Chase Cancelled my CSP, cannot understand why. Anything to be done?

[Anonymous]

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@kilroy8wrote:

Sounds like you are their loss - plenty of other banks out there for a good customer like you. The real reason is probably that you are a net loss to them, as you pay your bill before they can earn any interest. I think everyone in these banks see how much profit you generate for them every time they look at your account on their screen. If it is low or negative, they are not motivated to work with you.

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I REALLY doubt that that is the reason, lots of people don't pay any interest, and putting $50K through in a year gives them some decent swipe fees.

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Do you think it's as simple as this stupid $5 collections that was on my record when the card was issued last year somehow becoming more urgent?

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Might be.   Also, it's possible that the collection wasn't there when Chase looked.  Something might have made it appear?   Don't know!

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Fingers crossed - because that I can get rid of!

[kilroy8]

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@Gregory1776wrote:

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@kilroy8wrote:

Sounds like you are their loss - plenty of other banks out there for a good customer like you. The real reason is probably that you are a net loss to them, as you pay your bill before they can earn any interest. I think everyone in these banks see how much profit you generate for them every time they look at your account on their screen. If it is low or negative, they are not motivated to work with you.

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Nahuh 

https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/robertharrow/2018/01/29/wh...

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That was a very interesting article. From reading it, I bet Citi and Discover are not happy with me right now. As far as Chase, if he was getting more in UR's than the transaction fees he generated - my response still applies.

[Anonymous]

The article explains to me why I have zero Discover cards and zero desire to have one. And why we get daily mail from Citi and Discover offering 0 percent offers which I quickly trash. Also why I own Amex stock. When the economy collapses companies that are deal out no with just revolvers are going to be in bad shape.

[Anonymous]

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@Anonymouswrote:
The article explains to me why I have zero Discover cards and zero desire to have one. And why we get daily mail from Citi and Discover offering 0 percent offers which I quickly trash. Also why I own Amex stock. When the economy collapses companies that are deal out no with just revolvers are going to be in bad shape.

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As a low risk investor i can understand that stance. But as a consumer why do you care which demographic each company targets as long as they treat equally their customers. And in customer satisfaction as far as i know discover is up there with amex.

[Anonymous]

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@Anonymouswrote:

@Anonymous @gdale6! Given that they were apparantly there when I opened the card last year, does that fit the timeline?

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Work on the collections...

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Who'da thunk an erronious 5 bucks would cause this much trouble. Ugh...

I really hope that's the root of it - I've already got a promise to delete en route by mail

I was concerned that maybe they thought I was a bust-out risk or something? Because of the multiple payments each month.

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Propably they did. Chase is acting paranoid lately. A lot account closures out of the blue. I've recently opened an account with them and they asked me 2 times for 2 different account related reasons to verify my SSN. I'm actually concerned tbh. Not for the account but for the reason they act like this.

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In the 3 1/2 years that I've been a member of these forums, everytime someone posts a Chase AA, there are posts that claim that Chase is now 'cracking down' and eveyrone should be worried.  Never been the case in the past and I don't think that is true now either.  It's impossible to take one thread and come to these conclusions.  Something in the OP's files (more than like the collections) spooked Chase and that is all there is to it and not some overall Chase pattern.  Asking to verify your identity is more a protection for you due to Equifax being hacked and other identify theft issues.  

[Anonymous]

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@Anonymouswrote:

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@Anonymouswrote:Propably they did. Chase is acting paranoid lately. A lot account closures out of the blue. I've recently opened an account with them and they asked me 2 times for 2 different account related reasons to verify my SSN. I'm actually concerned tbh. Not for the account but for the reason they act like this.

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In the 3 1/2 years that I've been a member of these forums, everytime someone posts a Chase AA, there are posts that claim that Chase is now 'cracking down' and eveyrone should be worried.  Never been the case in the past and I don't think that is true now either.  It's impossible to take one thread and come to these conclusions.  Something in the OP's files (more than like the collections) spooked Chase and that is all there is to it and not some overall Chase pattern.  Asking to verify your identity is more a protection for you due to Equifax being hacked and other identify theft issues.  

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That was not exactly my point. The thing is i've experience a very unprofessional behavior from one of the top bank in the US which is surprising to me. Chase sent me a letter to fill out some paperwork when i opened the account which is absolutely fine and gave me a deadline to do so or they will close the account. Fair enough. Well they closed the account 10 days before the deadline they set! and i've received the letter about 15 days before that(4-5 days before the close it). I went to the branch submited the papers and they reopened the account and sent me a sort of "thank you for being a valuable customer" letter a few days letter. I was like what the hell? They just made me unable to access my own money for a week because they withdrew it and sent them back to me. On top of that the banker that opened the account called me a few days ago asking me to go to the branch to reverify my SSN just in case they decided to close my account again and i called chase and they sent everything is fine with my account. Also while this fiasco was going on i received conflicting opinions on the matters at hand by many bankers within that branch and the various csr i've spoken with over the phone. Thats WAY too much trouble for a simple checking account. I currently give chase another chance because in general i've heard good things but if this keeps i'm going elsewere.

[NRB525]

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Currently, I have a pdf copy of the letter the original creditor (a doctor's office) sent the collection agency, instructing them to send me a letter confirming that they will delete the item from my credit reports with the understanding that once I have that letter from the collections agency I will pay the five bucks (which I certainly will).

From my talks with Chase yesterday, I think I'll have to reapply (they won't reopen) and my gut tells me to wait until the derogatory accounts are removed from my report to do so (which may take a month or two to trickle through the parties involved) - but I'm also curious if it would be better to just move fast and go to my local Chase with that letter and talk to someone. What do you think?

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No, I would not try to go to a Chase branch with just the letter.

Go through the details of getting the baddies removed from your file. That makes the score improvement official, and the underwriters / account review at Chase will have a good score to work from.

Hopefully that and your good payment history with Chase will get you back in the account, when everything is in order, but trying too fast with this now isn't going to help, in my opinion.

[UpperNwGuy]

NRB525 gives good advice, but it will require you to be patient and not seek an overnight solution.

[Anonymous]

I think that it has gotten too easy to apply for credit these days, hence why there has been more of a "crackdown" by some lenders. In my younger days, getting a CC involved actually filling out a long paper application mialing it in and waiting the 30 days for a reponse. Or physically walking into a Bank, if your town had one, and speaking to an actual loan officer. Which most of us didn't really like doing. 

FF to 2000's and now you could apply online and get a decision in low as 30 seconds! There was also a time period when Banks were approving just about anyone with a pulse, only to regret it later. In the world of credit, constanly changing things are, we are just generally unaware of most of it. Much focus on just the score, and not the reason why it is what it is. The one positive thing today, is the ease in which you can find out the information in your own credit file. As opposed to the old day, when it was like Fort Knox and you had to have level 7 clearance to see it!

[Anonymous]

Hey all! Just wanted to thank everyone for their input. After a protracted battle, I had the bogus issues on my credit reports deleted. They sprang up 100 points. 

I haven't gone back to Chase just yet - I'm not sure that I want to. But either way, I appreciate y'all.