topic Re: Chase closing accounts in Credit Cards

Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:19:34 GMT

This evening, I discovered that all my chase accounts had been closed. I have a debit card through them along with a freedom unlimited. Chase Amazon, and the Ritz Carlton. With those three accounts, I probably had about 35k in credit, so its a loss but I'm actually not upset at all. Only reason I'm posting here is to get answers. When I called they stated the reason was because the income on my applications did not match the income in my chase debit account. I attempted to explain I have two checking accounts. one through Chase and my main one is through a credit union. Has anybody experienced this with Chase? If I may add, I've never been late on any of my credit cards, had one of them for roughly five years. Always paid in full. The checking account I had with them always had at least $6,500 in there. Never let it drop below that. (Stated I have 24 hours to go to a local branch to get my funds or they can mail me a check.) I'm just surprised this occured. I know people are going to ask, and the answer is no. Nothing negative in my credit report changed. Although, clearly they seen something they don't like. Not having good luck with credit cards. Might just close the rest and use cash! Thank you for reading and I look forward to reading your comments.

-Allen

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:23:59 GMT

Sorry to hear that, what was your stated income on the application(s)?

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:25:30 GMT

That's the oddest explaination I've ever heard. How exactly does a debit account measure one's income?

You could provide bank statements from the CU to them.

Maybe they felt you did MS or something else against their TOS and simply used the income as an excuse. Just a thought, not saying you did.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:29:29 GMT

Thank you both for your comments. The income on my application was 56k, but I recently got a raise to 63k. Also, I've never done MS or anything other than use the card for purchases and pay it off at the end of the month. I offered to show bank statements from my CU and they refused. Was debating on calling later on but then again, this really doesn't phase me too much.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:33:14 GMT

In my experience speaking to a local branch manager with your statements will likely help a recon. They usually have a special backend number and can assist to a certain degree. You need to make it personal so you're not just numbers on a screen you're a human being. You know?

Just a suggestion if you're able to tell a branch manager what happened they may agree with you and try to help.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:39:44 GMT

Indeed, of course. Although I'm pretty certain I'm just going to let this one go. I just wanted to share my experience and know if others has gone through the same. Thank you for your suggestion, I do appreciate it and if I happen to change my mind I'll definitely speak to a branch manager.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:48:00 GMT

I read dozens of threads on here every day yours is very unique. I've seen AA but never as an income discrepancy. Usually I see it when a collection/judgement pops up, or when closing and attempting to reallocate with Chase.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 05:50:11 GMT

Whenever I get the letter, I'll take a photograph and post it. Hopefully it specifically states the income because that's what I was told on the telephone.

Re: Chase closing accounts

Aduke1122 — Thu, 20 Apr 2017 06:13:02 GMT

I'm sorry to hear this Op, I have never heard of such nonsense, so you are saying not only did they close your credit cards but also your checking account too? What in the world is that about , I agree with Matt I would most definitely go to the branch and speak with someone , this is ridiculous

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 06:13:59 GMT

That reasoning makes no sense to a rational person though so I'm guessing they are not going to say income.

They can't close a debit card for that, they don't ask your income when applying for a debit card...I'm guessing it will say something like fraud, account misuse, etc. just based on the fact that they closed your credit cards AND checking account.

Re: Chase closing accounts

Aduke1122 — Thu, 20 Apr 2017 06:29:30 GMT

But if Op is saying that nothing of that nature has occurred on any of the accts then how can they have the right to close them esp the checking acct, that is what is throwing me off

Re: Chase closing accounts

Aduke1122 — Thu, 20 Apr 2017 06:30:04 GMT

We see them closing down accts all the time but I have never seen this particular reason for it

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 06:37:02 GMT

Well, as far as the checking account goes, I've had it for about a year and only used it maybe five times so that's probably being closed due to lack of use. As far as credit cards the representative on the telephone said the income didn't match what's in my checking account. Whenever I get the letter, I'll take a photograph and show it. I find it weird too but it might be because I used to have an auto loan through them and I refinanced with my credit union. Who knows, maybe bitter feelings.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 07:14:43 GMT

Income in the checking does not match the app and thats the reason to close sounds lame and or nuts. I know plenty of people with multiple banks. I think you need a talk with the Branch Manager. Is somebody at Chase angry at you?

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 07:29:37 GMT

Won't loosing 35k revolving credit affect your utilization? If your utilization increases, other lenders may see you as risk and they may reduce your lines or cancel the card.

It may be a good idea to visit the branch and talk to manager.

Re: Chase closing accounts

CreditInspired — Thu, 20 Apr 2017 09:35:40 GMT

+1000 everyone else.
This just sounded to unreal to me too so I decided to Google it and OMG, Chase actually does close down everything, including checking accounts, with no warning if anything appears suspicious. Here is the article I found
https://www.uscreditcardguide.com/how-to-avoid-chase-closing-all-your-accounts/

Re: Chase closing accounts

CreditInspired — Thu, 20 Apr 2017 10:47:38 GMT

Well, the more I research, the more I learn. Didn't even know Walmart had a bill pay where you can pay your other CC bills. So a quick question KnightOwl. Were you paying your Chase bill through WM bill pay? I read thats what makes Chase suspicious/anxious about this methid is that when one uses ~50% of his/her CL in a month and then pay the balance several times using WM BP to close the month with a small balance. I'm just trying to find answers for you as I continue to wrap my mind around why Chase took such a drastic action.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 11:28:35 GMT

+1 to CreditInspired's last couple of posts. It's really inexplicable that Chase would shut the OP down on the grounds of the income in their debit account not matching the amount of income reported to Chase for credit purposes, particularly as the OP recently had a salary increase, which ought to by any rational calculation improve their position for CLI's and such. I would also advise the OP to take a look at how they're making payments on their accounts and what source they're using to fund those payments; in the absence of anything else, Chase may have gotten spooked by the method/frequency of payments.

What's interesting is that I've been seeing several people report lately that the practice of making multiple payments per month to a given credit card account is in fact causing problems for them. Chase's action is way at the extreme end of the spectrum, but I now wonder if we're going to start seeing any other issuers take less harsh AA's on the same grounds, if that's what it turns out to be.

P.S. Finally, having read that article, I find myself actually being less interested in exploring Chase as a possible credit-card issuer than before, even if there weren't already the issue with my BK (which, as reported elsewhere, will likely result in automatic denial of apps). If they're going to be that harsh, I'm not so sure I want to be a customer of theirs after all...

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 12:20:18 GMT

FIirst, @Anonymous, I am sorry that this happened to you.

Before people make tons of posts about income discrepancy as justification for closing all the Chase accounts, wait until the letter arrives. It is highly likely that there is more to the story than that. Definitely not suggesting that the OP is lying or holding anything back but as we often see with these AA threads more info tends to be become available as time goes on. Even when the letter arrives it is entirely possible that the OP may never know the exact reasons for closures. Creditors are not required to provide that info and are completely free to close accounts as they see fit. If you read other forums, Chase has been known to shut down all of a person's accounts, including checking/savings if they suspect fraud of any kind. Very unlikely that they would suspect fraud from a debit account balance especially at the income level as indicated by OP. So, at least to Chase, I suspect that they see something else.

Re: Chase closing accounts

Anonymous — Thu, 20 Apr 2017 12:29:11 GMT

That's true. What makes it so frustrating is that because Chase (or any other lender) isn't obligated to disclose their actual, underlying reasons, there's no way to tell whether what they think they see in someone's credit profile is in fact actually there or whether it's a mirage.