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Chase closed my account

Established Contributor

Re: Chase closed my account


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!!!!Smiley Very Happy

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Senior Contributor

Re: Chase closed my account


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.

Established Contributor

Re: Chase closed my account

They certainly can be.  I've not had problems with them, but I do understand others' frustrations.  
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Frequent Contributor

Re: Chase closed my account

Pulled out my Chase (Formerly WAMU) to use it since it's been a minute and wouldn't you know, 5 days later they CLD me from 2,000 to 1,000.  My other Chase Visa (originally Chase) seems to be Ok. 
Marriott Rewards Visa $25,000; AirTran A+Rewards Visa $25,000; PFCU Visa $17,000; Barclay B&N MasterCard $12,000; GUCU Visa $10,500; Nordstrom Visa $10,000; GOCU Visa $10,000; Ann Taylor MasterCard $6,400; US Bank Perks Plus Visa $5,000; Barclay Arrival MasterCard $5,000; Quicksilver One $3,000; Capital One Classic $3,000; Amazon Visa $500; Sam's Club MasterCard $250; Dillards AMEX $250; Wal-Mart MasterCard $250.
New Visitor

Re: Chase closed my account

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?

Senior Contributor

Re: Chase closed my account

+1 no problems so far, that is


pattycake wrote:
They certainly can be.  I've not had problems with them, but I do understand others' frustrations.  

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Established Member

Re: Chase closed my account

I have a relatively new account with chase, just opened in April, with a tiny credit line of only 500, and they actually gave me a CLI to 700 just 2 months after I first opened it.  After reading all of the horror stories of wonderful Chase on here, I'm watching my account closely to see if they decide to screw with my new account.  But like someone else said, maybe since its so small they could care less about me! haha
------------------------------------------------------------------------------------
7/25/09 -- EQ 651 ; TU 634 ; EX: ??


2/22/10 -- EQ 652; TU 657; Ex: ??
Shootin' for 700!!!
New Visitor

Re: Chase closed my account

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.

Frequent Contributor

Re: Chase closed my account


jwsanchz 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.

Senior Contributor

Re: Chase closed my account


jwsanchz 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.