I don't think anything happens if you just pay the minimum and focus your efforts on your other cards, except to the extent that if your Chase card has a higher APR, you are penalizing yourself in interest. If Chase is your highest interest card, I'd pay it off as fast as you can. If you don't want to reward them for canceling your card, don't do business with them again. But the more interest you pay them the more you are rewarding them. Now if you have other cards with higher APRs, concentrate on them.
Starting Score: ~500 (12/01/2008)
so_confused wrote:So I have no baddies my over all utli is a bit high around 50% but down from about 70% this time last year. Funny thing is Disco just gave me a CLI...so confused!
My question is ...what will happen if I just carry that balance paying minimum while accelerating the pay off of my other cards? Any real down side?
It looks like they are still reporting credit line of 3800 and balance of 1900+. I don't want to reward them for treating me badly...I have never paid late or even paid just
minimum. I have had high balances for the last year because of personal reasons. I have not added to my debt for over a year and have been paying it down. I have about
$28,000 in available credit. I'm not sure whats up with Chase, you would think if they were worried I was going to default they would have closed my account last year
when they cut my credit line from 5k to 3.8k which maxed out my card at the time.
Currently all my FICOS are above 700!
Thanks for any help!
IMO, unless you are looking to apply for new credit very soon (1-2 months), you should never worry about the impact of util distribution on your cards. You should always pay the minimum on every card and whatever you can pay more than that must go to the highest interest rate debt.
Regarding why they did not close your card earlier, they were surely having an eye on your account and counted you high risk thats why they did a CLD.
I have to ask you did your debt reduce over the last 1 year or its just that your util % dropped coz of CLI?
so_confused wrote:No...I have been reducing my debt as fast as possible...I was helping a family member during some hard times during 2010. In 2009 my util was around 16% and lower before that. I have no baddies... never been late with anything. I just feel like they have made an error in judgment. I will not do business with them ever... under no circumstances.
Sure, you don't need to give them your business (It's absolutely your choice as to who you take your business to). I am not trying to tell you that they are right or anything. I am just trying to figure out for your and everyone's (including myself) benefit what could the trigger be. Do you mind sharing what your total debt was 1 year bk and how much is it now and have you had other changes to your CR like new accounts, AU anything...
What has happened once can happen again, may be with a different lender. Wondering if calling their backdoor number will get some valuable insight for everyone's benefit.
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