DO NOT apply for Anything with CHASE

[jamesdwi]

CLOSED: Chase Slate ($3K), Chase Ink Cash ($8K), Chase Ink Plus ($5K)

OP if your cash flow is even half of what you say it is, Chase has been failing you long before your they closed your credit card accounts, with 50k in cash flow per month, that is 600k per year. Your private banker should be offering more services than 3 low CL limit cards, they should of gotten a JP Morgan card that have guaranteed over the limit approval, Chase Freedom Signature,  and  CSP,  to name a few. they  should work to get your credit lines  high enough that  your spend isn't 30% of credit lines. So your credit score isn't negatively impacted by letting a balance report. I have 36k availible CL from chase, without a private banker and my incoome is less than 2 months of your cash flow and my oldest credit card is only 5.5 years old. Your private banker should of said kill the Slate card we have better to offer you. Let us prove our bank's value to you, and get you the proper accounts and rewards for your spend.   Then offered to have AF's waived or credited back to you each year even if his branch has to cover the cost. 600k of your money earns Chase a fair bit of money, a $100 credit to your accounts to cover the CSP AF is nothing. Hope he did better getting you the correct bussiness and personal accounts that he did with your credit bussiness. 

[Anonymous]

I wonder what it'd take to get a CSP AF and a Ritz AF waived yearly, Lol.

[Anonymous]

I agree, chase has failed you long ago if your giving this much business. I have 80k with them, and I don't utilize my chase like that. I use my centurion for all the crazy biz expenses and gross costs of my biz. 8k is a terrible credit limit imo. My food/eat out expenses are just that each month. If chase gave you limits like this and you utilize your cards well, say goodbye to them

[selena]

I don't have a lot of knowledge about credit just yet but I was thinking about what compassion101 said about maybe having too much credit for stated income. For example, (please don't judge my math just using random numbers) say you make 100k a year but have over 300k in available credit. Even though you only utilize about 10% of the available credit, their internal algorithm thing still sees it as too much available credit compared to what you make, regardless of whether you have 500k and then some in savings, and have more than enough to pay it all back. It would still be considered too much available credit for stated income. Thus the comment for the banker saying that paying down the accounts would only result in more available credit. I was also thinking that the CLI from NFCU tipped the scales just enough to put you over that limit. I hope some of this makes sense.  

[Anonymous]

You guys are in the big leagues. I would be happy with a 3000 dollar limit.

[Uppingmyscore]

I've read this entire thread.  The beauty of having choices---take your business somewhere else that will appreciate it.   Totally agree with some of the posters.....your personal banker failed you long before this incident.  Good luck and keep moving forward!!!!

[Anonymous]

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@jamesdwi wrote:

CLOSED: Chase Slate ($3K), Chase Ink Cash ($8K), Chase Ink Plus ($5K)

OP if your cash flow is even half of what you say it is, Chase has been failing you long before your they closed your credit card accounts, with 50k in cash flow per month, that is 600k per year. Your private banker should be offering more services than 3 low CL limit cards, they should of gotten a JP Morgan card that have guaranteed over the limit approval, Chase Freedom Signature,  and  CSP,  to name a few. they  should work to get your credit lines  high enough that  your spend isn't 30% of credit lines. So your credit score isn't negatively impacted by letting a balance report. I have 36k availible CL from chase, without a private banker and my incoome is less than 2 months of your cash flow and my oldest credit card is only 5.5 years old. Your private banker should of said kill the Slate card we have better to offer you. Let us prove our bank's value to you, and get you the proper accounts and rewards for your spend.   Then offered to have AF's waived or credited back to you each year even if his branch has to cover the cost. 600k of your money earns Chase a fair bit of money, a $100 credit to your accounts to cover the CSP AF is nothing. Hope he did better getting you the correct bussiness and personal accounts that he did with your credit bussiness. 

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OP if your cash flow is even half of what you say it is, Chase has been failing you long before your they closed your credit card accounts, with 250k in cash flow per month, $600k is less then a quarterly gross.

and agreed - I just assumed we had to start somewhere and that was why they gave me both within the same month .... He was offering up a LOC yesterday but I wasn't biting at that point, it isn't really the credit I "need" so much as I just couldn't understand why they offered these things to me and then took them away AFTER LOTS of steady use and payments - I said so what you can pull the rug out from under me again? ..... um no ..... not right now until I figure out what I am going to do.  I am going to send last 12 months of bank statements for all 3 business - because mind you that number above is really for (2) of the 3 businesses EACH month - not one and send over the ACH statements and the merchant processing statements and see what NFCU can offer.  I suspect it will be better then what I have been getting and paying monthly.  

Upshot - I did quickly go in after noticing my accounts closed and redeem my points the other night for cash and they were deposited into my account this morning so that was pretty awesome because it was a boat load of points - whew glad I was smart enough to do that and glad I didn't lose those!

And to whomever asked about the annual fee - yep they got me with that on one of the Ink cards - did not and are not willing to credit that back "at this point" as there will be another review in 30 - 45 days which is code for you never getting that back ....

[Anonymous]

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@Anonymous wrote:

I agree, chase has failed you long ago if your giving this much business. I have 80k with them, and I don't utilize my chase like that. I use my centurion for all the crazy biz expenses and gross costs of my biz. 8k is a terrible credit limit imo. My food/eat out expenses are just that each month. If chase gave you limits like this and you utilize your cards well, say goodbye to them

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Agreed and DONE!

[lg8302ch]

OP...so you are not going to call and find out what triggered this ?  What I find strange looking at your card limits that hardly any card is over 5K with the figures you mentioned...(except NFCU which is famous for high limits) ... this leaves me a bit puzzled and I would love to learn what triggered the account closure.  Hope you will call and give us an update. Thks.

[bz386]

Op, if you wouldn't mind disclosing, what is your personal income (as reported to Chase when you applied)?