topic Re: How do I deal with chase closing my accounts? in General Credit Topics

How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 01:41:10 GMT

I had 2 accounts(Freedom and Saphire) with Chase that were recently closed. I had the Freedom for about 10 years and it is paid in full. I had the CSP for maybe 3 years and it had a $5000 limit and a balance of $1990 left for me to pay. The freedom has already been reported as closed on my credit reports and I didn't notice a score change with creditkarma when that hit.......maybe because it was paid in full? What would my best course of action be?

I am trying to prepare to buy a house and get my credit scores up (I am 620 and 622 according to Creditkarma) so this came at the worse possible time My scores are so low because I have a 2 cards with capital one that have a very high balance. I just got a 30 point jump for paying them down some. I don't have any recent lates within the last 5 years. How much will this closed account with Chase affect me? If need be I can take the money from my new house savings and pay the CSP off. I would prefer to pay it off little by little so that I don't have to go into my house savings. Any advice? Chase should be reporting on the 12th so I need some good advice now guys please?

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 02:04:07 GMT

@Anonymouswrote:
I had 2 accounts(Freedom and Saphire) with Chase that were recently closed. I had the Freedom for about 10 years and it is paid in full. I had the CSP for maybe 3 years and it had a $5000 limit and a balance of $1990 left for me to pay. The freedom has already been reported as closed on my credit reports and I didn't notice a score change with creditkarma when that hit.......maybe because it was paid in full? What would my best course of action be?

I am trying to prepare to buy a house and get my credit scores up (I am 620 and 622 according to Creditkarma) so this came at the worse possible time My scores are so low because I have a 2 cards with capital one that have a very high balance. I just got a 30 point jump for paying them down some. I don't have any recent lates within the last 5 years. How much will this closed account with Chase affect me? If need be I can take the money from my new house savings and pay the CSP off. I would prefer to pay it off little by little so that I don't have to go into my house savings. Any advice? Chase should be reporting on the 12th so I need some good advice now guys please?

Firstly, don't use creditkarma scores for things as serious as a mortgage. Get your scores from here for example, making sure that you are looking at the mortgage ones rather than FICO 8 (which can be very different). Once you do that, and see any reported reasons for the scores, you will be better placed to decide what to do.

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 02:08:44 GMT

I understand that Creditkarma's scores are not accurate for something like a mortgage purchase. I won't be applying for a mortgage until July and I need to be utilizing any cash I can to paying off debt and saving. Would it be wise to get the scores from myfico this far out?

Re: How do I deal with chase closing my accounts?

thummel — Thu, 08 Mar 2018 02:17:41 GMT

It would be more wise to get your scores from here, so that you really know where you are score wise. Paying down the debt will help your score in terms of utilization.

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 02:25:19 GMT

So should I take the money from my house savings and pay off CSP? or pay it off within the 4 months before I apply for the mortgage? The card is going to report as maxed out since it is closed right? I do plan on getting the scores from here just not right now. I will get them 2 months before I apply. It's 60 bucks a month right?

Re: How do I deal with chase closing my accounts?

thummel — Thu, 08 Mar 2018 02:27:53 GMT

If you can pay it off in 4 months and you would prefer not to dig in your house fund, I would see that as the better option. Plus when the card does report, you will have an idea where you stand with it not paid completely off compared to when you do pay it off.

Re: How do I deal with chase closing my accounts?

thummel — Thu, 08 Mar 2018 02:30:25 GMT

I also use experian credit monitoring and I think the first month is only 5 bucks and they will pull all three of your reports. If you cancel your membership and wait till it expires, you only have to pay 5 bucks a month to restart and they will pull your experian everyday, and the other two every 30 days. Not sure if it works for everyone but that’s usually what I do.

Re: How do I deal with chase closing my accounts?

risingup2day — Thu, 08 Mar 2018 02:34:51 GMT

So just to get some clarity, do you close the accounts or did chase close them?

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 02:42:19 GMT

Chase closed them and refused to reopen so all I can do is accept it and pay the balance at this point.

Re: How do I deal with chase closing my accounts?

HeavenOhio — Thu, 08 Mar 2018 02:44:16 GMT

You can get your three FICO8 scores along with full reports by signing up for a $1 trial at Credit Check Total. Once you've gotten this information, cancel the account within the trial period. You can do this frequently if you'd like. From what I understand, you can even use the same login for subsequent trials.

You might want to pay for myFICO once your mortgage application approaches. It includes numerous FICO scores, including mortgage scores.

Re: How do I deal with chase closing my accounts?

HeavenOhio — Thu, 08 Mar 2018 02:49:38 GMT

@Anonymouswrote:
Chase closed them and refused to reopen so all I can do is accept it and pay the balance at this point.

What reason did they give you for the closures?

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 03:05:11 GMT

I am concerned that my scores will really drop if I don't pay it off before it reoprts to the bureau. It will report as maxed out now tht account is closed correct?

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 03:08:10 GMT

@Heaveninohio they said I had too many accounts and high credit card balances. Which is odd because I haven't added on any new accounts since getting CSP.

Re: How do I deal with chase closing my accounts?

SouthJamaica — Thu, 08 Mar 2018 03:31:33 GMT

@Anonymouswrote:
I had 2 accounts(Freedom and Saphire) with Chase that were recently closed. I had the Freedom for about 10 years and it is paid in full. I had the CSP for maybe 3 years and it had a $5000 limit and a balance of $1990 left for me to pay. The freedom has already been reported as closed on my credit reports and I didn't notice a score change with creditkarma when that hit.......maybe because it was paid in full? What would my best course of action be?

I am trying to prepare to buy a house and get my credit scores up (I am 620 and 622 according to Creditkarma) so this came at the worse possible time My scores are so low because I have a 2 cards with capital one that have a very high balance. I just got a 30 point jump for paying them down some. I don't have any recent lates within the last 5 years. How much will this closed account with Chase affect me? If need be I can take the money from my new house savings and pay the CSP off. I would prefer to pay it off little by little so that I don't have to go into my house savings. Any advice? Chase should be reporting on the 12th so I need some good advice now guys please?

Try to pay it off as fast as possible.

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 04:06:10 GMT

@ SouthJamaica so you think that I should take the money out of my savings for the new house and pay the chase card off now?

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 04:06:25 GMT

Sorry to hear about Chase closing your accounts. If you can pay it off before you start the house buying process, then I would go that route.

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 04:23:18 GMT

@HeavenOhiowrote:
You can get your three FICO8 scores along with full reports by signing up for a $1 trial at Credit Check Total. Once you've gotten this information, cancel the account within the trial period. You can do this frequently if you'd like. From what I understand, you can even use the same login for subsequent trials.

You might want to pay for myFICO once your mortgage application approaches. It includes numerous FICO scores, including mortgage scores.

The OP, if planning on getting a mortgage in July, needs to know his mortgage scores now and shouldn’t focus on FICO 08 scores. The small cost to get a full 3B report from here, is minor in comparison to the thousands upon thousands of dollars that he can save with a lower interest rate for a mortgage. July is not far away at all and before long should be contacting s mortgage broker fairly soon to know where he stands.

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 04:34:25 GMT

OP, do to have any recent negative items? I've found lenders usually don't close down accounts simply based on high utilization and definitely not with utilization near where yours was.

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 04:39:27 GMT

@Anonymouswrote:
@ SouthJamaica so you think that I should take the money out of my savings for the new house and pay the chase card off now?

Unless there is some sort of planning involved to manage all that debt if i were you i'd pay every debt that accrues interest before starting my mortage because then things can get out of hand really fast. Plus that outstanding balance on the chase card and your very high balances on the other cards should be detetrimental to your FICO scores and that means a lot of money lost on mortage interest long term.

Re: How do I deal with chase closing my accounts?

Anonymous — Thu, 08 Mar 2018 05:32:13 GMT

I do not have any recent negatives at all and any inquiries I have (9 of them) will be 2 years old towards the end of this year. I have not applied for anything because I knew that I was going for a mortgage this year. I do however have 3 baddies that are paid off and are about 5- 6 years old. I have paid off so many cards in these recent months which is why I am surprised that they closed my accounts now rather than when my utilization was really sky high. I was even able to get a cli with Citi and Walmart visa last week(no hard pull) just to test the waters and see how my credit was seen by lenders and help with utilization.