Chase closing accounts

[Creditplz]

Crazy this allllll happened to me around this time last year, maybe June.. just got back in with Chase so let's see if I last.

[steel_string]

So I'm a little curious whether they really closed your account because you updated your income, or whether updating your income triggered an automatic review of your account that led to them noticing something else they didn't like.

[Anonymous]

Very weird.... Chase actually just gave me a decent auto CLI a couple days ago on Sapphire, which it seems is kind of rare to get. I pay in full all the time, rarely ever carrying a balance. I opened a checking account with them and have had a relationship less than 1 year. Checking account was opened specifically because I thought it might get me better chances for their products. I opened up 14 accounts in the last 2 years and I am concerned this may become an issue with Chase. I really like my 3 cards with them and use them appropriately for my spending. In addition, I have well over 100K points racked up that I am planning to use this year. Would way rather keep them and transfter to partners, but now thinking I might just want to pull the cash redemption out.

Also, my main checking account is with my credit union too, because honestly I feel like they provide much better care and service. Seems like such a silly reason for them to close out your accounts.

[Anonymous]

@Steel_string: All my scores are 730 or higher, no negative marks on my credit report. No new inquiries or accounts open since the Ritz Carlton. Nothing at all has changed on my credit report since approval.

[nachoslibres]

Sorry OP.  I bank exclusively with Chase (as far as checking and savings accounts go) and as you can tell I have several cards from Chase as well (and have churned a couple of others).  I haven't been burned by Chase yet but I keep a decent amount of money in my accounts and have an auto loan with them as well (so they are making some money off me).  With my Chase credit cards I pretty much have them split 50/50 between being in my name and my wife's name - I have 2 personal and 1 business card in my name, my wife has 3 personal cards in her name.

Things like this do spook me though and is part of the reason why I'm only looking to open (and possibly churn) business cards in the future.  Thankfully none of the credit card applications I have done  in the last 2 years have resulted in hard pulls - either from Chase or Amex, which hopefully lessens the risk of me showing up on Chase's radar.

[NRB525]

---

@Anonymous wrote:

---

@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. 

---

Well, thanks for the clarification, but that makes my theory totally not workable. I thought there was no DD going in, but if there is, then the reason Chase gave is unreasonable. That rate of deposit, if there is virtually nothing coming out, meets the criteria for no monthly fees, which is the low bar Chase has set. I presume they realize people can deposit a paycheck to multiple accounts?

Thanks for the updates on the situation. Best of luck!

[Anonymous]

Chase will not reinstate the accounts and stated I have to wait one year until I may open any account with them. So guess they blacklisted me too.

[sjt]

---

@Anonymous wrote:
Chase will not reinstate the accounts and stated I have to wait one year until I may open any account with them. So guess they blacklisted me too.

---

Did they give you a reason?

also, you should write to the EO.

[Anonymous]

https://consumerist.com/2010/03/07/joseph-harrison-has-shared-a/

[Anonymous]

They stated the income in my checking account was not satisfactory or in compliance with credit application. Along with a high balance on one of my credit cards which is ridiculous. The balance is $837.19 out of 6k. That is not a high balance at all. Further more, I don't have anymore interest in this issue.