@NRB525 wrote:
@Anonymous wrote:
Correct. I updated my income couple weeks after the approval so I guess that triggered it. Hoping for the best but if not, it is what it is. Although I did plan to close out some cards so in a way, Chase helped me 😂OP, sorry to hear about the closures, it would be a frustrating experience.
Did you say you only used the checking / debit account about 6 times in a year? So does that mean you never had any direct deposit going there? Were you paying monthly checking fees, or did the $6,500 Balance get those fees waived.?
I will guess that the combination of a checking account with no direct deposit (but a substantial static balance) got associated with high credit limits, including a recent boost with at least $5k for the Ritz card, putting OP near or at the internal limit for CL, based on the original stated income. When the OP updated the income soon after, the automatic algorithm used for risk calculations had no direct deposit cash flow history to compare to, a recent New Account plus Overall Credit Increase, started to try to recalculate what Chaees risk profile looked like, and ended up in a divide by zero kind of situation that made even $6,500 look like a kings ransom, then melted down and shut down all the accounts, automagically.
Thank you for your comment, much apperciated. Also, when I opened the account, I originally put in 2500, and I authorized 10% of each check to go in that checking account. So, each month I take home about 4k. (Sometimes more due to overtime. Anywhere from 4k-5600.) So each month that checking account would at least get 800. Which 800 x 12= 9600. So with that theory I can understand the income problem but if they came to me before closing the accounts, I could easily fax over my pay stubs and balance on my other checking/saving account.
@Anonymous wrote:Chase just closed all of my accounts today. I do not bank with Chase. I first opened a Freedom and then a Freedom Unlimited. Just recently, I applied and was approved automatically for the CSP (although I never received the card)!
I just got off the phone with first CS then a LO and they stated periodic review of my profile caused the closure of everything. Too many inquiries and too many new cards.
What I don't understand is why do they issue them just to close them? I have 1 new inquiry since being approved for the CSP.
This is going to hurt...badly!
I had just started feeling really good about coming back from the dead credit wise. I had worked so hard to get a "real" credit card and was extremely responsible with the cards. No where near the 4500 cl. My utilization was 16% with them. 19% overall.
This just seems like really bad business to me.
Very sorry to hear about that. There seems to be quite the rash of these closures going around, both at Chase and Bank of America. Let's see if we can try to figure out more accurately why they closed you down. Some questions come to my mind (others may think of more
They cited number of inquiries and number of new cards - how many of each have you had in the past six months or so?
Which card had the 4500 CL, or did all of them have the same CL? How long had you had the other two cards (Freedom and Freedom Unlimited)?
What other CC's do you have, if any, and how long have you had them? What are their CL's and balances? (One very important thing to keep in mind - you may know about this already, in fact - is Chase's so-called "5/24" rule; if you want a Chase CC, no more than five total new accounts, including other Chase CC's, may be opened in a twenty-four-month period. More than that and you're liable to be denied.)
Did you make a habit of PIF'ing or (as it appears from this post) did you carry a balance?
Did you try to pay more than the minimum payment each month?
Did you make payments to your account more than once a month?
Did you ever engage in any spending patterns known to raise red flags with issuers, such as "manufactured spending" (MS)?
If possible, I'd suggest escalating the issue to Chase's Executive Office - look for phone numbers/emails in that department. Some banks, such as BoA, have specialized sections within their executive department dedicated to urgent customer service.
Don't give up hope. Remember, the OP in this thread has gotten at least one Chase official to concur that their closures were done in error.