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Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

how did you manage last year before you acquired this new credit?

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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

I understand how the entroreneur spirit can be. Ive got the investing and business bug as well. I didn't get it from my mom and dad though. I think I got it from my aunt. Mine is basically real estate investing and property management. My cash flow from the properties I own is very good; and the value of my investment in the real property grows simultaneously. I am only 30 and I have two rental properties. The plan is to pick up another multifamily property in 5 years and possibly another one after that. Rents will continue to rise. My mortgage rate is low.

I want to be very wealthy one day; and I'm on track to do that with just my stock and mutual fund holdings.

Literally business is all I think about from the time I wake up to the time I sleep. My formal education is in Biology and environmental science though. The business things I do on the side as a more passive strategy type of thing. I'm a w2 employee. My business income and my personal job income combined put me in the 121k range and my husbands job puts us in the 180k range for our household.

We have worked hard to mitigate risk by paying off loans and paying cash for major things. The DTI on our primary home is only 17% of my income NOT our combined income and we went with a 20 year loan

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youngman1234
Posts: 461
Registered: ‎02-27-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

Sale was lower, we didnt have this new location, buying was less, and we maxed out and PIF. I still have all those cards, and most have had CLI's but this chase thing was a huge loss, cus we were able to keep all the credit use off the credit report becasue the business spending isnt reported... I did everything right, paid on time, used the credit that they gave me, and used it for business not personal.... They told me how much you need i told them we are charging alot now cus business picked up and season is started. Think if I am charging 30-35k but only have 27k available on my buiness credit cards wont I max them out. Also the person I spoke to today when they transferred me to her after I asked why it was closed told me she will put a request for reconsideration. I told her look I have 18 credit cards what is my balance all those cards ??? She replied I see you owe nothing on all of them. I also told her that I was waiting for some to turn one year and them close because I dont even use them anymore since I had my business cards... 

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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

If you saw me and my husband on the street you would think we are poor! Just because we invest so much and do not splurge a lot on clothing except for church clothes.

Starting Score: 08/29/2011 TU 671 EQ 674
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Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

i understand where you're coming from, but you have to understand where chase is coming from also.

 

and i wouldn't worry what is reported to the bureaus as far as balances go, it really only matters if you are looking to open new credit.

 

you have 18 credit cards?  that pretty intense.

 

i make about 75% of what you do and have 8 open TLs totaling around 10k in available credit and i wondering when that is going to be too much

 

 

My father owns his own small business that generates about the same amount of revenue you are talking about.  he only has 6 credit cards and an AMEX platinum business card.

 

almost all of his spending goes onto his amex and he PIF every month, every now and then he runs into slow time or has a large payroll month ( most of his business is in the service indusrty ) so he will use his other credit cards to float personal expenses until he gets a large settlement.

 

maybe you need to look into AMEX business charge cards, sounds like it would fit your business model better

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youngman1234
Posts: 461
Registered: ‎02-27-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

The biggest lesson I have learned so far in life, yes I am only 23 year and have long way to go is always stay down to earth. Money is something that comes and goes, it never something you should go crzty over. We live a simple life and arent flashy now... my dad came to the US with nothing and in 10 years and the 90's boom my dad went from nothing to owning a 20 million company. Then in one day nothing...... he had a stroke and we lost everything, we did it again and built our company and buiness again. And then we lost everything in 2010 when he had a stroke. Lucky for us my grandfather and dad bought some properties oversees and made some good investments, and its worth enough to keep me set for my life and for the next 2 generations....lol I wish we invested everything there... my dad always told me stay honest trust god and everything will be fine. Who are we as humans right there is a higher power and everything happens for a reason. Maybe god thought something would go wrong and said cut the cards so he doesnt get in trouble later..... Anyway lets see what happens tomorrow I will leave it on god now. I stress alot as high bp runs in my family, so Im just going to forget it now. I was going crzy all day and wasting all my positive energy on something neg.... 

 

by the way thank you all for the advice and I am sorry if I was rude to anyone 

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youngman1234
Posts: 461
Registered: ‎02-27-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

I know amex, would be great for me but they love everyone in my family expect me..... My uncles and aunts are all good and in with amex big time. Amex thinks I am risky. I know why but i didnt do this on purpose I applied for credit and used credit as needed. So want to hear the crzy thing. I am a simple kid ok and I just like everyone else on the forum go crxy when I hear about the blk amex. My aunt on sunday took out her wallet and I saw a blk, I dont like her and never speak to her but I had to this time. " I was like holly **bleep** is that a blk amex she was like yeah" I almost pooped in my pants and fell on the floor. The whole night I was talking to everyone in the family and was like she has a blk omg...... they all said ok calm down....lol 

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swpopham
Posts: 554
Registered: ‎06-02-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

Everything worked out! chase reopened his accounts! Ill let him fill everyone in

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Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

that's great news, congrats! 


swpopham wrote:

Everything worked out! chase reopened his accounts! Ill let him fill everyone in


 

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youngman1234
Posts: 461
Registered: ‎02-27-2012
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Re: HELP !!! PAID CHASE $30,000 AND THEY CLOSED MY ACCOUNTS

Thank you everyone, shout out to swpopham for all the help.

Yes chase opened up all my accounts again. Perosnal and 2 business cards. I just used my bold for a $20 charge and it work !!!!


Ok here is an issue though I am still having. My two business cards don't report on personal so no problem. My personal card was closed on 29th of august statement cut on the 2nd I just got an alert on my equifax and chase now shows account closed....

It's opened now but I want to get in shown open on my all my credit reports what's should I do ???

Will chase automatically take care of it ??? I just want any other bank to see the account closed and start causing me problems that way....

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