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Chase closing account for no reason?

Frequent Contributor

Re: Chase closing account for no reason?

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.


Starting Score: EQ-686 TU 703
Current Score: EQ-695 TU 713
Goal Score: EQ-800 TU 800




href="http://ficoforums.myfico.com/fico/board/message?board.id=FC&thread.id=1">Take the FICO Fitness...
Message 11 of 32
Senior Contributor

Re: Chase closing account for no reason?

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
Message 12 of 32
Established Contributor

Re: Chase closing account for no reason?

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.

1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Message 13 of 32
Established Member

Re: Chase closing account for no reason?

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.

Next stop...800+ Club!!!
9/11/09: TU 734, EQ 745, EX ???
Message 14 of 32
Frequent Contributor

Re: Chase closing account for no reason?

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.

01/04/10 TU 778 EQ 731
08/05/09 TU 762 EQ 722
02/12/09 TU 722 EQ 704 EX 690
EQ sensitive to inqs & student loan.
Message 15 of 32
Valued Contributor

Re: Chase closing account for no reason?


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



Indeed, giving false reasons for AA is illegal.
Message 16 of 32
Established Contributor

Re: Chase closing account for no reason?

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 ...

Message 17 of 32
Senior Contributor

Re: Chase closing account for no reason?

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.

Message 18 of 32
Established Contributor

Re: Chase closing account for no reason?

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
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Message 19 of 32
Senior Contributor

Re: Chase closing account for no reason?


rbbyrbsn 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

 

At least by month as reported. They also provide a history of your CL as well. That said the format is kind of lame.
Message 20 of 32