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@Anonymouswrote:Chase closed them and refused to reopen so all I can do is accept it and pay the balance at this point.
What reason did they give you for the closures?
I am concerned that my scores will really drop if I don't pay it off before it reoprts to the bureau. It will report as maxed out now tht account is closed correct?
@Heaveninohio they said I had too many accounts and high credit card balances. Which is odd because I haven't added on any new accounts since getting CSP.
@Anonymouswrote:I had 2 accounts(Freedom and Saphire) with Chase that were recently closed. I had the Freedom for about 10 years and it is paid in full. I had the CSP for maybe 3 years and it had a $5000 limit and a balance of $1990 left for me to pay. The freedom has already been reported as closed on my credit reports and I didn't notice a score change with creditkarma when that hit.......maybe because it was paid in full? What would my best course of action be?
I am trying to prepare to buy a house and get my credit scores up (I am 620 and 622 according to Creditkarma) so this came at the worse possible time My scores are so low because I have a 2 cards with capital one that have a very high balance. I just got a 30 point jump for paying them down some. I don't have any recent lates within the last 5 years. How much will this closed account with Chase affect me? If need be I can take the money from my new house savings and pay the CSP off. I would prefer to pay it off little by little so that I don't have to go into my house savings. Any advice? Chase should be reporting on the 12th so I need some good advice now guys please?
Try to pay it off as fast as possible.
@ SouthJamaica so you think that I should take the money out of my savings for the new house and pay the chase card off now?
Sorry to hear about Chase closing your accounts. If you can pay it off before you start the house buying process, then I would go that route.
@HeavenOhiowrote:You can get your three FICO8 scores along with full reports by signing up for a $1 trial at Credit Check Total. Once you've gotten this information, cancel the account within the trial period. You can do this frequently if you'd like. From what I understand, you can even use the same login for subsequent trials.
You might want to pay for myFICO once your mortgage application approaches. It includes numerous FICO scores, including mortgage scores.
The OP, if planning on getting a mortgage in July, needs to know his mortgage scores now and shouldn’t focus on FICO 08 scores. The small cost to get a full 3B report from here, is minor in comparison to the thousands upon thousands of dollars that he can save with a lower interest rate for a mortgage. July is not far away at all and before long should be contacting s mortgage broker fairly soon to know where he stands.
@Anonymouswrote:@ SouthJamaica so you think that I should take the money out of my savings for the new house and pay the chase card off now?
Unless there is some sort of planning involved to manage all that debt if i were you i'd pay every debt that accrues interest before starting my mortage because then things can get out of hand really fast. Plus that outstanding balance on the chase card and your very high balances on the other cards should be detetrimental to your FICO scores and that means a lot of money lost on mortage interest long term.
I do not have any recent negatives at all and any inquiries I have (9 of them) will be 2 years old towards the end of this year. I have not applied for anything because I knew that I was going for a mortgage this year. I do however have 3 baddies that are paid off and are about 5- 6 years old. I have paid off so many cards in these recent months which is why I am surprised that they closed my accounts now rather than when my utilization was really sky high. I was even able to get a cli with Citi and Walmart visa last week(no hard pull) just to test the waters and see how my credit was seen by lenders and help with utilization.