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Has anyone had their credit card reopened or credit line raised after a credit card card company closed or reduced the credit line based on high utiliztion or risk?
My friend's Chase card was closed and their BOA Card line was reduced for high utilization. He sinced paid all of his card off and on time. Im thinking he should call Chase and request they reopen his credit card. His credit report is clean and reflects a 5% utilization.
@sjt wrote:Has anyone had their credit card reopened or credit line raised after a credit card card company closed or reduced the credit line based on high utiliztion or risk?
My friend's Chase card was closed and their BOA Card line was reduced for high utilization. He sinced paid all of his card off and on time. Im thinking he should call Chase and request they reopen his credit card. His credit report is clean and reflects a 5% utilization.
How long has the card been closed? If it's been less than a month, there might be a slim chance at it. He'd probably have more luck with BOA.
i had a very similar situation, and no, Chase would not re-open the TL no matter what my utilization had dropped to. This was three years ago. Last week I crossed my fingers (toes and eyes) and re-applied for the Disney co-branded Chase card since we have a trip coming up and yes, I got the glorious "Congratulations you are Approved" message.
So, all is not lost, they will approve again, but not the old account. If his scores are decent tell him to try Capital One or Discover and build a little, then go back to Chase.
I can't speak for BoA - never dealt with them at all.
@SunriseEarth wrote:
@sjt wrote:Has anyone had their credit card reopened or credit line raised after a credit card card company closed or reduced the credit line based on high utiliztion or risk?
My friend's Chase card was closed and their BOA Card line was reduced for high utilization. He sinced paid all of his card off and on time. Im thinking he should call Chase and request they reopen his credit card. His credit report is clean and reflects a 5% utilization.
How long has the card been closed? If it's been less than a month, there might be a slim chance at it. He'd probably have more luck with BOA.
I believe its been a little over three years. All accounts have been paid off and on time.
@momofbeth wrote:i had a very similar situation, and no, Chase would not re-open the TL no matter what my utilization had dropped to. This was three years ago. Last week I crossed my fingers (toes and eyes) and re-applied for the Disney co-branded Chase card since we have a trip coming up and yes, I got the glorious "Congratulations you are Approved" message.
So, all is not lost, they will approve again, but not the old account. If his scores are decent tell him to try Capital One or Discover and build a little, then go back to Chase.
I can't speak for BoA - never dealt with them at all.
Thanks for the reply and congrats on getting the card!
@enharu wrote:
According to 2 chase analysts that I spoke with, accounts can be reopened within 90 days from the date which last payment is made. Another analyst said they can reopen it but there's no definite guidelines / timeframes with regards to the window for accounts to be reopened. YMMV on this. You may have to just keep calling till you reach someone who's able / willing to reopen the account. In most cases it's pretty hard to get the accounts reopened.
Have him call BofA as well. They may reinstate the credit lines too. Also going to be a YMMV situation since this is up to the discretion of the analyst.
Its been a little over three years since the cards were closed. Since then my friend paid off those and the other open accounts off. He has less then a 5% utilization ratio, no lates, baddies, and a score of around 735-745.