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Valued Contributor
Posts: 2,937
Registered: ‎05-25-2016
0

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
Valued Contributor
Posts: 2,937
Registered: ‎05-25-2016
0

Re: Chase closing accounts

We see them closing down accts all the time but I have never seen this particular reason for it
New Contributor
Posts: 69
Registered: ‎09-10-2016
0

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.
Frequent Contributor
Posts: 386
Registered: ‎01-15-2017

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?  

Contributor
Posts: 86
Registered: ‎03-11-2017

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.
Frequent Contributor
Posts: 299
Registered: ‎06-02-2016

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/

Starting all over again until 12-8-2018.
NFCU Sig $16.5K || Discover IT $5K || Macy's $5K || NFCU Plat $4K || Chase FU $4K || CitiCostco $4K || CitiDC $3.3K || Chase Slate $1K || NFCU CLOC $1K
Frequent Contributor
Posts: 299
Registered: ‎06-02-2016
0

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.

Starting all over again until 12-8-2018.
NFCU Sig $16.5K || Discover IT $5K || Macy's $5K || NFCU Plat $4K || Chase FU $4K || CitiCostco $4K || CitiDC $3.3K || Chase Slate $1K || NFCU CLOC $1K
New Contributor
Posts: 387
Registered: ‎02-07-2017

Re: Chase closing accounts

[ Edited ]

+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...

Rebuilding credit since 2015 (BK filed 8/14, discharged 12/14) - started out in 570's, now approaching 700 (FICO 4/17:TU 627/EX 662/EQ 659 FICO 8 690 NG 2, VS 3.0 4/21/17: TU 684/EX 684/EQ 691)! $951 Cap One secured/$3000 Cap One unsecured/$800 Amazon Prime Store Card/$2500 Discover It (NEW 03-21-17)/$10k PenFed used car loan/$5k Navient student loan. In the garden until Sept. 2017 unless I get an offer I can't possibly refuse...
Moderator
Posts: 12,976
Registered: ‎10-07-2014

Re: Chase closing accounts

[ Edited ]

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.  

New Contributor
Posts: 387
Registered: ‎02-07-2017

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.

Rebuilding credit since 2015 (BK filed 8/14, discharged 12/14) - started out in 570's, now approaching 700 (FICO 4/17:TU 627/EX 662/EQ 659 FICO 8 690 NG 2, VS 3.0 4/21/17: TU 684/EX 684/EQ 691)! $951 Cap One secured/$3000 Cap One unsecured/$800 Amazon Prime Store Card/$2500 Discover It (NEW 03-21-17)/$10k PenFed used car loan/$5k Navient student loan. In the garden until Sept. 2017 unless I get an offer I can't possibly refuse...

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