Thoughts on Chase card closures

[Anonymous]

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@CreditCuriousity wrote:

Ugh I wake up to this stuff...  Morning all

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Welcome.. after you get to my age it is always nice to know I see the sky and not roots

[CreditCuriosity]

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@ArmyVietVet wrote:

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@CreditCuriousity wrote:

Ugh I wake up to this stuff...  Morning all

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Welcome.. after you get to my age it is always nice to know I see the sky and not roots

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Oh I am getting there!  My BDAY is on new years eve aka the 31st, so tack on another year!

Side note, going to probably go and fill up my tank with some gas w/chase card lol..  oh my I need a break from this forum.

[youngman1234]

I don't agree with these are the only reasons for chase closing out accounts. I believe chase risk department is probably like 20 people sitting in a office and just monitoring accounts. To them risky behavior is applying for too many cards, having to much exposure, charging to much. I mean they are seriously paranoid bank. I will never do business with chase in my life.

I had 3 cards with them. Personal slate, and 2 business cards. The business cards I put a lot of charges through I had the ink cash and the ink charge card. I pif every month. They closed me out first time I was like **bleep** ?? I made a payment for 50k and this was 1 day before hurricane sandy. Then the hurricane came and we lost our house. The next day I went to Home Depot to buy a generator and the card was declined. I got them when I got back to our family's house, they said sorry lending department closed your account. I was like lady I just lost my entire house in sandy and all my belongings and since I paid my bill on time ur closing me out. She said sorry and reopened it.


Then in Jan I was buying merchandise for $186 and it got declined I was like **bleep** happened now. I called they said sorry we closed ur account again.

Then for 1 month I was going back and forth with lending and EO to get the account reopened. My last conversation was with a high level person in lending. She was a retart. She goes I don't understand how at 22 you own a business and have this much credit. And why u need this much credit. I explained how I opened a business and this and that. She was like I still can't believe it. I was like u idiot talk to ur branch reps they have all been to my store its in a local shopping mall next to Macy's. I mean I'm not making it up. I told her at the end ur just hating Cus at 22 I make more money than u and that your just jealous that you have gone anywhere in life yet... I was so pissed.

Anyway screw them I went to Amex... Amex is great they really help us. My business cards have like a 180k spend on them. And my personal plat has a 80k spend. We charged 2 mill this year on the amex cards alone. I hate chase and will never go back.

[NRB525]

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@sandman2435 wrote:

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@Anonymous wrote:

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@sandman2435 wrote:

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@Anonymous wrote:

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@NRB525 wrote:

From comments here and on other topic boards elsewhere, it seems to me the following usage profile is at risk:

One of these:

1) New Chase card issued with a spend requirement to earn a bonus (This includes apping for several different cards over a period of months or years, each with signup bonus offers, in the past) OR

Good luck!

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I'm curious about #1.  I just checked.  13/14 of the current cards that Chase offers have some sort of spend requirement to earn a bonus.  Only the Slate does not. I'd say that alone shows that they are promoting these types of cards so I'm not sure why they'd punish users for acquiring the cards and using them as intended-to earn bonuses.  Now admittedly there are ways to meet those spend requirements that are going to put you on their radar but I doubt that they are going to cancel your accounts because you get several of their cards and meet those requirements over several months or years. 

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They did with me!!!..Got 9 chase cards over the past 2 years.The business chase cards I used to pay my business expensives(Cell phone,Business Ins, Bought a new Imac,Gas, any mananitance on my work truck for business,used them to take business trips(Southwest,United,Stayed in marriot hotels,Had marroit for business) On the personal side used the personal chase cards for everyday stuff,Like eating in resturants,Buying groc.going on personal vacations(had personal marriot card for this as well).just normal everyday spend NO MS whatsoever..ran about $10K a month thur Chases business and personal cards always paid in full,Had about $183K in their bank spread over 5 types of accounts had direct deposit with them as well,and chase still closed out my credit cards with them.So to let everyone know!!! NO ONE IS SAFE!!! from accounts closure from chase,Their reasons for them doing this: Too much avalible credit with other lenders,What gets me I was using their cards the most lol,I think I did not fit their business model

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I know about your case and it makes no sense.  No idea what set them off on you but sounds like you got shafted for no reason.

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I even Whote to Chase's CEO and it did me no good,My banker at chase even refered me to other banks his coments: I hope the other bank will treat you better than we did lol

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sandman your situation is a reason I apply for Chase cards with care. I've had a long history with them, merged cards they took over, balances I was paying down, a fiasco in early 2009 when they tried to charge thousands of us who were on permanent very-low-interest offers an additional $10 per month fee or optionally go with a higher interest rate, a resulting class action lawsuit they had to settle because of their abusive handling at that time. I've had cards closed by them, cards I've closed, but it's been a gradual dance over the years as my balances have come down.

I only have the Slate open with a remainder balance on low interest, and the Freedom at a reduced CL from what it was years ago. Just recently closed my oldest CC account, because they had raised the APR to 22% as another signal.

Just apped and am waiting for the Marriott card. That is the first Chase card I've applied for in many years. So I will do the spend requirement, but my plans to look into the other cards Chase offers, like the Hyatt, the IHG, and an airline card, will certainly be delayed quite a while.

To the commenters who are suggesting these account closures are the fault of the account holder, that you can just pay your bill on time and be fine, no, sorry, that isn't the case with Chase. There are background algorithms that we cannot see, which cause this giant to step down in places you can't predict. That is their right as a business, and it is made easier by the limited number of large banks that remain.

[baller4life]

All these anti Chase threads....Ugggh I don't own any Chase cards. And from the all these stories, don't know that I want to. I WAS eyeing the AARP next year. Now I'm not so sure. I'll have to see how all these closures pan out. I hate paranoid lenders. Too many lenders out there to be a slave to Chase. Just ridiculous... Barclays is paranoid enough. Don't need or want another one in my wallet.

[longtimelurker]

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@IamB2 wrote:

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@TRC_WA wrote:

That's exactly how I operate.

I really don't feel bad for people who get their accounts closed after thousands of dollars in MS.  You know you are circumventing T & C when you do it...

I can't meet a $2500 spend bonus so I'll just go out and buy a bunch of GC...  yeah, go right ahead, but don't come here complaining that your account was closed.

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 Definitely. Most people, who have bills, can achieve practically ANY spending limit. Starting with Car Insurance, Light Bill, Cell Phone bill, Water (in some cases) bill, Cable Bill, FOOD, Gas (although gas prices are going down) - Do I need to go on? That is an easy $1000/month for most people.

When you apply for a card with bonus for spending, just decide to use that card for EVERYTHING for the next 3 months (or whatever the timeframe is) and you will be fine. There is absolutely NO need to do any MS. It is rediculous to think that just because you find a "loophole" you should exploit it. It is the same thing as saying that you should keep breaking the law because you didn't get caught. I know, bad analogy as one may involve losing your freedom, whereas one means losing your card, but you get the point.

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The only point I get is that it is REALLY bad analogy!   It all depends on how sacred you think the bank and your relationship with them is.   At least some of us recognize that most banks have absolutely zero ethics and will break the *law* when it seems advantegous to them (hence all the criminal fines in recent years).  MS is, at most, against their terms and conditions, and sometimes not even that.

So it is far from ridiculous to explout a loophole if that is what you choose to do.   It can be a reasonaed decision: the relationship with this issuer is worth X, if I can last for Y months before shutdown I will make $Z, so it is worth it.        This is not exploiting friends, families and charities, it's a game against a well-equipped, unethical opponent.

[Anonymous]

My accounts are fine. I've added three new cards since October and I see a Chase SP from the 21st of this month. Guessing they were fine with what they saw and moved on. I'll keep paying my bills on time as usual. Never been interested in gift cards so thats not a concern. Barely use Freedom and charge maybe $200 a month to Sapphire then PIF, not modifying my habits in the slightest. If my cards get closed thats the way it goes Worse case scenario I have other cards in the profile to use, no need for unnecessary stress. Diversification is key

[kdm31091]

Just because its not family or friends doesn't make it right. If you know its going to possibly get you shut down you clearly know its wrong.

Do what you want but the ethics are questionable period. No one can say it is totally the correct thing to do. You know full well its not. You just want rewards. To me its not worth having a shutdown which incidentally is probably not good for your credit

Even if its not against terms, you know its wrong or it wouldnt be a concern or a "loophole"! But to each their own, right?

[mongstradamus]

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@kdm31091 wrote:
Just because its not family or friends doesn't make it right. If you know its going to possibly get you shut down you clearly know its wrong.

Do what you want but the ethics are questionable period. No one can say it is totally the correct thing to do. You know full well its not. You just want rewards. To me its not worth having a shutdown which incidentally is probably not good for your credit

Even if its not against terms, you know its wrong or it wouldnt be a concern or a "loophole"! But to each their own, right?

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From what it sounds like to me its just some computer algorithm that is doing the closing of account, no human interaction. I also think an lot of "innocent" people are getting caught in cross fire. 

It is what it is All i am hoping is i get my 70k UR points signup bonus before they decide to start closing all my accounts. 

[Anonymous]

Hrm. This is a really troubling topic for me.