topic Chase closed my account in Credit Cards

Chase closed my account

Anonymous — Mon, 20 Jul 2009 18:37:07 GMT

Please help.

I called CHASE and they explained to me that they got "derogetory information" from credit agency (?) therefore they had to close my account. He said I had "too few credit cards, and too low credit limit on the card."

How does this give them the right to close my account? I am so confused and mad.

I am waiting for the hard copy letter to hopefully better understand things and give these people a call.

Nadia

Re: Chase closed my account

Anonymous — Mon, 20 Jul 2009 18:40:08 GMT

@Anonymous wrote:
Please help.
I called CHASE and they explained to me that they got "derogetory information" from credit agency (?) therefore they had to close my account. He said I had "too few credit cards, and too low credit limit on the card."

How does this give them the right to close my account? I am so confused and mad.
I am waiting for the hard copy letter to hopefully better understand things and give these people a call.

Nadia

Ignore the reasons. Chase can close an account at any time. Was this an ex-WaMu account? Chase is in the process of decreasing credit limits or closing about 3 million ex-WaMu accounts ...

Re: Chase closed my account

JoeBJay20 — Mon, 20 Jul 2009 18:41:51 GMT

I'm gonna go out on a limb here (well not really) and guess this was a former WaMu account. Chase is in the process of closing 3 million WaMu accounts, and thus far, there's no real rhyme or reason to the closures, although high utilization seems to be most prevalent. But by and large it appears Chase has already decided which accounts it's closing and will find reasons to fit. For some people, it's high utilization; for others, too much new credit; and in your case, not enough credit. The truth is a CC issuer can cancel your card at any time, for almost any reason.

Re: Chase closed my account

Anonymous — Mon, 20 Jul 2009 20:52:06 GMT

Us too.The credit company is experian. Complete BS if you ask me. Their reason for us was "one or more accounts have high balances compared to credit limits" Utter crap because in the last 6 months I have managed to pay down ALL our accounts to zero or atleast below 50%. Have not been late, which was their other reasons. It is an ex-wamu account, our oldest and our highest limit card. I AM SO P'OED IT'S NOT EVEN FUNNY!!!

Not to be a hijacker here but what does this actually do to your credit? Will this have a negative impact?

Re: Chase closed my account

JoeBJay20 — Mon, 20 Jul 2009 21:13:14 GMT

The closing of the account in and of itself has no effect on your credit. Where it can potentially hurt you is in terms of your utilization. You've lost available credit, so if all of your CC balances are the same, your utilization has increased, which harms your score.

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 02:36:24 GMT

@Anonymous wrote:
Please help.
I called CHASE and they explained to me that they got "derogetory information" from credit agency (?) therefore they had to close my account. He said I had "too few credit cards, and too low credit limit on the card."

How does this give them the right to close my account? I am so confused and mad.
I am waiting for the hard copy letter to hopefully better understand things and give these people a call.

Nadia

Sorry for your problem.

Unfortunately, if they want to dump you they don't really need a reason. Best to pick up and move on.

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 14:40:29 GMT

I got the same letter and called them yesterday. I was able to convince them to keep my account open. Mine was a WAMU account, but I lucked out since the last of my baddies (BK) fell off last month. When he looked it over, he said he would reopen the account. Yippee for me!

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 15:59:57 GMT

@Anonymous wrote:
I got the same letter and called them yesterday. I was able to convince them to keep my account open. Mine was a WAMU account, but I lucked out since the last of my baddies (BK) fell off last month. When he looked it over, he said he would reopen the account. Yippee for me!

Congrats on the drop-off and the re-open, and welcome to the forum!

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 17:47:16 GMT

@Anonymous wrote:
I got the same letter and called them yesterday. I was able to convince them to keep my account open. Mine was a WAMU account, but I lucked out since the last of my baddies (BK) fell off last month. When he looked it over, he said he would reopen the account. Yippee for me!

Nice going and welcome!

What number did you call to get this done?

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 20:25:59 GMT

I guess I should consider myself lucky - first they raised my interest last month and this month cut my credit limit - Ijust paid them 6000 last month because I am trying to get my debt/credit ratio in better shape and now they deceased my 7500 limit down to 2200, said it was because high balances on other cards - not true - I don't carry a balance on the other cards, pay them every month and when I paid Chase down to a 200 balance they cut me down - why would I have paid them 6000 if I didn't plan on paying the account?

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 20:31:53 GMT

funny how some cc companies are cancellinng because of too much debt. yours was not enough debt...unreal. i'd move on and apply somewhere else.

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 20:46:37 GMT

@Anonymous wrote:
I guess I should consider myself lucky - first they raised my interest last month and this month cut my credit limit - Ijust paid them 6000 last month because I am trying to get my debt/credit ratio in better shape and now they deceased my 7500 limit down to 2200, said it was because high balances on other cards - not true - I don't carry a balance on the other cards, pay them every month and when I paid Chase down to a 200 balance they cut me down - why would I have paid them 6000 if I didn't plan on paying the account?

I would call and demand a credit analyst review of this. They might reverse it.

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 20:53:23 GMT

@Anonymous wrote:
funny how some cc companies are cancellinng because of too much debt. yours was not enough debt...unreal. i'd move on and apply somewhere else.

Sick is more like it. If you fall under the microscope and they decide you are getting AA they will ship you a reason. Whether that reason is valid or not really doesn't make any difference. Sometimes you have to gleen the actual explanation from evidence other that the stated reason.

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 20:57:20 GMT

agreed..'what you said'...

Re: Chase closed my account

mattmil — Tue, 21 Jul 2009 23:31:13 GMT

I have a Chase CC that was a former Wamu CC -- they knocked my CL down to $1750 from $2000 out of the blue with no explanation. This is my best CC -- I have $0 balance on it now -- I pray they don't close it!

Re: Chase closed my account

Anonymous — Tue, 21 Jul 2009 23:36:15 GMT

@mattmil wrote:
I have a Chase CC that was a former Wamu CC -- they knocked my CL down to $1750 from $2000 out of the blue with no explanation. This is my best CC -- I have $0 balance on it now -- I pray they don't close it!

Was this done very recently? If so it was a love tap. Consider yourself very fortunate.

Re: Chase closed my account

Anonymous — Fri, 24 Jul 2009 01:25:40 GMT

I wasn't so lucky--I couldn't talk them into reopening it. I owed $55 on $5000 limit and they closed my former WA MU account--I have a perfectly good chase amazon visa (amazon.com employee) and has 2 wa mu cards and my car loan thru chase. I don't understand high utillization, and I have never missed a payment, and my balances are not high on this or any other cards. I always pay $100-$200 a month more on my auto loan because I don't like to owe. I feel like crashing it and totalling it just to screw them--I have never had an accident so I don't think it would hurt me that bad. I am just livid--I said to them "are you just now making enough effin money off me?"

Re: Chase closed my account

Anonymous — Fri, 24 Jul 2009 01:47:38 GMT

@Anonymous wrote:
I wasn't so lucky--I couldn't talk them into reopening it. I owed $55 on $5000 limit and they closed my former WA MU account--I have a perfectly good chase amazon visa (amazon.com employee) and has 2 wa mu cards and my car loan thru chase. I don't understand high utillization, and I have never missed a payment, and my balances are not high on this or any other cards. I always pay $100-$200 a month more on my auto loan because I don't like to owe. I feel like crashing it and totalling it just to screw them--I have never had an accident so I don't think it would hurt me that bad. I am just livid--I said to them "are you just now making enough effin money off me?"

Welcome to the forums!

I am very sorry for your difficulty.

Take a few deep breaths and try to relax. It's over now and there doesn't seem to be anything you can do about it. It is very unfortunate and heartless, but the best thing to do now is put it behind you and move on. You can and will recover. Just don't dwell on Chase right now. They are rotten to the core. Leave it at that.

Re: Chase closed my account

smallfry — Fri, 24 Jul 2009 01:53:17 GMT

@Anonymous wrote:
I wasn't so lucky--I couldn't talk them into reopening it. I owed $55 on $5000 limit and they closed my former WA MU account--I have a perfectly good chase amazon visa (amazon.com employee) and has 2 wa mu cards and my car loan thru chase. I don't understand high utillization, and I have never missed a payment, and my balances are not high on this or any other cards. I always pay $100-$200 a month more on my auto loan because I don't like to owe. I feel like crashing it and totalling it just to screw them--I have never had an accident so I don't think it would hurt me that bad. I am just livid--I said to them "are you just now making enough effin money off me?"

Sorry to hear about your experience with Chase. For future reference best way to handle it would be to have your GF crash the GAP covered car in the first 30 days. LOL.

Re: Chase closed my account

Anonymous — Fri, 24 Jul 2009 19:16:27 GMT

They haven't touched my Chamu yet.

I think it's because they are fully aware that closing their piddly little 1.5k CL* wouldn't register even a teeny blip on my utilization scale.

I think Chase is borderline evil - and I'm only half-joking. They seem to be targeting (mostly) customers upon whom they can wreak the most havoc and woe, and whose scores they can best decimate.

* not impugning those for whom $1.5k is significant - just saying that they are about 1/8 - 1/10 of most of my other CLs.