Ouch, I'm sorry to hear this. I'm curious of the following: which card was it, what was the limit and how long have you had it? Did they say exactly when they closed it? When did you use it last beforehand?
Starting Score: 648
@clocktick wrote:Ouch, I'm sorry to hear this. I'm curious of the following: which card was it, what was the limit and how long have you had it? Did they say exactly when they closed it? When did you use it last beforehand?
It was Chase Amazon Visa Plat. 5k Limit. I had had the card since Feb 2012. I last used the card on 4/5/12. I also paid the card on 4/5/12 and paid the entire statement balance of around $1400.
For the cashRewards Visa, I was pre-approved for it after sending in all of my financials for the auto refi, so I'm not real worried about it. If this Chase account was closed for real, and not just fraud review, then I'll be more than fine and I'll continue to build my relationships with NFCU and Amex. I would like to have 3 revolvers, so I'll wait a yr or so when the baddies from 2006 and 2007 fall off and then app for an Amex revolver.
FICO 8: 
Goal: Gardening!
Goal: Gardening!
Wow! Sorry to hear that. I just got a Chase, so now I'm nervous. 
It sounds like maybe the fact that your first payment didn't go through triggered something in their system. I know you paid on 4/5, but still, with computers, who knows? I've not dealt with Chase enough to know if calling would help, but if I were you, I'd definitely want to know why they did it, and if they can take steps to correct it and re-open the acct.
@bichonmom wrote:Wow! Sorry to hear that. I just got a Chase, so now I'm nervous.
Ya, I would like to know why they did it... If its something like a fraud alert on my account since the first payment didn't go through, Maybe an actual person can look and see that there was only one digit difference between the account numbers entered for the payments. I was traveling on 3/30 and entering account info on iphone is somewhat tedious. I'm just glad I was paying attention to my checking balance and decided to follow up after the 1400 payment never came through my account.
FICO 8:
Goal: Gardening!
Goal: Gardening!
Banks have a bunch of metrics they monitor new accounts with. The first few months are looked at in fine detail. Anything like entering a wrong account number to ACH a payment raises a flag and can trigger a review or close. There are a widening number of strategies fraudsters use and it doesn't take much of a risk estimate to get AA. Best strategy with any new account is to set up autopay and carefully check account numbers you pull from. This doesn't mean they even think you are gonna do fraud. It just means that in their database of millions of cardholders, certain sequences of internal events in combination with CRs similar to yours fraud has later occured some percentage of the time. Perhaps it's only 3% but those 3% can cost them thousands. They do the math and decide the risk is too high.
However, this is pretty much entirely automated. You have good explanations of your situation and in fact should make a good future customer. There's a reasonable chance you could get them to reverse the decision.
You can find out more about this by googling "first party fraud" and "bust out fraud" to see what banks are up against. FICO is one of the leading suppliers of these banking analytics. You can read about some of what they offer at www.fico.com
EtoA:
They probably won't know exactly why the account was closed. These statistical tests do not lend themselves to specific reasons. A manual reviewer with experience should be able to give you some idea but probably not anything too specific.
@cashnocredit wrote:Banks have a bunch of metrics they monitor new accounts with. The first few months are looked at in fine detail. Anything like entering a wrong account number to ACH a payment raises a flag and can trigger a review or close. There are a widening number of strategies fraudsters use and it doesn't take much of a risk estimate to get AA. Best strategy with any new account is to set up autopay and carefully check account numbers you pull from. This doesn't mean they even think you are gonna do fraud. It just means that in their database of millions of cardholders, certain sequences of internal events in combination with CRs similar to yours fraud has later occured some percentage of the time. Perhaps it's only 3% but those 3% can cost them thousands. They do the math and decide the risk is too high.
However, this is pretty much entirely automated. You have good explanations of your situation and in fact should make a good future customer. There's a reasonable chance you could get them to reverse the decision.
You can find out more about this by googling "first party fraud" and "bust out fraud" to see what banks are up against. FICO is one of the leading suppliers of these banking analytics. You can read about some of what they offer at www.fico.com
EtoA:
They probably won't know exactly why the account was closed. These statistical tests do not lend themselves to specific reasons. A manual reviewer with experience should be able to give you some idea but probably not anything too specific.
Its quite possible that they may have flagged my account, since my credit profile has changed dramatically in the last few months, since I added 4 new accounts after going a very long period of time with no new accounts. I added an auto loan (refi), and 3 revolving accounts. I've banked with Chase for a very long time, and actually finished paying off a loan with them on 4/2/12. I did close my regular checking account in March, since I moved and the nearest branch was 20 miles away. I'm definately going to call them Monday and see what's up. If the account is truly closed, and not just a computer glitch, I'll just pay whatever is remaining on the account and be done with the whole deal next week. It still makes me concerned and aggravated though.
The statistics and blogs that I read about first-party fraud is crazy... apparently people act as sleeper agents and develop good credit habits with the intention of frauding banks later on down the line. That's just crazy. Oh well, I'll call them up Monday, assure them that I'm not a fraudster, pay them what I owe and be done with it 
FICO 8:
Goal: Gardening!
Goal: Gardening!
I'm not a chase fan..when I got into some credit trouble a few years ago, my score tanked. Some of my cards decreased my CL's slightly, but none of them canceled me...except Chase. I had two cards and a bank account with them, and had never been late. They closed my Amazon Visa and downgraded the other line quite a bit. Since then I try not to use my other card with them (slate), and with my new AMEX BCE coming in the mail soon, I won't use the slate at all.
Starting Score: 583 (CreditKarma, 2009)
@BlueHusky wrote:I'm not a chase fan..when I got into some credit trouble a few years ago, my score tanked. Some of my cards decreased my CL's slightly, but none of them canceled me...except Chase. I had two cards and a bank account with them, and had never been late. They closed my Amazon Visa and downgraded the other line quite a bit. Since then I try not to use my other card with them (slate), and with my new AMEX BCE coming in the mail soon, I won't use the slate at all.
That's good to know... Ya I ran into credit trouble in 2006, and Discover (opened 1999) and JCPenney (opened 2003) did not close my accounts, so its fair to say that I'm not too worried about Discover, I'll be their customer for life and I'll be glad to always have them in my wallet and recommend them to other fico forum members. Amex and NFCU so far have also been great, so I'm hoping that I can continue building history with them and using them.
I've established my share savings with NFCU and I've started putting money back there for rainy day fund 
NFCU also saved me quite a bit of money, I refinanced my truck with them and shaved off 4% in APR.. They offered me 3.5% interest for a 36 month loan. Can't beat that!
Overall what I was hoping to do in 2012 is to get started with some tradelines that will grow with me as my career and business take off.. My income has more than doubled in the last 3 yrs, and I'm getting married in May. What I'm wanting is to establish history so that later on, if I take a promotion and need to travel more often, I'll have sufficient revolving and charge accounts to cover my travel expenses. My fiance and I now have 2 of our 3 vehicles paid off and its a great feeling
I decided to pay off his jeep instead of my truck since he had a crazy high interest rate.
FICO 8:
Goal: Gardening!
Goal: Gardening!
@webhopper wrote:
@cashnocredit wrote:Banks have a bunch of metrics they monitor new accounts with. The first few months are looked at in fine detail. Anything like entering a wrong account number to ACH a payment raises a flag and can trigger a review or close. There are a widening number of strategies fraudsters use and it doesn't take much of a risk estimate to get AA. Best strategy with any new account is to set up autopay and carefully check account numbers you pull from. This doesn't mean they even think you are gonna do fraud. It just means that in their database of millions of cardholders, certain sequences of internal events in combination with CRs similar to yours fraud has later occured some percentage of the time. Perhaps it's only 3% but those 3% can cost them thousands. They do the math and decide the risk is too high.
However, this is pretty much entirely automated. You have good explanations of your situation and in fact should make a good future customer. There's a reasonable chance you could get them to reverse the decision.
You can find out more about this by googling "first party fraud" and "bust out fraud" to see what banks are up against. FICO is one of the leading suppliers of these banking analytics. You can read about some of what they offer at www.fico.com
EtoA:
They probably won't know exactly why the account was closed. These statistical tests do not lend themselves to specific reasons. A manual reviewer with experience should be able to give you some idea but probably not anything too specific.
Its quite possible that they may have flagged my account, since my credit profile has changed dramatically in the last few months, since I added 4 new accounts after going a very long period of time with no new accounts. I added an auto loan (refi), and 3 revolving accounts. I've banked with Chase for a very long time, and actually finished paying off a loan with them on 4/2/12. I did close my regular checking account in March, since I moved and the nearest branch was 20 miles away. I'm definately going to call them Monday and see what's up. If the account is truly closed, and not just a computer glitch, I'll just pay whatever is remaining on the account and be done with the whole deal next week. It still makes me concerned and aggravated though.
The statistics and blogs that I read about first-party fraud is crazy... apparently people act as sleeper agents and develop good credit habits with the intention of frauding banks later on down the line. That's just crazy. Oh well, I'll call them up Monday, assure them that I'm not a fraudster, pay them what I owe and be done with it
Ah, another flag. People with checking accounts and credit cards are less risky than just those that just have credit cards. Make sure you tell them you closed it because you are moving. OTOH, moving and getting married are also major life events that are associated with increased risk too and these are soon after you opened the account.
But congratulations. You are on your way and have a lot to look forward to. Computers can be pretty dumb sometimes.
@cashnocredit wrote:
@webhopper wrote:
@cashnocredit wrote:Banks have a bunch of metrics they monitor new accounts with. The first few months are looked at in fine detail. Anything like entering a wrong account number to ACH a payment raises a flag and can trigger a review or close. There are a widening number of strategies fraudsters use and it doesn't take much of a risk estimate to get AA. Best strategy with any new account is to set up autopay and carefully check account numbers you pull from. This doesn't mean they even think you are gonna do fraud. It just means that in their database of millions of cardholders, certain sequences of internal events in combination with CRs similar to yours fraud has later occured some percentage of the time. Perhaps it's only 3% but those 3% can cost them thousands. They do the math and decide the risk is too high.
However, this is pretty much entirely automated. You have good explanations of your situation and in fact should make a good future customer. There's a reasonable chance you could get them to reverse the decision.
You can find out more about this by googling "first party fraud" and "bust out fraud" to see what banks are up against. FICO is one of the leading suppliers of these banking analytics. You can read about some of what they offer at www.fico.com
EtoA:
They probably won't know exactly why the account was closed. These statistical tests do not lend themselves to specific reasons. A manual reviewer with experience should be able to give you some idea but probably not anything too specific.
Its quite possible that they may have flagged my account, since my credit profile has changed dramatically in the last few months, since I added 4 new accounts after going a very long period of time with no new accounts. I added an auto loan (refi), and 3 revolving accounts. I've banked with Chase for a very long time, and actually finished paying off a loan with them on 4/2/12. I did close my regular checking account in March, since I moved and the nearest branch was 20 miles away. I'm definately going to call them Monday and see what's up. If the account is truly closed, and not just a computer glitch, I'll just pay whatever is remaining on the account and be done with the whole deal next week. It still makes me concerned and aggravated though.
The statistics and blogs that I read about first-party fraud is crazy... apparently people act as sleeper agents and develop good credit habits with the intention of frauding banks later on down the line. That's just crazy. Oh well, I'll call them up Monday, assure them that I'm not a fraudster, pay them what I owe and be done with it
Ah, another flag. People with checking accounts and credit cards are less risky than just those that just have credit cards. Make sure you tell them you closed it because you are moving. OTOH, moving and getting married are also major life events that are associated with increased risk too and these are soon after you opened the account.
But congratulations. You are on your way and have a lot to look forward to. Computers can be pretty dumb sometimes.
Hehe thanks! yah, chase has enough info on me to basically map out my whole life story.... from buying booze with my chase debit card in college, to buying diapers for my first child... Every part time and summer job I've had since I was 18... to getting divorced in 2006! And even opening my own business in 2008.... You would think that they would know that I'm not even the type of person to be a risk... Its not as if I'm 21 and getting married... I'm 30, and my future husband is 34. he makes about 70k a yr and I make about 120k... Chase even knows how much I make!
FICO 8:
Goal: Gardening!
Goal: Gardening!