Chase Cancelled My Account For Following Dave Ramsey

[AverageJoesCredit]

Getting credit cards and using all of them is not shady nor is paying before the statement post. Of course John Q Public has different views and use of credit then most of us here but most of the general public are unaware of things we end up learning here , things that could actually help their credit profile.

I personally have started to pay my credit cards earliest as possible after it posts so as to help me control my debt. I use to carry balances as being in the normal world, i didnt realize how much interest i was paying doing this. Sure 7 cards , in 12 months, might seem to be risky, but there are plenty of reasons for people to multiple cards in a year. Just mho

[Anonymous]

Please keep us updated OP.  This situation could also be a learning experience for others. 

Good luck and I hope they give you answers. 

[Anonymous]

OP: I get it... Dave Ramsey has (for the most part) solid financial advice but he equates credit to sinning.  Clark Howard is much better (google him if you don't know who he is) because he preaches building credit along with the otherwise solid "Dave Ramsey" approach to achieve "debt free" status.  DR loves to brag about how his credit rating is ZERO (not really a great thing to do unless you ARE DR with millions in cash in the bank), while CH preaches both financial stability AND credit building/maintenence, etc.  You're listening to the wrong guy, IOW, my friend.

[Anonymous]

---

@RicHowe wrote:
The title of this thread is misleading. Following Dave Ramsey's advice to eshew credit did not cause Chase to close your account. It's clear that any mention of "lifestyle" was directed at the number and frequency of inquiries.

The fact that you lived on a cash only basis is an adjunct sidenote to this story.

---

Inquiries are a YMMV issue, I guess. But based on the aforementioned FICO scores, the TU is showing one inquiry. And the Experian is showing 3 and we're including the select offer that possibly started all this. I wouldn't say that's too much. But, hey, I'm not Chase. But when you have to reach and bring up how I didn't have credit for an extended period then I'm going to call you out. 

[Anonymous]

---

@Anonymous wrote:

@916networktech wrote:

F chase, I also didnt start my credit until 1 year ago and I am 46, I always paid with cash, Now going on 1 year exactly with my new credit, and I have 11 credit cards in 1 year.

Oh and I **don't like** that I have a chase checking account, however they do have a lot of atms....

Chase likes one year of history before letting people in, generally.  They also don't like 11 new accounts with a short AAoA.  They are a great bank.  I wouldn't call them conservative, I would call them generous for sure and a bit more of a risk taker than others, but not the most generous of them all of course.  If you want in you are almost ready.  Don't app for anything for 6 months, keep util low, and then app for them and you should be good to go.  You'll have to pick one of their non 5/24 cards.  Chase Amazon is a good one to have, visa sig, 5%/2% back, no FTF/AF.  Unless you want to fork the AF for one of their top tier hotel cards.  Then there's IHG, low AF but only useful if you use their hotels.  Oh yes and British Airways isn't 5/24, an easy 50k avios bonus good for a rountip ticket airfare to europe when done properly.  Once you are in 5/24 doesn't matter since you will get offers in your account that bypass the rule.  So the key is just getting in.  Sit tight for a bit, it's worth it.  I love Chase.

---

Uh, I was in; they kicked me out. ;-)

Seriously, four of my cards have reached or exceeded the one year mark. I was in with my Freedom Unlimited, they just decided to close my account after three months, thus my rant/thread.

[RicHowe]

I didn't "call you out" for having no credit. I called you out for having click bait in your thread title. You failed to support your argument that living cash only caused your AA.

Blaming Dave Ramsey when he has NOTHING to do with your story.

[Anonymous]

---

@Anonymous wrote:

The fact that you pay the balance before the statements posts is shady. I know a lot of people around here do it, but it's definitely a suspicious behavior. Also having 7 credit cards is a lot.

Inquiries are "reasonable". What does that mean? I don't want to sound mean, but it seems obvious why they closed your account.

---

I didn't have the info at hand when I wrote my earlier post. But "reasonable" turns out to be one on my TU FICO and three on my Experian FICO, including the select offer that possibly started my issues with Chase. I'll take your word on paying the balance before the statement being "shady", although I thought the goal was showing that you can pay your bills on time. And this may be my first time posting on this forum but I've done my share of lurking and know many on this forum have credit cards in double digits; so my 7 is, well, it just happens to be the number of TL's possessed by FICO high achievers (and aren't they suppose to be the people we aspire to be?).

[Anonymous]

---

@Anonymous wrote:

What is shady as that all of a sudden, the OP applies for 7 cards within a space of 13 months, uses all 7 every month, and pays them all off early, most likely multiple times per month. That kind of activity is irregular, that's probably why Chase cut them off. Chase will never admit the real reason, even Chase's decision is an opinion. I'm not agreeing with Chase, I'm just answering the question to the OP why they got their account closed. Plus we don't even know how many inquiries the OP got. They probably got lots of inquiries for credit denied.

Paying after the statement doesn't cause you to incur interest as long as you make the payment on time. This is how most people pay their bill, by waiting for the bill to arrive, and then paying in full before the due date.

---

I had one inquiry on my TU FICO and three on my Experian FICO and that includes the app for the Chase Freedom they had on their website. But the rest of your post is probaby the case that Chase had their reason for denying me and I'll never really know why.

[Anonymous]

---

@Anonymous wrote:

OP: I get it... Dave Ramsey has (for the most part) solid financial advice but he equates credit to sinning.  Clark Howard is much better (google him if you don't know who he is) because he preaches building credit along with the otherwise solid "Dave Ramsey" approach to achieve "debt free" status.  DR loves to brag about how his credit rating is ZERO (not really a great thing to do unless you ARE DR with millions in cash in the bank), while CH preaches both financial stability AND credit building/maintenence, etc.  You're listening to the wrong guy, IOW, my friend.

---

Prior to my credit journey, I was (and sorta still am) cool with the "Dave Ramsey" approach. Living debt-free and going 15+ years using a debit card has made the big credit factors (payment, debt utilization, derogatories, etc.) pretty easy to navigate. I was a little annoyed with "credit age" as those 15+ years could have really helped me out in that category.

My habits are still sort of DR-oriented. I use my cards like a debit card with a bit of a grace period. I've rented all my life and paid cash for my last car so I'm not exactly sure if/when I might actually need this credit score I'm working to build. But the fact that I have/had seven cards is so far from Ramsey's way of thinking that I'm probably CH by default. Not that there's anything wrong with that. ;-)

[sjt]

---

@Anonymous wrote:

The fact that you pay the balance before the statements posts is shady. I know a lot of people around here do it, but it's definitely a suspicious behavior. Also having 7 credit cards is a lot.

Inquiries are "reasonable". What does that mean? I don't want to sound mean, but it seems obvious why they closed your account.

---

I disagree with your judgements. Many, including myself, pay off the balance before the statement cuts off. Nothing “shady”about that. Also, the number of credit cards one has is relative.