Chase just closed all accounts...

[jaxstraw]

Says it all. Always PIF, never late (on Chase or any other CC),just pre-approved and activated BT card for 5k last week with them.

Three CC's.

The reason given was during periodic AR it was noticed I have too much available credit and too many inquiries over last year. Last inquiry was in Sept. ,Right now 1 on TU, 0 on EQ, 16 on EX. I'm using about 14% of my available credit.

Called and tried to get it reversed - no luck. Explained having available credit isn't debt- no luck. Told them my father worked for Chase for 25 yrs- no luck, tried to keep one card open- no luck, asked about the $350 rewards points - forfeited, asked about balance transfer that is pending- will probably go through, no more online access either to pay for last weeks charges.

Upset , but wasn't getting anywhere so I said goodbye and hung up.

WAIT, the cards are going to say 'CLOSED BY GRANTOR' on my CR !!!!!

Called back and explained my situation to different analyst my situation, took a shot and asked for re-instatement- no luck. Then told him that if he could open the cards for a minute I want to close them myself to keep it as 'CLOSED BY CONSUMER'. He says he can't do it.

I explain it's bad enough they are taking away 3 CC's that have perfect history, but they are adding insult to injury by damaging my reports further and that they are not helping the credit situation in America but hurting it by damaging my personal credit at the expense of a good and loyal customer. I asked to speak to his supervisor.

Puts me on hold and comes back after a few minutes. They opened the accounts back up , lowered the limits from 3500 to 500 / 2500 to 500 / and left the BT card at 6500 witha BT of 5000. He says this is because if I open the accounts back up they have less exposure. I ask when can I open the accounts back up, he says when my reports show I'm not seeking credit (I guess less inqs).

AND the accounts will now be 'CLOSED BY CONSUMER' ! That's the important one. I'll see what my daily puller says over the next few days.

Lost 12500 in available credit, will hurt my utility, but got them to report it the way I need it to.

[Anonymous]

Holy Smokes, I am going to need a puke bucket after reading this. I am sorry, but glad you got them to compromise.

They have 25k of my credit and I would be really heartbroke.

Do you bank with them by any chance???

[Anonymous]

OMG so they closed all 3 of your cards cause you where seeking new credit?

[Red1Blue]

Unbeleivable and very scary. They closed all 3 cards especially chase for one who has perfect payment history? This is very worry some. What are they complaining about 12 inq's on EX? I have 71 inq's on my EX.

[Anonymous]

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@Red1Blue wrote:
Unbeleivable and very scary. They closed all 3 cards especially chase for one who has perfect payment history? This is very worry some. What are they complaining about 12 inq's on EX? I have 71 inq's on my EX.

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Its a shame i tell u just cut someone off cuase there looking for new credit. If i have been paying my bills with you why are you worried what i'm doing with another creditor.

[Anonymous]

Hey Jax,

That's a pretty sad story you painted. At least you have

some solace in knowing that YOU closed the accounts....

not the other way around.

The 16 INQ's do pop right off the page, but you can't establish

new credit without generating inquiries, now can you??!!!

They know that...but like many banks these days, they're

looking for an excuse to reduce exposure even if it means

sacrificing a great customer to do it. Said more plainly,

they just don't care... 

It's almost like the credit card companies are forcing us into

a Catch-22. If we don't use the card, we have too much available

credit. If we use the card, we get dinged for possibly using too

high a percentage of the credit limit even if we PIF each month.

So either way you slice it, the fix is in, Jax. What a shame...

I'd stick to credit cards issued by credit unions. We own the

joint and profits come back to us in the form of lower loan rates

and higher deposits. Navy Fed and PenFed may not be as

glamorous as JPMorgan Chase and American Express. But at

least when the CU's approve us for a credit limit, it's a real limit

that we can use and it won't be pulled from underneath our feet...

I'm sorry this happened. Unfortunately, it's business as usual

right now, but it doesn't make it right Jax. Not by a long shot...

CanDo

"The right attitude is everything"

[Mark_in_Pasadena]

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@Anonymous wrote:

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@Red1Blue wrote:
Unbeleivable and very scary. They closed all 3 cards especially chase for one who has perfect payment history? This is very worry some. What are they complaining about 12 inq's on EX? I have 71 inq's on my EX.

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Its a shame i tell u just cut someone off cuase there looking for new credit. If i have been paying my bills with you why are you worried what i'm doing with another creditor.

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Only apply for the credit you need.  If you apply for 71 new credit accounts, you're in need of a lot of credit, or have an addiction to applying for new credit.  Most people that apply for so much credit are an extremely high risk to all creditors. 

The guy from Popeye who says "I'll gladly pay you Tuesday for a hamburger today..." is not the type of customer that banks want to take a risk on today 

[Anonymous]

Whoa, was that ever ridiculously harsh!

I'm very sorry that this happened to you. I hope you can pay the BT off quickly. And, to be honest, I'm not sure if them showing reduced credit lines before account closings is actually a good thing that was designed to reduce your 'exposure' at a later date if they allow you to reopen. I can't really put my finger on it, but it almost seems as though they just wanted to maximize the impact of adverse action against a customer for whom they couldn't RJ, or report negatively (lates, defaults, etc...) to the credit bureaus. 

Have you considered putting a well-written complaint about your poor treatment as a good customer on Planet Feedback? Also, I'd pull up Chase's SEC filing data on the web, get the mailing address to a high ranking Exec at their corporate headquarters. I'd document my stellar history with Chase, explain how such harsh and unwarranted AA impacts GOOD customers with solid payment history, and how you feel about it. Then, tell them what it means for their bank. A good & responsible borrower was unfairly and irresponsibly shafted. Banks are lending institutions, and if they don't want to lend to people who manage their finances well, and who generously contribute to a that bank's operations, that you will make good and certain that other responsible borrowers don't make the same mistake. I wouldn't ask for the accounts to be re-opened. I'd simply state my dissatisfaction, and cc my Congressman in the letter.

I think that it's important for business to see that consumers are not just going to sit meekly by, adding to the bank bottom lines with our hard lost tax 'donations', only to be screwed by the very institutions that we were robbed by in the first place.

[jaxstraw]

Thanks Stef37, no I do not bank with them, I use to when my father worked for them but later on switched to my local bank.

I also haven't been seeking new personal credit for the last 3-4 months, only 2 new cc's on my report, one was the Chase BT transfer card they pre-approved me for and the other was a State Farm Business CC that started reporting to personal instead of biz CR.

I have enough backups that will cover the load, mainly CU, but I do have a BoA, Merrill, Citi, and an Amex. We'll see what happens with them. Perfect payment history with all. No balance ever on Amex, none on BoA, the other carry the bulk of the 14 % utility.

Thanks for all the support gang, not really upset, just sign of the times. DW is furious but doesn't read these boards and doesn't realize the extent of how much this is happening across the USA right now.

[Anonymous]

Hey Mark,

I don't think it's a question of applying for too much credit.

More to the point, it's a matter of credit card companies closing

ranks and hoarding every penny they can get their hands on at

the expense of their most valuable assets....their customers.

It seems to be ok these days for banks like JPMorgan Chase that are

"too big to fail" to promise the American people that they would take our

bailout money and, in return, put it to work by lending it to their best

customers. But when their best customers actually use the money, they

either don't use enough or use too high a percentage of the credit limits

given....so banks pull back the credit. All that tells me is that banks had

no real intention of lending the money in the first place. It's nothing more

than one big dog and pony show right now...

If customers don't keep their word, we are painted as undependable,

dishonest and irresponsible. When major banks do it, it's business as usual. 

Something is terribly wrong with this picture. Personally, I find it disgraceful. 

But let's be clear: this has nothing to do with customers actually wanting to

use the bank credit we've been entrusted with. It has nothing to do with how

many inquiries we have on our credit reports. And it definitely isn't about who

deserves credit or who decides how much is enough. That's an individual

decision. As long as customers use credit wisely, banks should be grateful

for the business and stop jerking around their best customers. Because the

last time I checked, we're in a recession, folks. And turning away your best

customers is the fastest path to a financial death warrant, not prosperity...

CanDo

"The right attitude is everything"