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Chase closed my Freedom card (rant to follow...)

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Chase closed my Freedom card (rant to follow...)

 I know this is going to sound like 1st world problems but I'm upset to lose a card with almost 29 years on it.  I had the card which eventually turned into the Chase Freedom card since 1990.  I received a notice a few months ago saying that I needed to put some transactions on it or they would not renew on Nov. 1st.  I placed a few small orders on it during Aug & Sep.  The credit limit on this card was still only $500 as it was when I got it.  After noticing they closed it I sent a message and the first reply said that I hadn't made any purchases in the last 12 months. I replied and said I did & for them to check it.  After they looked it up the next response said that I didn't have enough transactions that's why they closed it.  I called and spoke to a supervisor - this person said that using the card wasn't enough I was supposed to call them & tell them I still wanted to keep the card open.  I don't recall reading that point & i'm not sure I still have the letter.  I tried every angle with them from how it was going to hurt my credit score losing those years of service to pointing out how much I put through my other Chase cards.  I confirmed with them that in the last 14 months I charged just over 100k on my Chase Sapphire Reserve that is why I didn't put too many transactions on the Freedom card.  They said once it closes there is nothing they can do even when I say I'll move my spend off to Citi or Amex. As a multi-billion dollar company my 100k a year in spend is a drop in the bucket to them. One question is on my Amex cards no matter when I opened or switched to a newer card they always say member since 1989.  My freedom card says member since 1990 but other Chase cards i.e. Sapphire reserve don't make any mention of years.  Do you think when the average years of service number is calculated I'll lose those 29 years with the closing of the Freedom card even though I still have other active Chase cards?  When I logged on to MyFico today my scores were EQ 840, TU 790 & EX 827.  This is the highest my scores have EVER been but it hasn't always been this way it's taken years of ups & downs.  Trans Union shows 1 60 day late payment the other 2 don't show any late payments.  I tried to get it removed years ago but I have finally waited it out and as of this coming Jan it will be at 7 years and age off.  As I stated in the beginning I know compared to other people in real trouble trying to rebuild their credit this seems like whinning but when they work hard and finally get their scores up anything that potentially threatens it even a little bit is discouraging.

Message 1 of 18
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Moderator

Re: Chase closed my Freedom card (rant to follow...)

Card will remain on your CR up to 10 years. There probably will not be any utilization change  impacting the score as it was only $500.00 limit. 

 

 

Message 2 of 18
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Community Leader
Super Contributor

Re: Chase closed my Freedom card (rant to follow...)

It'll keep reporting for up to 10 years. The age of your other accounts will dictate what kind of hit, if any, you'll take at that point.







Message 3 of 18
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Valued Contributor

Re: Chase closed my Freedom card (rant to follow...)

As it's already been said Op, it will stay for 10 years.  So, without re-hashing that, and although it's never a fun thing to hear of a card being closed, I think you're in a solid place.  Your scores, even with a 60 day late are darn near what everyone here strives to achieve.  The card limit was low enough as to be most likely a neglible glitch in the white noise of your current credit profile.  Don't worry about this until about 9.9 years from now when it's going to come off your report.  I would lose zero sleep on this one!


Message 4 of 18
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Established Contributor

Re: Chase closed my Freedom card (rant to follow...)

I’m sorry to hear this OP. Sounds absolutely ridiculous!
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 5 of 18
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Super Contributor

Re: Chase closed my Freedom card (rant to follow...)

Did you open an AMEX revolver a few years ago when they were still backdating to the original “Member Since” date? If so that should be your Age of Oldest Account, 1989 and the Freedom wasn’t really helping in that regard anyway.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 6 of 18
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Valued Contributor

Re: Chase closed my Freedom card (rant to follow...)

While this is a tad bit off topic OP if your 60 day late is about to fall off TU in January you could call in now and ask for Early Exclusion of the account. That would get TU clean as well. As others have said you're not going to be hurting over this Chase issue. It sucks, but it isn't gonna hurt you.
WALLET; AmEx Gold (4x), US Bank Altitude Reserve (VISA Infinite)
PERSONAL; Amex | BBVA | Capital 1 | Chase | Citi | Discover | NFCU | Synchrony | US Bank
BUSINESS; Amex | Citi
F8 Current EQ•775 | TU•770 | EX•765
TOTAL PERSONAL CL > $220k
Message 7 of 18
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Valued Contributor

Re: Chase closed my Freedom card (rant to follow...)


@veeco16 wrote:

  One question is on my Amex cards no matter when I opened or switched to a newer card they always say member since 1989.  My freedom card says member since 1990 but other Chase cards i.e. Sapphire reserve don't make any mention of years.  Do you think when the average years of service number is calculated I'll lose those 29 years with the closing of the Freedom card even though I still have other active Chase cards?  


Please understand where American Express is concerned, the Member Since year on your cards is purely cosmetic. American Express does recognize their cardmembers as Members and take that seriously and honour that by recognizing it on our physical cards; however, any new American Express you opened or will open after March 21, 2015 will report to the credit bureaus as opened the year you opened the card-but they will still print your card with "Member Since 89" on them. I will try not to confuse things, but prior to March 21, 2015,  American Express "backdated" new cards by reporting new American Express cards as opened the actual month you opened it, but in the year that you originally became an American Express cardmember. For instance, John Smith opened an American Express Green card in 1985. Then, in April, 1995 he opened an Optima card and in October, 2011 a Premier Rewards Gold card. His Optima credit card would report as opened 4/1985 and the Premier Rewards Gold would report as opened 10/1985. This was an amazing benefit of American Express that sadly ended. Now, lets say John Smith opened an Platinum card in June 2018-that would report as opened 6/2018. No other bank or credit card company to my knowledge has done this and all other card companies that use "Member Since" or "Cardholder Since" verbiage on their cards use the year that particular card was opened regardless of whether or not the customer has an older account with the bank. 

 

So, be sure when you figure your Average Age of Accounts (AAoA) you make sure to use the open date from your credit bureau for your accounts. 

 

Also, sorry this happened to you. I really get off on older accounts so I can feel your pain at losing such an old account. As others have said ad nauseam, this card will continue to report for up to 10 years. 


Message 8 of 18
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Moderator Emeritus

Re: Chase closed my Freedom card (rant to follow...)

CO_NATIVE great explanation ... I even followed it! As to "member since" or whatever, in today's world few people ever see the card(s) so who cares and who does it impress (always wondered). Marketing ploy! Benefits are the bottom line? Smiley Surprised

Message 9 of 18
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Regular Contributor

Re: Chase closed my Freedom card (rant to follow...)

OP, sorry to hear this and I feel your pain. I think that all of the posts above make great points and should heed their advice. However, if you still find yourself craving that "Cardmember since" date on your card, you could try applying for the Freedom Unlimited as that has the cardmember since date on it.

I believe I've read on here before that Chase will always use the original date you became a cardmember. I've read stories of people applying for Freedom Unlimited's that get their original date of even a closed account printed on them. 

 

Good luck!

Current: Gardening...


FICO 8: EX:TU:EQ:

As of June 2019. Total CL: $24,900; Goal: $50,000
Message 10 of 18
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