Chase closed account

[sghosh5]

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@Anonymous wrote:

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@Anonymous wrote:
Honestly doesnt bother me guys, just wanted to share this info with all you guys. The app for the CSP was along with the App Spree that I was on. After NFCU card, I stopped applying anywhere. Im at work now, will give some more info when I get home.

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Hey ... appreciate the fact you shared your "data points" as it will likely help others and maybe even remind some of us, we are all "vulnerable" ...

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Exactly. I am surprised to see some negative comments there. We all do something wrong somewhere. No one is perfect in this world. About credit or credit cards...it is always possible to bounce back. And in this case it is not even a big deal. I personally may be affected by too many inquiries and new accounts as well and CHASE may do the same with me. But that is not an end of world. There are always better cards and at the end of the day all you need is only one or two cards anyway.

[xaximus]

OP - there's a common line that's frequently used "s**t happens" - live and learn. I've made many mistakes over time and I'm sure so have many others. Hence why we are here today. As far as Chase goes, give it a year, get some age on the accounts, then if you want, re-apply, if not, leave it. They'll come back running to you. There's other lenders out there so don't worry.

Keep up the great work!

[Anonymous]

I guess it's a risk everyone takes when applying for many cards. I've apped for far too many this year and if Chase AA me it's well deserved and understandable. I've vowed after my recent acquisition of NFCU Cash rewards and CLOC I'm done apping for a year. My list of apps and and new accounts this year.
May
Discover It - Approved $7000
Amex BCE - Approved $10,000
Chase Freedom - Approved $1,500
Citi DC - Approved $500
Penfed PCR - Approved $5,500
BofA Rewards - Denied
USB Cash+ - Denied
August
Amazon Prime - Denied (Reconned politely told heck no too many new accounts) Could cause AA because of manual review.
NFCU Cash Rewards - Approved $5,500
NFCU CLOC - Approved $15,000
I now check my Chase limit 3x a day to see if my available credit has dropped to $0 and closed not a good feeling. So I'm in the garden for a year minimum because app sprees are a dangerous game.

[staticvoidmain]

Wow. I learned something from this thread. I didn;t even know this was possible — that is, applying for many accounts in a short time. (I actually was a little concerned applying for a new credit account when I just opened one, 6 months ago.  )

[Anonymous]

Many folks apply for 1-2 cards back to back the key is spacing them out so it doesnt look like you are credit seeking or attempting to perform bust out fraud. I got carried away in May and those were my first apps in well over two years. If I could go back and do it again I would have only applied for three waited six months and applied for three more for two reasons. 1. I would have rebounded some of my points after six months and it doesnt look like I'm desperate for credit. 2. I would have received higher limits possibly on my cards.

[Time2letgo]

Sorry to hear that, I understand your frustration especially with the recent credit increase. At least the door is still open for re-applying later. Make sure you build some solid history before you explore that or any other options. Chase's action could cause a domino effect with other lenders. Good luck moving forward.

[Anonymous]

Thanks guys for the motivating words, I am fairly new to credit cards, got a little overzealous in applying but I want to build a strong foundation for my credit profile. I think that will start now with the 10 accounts I have currently. I'll use them all responsibly, and build up my profile over time. Me getting approved for more cards is just an extra bonus to me, its exciting and fun, almost like an achievement but not needed. I'm glad I found this forum, we can see how each one of us are growing, and the little mishaps we go through on our credit journey.

[Medic981]

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@Anonymous wrote:
Thanks guys for the motivating words, I am fairly new to credit cards, got a little overzealous in applying but I want to build a strong foundation for my credit profile. I think that will start now with the 10 accounts I have currently. I'll use them all responsibly, and build up my profile over time. Me getting approved for more cards is just an extra bonus to me, its exciting and fun, almost like an achievement but not needed. I'm glad I found this forum, we can see how each one of us are growing, and the little mishaps we go through on our credit journey.

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My advice is to come to the garden, let your accounts age, perhaps in six months see if you can get some soft pull credit line increases. As many have said before, "managing your credit is a marathon, not a sprint," so learn from your mistake, the members of myFICO mistakes, read the forum, ask questions, answer the questions you can for others. 

Welcome to being responsible... it sucks being an adult. I should know, this is my third time around trying to get it right.

[Anonymous]

Got denial letter today dated Aug 10 for CSP, said previous unsatisfactory relationship with them lol...the letter I got the day before about my account being closed dated Aug 9. Unsatisfactory because of them closing my account for too many recent inquiries and accounts?

[Anonymous]

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@Anonymous wrote:
Got denial letter today dated Aug 10 for CSP, said previous unsatisfactory relationship with them lol...the letter I got the day before about my account being closed dated Aug 9. Unsatisfactory because of them closing my account for too many recent inquiries and accounts?

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Yeah, I mentioned this a little earlier in the thread. Chase does tend to do that when it decides to close an account and it absolutely sucks. It’s a matter of debate and individual profile as to how long it’ll take to get back in. There are DPs that 6 months does it but there are others that say it takes 12-18 months. 

For you though, I think if you decide to apply again and receive that message in 6 months or so, you could get a recon approval by citing it was likely closed before due to limited credit age.  They’d be able to see that on manual review.