DO NOT apply for Anything with CHASE

[Anonymous]

The real reason is the reason that was later stated by the OP. Chase feels the OP has too much available credit. Which is up to them to decide as a lender. It might not always seem logical but we arent the ones lending credit.

No, I dont expect that every single person viewing the title would automatically turn away from Chase but I do think this kind of title has the potential to cause certain people unnecessary paranoia/concern about accounts they currently have in good standing. I've seen it happen on this website quite a few times already with different lenders.

Im not defending Chase or their actions but its my understanding that no lender is required to give notice when closing accounts and every lender has the right to close any account for any reason. Thats life. Diversify, Diversify, Diversify. Not trying to debate further, 23 pages is quite enough without me pushing the count further. Enjoy your night all

[longtimelurker]

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@Anonymous wrote:

The real reason is the reason that was later stated by the OP. Chase feels the OP has too much available credit. Which is up to them to decide as a lender. It might not always seem logical but we arent the ones lending credit.

No, I dont expect that every single person viewing the title would automatically turn away from Chase but I do think this kind of title has the potential to cause certain people unnecessary paranoia/concern about accounts they currently have in good standing. I've seen it happen on this website quite a few times already with different lenders.

Im not defending Chase or their actions but its my understanding that no lender is required to give notice when closing accounts and every lender has the right to close any account for any reason. Thats life. Diversify, Diversify, Diversify. Not trying to debate further, 23 pages is quite enough without me pushing the count further. Enjoy your night all

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OK, feel free to drop out.  BUT

2.) I knew it would be about 5+ pages later before the actual REASON was revealed bc there is always a reason - correct

is usually used when the poster later says "Oh, I had 5 60-day lates, opened 15 new cards, was doing $20K of MS, and selling my URs, and they closed it for NO reason"

Here the poster had done nothing "wrong" and everything seemed to be within low limits.   So sure, Chase makes the rules, but, assuming that the story is complete, the accounts were closed for no OBVIOUS reason, hence my objection to what seems to be an insinuation that yes, the OP was caught out hiding facts that made Chase' decision clear and reasonable.

[Anonymous]

👍

[bz386]

There is a very long thread over on Flyertalk with similar stories of account closures by Chase. In most of the cases there it was due to manufactured spending or perk (bonus) abuse. A couple of the cases described there were about risky behavior on the customers checking account (for example depositing money orders into the checking account) and when the checking account was axed, the credit cards went too. Now if the OPs story is true, this would be the first case where a customer has not shown any risky behavior and his account was still closed down. Only Chase knows what the actual reason was, because based on the OPs description their reasoning given to him is bull. Does that mean that everyone should stop applying for Chase credit cards? Of course not. Just be aware that things like this can an do happen and don't bet your entire livelihood on Chase's good graces.

[PCR20]

Hmmm... Sounds like Déjà vu all over again.

This reminds me of a ton of threads a few years back when Chase took over WaMu.

...Shutting down people's open/used Credit Cards with no warning.

...Trashing their Card user's FICO's

...Leaving people stranded at gas stations/vacations with no useable Cards.

Good old Chase (me away) Bank.

So glad I don't carry a single card from them in my wallet.

Why would I carry a card if I can't trust it will work when I need it?

[cutemarty1]

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@Anonymous wrote:

Are the cards listed in you signature your only open credit lines?  If so its ridiculous for them to say that's too much available credit.

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This scares me now... I have over 190k available credit and only 4% utilization. Income is 90k. Does this mean I have too much credit too. How does this thing work?

[Anonymous]

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@CreditCuriousity wrote:

Better yet, send the EO office the link to this MyFico thread via email..  They would love that .  Nothing embarses big companies worse then bad PR IMO.

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Great idea!

[yfan]

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@dollar_bill wrote:

Haven't / won't read all the pages listed. But just because some random dude posts on these forums DO NOT apply with Chase... give me a break. I will apply with Chase, they seem to be a company eager to earn business. I'll take what I do know about a company that has been fair to me and compare it against a random internet poster... pretty easy equation to solve.

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You are right, but others have the same right to make decisions based on their own experiences. Just like you don't have to do anything because what anyone else here says - or even read what people in a pretty long-lived thread have beend iscussing, no one has to do anything based on what you say.

I am not against Chase - they've worked out fine for me so far. But I don't see a particular reason to become hostile in this thread against the OP.

[cashnocredit]

OP: It's a very odd situation you have described. As a CPC myself I'm interested in understanding more about what banking situation initiated these events. Banks these daus don't make personal decisions. It's all numbers. Especially the large ones. However, credit operations are handled quite apart from regular banking as is evidenced by them nnot closing your other accounts. If they thought you were a fraud risk they would close everything.

Questions:

1. You have 3 C Corps. Your income would be either salary from one, or more, of them combined with dividends should the corporation(s) declare them.  Could you provide some detail as to how this income shows up in your Chase accounts? As an aside, it is really quite rare for an individual to have multiple C Corps, or even one. They are great for flexibility when growth demands investment from others but as wholly owned entities they have tax disadvantages compared to LLCs or S Corps.

2. Were your Chase biz cards issued attached to the corporations? I assume all your biz cards had PGs.

3. You obviously run a very large part of your business expenses through CCs. Do the business charges make sense as actually business related and persoanl card charges look like personal epenses?

I have also, many years ago, had a C Corp though I was only paid as an employee and had a Visa corporate card along with about 20 others. What you describe is very anomolous I do know business owners are generally (and correctly) seen as at much higher risk than regular employees.

It could be something very simple such as being in a high risk category as a businessman and having very large amounts, well in excess of your stated income, running though your CCs  Also, automated systems do not like to see multiple payments within a month on cards. Especially if they are very large and exceed your CLs. This can raise your risk score even if you never miss a payment.

Also, when you run really large amounts through cards and carry any balance it's an indication your business is somewhat cash contrained. In my C Corp we never carried a CC balance.

So yes, it's surprising but not totally nuts. Banks have a lot of automated systems and they make decisions based on statistical correlations with historical profit/loss experiences.

[lg8302ch]

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@ArmyVietVet wrote:

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@CreditCuriousity wrote:

Better yet, send the EO office the link to this MyFico thread via email..  They would love that .  Nothing embarses big companies worse then bad PR IMO.

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Great idea!

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+1  .....or post it on their FB site