, told me that she doesn't use credit cards.
Is it just me, or does this seem almost the equivalent of some loan shark selling the loan off to another one, who immediately increases the "juice" on it? If it were someone other than a banking industry giant, there would be racketeering charges all over this.
Sorry, had to vent. Does anyone have any recommendations on what to do next concerning this?
+1 no problems so far, that is
Wow. Didn't know there were so many people with my problem. Ex- wamu account holder. I recently pulled out one of my 2 CC to use and was unable to use them. Called chase and found out they had closed my account for a few reasons. But mostly for having to much debt to credit limits.
Funny thing is I have been paying down ALL my credit cards and have closed ones I have paid off. I don't see the rhyme or reason to this sudden closure. But I guess I don't need to after reading the responses here. Oh well time to move on.
@Anonymous wrote:Wow. Didn't know there were so many people with my problem. Ex- wamu account holder. I recently pulled out one of my 2 CC to use and was unable to use them. Called chase and found out they had closed my account for a few reasons. But mostly for having to much debt to credit limits.
Funny thing is I have been paying down ALL my credit cards and have closed ones I have paid off. I don't see the rhyme or reason to this sudden closure. But I guess I don't need to after reading the responses here. Oh well time to move on.
Closing them after paying them off is not going to help your utilization. You need the credit limits of those cards to offset the reported debt. Congrats on your progress.
@Anonymous wrote:Wow. Didn't know there were so many people with my problem. Ex- wamu account holder. I recently pulled out one of my 2 CC to use and was unable to use them. Called chase and found out they had closed my account for a few reasons. But mostly for having to much debt to credit limits.
Funny thing is I have been paying down ALL my credit cards and have closed ones I have paid off. I don't see the rhyme or reason to this sudden closure. But I guess I don't need to after reading the responses here. Oh well time to move on.
Sorry for you difficulty and welcome to the forums.
You are far from alone. Press reports are that Chase plans on closing several million CC accounts that were transferred to them in the WaMu deal. Very few have managed to have their closure reversed. The letter they are sending out seems to lag the actual closure of the account by several weeks. FWIW, to a certain extent the reasons cited in the letter that is sent out make a little more sense than the reasons offered on the phone.
Keep up what you are doing but stop closing accounts. It is very important in this credit environment that you pay your balances down and keep them down, but also keep the TL's open for the CL's (which are a good thing).
Best thing to do is put it behind you and move on.