No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi All, I'm dumbfounded right now. Received a letter from Chase today indicating that they are closing an account because of one of the threee principal reasons:
Recent past due(s)
Total bankcard balance has grown too fast
Bankcard balance grew too fast compared to credit limit and time on file
What???? The particular account they are closing has been at a zero balance for over 3 years, not ever a delinquency in payment, never an overlimit balance, zippo. They indicate I should check my credit report from Experian if I had questions about their decision. Which I have done, nothing is showing outstanding, no derogatory history and balance is still zero. Will this now make my score go down? Should I just allow it to close and be done with it? Or do I call them on it based on the incorrect principal reasons they list? I can understand if they are closing it because of non use, but say it if that is the case. The account was opened in 2005, if after 4 yrs do they automatically close? Based on the reasons they outlined will this ding me on my score?
Has anyone else experienced this with Chase and/or on other cards?
Thanks
Bewildered,
Welcome to the forum. There are many who are, and have been, in your position. Please search the forum for threads re: Chase--there will be plenty to answer all of your questions. You will have a lot of posts to review, but I would recommend those that posted their results from recons, etc.
bewildered wrote:
...Recent past due(s)Total bankcard balance has grown too fast
Bankcard balance grew too fast compared to credit limit and time on file
The closed Chase is zero balance, limit $1700. The other Chase account is at zero balance, limit $5700. Discover Card is at zero balance, limit 8500. HBSC is at zero, but just today put $123 on it, but will PIF by next statement, limit is $5000. AMEX card current balance is $3333, no limit, I usually pay each month what they ask for. Part of the charges go to the flexible spend category. That's it for revolving CC.
Thanks
no, definitely not a past WaMu account. it is insane, it's all right there in my credit reports, nothing illogical about what is there, but Chase I swear is trying to make people second guess themselves and make them feel they are the ones insane. I am just worried that my score as of today will be dinged by this closure.
thanks.
Seem to be standard operating procedure for most of the banks now. Don't use your card at least once in 3mo or 6mo? Bang, you're cut off. Doesn't matter how great of a customer you are. Or how long you've been with them. The banks knee-jerk reaction to economy right now and all their bad debt. Either chase credit limits down or cut off unused open ones.