topic Re: Yikes! On the chopping block with Chase! in Credit Cards

Yikes! On the chopping block with Chase!

Anonymous — Sun, 31 Mar 2019 21:11:14 GMT

I've had 2 Chase cards for about 5 years -- SWA (SL $21k) & Slate (SL $5,700, auto-increased to $8,200 after 18 mos). We use the SWA for travel, fuel, lodging, etc and the Slate was initially used for the BT option, but eventually used it regularly, paying it down. 2018 was a pretty busy travel year so we used the SWA quite a bit along with a few other rewards cards and utilization got up to about 65% (I know, gasp right). I knew we would have them paid off in no time, however, before we could do so, Chase put us on the chopping block & was the ONLY card issuer to decrease limits on BOTH cards (SWA down to $15,700 -- balance was at $15,000 at the time; Slate down to $1400?!), which of course had a huge impact on my overall score. When I contacted them to complain, I was told I could have my accounts reviewed and the decision reconsidered, but I declined. I was so furious that I decided to pay them both off instead, vowed never to use them again, and was ready to close the accounts altogether. Of course, this was all BEFORE I found this forum, and all the helpful info; So glad I gathered my composure and stumbled upon this community when I did.

So now that I've simmered down a bit, what's my recourse, if any? Anyone else had this happen to them with Chase or any other card issuer? SHOULD I have allowed them to review my account? Wouldn't that initiate a HP? WWYD? Thanks in advance.

Re: Yikes! On the chopping block with Chase!

Shadowfactor — Sun, 31 Mar 2019 23:10:21 GMT

Welcome to the fourms!

AA is never fun, but it seems to be a regular occurance with chase.

You can always call chase and ask them to reconsider their decison to take AA. Mention that you do not wish for any sort of HP, and see what they say.

Otherwise there's really nothing you can do except take a HP CLI.

Keep using the card and keep those balances down.

Re: Yikes! On the chopping block with Chase!

mikesonthemend — Mon, 01 Apr 2019 00:32:50 GMT

Sorry for the AA, OP.

Happened to me with a different creditor. Just plain sux.

I am curious, would you mind sharing a little info about your last few payments to Chase? As in, were they small, or smaller than usual?

Re: Yikes! On the chopping block with Chase!

Anonymous — Mon, 01 Apr 2019 00:37:55 GMT

Just came by to say welcome to the forums! =) I only have the Chase Amazon card and I can only dream on the CLs you have at the moment, so I can't really offer much advise. This forum is a goldmine of knowledge though, you will be taken care of!

Re: Yikes! On the chopping block with Chase!

UpperNwGuy — Mon, 01 Apr 2019 01:11:12 GMT

I had to learn the hard way never to travel unless I had the full cost of the trip saved up before making the reservations. I used to carry balances on my credit cards because of travel. A couple of adverse actions from Citi and Bank of America taught me that was a bad strategy. I've been especially cautious with Chase.

Re: Yikes! On the chopping block with Chase!

LittleSal — Mon, 01 Apr 2019 01:56:50 GMT

I would use other cards and SD Chase!

Re: Yikes! On the chopping block with Chase!

NRB525 — Mon, 01 Apr 2019 02:21:20 GMT

I had balance chasing on several Chase cards, and Citi and BofA. With high utilization, it is a risk with most lenders.

What is your plan for pay off of these balances? Are you paying full-rate interest? I took my time paying everything down, but most of the balances I had were on what I considered reasonable interest rates.

Do you carry balances on other cards? Can you list out your cards, limits, and last statement balances? Banks look at your overall balances through soft pull, so that can be a factor as well.

Re: Yikes! On the chopping block with Chase!

HeavenOhio — Mon, 01 Apr 2019 02:29:33 GMT

How long ago did this happen?

Re: Yikes! On the chopping block with Chase!

bourgogne — Mon, 01 Apr 2019 04:52:06 GMT

how long ago was this? I would have had them do the review on the spot but that is me. they did a review when I got my 8th card from them, I did not like it but I have that 8th card. a review will take about 10 days and may or may not result in a hp. a computer did this, you fell out of bounds in their risk assessment. do you have your income updated on the portal? I would do that before you contact them. if you paid them off then you stand a good chance in getting this reversed. keep both cards at zero, update the income and give them a call. you lose 100% of the shots you don't take. I find them very easy to deal with

Re: Yikes! On the chopping block with Chase!

Anonymous — Mon, 01 Apr 2019 15:23:41 GMT

@Anonymous wrote:
I've had 2 Chase cards for about 5 years -- SWA (SL $21k) & Slate (SL $5,700, auto-increased to $8,200 after 18 mos). We use the SWA for travel, fuel, lodging, etc and the Slate was initially used for the BT option, but eventually used it regularly, paying it down. 2018 was a pretty busy travel year so we used the SWA quite a bit along with a few other rewards cards and utilization got up to about 65% (I know, gasp right). I knew we would have them paid off in no time, however, before we could do so, Chase put us on the chopping block & was the ONLY card issuer to decrease limits on BOTH cards (SWA down to $15,700 -- balance was at $15,000 at the time; Slate down to $1400?!), which of course had a huge impact on my overall score. When I contacted them to complain, I was told I could have my accounts reviewed and the decision reconsidered, but I declined. I was so furious that I decided to pay them both off instead, vowed never to use them again, and was ready to close the accounts altogether. Of course, this was all BEFORE I found this forum, and all the helpful info; So glad I gathered my composure and stumbled upon this community when I did.

So now that I've simmered down a bit, what's my recourse, if any? Anyone else had this happen to them with Chase or any other card issuer? SHOULD I have allowed them to review my account? Wouldn't that initiate a HP? WWYD? Thanks in advance.

Sorry about all this OP. you know, CC companies all have their own quirks and weird things they each do to protect themselves.

with Chase, its the one i always keep a balance on. IMO, i think they capture your spending habbits and when you stray from those very much is when they creep in and give a lil bit of AA. i have carried 5k for several months with them, and then pay off, now with Synchrony, they have balance chased me several times, then restore my limit. unsure why they give you the limit then you use it they take it away, yet restore it. seems odd, but oh well. (sorry i started to ramble, too much coffee today )

Re: Yikes! On the chopping block with Chase!

jwa77 — Mon, 01 Apr 2019 15:34:03 GMT

Whoa..okay new guy here, not getting what the >>>>> would even prompt an AA on a card that has never had any problems. What is this crap?

Re: Yikes! On the chopping block with Chase!

bourgogne — Mon, 01 Apr 2019 15:44:40 GMT

@jwa77 wrote:
Whoa..okay new guy here, not getting what the >>>>> would even prompt an AA on a card that has never had any problems. What is this crap?

for the normal card users it's nothing to think about imo. if one is just using a card and paying it in full each month and leaving a small bal to report that shows use on one then aa is rare. if one highly utilized, doing balance transfers, paying interest, cash advances, etc .. events that carry more risk then with risk ones results may vary. if one has a huge unused limit on a card it's can result in aa but again this is rare.

Re: Yikes! On the chopping block with Chase!

jwa77 — Mon, 01 Apr 2019 15:47:12 GMT

i would think threatening to close a card that had some AA on it would stop the banks from doing this no?

Re: Yikes! On the chopping block with Chase!

bourgogne — Mon, 01 Apr 2019 15:50:02 GMT

@jwa77 wrote:
i would think threatening to close a card that had some AA on it would stop the banks from doing this no?

threatening? you are joking right? we are all #s to them, nothing more. I will leave this saying that reducing ones risk to the lender is the key to not having issues.

Re: Yikes! On the chopping block with Chase!

Anonymous — Mon, 01 Apr 2019 15:56:20 GMT

Chase Slate card is how I ruined my credit to begin with. I had about a $15,000 limit, FICO score over 800. I had a massive medical disaster and almost died. I went from a $0 balance with Chase to $6,000 in the course of 1 year. But I never missed one single minimum payment EVER. They started shutting down my card periodically and I would call customer service.... They would always say it was because my card use was "suspicious." They would remove the block, I'd make payments, use the card, their fraud department woukd shut it down again.... I ended up missing one payment. They immediately reduced my limit to $6,500 so I was at nearly 100% utilization. I went online and made a $600 payment because by then my social security disability was approved and I received back pay.... Well Chase closed my account with over 90% utilization reporting and my score dropped to about 540 after all this hoopla.

That was 5 years ago. I never paid it. You know what......F them. I tried. I called. I tried to fix it. I paid them $1,400 toward my balance and they sent me to collections anyway.

Yes it was 100% my fault but cone on Chase.... I was a great customer of theirs for 15 years and they refused to help me. They stopped reporting on all 3 bureaus about 6 months ago. I don't know why but I guess the collection agencies just kept selling my account and gave up?

I hate Chase.

Re: Yikes! On the chopping block with Chase!

CreditInspired — Mon, 01 Apr 2019 16:05:12 GMT

@Anonymous wrote:
I've had 2 Chase cards for about 5 years -- SWA (SL $21k) & Slate (SL $5,700, auto-increased to $8,200 after 18 mos). We use the SWA for travel, fuel, lodging, etc and the Slate was initially used for the BT option, but eventually used it regularly, paying it down. 2018 was a pretty busy travel year so we used the SWA quite a bit along with a few other rewards cards and utilization got up to about 65% (I know, gasp right). I knew we would have them paid off in no time, however, before we could do so, Chase put us on the chopping block & was the ONLY card issuer to decrease limits on BOTH cards (SWA down to $15,700 -- balance was at $15,000 at the time; Slate down to $1400?!), which of course had a huge impact on my overall score. When I contacted them to complain, I was told I could have my accounts reviewed and the decision reconsidered, but I declined. I was so furious that I decided to pay them both off instead, vowed never to use them again, and was ready to close the accounts altogether. Of course, this was all BEFORE I found this forum, and all the helpful info; So glad I gathered my composure and stumbled upon this community when I did.

So now that I've simmered down a bit, what's my recourse, if any? Anyone else had this happen to them with Chase or any other card issuer? SHOULD I have allowed them to review my account? Wouldn't that initiate a HP? WWYD? Thanks in advance.

Hi and welcome to Myfico

Im glad you found this forum too because a lot of us have gotten mad as a hatter over something a CCC did or didn’t do. This forum truly is a goldmine of info.

My question is how long the balance on Chase was above 28.9%. IMHO, this is when banks’ algorithm send out alerts that this cardholder may present a risk. Shut it down, shut it down the system screeches! At least, in your case, this didn’t happen and you only got a CLD. But this is still a serious matter because you don’t want to be balance chased.

So, IMHO, I would have Chase review my accounts even if it is a HP. You say you’ve been a great customer with no credit profile problems across the board. Explain that to them. This is in your favor.

Im rooting for you and good luck.

Re: Yikes! On the chopping block with Chase!

Anonymous — Tue, 02 Apr 2019 11:42:14 GMT

@bourgogne wrote:
@jwa77 wrote:
i would think threatening to close a card that had some AA on it would stop the banks from doing this no?
threatening? you are joking right? we are all #s to them, nothing more. I will leave this saying that reducing ones risk to the lender is the key to not having issues.

And even if we had deep meaningful personal relationships with them, banks take AA to avoid (perceived) risk. So, threatening to close, followed by actually closing, is fine by them as that removes the risk.

While we commonly see FSR sentiments such as "their loss" when some issuer denies a MyFicoer something, the reality is that it is usually not. The vast majority of us are unlikely to be a huge profit source for a bank.

Re: Yikes! On the chopping block with Chase!

CreditInspired — Tue, 02 Apr 2019 12:50:49 GMT

@Anonymous wrote:
Chase Slate card is how I ruined my credit to begin with. I had about a $15,000 limit, FICO score over 800. I had a massive medical disaster and almost died. I went from a $0 balance with Chase to $6,000 in the course of 1 year. But I never missed one single minimum payment EVER. They started shutting down my card periodically and I would call customer service.... They would always say it was because my card use was "suspicious." They would remove the block, I'd make payments, use the card, their fraud department woukd shut it down again.... I ended up missing one payment. They immediately reduced my limit to $6,500 so I was at nearly 100% utilization. I went online and made a $600 payment because by then my social security disability was approved and I received back pay.... Well Chase closed my account with over 90% utilization reporting and my score dropped to about 540 after all this hoopla.

That was 5 years ago. I never paid it. You know what......F them. I tried. I called. I tried to fix it. I paid them $1,400 toward my balance and they sent me to collections anyway.

Yes it was 100% my fault but cone on Chase.... I was a great customer of theirs for 15 years and they refused to help me. They stopped reporting on all 3 bureaus about 6 months ago. I don't know why but I guess the collection agencies just kept selling my account and gave up?

I hate Chase.

Anger over something that any business has to do to alleviate or thwart risk does not solve anything. It only hurts the customer. Hopefully, in time, you'll understand this.

Re: Yikes! On the chopping block with Chase!

yfan — Tue, 02 Apr 2019 22:46:10 GMT

Whenever you have the cash on hand, it's always a good idea to pay down your credit card balances mid-cycle if that means your balance stays under a certain threshold. This is especially true if the spike in spending is sudden rather than gradual.

If a sudden health scare or emergency causes you to dig into a large credit line, by all means, do so. Just understand that you are paying with your credit score as well and not just your credit limit, but that shouldn't stop someone from doing what they need to do in an emergency. After all, this is why you have built up a large limit, so you can use it in an emergency. That's where your credit profile got you, and if it worked - you were able to use it - your building credit worked.

Remember, credit is just a tool to assist you in life, not the other way around.

Re: Yikes! On the chopping block with Chase!

Anonymous — Sat, 06 Apr 2019 01:33:11 GMT

@mikesonthemend wrote:
Sorry for the AA, OP.

Happened to me with a different creditor. Just plain sux.

I am curious, would you mind sharing a little info about your last few payments to Chase? As in, were they small, or smaller than usual?

@mikesonthemend Are you inquiring about the payments made right before the AA? If so, the last few payments were all double/triple the minimum amount due, specifically since the balance was so high.