topic Re: My Chase Freedom Card was Closed too .... :( in Credit Cards

My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 21:35:12 GMT

Reading lots of places about Chase closing credit cards. They got me too.

It was earlier in December. I had gotten at least 10 or so prequalifications over several weeks and finally applied in November and received an instant approval of $4500. I used the card lightly and about the 2nd week in December they up and closed it with no notice. I logged in to my online access to find a note that the account was closed. They said they will review again in a month and I spoke to a manager who I have to say was very nice, but he did stand by their "credit decision" despite nothing having changed on my credit report since applying and receiving the Chase Freedom Card.

My plan was to use my Freedom card for 6 months and basically Garden until then and use it like I do my other cards and then go back to Chase for the Ink Business Card. This was my entire plan for the next year .... I am still hopeful they will reopen in a month because I have a good score, low utilization across my cards and great payment history with no baddies but I have read of a lot of other closings too so I am not sure. I offered to verify income, open a bank account with them, etc and they said they would review again in 30 days or so. I am going to call back and speak to the manager I spoke with before.

I might have to come up with a plan b here soon if they choose to not reopen.

Do any of you think it would be beneficial to open a Chase Bank account? I have read several other posts where some thought it was helpful and some thought it had no bearing. Any thoughts would be appreciated.

Re: My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 21:38:35 GMT

@Anonymous wrote:
Reading lots of places about Chase closing credit cards. They got me too.

It was earlier in December. I had gotten at least 10 or so prequalifications over several weeks and finally applied in November and received an instant approval of $4500. I used the card lightly and about the 2nd week in December they up and closed it with no notice. I logged in to my online access to find a note that the account was closed. They said they will review again in a month and I spoke to a manager who I have to say was very nice, but he did stand by their "credit decision" despite nothing having changed on my credit report since applying and receiving the Chase Freedom Card.

My plan was to use my Freedom card for 6 months and basically Garden until then and use it like I do my other cards and then go back to Chase for the Ink Business Card. This was my entire plan for the next year .... I am still hopeful they will reopen in a month because I have a good score, low utilization across my cards and great payment history with no baddies but I have read of a lot of other closings too so I am not sure. I offered to verify income, open a bank account with them, etc and they said they would review again in 30 days or so. I am going to call back and speak to the manager I spoke with before.

I might have to come up with a plan b here soon if they choose to not reopen.

Do any of you think it would be beneficial to open a Chase Bank account? I have read several other posts where some thought it was helpful and some thought it had no bearing. Any thoughts would be appreciated.

I am sorry to hear this. Banking with them does help as they see your day to day. If you are not too angry at chase, I'd say open an account and hopefully, they re-open your card.

Re: My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 21:42:23 GMT

@Anonymous wrote:
Reading lots of places about Chase closing credit cards. They got me too.

It was earlier in December. I had gotten at least 10 or so prequalifications over several weeks and finally applied in November and received an instant approval of $4500. I used the card lightly and about the 2nd week in December they up and closed it with no notice. I logged in to my online access to find a note that the account was closed. They said they will review again in a month and I spoke to a manager who I have to say was very nice, but he did stand by their "credit decision" despite nothing having changed on my credit report since applying and receiving the Chase Freedom Card.

My plan was to use my Freedom card for 6 months and basically Garden until then and use it like I do my other cards and then go back to Chase for the Ink Business Card. This was my entire plan for the next year .... I am still hopeful they will reopen in a month because I have a good score, low utilization across my cards and great payment history with no baddies but I have read of a lot of other closings too so I am not sure. I offered to verify income, open a bank account with them, etc and they said they would review again in 30 days or so. I am going to call back and speak to the manager I spoke with before.

I might have to come up with a plan b here soon if they choose to not reopen.

Do any of you think it would be beneficial to open a Chase Bank account? I have read several other posts where some thought it was helpful and some thought it had no bearing. Any thoughts would be appreciated.

What reason did they give you for the closing? If she didn't provide one, I'd press them for an answer

Re: My Chase Freedom Card was Closed too .... :(

NRB525 — Sat, 27 Dec 2014 21:43:51 GMT

That is a strange situation. Sorry to hear they closed the account. I've had many Chase cards over the years, had higher CL and the CL were decreased, some cards closed by Chase as they reduced their credit exposure to me, but still some cards open, and not a complete shut down.

I did open a Chase checking account in early 2011, running $1,650 of direct deposits and payments in and out each month now. I'm not sure if that helps, it seems Chase is what it is.

There were no strange charges? odd they would shut it down so quickly. Hopefully they open it again after the review.

You might go into a local Chase branch to talk with a banker there. They may not be able to help, but with odd questions like this, I find it is always helpful to at least meet with a person in the organization who may be able to help, may have numbers to call.

Good luck!

Re: My Chase Freedom Card was Closed too .... :(

jsucool76 — Sat, 27 Dec 2014 21:45:56 GMT

Hmm, maybe I should move my direct deposits back to chase.

Re: My Chase Freedom Card was Closed too .... :(

techiegirl — Sat, 27 Dec 2014 21:47:35 GMT

This isn't the first time I've heard Chase do this. It's making me nervous since I've opened 4 cc since my CSP 6 weeks ago.

Re: My Chase Freedom Card was Closed too .... :(

CreditCuriosity — Sat, 27 Dec 2014 21:58:33 GMT

Sorry to hear.. Please report back when the letter comes in the mail for the reasoning behind the closure. They are giving out crazy credit these last few months, but they are certainly having no issues taking it away either for what appear to be weird reasons. Thanks for the post

Re: My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 22:01:21 GMT

And I wouldn't put in any money in their bank until you receive answers as to why they shut your card down

Re: My Chase Freedom Card was Closed too .... :(

TRC_WA — Sat, 27 Dec 2014 22:02:10 GMT

@techiegirl wrote:
This isn't the first time I've heard Chase do this. It's making me nervous since I've opened 4 cc since my CSP 6 weeks ago.

Wow... yeah I'd probably be too.

I'm glad my recent app spree didn't include Chase.

Re: My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 22:04:55 GMT

@Anonymous wrote:
What reason did they give you for the closing? If she didn't provide one, I'd press them for an answer

It was really weird. At first the CSR said I had too many new inquiries for credit and referenced US Bank, Barclays, and Cap One and I said well I have existing accounts with them but I can't imagine why they would have done a hard pull for anything. He asked if I had asked for a CLI and I said no - the only think I app'd for was this card and a CU bank account (which he didn't even see the inquiry for). I was freaking out and wondering why these places were doing hard pulls so I got home from work and immediately pulled my reports to find no new inquiries. The inquiries he references were from March 2014, and July 2014. This was all well before I even applied for the Chase Freedom card so I called back with my report in front of me. I started to go over the same thing with the new CSR in the lending department and he verified the dates of the inquiries and asked why I had "so many" inquiries in such a short amount of time. I said I am not sure what you are referencing. There are 3 in March and 3 in July - that isn't exactly "so many" but nonetheless, I explained why I had applied for each of the cards when I had.

I then asked a question of my own: How or what has changed on my credit report since you approved me for this card several weeks ago? The gentlemen did not have an answer for me so I asked to speak to a manager. I then spoke at length with the manager and told him before I applied for the Freedom card I had called in and spoke to someone at Chase about an Ink card and they said it would be best to probably try to build some rapport with a personal card and then come back for a business card. I said that I had received numerous prequalifications in the mail and of course they tried to take the application over the phone. The manager then started to understand a little more about me and how my banking and credit usage worked and he asked a lot of questions and I did my best to answer honestly. I live in Amish country where a lot of people don't even use banks and we are raised in a way that if you can't afford it then you don't need it. I explained this to him and told him the same still applies with my credit cards, I just understand my good credit is a valuable resource as well and that just because I am still adding to my rewards cards profile shouldn't mean I am penalized. He seemed to understand and said he looked forward to speaking to me again in a month. Ultimately Chase felt like I had been granted a good bit of credit in the last year and a half and being "conservative" they were concerned with the number of inquiries for credit. My immediate response was that nothing has changed on my credit report since applying for this Chase Freedom Card and my utilization is at about 6%. That didn't seem to make any difference but I will call back just in case.

I waited until November to appy because I wanted to be able to use the Freedom card for 6 months with no other inquiries or anything and then go back and apply for the Chase Ink Card with little to no new inquiries.

What to do next?

I am familiar with the review process because I have both a personal and business card with Amex but this is not credit or payment driven. I stressed to him how much Amex loves me and that if he would just give me the opportunity, I would show them as well and they would see the same. I thought I almost had him talked into opening it back up but in the end he said talk to you in 30 days. Maybe they just want to see if you are serious about your credit and all??

Re: My Chase Freedom Card was Closed too .... :(

CreditCuriosity — Sat, 27 Dec 2014 22:05:18 GMT

Seems like they are taking a page from Barclay's.. Anyone else kinda see a similiarity? I have had no problem with either lender YET and hope not to!

Re: My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 22:08:50 GMT

@NRB525 wrote:
That is a strange situation. Sorry to hear they closed the account. I've had many Chase cards over the years, had higher CL and the CL were decreased, some cards closed by Chase as they reduced their credit exposure to me, but still some cards open, and not a complete shut down.

I did open a Chase checking account in early 2011, running $1,650 of direct deposits and payments in and out each month now. I'm not sure if that helps, it seems Chase is what it is.

There were no strange charges? odd they would shut it down so quickly. Hopefully they open it again after the review.

You might go into a local Chase branch to talk with a banker there. They may not be able to help, but with odd questions like this, I find it is always helpful to at least meet with a person in the organization who may be able to help, may have numbers to call.

Good luck!

No strange charges. Took the dog to the vet, Grocery Store twice I think and paid a utility bill on it. I went to make a payment and bam shut down.

Re: My Chase Freedom Card was Closed too .... :(

TRC_WA — Sat, 27 Dec 2014 22:11:04 GMT

@CreditCuriousity wrote:
Seems like they are taking a page from Barclay's.. Anyone else kinda see a similiarity? I have had no problem with either lender YET and hope not to!

I just closed a 16 month Barclay Apple and moved the CL over when I was approved for a Sallie Mae... only card I need from Barclay right now. No real interest in Chase... or Citi for that matter. Didn't include either in my recent app spree.

I've heard all about how Citi isn't the greatest lender and I'm thinking Chase is joining the club... LOL

Then again though, part of me thinks a lot of these AA's are just for people having too many cards. I myself am not greedy... I get a prime lender card and I'm happy. I definitely don't need 4 cards from the same lender.

Re: My Chase Freedom Card was Closed too .... :(

NRB525 — Sat, 27 Dec 2014 22:11:38 GMT

It sounds like they've just made a credit decision, which, in the fine print, they are certainly able to do.

We may each not like it, but thems' the rules. At least you got to talk with some folks, but they can't really change the Borg decision.

So in the meantime, just use your other cards and show payment history, and see what happens in a month or two.

If you are serious about the Ink, maybe skip the Freedom pathway, get hold of a live banker in a Chase branch, and see about them helping you with the app. This would need to be in a few months, but use your "6-months" timeline anyway, only skip the Freedom, start talking with a branch employee.

Re: My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 22:15:35 GMT

@CreditCuriousity wrote:
Sorry to hear.. Please report back when the letter comes in the mail for the reasoning behind the closure. They are giving out crazy credit these last few months, but they are certainly having no issues taking it away either for what appear to be weird reasons. Thanks for the post

Ultimately Chase felt like I had been granted a good bit of credit in the last year and a half and being "conservative" they were concerned with the number of inquiries for credit. My immediate response was that nothing has changed on my credit report since applying for this Chase Freedom Card and my utilization is at about 6%. That didn't seem to make any difference but I will call back just in case.

Re: My Chase Freedom Card was Closed too .... :(

NRB525 — Sat, 27 Dec 2014 22:16:08 GMT

@TRC_WA wrote:
@CreditCuriousity wrote:
Seems like they are taking a page from Barclay's.. Anyone else kinda see a similiarity? I have had no problem with either lender YET and hope not to!
I just closed a 16 month Barclay Apple and moved the CL over when I was approved for a Sallie Mae... only card I need from Barclay right now. No real interest in Chase... or Citi for that matter. Didn't include either in my recent app spree.

I've heard all about how Citi isn't the greatest lender and I'm thinking Chase is joining the club... LOL

Then again though, part of me thinks a lot of these AA's are just for people having too many cards. I myself am not greedy... I get a prime lender card and I'm happy. I definitely don't need 4 cards from the same lender.

That is most likely the trigger for a lot of these. Many posters on MyFICO are running app sprees, growing credit cards like kudzu, and that freaks out many bankers who do SP inquiries and all of a sudden, in 1 year, this person has 8 credit cards, or whatever. Can't say I blame the banks, they have to watch for credit risk and "many new cards" is a red flag.

Individually, each person is shocked by the shut down, but this is no longer a "personal banker" business, it's all about the trending metrics, about how a profile looks to the algorithm Borg, that's what matters anymore.

Re: My Chase Freedom Card was Closed too .... :(

CreditCuriosity — Sat, 27 Dec 2014 22:21:39 GMT

@NRB525 wrote:
@TRC_WA wrote:
@CreditCuriousity wrote:
Seems like they are taking a page from Barclay's.. Anyone else kinda see a similiarity? I have had no problem with either lender YET and hope not to!
I just closed a 16 month Barclay Apple and moved the CL over when I was approved for a Sallie Mae... only card I need from Barclay right now. No real interest in Chase... or Citi for that matter. Didn't include either in my recent app spree.

I've heard all about how Citi isn't the greatest lender and I'm thinking Chase is joining the club... LOL

Then again though, part of me thinks a lot of these AA's are just for people having too many cards. I myself am not greedy... I get a prime lender card and I'm happy. I definitely don't need 4 cards from the same lender.
That is most likely the trigger for a lot of these. Many posters on MyFICO are running app sprees, growing credit cards like kudzu, and that freaks out many bankers who do SP inquiries and all of a sudden, in 1 year, this person has 8 credit cards, or whatever. Can't say I blame the banks, they have to watch for credit risk and "many new cards" is a red flag.

Individually, each person is shocked by the shut down, but this is no longer a "personal banker" business, it's all about the trending metrics, about how a profile looks to the algorithm Borg, that's what matters anymore.

I agree, if this is the case ... As stated in previous posts there are going to be alot of people on MyFico community that are going to be very unhappy if Chase starts looking at the cards gotten within the last year prior to recent approvals with them or after them... I am one of them.. I have gotten Just a Barclay's prior and an Amex after, but could be enough to set them off.. I only have 16k Avail. credit and Utilization is around 1-5% at any given time on CC's havent plenty of income to support alot more in limits, but unforutnaetly I am still rebuilding... Still makes you scared none the less of what they deem someone seeking to much "new" credit.

Re: My Chase Freedom Card was Closed too .... :(

Anonymous — Sat, 27 Dec 2014 22:22:06 GMT

@NRB525 wrote:
@TRC_WA wrote:
@CreditCuriousity wrote:
Seems like they are taking a page from Barclay's.. Anyone else kinda see a similiarity? I have had no problem with either lender YET and hope not to!
I just closed a 16 month Barclay Apple and moved the CL over when I was approved for a Sallie Mae... only card I need from Barclay right now. No real interest in Chase... or Citi for that matter. Didn't include either in my recent app spree.

I've heard all about how Citi isn't the greatest lender and I'm thinking Chase is joining the club... LOL

Then again though, part of me thinks a lot of these AA's are just for people having too many cards. I myself am not greedy... I get a prime lender card and I'm happy. I definitely don't need 4 cards from the same lender.
That is most likely the trigger for a lot of these. Many posters on MyFICO are running app sprees, growing credit cards like kudzu, and that freaks out many bankers who do SP inquiries and all of a sudden, in 1 year, this person has 8 credit cards, or whatever. Can't say I blame the banks, they have to watch for credit risk and "many new cards" is a red flag.

Individually, each person is shocked by the shut down, but this is no longer a "personal banker" business, it's all about the trending metrics, about how a profile looks to the algorithm Borg, that's what matters anymore.

I get what you are saying but literally why approve me at all? Or why send me preapprovals week after week? Those same inquiries have been on my report since March and July. They were there when they approved me, why all of sudden is it a problem? Nothing has changed and it isn't like I took the card and charged up $4500. I could see that freaking them out. They can see how I use my cards and what kind of payments I make, it seems like they should be able to make better judgements then they are right now. If they don't open it back up, then it just wasn't meant to be but I can't understand when I have no other new accounts. It isn't like this Chase Freedom card was part of an app spree. What they see today is the same thing they saw when they approved me.

Re: My Chase Freedom Card was Closed too .... :(

kdm31091 — Sat, 27 Dec 2014 22:23:10 GMT

This is so strange to hear, if they just closed your account for no reason. I can understand closing it if you were doing MS, or you were deliberately cheating in some way to get more rewards than you should, etc. But to just randomly close your account that was presumably in good standing...that sucks.

Unfortunately, however, they're completely allowed to do it. Just as you can close an account whenever you like, almost all terms and conditions state that they can close your account whenever they like. Whether they have a reason or not. They don't owe you anything. It sucks but it's the truth. This is why everyone should make sure to have at least a couple cards that are not from the same lender - don't put all the eggs in one basket

Re: My Chase Freedom Card was Closed too .... :(

CreditCuriosity — Sat, 27 Dec 2014 22:26:02 GMT

@kdm31091 wrote:
This is so strange to hear, if they just closed your account for no reason. I can understand closing it if you were doing MS, or you were deliberately cheating in some way to get more rewards than you should, etc. But to just randomly close your account that was presumably in good standing...that sucks.

Unfortunately, however, they're completely allowed to do it. Just as you can close an account whenever you like, almost all terms and conditions state that they can close your account whenever they like. Whether they have a reason or not. They don't owe you anything. It sucks but it's the truth. This is why everyone should make sure to have at least a couple cards that are not from the same lender - don't put all the eggs in one basket

Or to many basket in this case, lol... You just can't win sometimes can you?