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Chase closing accounts

Senior Contributor

Re: Chase closing accounts

But if Op is saying that nothing of that nature has occurred on any of the accts then how can they have the right to close them esp the checking acct, that is what is throwing me off
Message 11 of 117
Senior Contributor

Re: Chase closing accounts

We see them closing down accts all the time but I have never seen this particular reason for it
Message 12 of 117
Contributor

Re: Chase closing accounts

Well, as far as the checking account goes, I've had it for about a year and only used it maybe five times so that's probably being closed due to lack of use. As far as credit cards the representative on the telephone said the income didn't match what's in my checking account. Whenever I get the letter, I'll take a photograph and show it. I find it weird too but it might be because I used to have an auto loan through them and I refinanced with my credit union. Who knows, maybe bitter feelings.
Message 13 of 117
Valued Contributor

Re: Chase closing accounts

Income in the checking does not match the app and thats the reason to close sounds lame and or nuts. I know plenty of people with multiple banks.  I think you need a talk with the Branch Manager. Is somebody at Chase angry at you?  

Message 14 of 117
Regular Contributor

Re: Chase closing accounts

Won't loosing 35k revolving credit affect your utilization? If your utilization increases, other lenders may see you as risk and they may reduce your lines or cancel the card.

It may be a good idea to visit the branch and talk to manager.
Message 15 of 117
Established Contributor

Re: Chase closing accounts

+1000 everyone else.
This just sounded to unreal to me too so I decided to Google it and OMG, Chase actually does close down everything, including checking accounts, with no warning if anything appears suspicious. Here is the article I found
https://www.uscreditcardguide.com/how-to-avoid-chase-closing-all-your-accounts/


EX 753, TU 778, EQ 779
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
Message 16 of 117
Established Contributor

Re: Chase closing accounts

Well, the more I research, the more I learn. Didn't even know Walmart had a bill pay where you can pay your other CC bills. So a quick question KnightOwl. Were you paying your Chase bill through WM bill pay? I read thats what makes Chase suspicious/anxious about this methid is that when one uses ~50% of his/her CL in a month and then pay the balance several times using WM BP to close the month with a small balance. I'm just trying to find answers for you as I continue to wrap my mind around why Chase took such a drastic action.


EX 753, TU 778, EQ 779
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
Message 17 of 117
Established Contributor

Re: Chase closing accounts

+1 to CreditInspired's last couple of posts. It's really inexplicable that Chase would shut the OP down on the grounds of the income in their debit account not matching the amount of income reported to Chase for credit purposes, particularly as the OP recently had a salary increase, which ought to by any rational calculation improve their position for CLI's and such. I would also advise the OP to take a look at how they're making payments on their accounts and what source they're using to fund those payments; in the absence of anything else, Chase may have gotten spooked by the method/frequency of payments.

 

What's interesting is that I've been seeing several people report lately that the practice of making multiple payments per month to a given credit card account is in fact causing problems for them. Chase's action is way at the extreme end of the spectrum, but I now wonder if we're going to start seeing any other issuers take less harsh AA's on the same grounds, if that's what it turns out to be.

 

P.S. Finally, having read that article, I find myself actually being less interested in exploring Chase as a possible credit-card issuer than before, even if there weren't already the issue with my BK (which, as reported elsewhere, will likely result in automatic denial of apps). If they're going to be that harsh, I'm not so sure I want to be a customer of theirs after all...

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/1/17: TU 699/EX 687/EQ 693. $33.2K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4300 Overstock Store Card, $4500 Discover It, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Message 18 of 117
Moderator

Re: Chase closing accounts

FIirst, @KnightOwl101, I am sorry that this happened to you.

 

Before people make tons of posts about income discrepancy as justification for closing all the Chase accounts, wait until the letter arrives.  It is highly likely that there is more to the story than that.  Definitely not suggesting that the OP is lying or holding anything back but as we often see with these AA threads more info tends to be become available as time goes on.  Even when the letter arrives it is entirely possible that the OP may never know the exact reasons for closures.  Creditors are not required to provide that info and are completely free to close accounts as they see fit.  If you read other forums, Chase has been known to shut down all of a person's accounts, including checking/savings if they suspect fraud of any kind.  Very unlikely that they would suspect fraud from a debit account balance especially at the income level as indicated by OP.  So, at least to Chase, I suspect that they see something else.  

Message 19 of 117
Established Contributor

Re: Chase closing accounts

That's true. What makes it so frustrating is that because Chase (or any other lender) isn't obligated to disclose their actual, underlying reasons, there's no way to tell whether what they think they see in someone's credit profile is in fact actually there or whether it's a mirage.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/1/17: TU 699/EX 687/EQ 693. $33.2K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4300 Overstock Store Card, $4500 Discover It, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Message 20 of 117