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? Too many (store cards, Cap 1)! They still approved me with these already in my profile . Once I was able to get a "real" card, there was no reason for more apps.
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)? Both Freedom and Unlimited had $4500 each.
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.) I do have more than 5 new accounts in the past 24 months. I did when they approved me. I have Cap 1 Quicksilver 1 and Secured Plat. I also have Credit one, but haven't used it in about 6 months. I have a slew of store cards from Commenity and Synch.
Did you make a habit of PIF'ing or (as it appears from this post) did you carry a balance? I had a balance of $500 on the freedom and $750 on the unlimited (have a scheduled $500 payment already set for that one online).
Did you try to pay more than the minimum payment each month? Yes, I always pay more than the minimum.
Did you make payments to your account more than once a month? I usually pay once per month on these.
Did you ever engage in any spending patterns known to raise red flags with issuers, such as "manufactured spending" (MS)? Grocery store, gas, walgreens
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. I can see where they are coming from, because I do have a lot of new cards. I just don't understand why they approved me in the first place! I had the cards and the inquiries when I was approved.
My credit isn't good, but it has been steadily gowing up after a nasty divorce and basically no credit for 5 years. This is just going to knock me right back down.
The LO stated that there was no reason to recon and that once the accounts are closed, they are closed.
