Chase closing account for no reason?

[ShowCredit]

Bewildered,

Don;t feel bad, chase did that to me too.  They gave reasons that made no sense, but I am not asking them to reconsider.  It's like whatever.  I am going to apply for another CC through my credit union.

Chase is ridiculous.

[creditwherecreditisdue]

Do the search here. These decisions (particularly the more psychotic ones) have been apealled sucessfully. I would file complaints with the OCC:

http://www.helpwithmybank.gov/complaints/ 

and the BBB in Delaware. Also call Chase and send a letter containing the referenced EX report where they direct you to. Remain optimistic!

Message Edited by creditwherecreditisdue on 08-29-2009 08:59 PM

[Anonymous]

I haven't applied for a new card sice all this started. When I read this stuff I get furious. I'm sitting this one out; when all is said and done, I will remeber the banks that acted like decent people and snub the rest...for the rest of my days.

Fact is, you have too much available credit for the new credit world and they just drum up q-card one liners at random to give for reasons. How would you feel if they just said, "sorry, we don't have the funds these days to back the massive amounts of credit limits we used to back so we are shaving 20% off the credit limits of those people who never use their limit." You'd be a little disturbed but just go on with your day. The behavior of big banking is nothing short of filth.

[bewildered]

I had each of the cc's up and just recently paid them all down to zero.  so i've been using them for the past 5 years.  the account that closed was the one I hadn't used for some time.  I'll be watching my Chase Freedom to see what they "decide" to do with that one. thanks.

[ocheosa]

bewildered,

I would call and talk to an analyst. Something seems wrong here. You may have been caught in a computer generated closure. It could not hurt to call in and speak to a human. I only say this because you've had your accounts open for 5 years.

[athensguy]

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@creditwherecreditisdue wrote:

Do the search here. These decisions (particularly the more psychotic ones) have been apealled sucessfully. I would file complaints with the OCC:

http://www.helpwithmybank.gov/complaints/ 

and the BBB in Delaware. Also call Chase and send a letter containing the referenced EX report where they direct you to. Remain optimistic!

Message Edited by creditwherecreditisdue on 08-29-2009 08:59 PM

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Indeed, giving false reasons for AA is illegal.

[Anonymous]

It looks to me like the account in question was simply closed because of inactivity, but the reasons stated on the letter were bogus, which is getting to be routine for Chase these days. I'd blame a poorly-written reason-generating software program.

Banks' reasons for adverse action seem to be similar to Fico's list of factors which help/hurt credit scores, in that they fall into two categories - the "reasons" are either extremely obvious, or are unexplainable mismatches. If any (or all) of the reasons don't make sense, they should just be ignored. A cardholder can figure out the real reason with common sense, or can check a credit forum like this to find out what widespread actions their bank is currently taking (across-the-board rate-jacks, CLDs, closures, etc.) that they have been caught in. 

These days, bankcards which are inactive for more than a year are very likely to be closed, and some issuers will close credit card accounts after shorter periods of inactivity. My 12-year-old HSBC account was closed last year after 6 months of inactivity ...

[creditwherecreditisdue]

Once you slide past three months of disuse with HSBC you are living on borrowed time!

Even if Chase closed for disuse they did not so state. The closure must be challenged and their feet held to the fire. If my Chase account is closed it will be challenged no matter what the reason stated is. They seem to very readily able to reverse themselves as long as you protest properly and present a reasonable argument.

[Anonymous]

this is why chase uses Ex if you buy your report direct from Ex you will see they keep hisstory of  you credit card balances

[creditwherecreditisdue]

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@Anonymous wrote:
this is why chase uses Ex if you buy your report direct from Ex you will see they keep hisstory of  you credit card balances

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At least by month as reported. They also provide a history of your CL as well. That said the format is kind of lame.