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New Member
Posts: 2
Registered: ‎05-25-2010
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Chase closing my account-what to do

 I just got notified that Chase was not going to renew my account.  I assume that when my card expires that the account would then be closed.  This is my situation and I am wondering what the best thing to do would be.  My current fico score is 589.  I have 6 credit cards, basically all maxed.  I am trying to pay off these cards.  At the end of the month I have about $1500 to put towards they balances. 

 

Macys  $75

Capital One  $941.39

Chase   $985.00

Credit One  1198.00

Sunoco    $949.81

Gap       $1560.00

Chase    $5000.00

 

The Chase that they notified me about is the one with the $985.00 balance.  Would it be more beneficial to pay that off and then close the account on my own or should I put more on the cards with a higher balance?

 

Frequent Contributor
Posts: 368
Registered: ‎09-14-2009
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Re: Chase closing my account-what to do

I would focus on paying down the higher interest cards first.


EQ Starting Score: 579 | TU Starting Score: 568
EQ Current Score: 650 | TU Current Score: 653
EQ Goal Score: 1000 | TU Goal Score: 1000


Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Chase closing my account-what to do

what are interest rates?

 

New Member
Posts: 2
Registered: ‎05-25-2010
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Re: Chase closing my account-what to do

Mostly 19-24%.  What I was wondering if a closed account by the credit card company with a balance makes more of a difference in your credit score than closed account with 0 balance, but then all other cards  maxed out.

Established Contributor
Posts: 719
Registered: ‎06-23-2010
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Re: Chase closing my account-what to do

Did Chase say why they were closing the account?  I personally would go ahead and pay the card off and then request that the account be closed.  That way it will show on your report as "closed at consumers request" instead of "closed by creditor"...  I don't think it makes a difference how it shows on your report to the FICO scoring, but it does to whoever is looking at and reading your credit report.  i.e. when you get ready to puchase a house or something.  And also when the account closes your "available credit" normally drops to zero.  I would just get it paid off so that there are absolutely no misunderstandings and so that the balance is not accidently or "accidently on purpose" sent to collections as you definitely do not want that on your credit.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Chase closing my account-what to do

It makes no difference on your score who closed the account.    I would pay it off first and close it though just to be clean.  Then I would pay off the lowest balances so you have some accounts showing 0 balance.   Pay big Chase account off last.

Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
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Re: Chase closing my account-what to do

You can close the account with a balance.  The new Credit Card l;aws require them to let you pay it off on the current terms, up to five years.  That will keep the old credit limit and balance reporting for utilization purposes.  Pay off a chubk if you like, once you verify they are reporting it correctly, then pay a small mimimum monthly to keep the account open for AAOA and utilization purposes.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
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Contributor
Posts: 98
Registered: ‎01-14-2008
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Re: Chase closing my account-what to do

 


Wolf3 wrote:

It makes no difference on your score who closed the account.    I would pay it off first and close it though just to be clean.  Then I would pay off the lowest balances so you have some accounts showing 0 balance.   Pay big Chase account off last.


 

 

with $1500 i would pay off macy's and the chase account that is being closed.


Starting Score: 626 (July '10)
Current Score: 679
Goal Score: 720


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