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Member
nadial88
Posts: 16
Registered: ‎04-15-2009

Chase closed my account

Please help.

I called CHASE and they explained to me that they got "derogetory information" from credit agency (?) therefore they had to close my account. He said I had "too few credit cards, and too low credit limit on the card."

 

How does this give them the right to close my account? I am so confused and mad.

I am waiting for the hard copy letter to hopefully better understand things and give these people a call.

 

Nadia

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I'm in the 700 club!

Established Contributor
Revike
Posts: 720
Registered: ‎05-04-2007

Re: Chase closed my account


nadial88 wrote:

Please help.

I called CHASE and they explained to me that they got "derogetory information" from credit agency (?) therefore they had to close my account. He said I had "too few credit cards, and too low credit limit on the card."

 

How does this give them the right to close my account? I am so confused and mad.

I am waiting for the hard copy letter to hopefully better understand things and give these people a call.

 

Nadia


Ignore the reasons. Chase can close an account at any time. Was this an ex-WaMu account? Chase is in the process of decreasing credit limits or closing about 3 million ex-WaMu accounts ...

Established Contributor
JoeBJay20
Posts: 795
Registered: ‎04-13-2009

Re: Chase closed my account

I'm gonna go out on a limb here (well not really) and guess this was a former WaMu account.  Chase is in the process of closing 3 million WaMu accounts, and thus far, there's no real rhyme or reason to the closures, although high utilization seems to be most prevalent.  But by and large it appears Chase has already decided which accounts it's closing and will find reasons to fit.  For some people, it's high utilization; for others, too much new credit; and in your case, not enough credit.  The truth is a CC issuer can cancel your card at any time, for almost any reason. 
Established Member
jennyj
Posts: 20
Registered: ‎05-19-2009

Re: Chase closed my account

Us too.The credit company is experian.   Complete BS if you ask me.  Their reason for us was "one or more accounts have high balances compared to credit limits" Utter crap because in the last 6 months I have managed to pay down ALL our accounts to zero or atleast below 50%.  Have not been late, which was their other reasons.  It is an ex-wamu account,  our oldest and our highest limit card.  I AM SO P'OED IT'S NOT EVEN FUNNY!!! 

 

Not to be a hijacker here but what does this actually do to your credit?  Will this have a negative impact?

6/09 CreditInform 579
8/12/09 TU 616 EQ 631
8/22/09 TU 664 EQ 632
Movin' on up!
Established Contributor
JoeBJay20
Posts: 795
Registered: ‎04-13-2009

Re: Chase closed my account

The closing of the account in and of itself has no effect on your credit.  Where it can potentially hurt you is in terms of your utilization.  You've lost available credit, so if all of your CC balances are the same, your utilization has increased, which harms your score. 
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Chase closed my account


nadial88 wrote:

Please help.

I called CHASE and they explained to me that they got "derogetory information" from credit agency (?) therefore they had to close my account. He said I had "too few credit cards, and too low credit limit on the card."

 

How does this give them the right to close my account? I am so confused and mad.

I am waiting for the hard copy letter to hopefully better understand things and give these people a call.

 

Nadia


Sorry for your problem.

 

Unfortunately, if they want to dump you they don't really need a reason. Best to pick up and move on.

New Visitor
tigerfootballqueen
Posts: 1
Registered: ‎07-21-2009

Re: Chase closed my account

I got the same letter and called them yesterday.  I was able to convince them to keep my account open. Mine was a WAMU account, but I lucked out since the last of my baddies (BK) fell off last month.  When he looked it over, he said he would reopen the account.  Yippee for me! 

Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008

Re: Chase closed my account


tigerfootballqueen wrote:

I got the same letter and called them yesterday.  I was able to convince them to keep my account open. Mine was a WAMU account, but I lucked out since the last of my baddies (BK) fell off last month.  When he looked it over, he said he would reopen the account.  Yippee for me! 


Congrats on the drop-off and the re-open, and welcome to the forum!

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Chase closed my account


tigerfootballqueen wrote:

I got the same letter and called them yesterday.  I was able to convince them to keep my account open. Mine was a WAMU account, but I lucked out since the last of my baddies (BK) fell off last month.  When he looked it over, he said he would reopen the account.  Yippee for me! 


 

Nice going and welcome!

 

What number did you call to get this done?

New Visitor
neatden
Posts: 1
Registered: ‎07-21-2009

Re: Chase closed my account

I guess I should consider myself lucky - first they raised my interest last month and this month cut my credit limit - Ijust paid them 6000 last month because I am trying to get my debt/credit ratio in better shape and now they deceased my 7500 limit down to 2200, said it was because high balances on other cards - not true - I don't carry a balance on the other cards, pay them every month and when I paid Chase down to a 200 balance they cut me down - why would I have paid them 6000 if I didn't plan on paying the account?

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