CHASE CLOSED ALL MY CC ACCOUNTS?!?!!?!

[sillykitty1]

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@austinguy907 wrote:

Don't put all of your eggs in the same basket.

Everyone around here seems to open multiple accounts with x.y.z lender once they get a foot in the door instead of looking at different lenders for products that work well with what they're planning on using them for.  There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler that thinks you'll be fine.  Your risk of losing credit is increased when you have multiple lines with the same lender.  Now closing all of your accounts rather than reducing your exposure with a CLD is debatable but, then again Chase isn't known for being the nicest lender to deal with either.  Seeing the flury of activity on here lately brings back the 2008 issue but now it's more related to the CC industry.  They may be thinking that their portfolio of risk has grown exponentially since the recovery began taking hold on the industry and pulling back the balance sheet a bit to prevent a collapse even though they think they would get another bail out from the taxpayers.

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Wow ... a lot of judgement and assumptions here.  

"There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler"

Well, I'm definitely not a gambler, and I have 4 Chase cards and plan to add the CSR to make my total 5.  I will have 5 eggs in one basket, because Chase credit cards are the most rewarding for my spend.  I spend HEAVILY on airfare, car rental, Marriott and dining.  Not only are UR's very valuable to me, the benefits of these Chase cards are as well, primary car rental, trip delay etc.    

"that thinks you'll be fine."

I'm very confident I'll be fine.  I use my credit responsibly.  I have a long & well rounded CR, high scores.  I put a lot of spend through Chase, and pay them, in full, every month.  Why on earth would I not maximize the rewards and benefits because of some unfounded fear that it might make Chase mad?

"Seeing the flury of activity on here lately brings back the 2008 issue ........ they think they would get another bail out from the taxpayers."

Umm, no, not at all similar or related to the mortgage crisis.  People defaulting on a few thousand dollars of cc debit, vs. $500K mortgages ... no comparison.

OP - IMO the rapid escalation of debt is what spooked them, much more so than the new cards.  I bet if you had those same new cards with no balances, you would have been fine.

[creditguy]

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@sillykitty1 wrote:

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@austinguy907 wrote:

Don't put all of your eggs in the same basket.

Everyone around here seems to open multiple accounts with x.y.z lender once they get a foot in the door instead of looking at different lenders for products that work well with what they're planning on using them for.  There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler that thinks you'll be fine.  Your risk of losing credit is increased when you have multiple lines with the same lender.  Now closing all of your accounts rather than reducing your exposure with a CLD is debatable but, then again Chase isn't known for being the nicest lender to deal with either.  Seeing the flury of activity on here lately brings back the 2008 issue but now it's more related to the CC industry.  They may be thinking that their portfolio of risk has grown exponentially since the recovery began taking hold on the industry and pulling back the balance sheet a bit to prevent a collapse even though they think they would get another bail out from the taxpayers.

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Wow ... a lot of judgement and assumptions here.  

"There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler"

Well, I'm definitely not a gambler, and I have 4 Chase cards and plan to add the CSR to make my total 5.  I will have 5 eggs in one basket, because Chase credit cards are the most rewarding for my spend.  I spend HEAVILY on airfare, car rental, Marriott and dining.  Not only are UR's very valuable to me, the benefits of these Chase cards are as well, primary car rental, trip delay etc.    

"that thinks you'll be fine."

I'm very confident I'll be fine.  I use my credit responsibly.  I have a long & well rounded CR, high scores.  I put a lot of spend through Chase, and pay them, in full, every month.  Why on earth would I not maximize the rewards and benefits because of some unfounded fear that it might make Chase mad?

"Seeing the flury of activity on here lately brings back the 2008 issue ........ they think they would get another bail out from the taxpayers."

Umm, no, not at all similar or related to the mortgage crisis.  People defaulting on a few thousand dollars of cc debit, vs. $500K mortgages ... no comparison.

OP - IMO the rapid escalation of debt is what spooked them, much more so than the new cards.  I bet if you had those same new cards with no balances, you would have been fine.

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Good points. In your case having 5 chase cards wouldn't be an issue because you utilize chase cards heavily, exactly what they want to see from someone with multiple chase cards It's only people who rack up a bunch of cards with no clear spend pattern yet that have potential issues looming. I agree about the escalating debt spooking them, plenty of people here have multiple chase cards in addition to many other lenders cards with no issue, it's all about the debt. 

[Anonymous]

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@creditguy wrote:

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Good points. In your case having 5 chase cards wouldn't be an issue because you utilize chase cards heavily, exactly what they want to see from someone with multiple chase cards It's only people who rack up a bunch of cards with no clear spend pattern yet that have potential issues looming. I agree about the escalating debt spooking them, plenty of people here have multiple chase cards in addition to many other lenders cards with no issue, it's all about the debt. 

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But there is still some sense in diversifying, just so that if an issuer gets freaked somehow, the closure won't cause huge harm.   

Certainly the thicker and older your file, you are going to be able to have more cards (and have some increasing debt) without running into trouble.

[creditguy]

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@Anonymous wrote:

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@creditguy wrote:

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Good points. In your case having 5 chase cards wouldn't be an issue because you utilize chase cards heavily, exactly what they want to see from someone with multiple chase cards It's only people who rack up a bunch of cards with no clear spend pattern yet that have potential issues looming. I agree about the escalating debt spooking them, plenty of people here have multiple chase cards in addition to many other lenders cards with no issue, it's all about the debt. 

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But there is still some sense in diversifying, just so that if an issuer gets freaked somehow, the closure won't cause huge harm.   

Certainly the thicker and older your file, you are going to be able to have more cards (and have some increasing debt) without running into trouble.

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Of course. I was just referring to the point of having several chase cards. But of course diversity is the key whether it's a stock portfolio or your wallet. 

[austinguy907]

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@sillykitty1 wrote:

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@austinguy907 wrote:

Don't put all of your eggs in the same basket.

Everyone around here seems to open multiple accounts with x.y.z lender once they get a foot in the door instead of looking at different lenders for products that work well with what they're planning on using them for.  There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler that thinks you'll be fine.  Your risk of losing credit is increased when you have multiple lines with the same lender.  Now closing all of your accounts rather than reducing your exposure with a CLD is debatable but, then again Chase isn't known for being the nicest lender to deal with either.  Seeing the flury of activity on here lately brings back the 2008 issue but now it's more related to the CC industry.  They may be thinking that their portfolio of risk has grown exponentially since the recovery began taking hold on the industry and pulling back the balance sheet a bit to prevent a collapse even though they think they would get another bail out from the taxpayers.

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Wow ... a lot of judgement and assumptions here.  

-- not really, have you been keeping track of the state of people posting on here?

"There's absolutely no reason to have 5 or 17 cards with a single lender unless you're a gambler"

Well, I'm definitely not a gambler, and I have 4 Chase cards and plan to add the CSR to make my total 5.  I will have 5 eggs in one basket, because Chase credit cards are the most rewarding for my spend.  I spend HEAVILY on airfare, car rental, Marriott and dining.  Not only are UR's very valuable to me, the benefits of these Chase cards are as well, primary car rental, trip delay etc.    

"that thinks you'll be fine."

I'm very confident I'll be fine.  I use my credit responsibly.  I have a long & well rounded CR, high scores.  I put a lot of spend through Chase, and pay them, in full, every month.  Why on earth would I not maximize the rewards and benefits because of some unfounded fear that it might make Chase mad?

-- you are indeed gambling with your finances and risk losing your accounts like the OP if the lender gets "spooked" as you say and they demand immediate payment for all balances at the time of closure.  thus you're gambling with any balances you may not be able to pay off immediately because you don't cover your balances in full in your spending account.

"Seeing the flury of activity on here lately brings back the 2008 issue ........ they think they would get another bail out from the taxpayers."

Umm, no, not at all similar or related to the mortgage crisis.  People defaulting on a few thousand dollars of cc debit, vs. $500K mortgages ... no comparison.

-- when you have a portfolio that's inflated with people holding multiple accounts that have been aquired in a short amount of time and multiply this by thousands of people your risk assessment changes due to the influx of new accounts being opened.  if by chance there's been a breakdown in the UW standards by someone in the back office changing the coding in the software resulting in a spike of approvals your portfolio is now exposed to these new accounts.  from the activity on here aruond for instance Blisspay where there was a release of a product and tons of applications / approvals for larger limits there's a good chance we'll be seeing similar actions from them in the coming months as well.

OP - IMO the rapid escalation of debt is what spooked them, much more so than the new cards.  I bet if you had those same new cards with no balances, you would have been fine.

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OP wasn't carrying or taking on additional debt load in response to gaining additional accounts.  the trigger was too many new accounts being opened and if the OP had the other accounts and then applied for the additional 3 Chase accounts they would have been small limits or declined due to the internal scoring for risk within their UW program when the UW program reviewed the CR looking for the age of the accounts that currently exist.

[Anonymous]

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@austinguy907 wrote:

-- you are indeed gambling with your finances and risk losing your accounts like the OP if the lender gets "spooked" as you say and they demand immediate payment for all balances at the time of closure.  thus you're gambling with any balances you may not be able to pay off immediately because you don't cover your balances in full in your spending account.

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When can issuers demand immediate payment in full on an account they close?  I believe they can in some cases of fraud or default, but not for perceived risk changes

[Anonymous]

What do you say to a lender when they ask,"is there a reason you have opened so many accounts recently?"

[Anonymous]

OP,

If I may get some datapoints from you (as I am in fear of my chase cards too)

How many cards have reported balances? What is the utilization percentage on each and as a whole? Were these balances reported consistently for more than 2 months? I have a freedom that has not seen any action since I've maximized the 5%, a CSP that I don't use anymore because it has been replaced by the CSR, and a freedom unlimited that has not seen any action because I need to make my minimum spend.

Whats your unique like?

[Anonymous]

@ -Cal what's this https://www.optoutprescreen.com/
How it works?
Plz explain
Thanks

[creditguy]

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@Anonymous wrote:
@ -Cal what's this https://www.optoutprescreen.com/
How it works?
Plz explain
Thanks

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This link allows you to opt in or out of receiving pre screened offeres of credit or insurance. If you opt out, you no longer get those nice little envelopes in the mail with credit card offers or pre qualified offers from credi card websites.