topic Re: Chase closed account in Credit Cards

Chase closed account

Anonymous — Mon, 13 Aug 2018 21:44:34 GMT

I got a letter today from Chase, they closed my account. Reasons: Too many accounts opened recently. Too many requests for credit or reviews of credit. The accounts on your credit report have not been open long enough.
Tried recon to no avail. They said this is permanent and not reversible. She said I could apply again in the future when my other accounts mature. Dang I just received a CLI from them 2 weeks ago, now they closed my account lol.
One thing I think triggered my account into review was I tried to apply for a CSP with the green check, offer selected for me. I think that made them look into my account and see all the recent inquiries and accounts.
Data points: Scores 700-730 across 3 CRAs. Probably 7-8 inquiries since that Chase card was approved for. 2 new accounts showing up. Credit util overall: 2% Always used the card responsibly, even got a good auto CLI from them 2 weeks prior. $2.40 balance with them when closed. Oh well, doesn't hurt me, their loss. Makes me want to stay away from Chase.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 21:55:22 GMT

Sign to slow things down, join the gardening club and allow your accounts to grow and age, don't know what you're trying to achieve but 10 cards (11th with CSP) in 12 months is a lot and unnecessary for someone building new credit. Credit building is not a sprint.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 21:58:49 GMT

OP, this is a sign that you need to slow down.

You have snagged some pretty top-tier cards, so I would let them age for about 6 months to a year. Chase is as skittish as Barclay's, which will be their downfall. Just you watch.

Re: Chase closed account

Remedios — Mon, 13 Aug 2018 22:00:29 GMT

@Anonymous wrote:
OP, this is a sign that you need to slow down.

You have snagged some pretty top-tier cards, so I would let them age for about 6 months to a year. Chase is as skittish as Barclay's, which will be their downfall. Just you watch.

No, it wont.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 22:05:04 GMT

@Remedios wrote:
@Anonymous wrote:
OP, this is a sign that you need to slow down.

You have snagged some pretty top-tier cards, so I would let them age for about 6 months to a year. Chase is as skittish as Barclay's, which will be their downfall. Just you watch.

No, it wont.

+1 I guess you are right. It still annoying that they do this otherwise decent customers, but I guess it's just bussiness. And we have to accept that.

Re: Chase closed account

Remedios — Mon, 13 Aug 2018 22:09:48 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous wrote:
OP, this is a sign that you need to slow down.

You have snagged some pretty top-tier cards, so I would let them age for about 6 months to a year. Chase is as skittish as Barclay's, which will be their downfall. Just you watch.

No, it wont.
I guess you are right. It still annoying that they do this otherwise decent customers, but I guess it's just bussiness. And we have to accept that.

You're missing the point. 11 accounts for somebody whose entire credit history is 11 months is a lot.

With such a short history, there is no way for them to tell if they are dealing with what you called *decent customer* or a bust out fraud waiting to happen.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 22:11:41 GMT

Yea guys for sure I already know I hit my limits, have to garden for a while before I even think about applying for anything.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 22:13:02 GMT

@Remedios wrote:
@Anonymous wrote:
@Remedios wrote:
@Anonymous wrote:
OP, this is a sign that you need to slow down.

You have snagged some pretty top-tier cards, so I would let them age for about 6 months to a year. Chase is as skittish as Barclay's, which will be their downfall. Just you watch.

No, it wont.
I guess you are right. It still annoying that they do this otherwise decent customers, but I guess it's just bussiness. And we have to accept that.
You're missing the point. 11 accounts for somebody whose entire credit history is 11 months is a lot.
With such a short history, there is no way for them to tell if they are dealing with what you called *decent customer* or a bust out fraud waiting to happen.

In that case, yeah, it makes sense. I overlooked the OP's credit age. I would shut them down, too. Thanks for the clarfication, Remedios.

Re: Chase closed account

Remedios — Mon, 13 Aug 2018 22:15:23 GMT

@Anonymous wrote:
Yea guys for sure I already know I hit my limits, have to garden for a while before I even think about applying for anything.

You have some good cards that will grow.

Lay low for a while and it will be ok.

Re: Chase closed account

Medic981 — Mon, 13 Aug 2018 22:21:35 GMT

I am in the garden until 2020. I too desire a CSP but I have to wait for the 5/24 rule before I can apply. I got a little click happy and probably would be with you if I had applied for Chase early on.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 22:28:20 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous wrote:
OP, this is a sign that you need to slow down.

You have snagged some pretty top-tier cards, so I would let them age for about 6 months to a year. Chase is as skittish as Barclay's, which will be their downfall. Just you watch.

No, it wont.
+1 I guess you are right. It still annoying that they do this otherwise decent customers, but I guess it's just bussiness. And we have to accept that.

Not a chance it will be their downfall. They have maybe the most optimal efficiency ratio, largest bank by total assets in the US, and top tier management. A few people who are opening too many accounts to scare off the creditor won't dent the giant. Chase can be more selectvie about their credit customers because they have enough demand for their products. I would say just keep your accounts open and give it a year or so to establish your profile and try again.

Re: Chase closed account

Brian_Earl_Spilner — Mon, 13 Aug 2018 22:30:26 GMT

I'm surprised they approved you in the first place. Less than a year of history and 11 cards in 11 months. Doesn't matter when you applied, you shouldn't have been approved in the first place.

Re: Chase closed account

FinStar — Mon, 13 Aug 2018 22:44:51 GMT

Just goes to show folks that Chase AA is still prevalent in a variety of circumstances.

OP, while the outcome may sting for a bit, your experience can definitely help others so as to gauge things more strategically when applying for any Chase products, especially for folks who are considering any type of app spree and not realize the after effects.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 22:52:38 GMT

@Brian_Earl_Spilner wrote:
I'm surprised they approved you in the first place. Less than a year of history and 11 cards in 11 months. Doesn't matter when you applied, you shouldn't have been approved in the first place.

That's right, OP said 2 accounts showed up after getting the first Chase card, meaning the Chase card was the 8th, how did OP circumvent 5/24? Obviously the CSP app was way over 5/24.

Re: Chase closed account

coldfusion — Mon, 13 Aug 2018 23:05:09 GMT

Chase can't count what they can't see. If they're the 8th card applied for but cards 5-7 haven't yet started reporting they can't deny for 5/24.

Re: Chase closed account

Brian_Earl_Spilner — Mon, 13 Aug 2018 23:04:06 GMT

@Anonymous wrote:
@Brian_Earl_Spilner wrote:
I'm surprised they approved you in the first place. Less than a year of history and 11 cards in 11 months. Doesn't matter when you applied, you shouldn't have been approved in the first place.
That's right, OP said 2 accounts showed up after getting the first Chase card, meaning the Chase card was the 8th, how did OP circumvent 5/24? Obviously the CSP app was way over 5/24.

If he applied for his first chase at the beginning of his spree, he should have been declined for lack of history. If he applied in the middle or end, he was over 5/24. I suspect when he apped for the CSP it woke the bear. Someone realized the mistake during manual review and shut him down.

Re: Chase closed account

Brian_Earl_Spilner — Mon, 13 Aug 2018 23:05:36 GMT

Actually, going back to re-read, that's exactly what happened.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 23:28:23 GMT

Oh boy. I don't like jumpy creditors. I just got my Chase Disney Visa last week. I was approved with 36 inquiries and 20 new accounts in the last year. 15 are open, and I closed 5 of them. Makes me not want to use the card.

Re: Chase closed account

Anonymous — Mon, 13 Aug 2018 23:39:14 GMT

@Anonymous wrote:
Oh well, doesn't hurt me, their loss. Makes me want to stay away from Chase.

I understand the need to say this, but no it's not! It's possible that you would have been an incredibly profitable customer, but the odds are against. IMO, better to understand it as a hit to you, and learn from the experience.

Re: Chase closed account

kerplunk — Tue, 14 Aug 2018 00:19:38 GMT

I don't blame Chase for this decision. It makes me respect them even more for not partaking in statistical high-risk banking behavior. It does, however, worry me in case I ever get into a bad spot financially and need to float by on cards for a while.