DO NOT apply for Anything with CHASE

[Anonymous]

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@VirtualCuriosity wrote:

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@Anonymous wrote:

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@VirtualCuriosity wrote:

I really believe that something you have been doing spooked them.  I will be honest, I have read a lot of your posts and you had a lot going on in November and were moving pretty fast trying to rapidly build business credit.  You mentioned you move millions through various accounts with various banks and have had issues with other banks?  Something is just not adding up.  You are best served meeting in person at a Chase branch and find out where you stand.  We are pretty curious at this time because there may be more to the story.  Please update the status later so we can all rest easy since you came right out and warned people not to bank with Chase.

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WHAT?  I was rapidly trying to build business credit?   Um no .... I have been building business credit for years - please go back and reread.  I think I told someone there is nothing fast about building business credit.  It takes an ENORMOUS amount of time and effort.

And what does running a multi million dollar company have to do with the price of tea in china?  My issue with BOA has nothing to do with my actual business but rather a business banker no following through on several things - completely unrelated here and nothing credit related so not sure what you are even referencing other then I expressed dismay with Corporate Banking in General and was contemplating moving much of my business from BOA to Chase due to the lack of follow through - AS ANY SMART BUSINESS PERSON WOULD IF YOUR BUSINESS NEEDS ARE NOT BEING MET.

Again - I have banked at Chase since 2008.  I loved Chase right up until last night.  I can literally quote the lending department from Chase today as well as the staff in the branch - "you have too much available credit and as a conservative bank we have decided to close these credit accounts for the time being".  When you do nothing but make early payments, over payments, often pay in full payments, and steadily use their product in the same fashion and keep $$ in their bank and their staff finds the closings to be ridiculous and are quite literally embarrassed - be forewarned and do as you see fit!  Best of luck and I am by far not the only one this has happened to without cause and without notice!

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Re-reading my post it appears that I was questioning you, that wasn't it.  I meant there is something that was spooking them and thought maybe the recent months credit building rubbed them the wrong way.  You were doing a lot of business of late and it was apparent they didn't give you the whole story, matter of fact, no story.  It's sad when the customer has to seek out the answers.  As far as them saying they are a conservative bank, they are full of BS lol.  They have always been one of the more liberal banks as far as everything I ever read about them.  I've never really banked with them to know first hand anything. 

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I have never known them to be "that" conservative .... EACH of those cards they basically shoved down my throat in the branch - I never went to them asking for anything.  When I went in to make a deposit or something they would say "oh we have this offer for you etc ...." - which kind of makes it worse ..... give you something to then take it back.

We went through the WHOLE thing - I pull my credit report constantly and know what's on there all the time and literally other then NF increasing my CC limit in Oct and the LOC they just gave me - which isn't even reporting yet ..... there is no change.  They literally couldn't come up with any sort of other excuse.  I asked was this some sort of way for them to change their balance sheet for the end of the year or something because it JUST wasn't making sense to me OR to the staff at the branch .... the lending department said they would revisit it on their own in 30 - 45 days if I wanted to consider closing out an account somewhere else .... 

I asked all the normal questions like are you unhappy with my utilization? .... spending habits .... just literally nothing but "you have too much credit available to you" .... and my income MORE then justifies what I have available - if not a whole lot more .... I left with my business banker shaking his head.  I have no words - no "real" explanation other then I am not alone in this - whatever this is -

[Anonymous]

I would hope Chase would not be Jelly of the NFCU CLI - I would think they would want to match it eventually 

Chase has had WAY more of my $$ - that's what REALLY doesn't make sense!

[Anonymous]

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@Anonymous wrote:

I would hope Chase would not be Jelly of the NFCU CLI - I would think they would want to match it eventually 

Chase has had WAY more of my $$ - that's what REALLY doesn't make sense!

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Sorry to hear this.  I sympathize with you as I know people whose account have been closed by Chase.  But one person I know used a chase credit card to buy a house maxing it out.  Hopefully, your issue will be resolved quickly.  I have a feeling they are not giving you the entire picture because it was the same reason they gave to the person I know - too much credit.  So we backtracked and asked him to tell us all his transactions thats when we figured it was the card used for cash to buy a house.

[Anonymous]

Yes, really makes very little sense.   You don't have "too much available credit " compared to many here, and the Chase lines being closed are also small, so it's not as it they were terribly exposed even if you defaulted on them all.   And you haven't been credit seeking much either, so the normal red flags are missing.

So, I'm with you, no point in working more with Chase if NCFU or somewhere else can provide all the services you need.   I would however still check your CRs over the next few days to make sure nothing wrong is reporting.  

[Anonymous]

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@Anonymous wrote:

OP, it is their choice to cut your credit lines due to their risk assessment and it is your choice to choose to move your business. The comments yesterday were merely focused on saying you should consider waiting till you find the reason behind the frozen/closed lines before you start ranting about Chase. Big banks tend to have well developed risk assessment models and when they close accounts, they usually have a reason. Occasionally, they make mistakes too. Either way, waiting till after your meeting today before claiming Chase did something crazy would have been the reasonable choice. 

It sounds to me like you are running a sole proprietorship or some type of business where there is no distinction between the business and the individual (i.e. not a corporation, LLC, etc). Perhaps Chase feels that you the individual has too much available credit based on their internal algorithms. I don't know whether they made a good or bad decision, but it was their decision to make. If other banks (you mentioned BoA) made similar decisions, perhaps your credit behavior is risky based on their defined standards. You have the choice of trying to conform your credit behavior, separate your personal and business credit (e.g. form a corp), or move your business to another institution that will work with you. Good luck with whatever choice you make. 

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Nope - don't run Sole Prop anything.  I have (3) distinct and well established C-Corps. 

BOA did not make a similar decision - I have not asked BOA for any credit.  I stated BOA has not done any follow up on my business needs which are not credit driven so 1 has nothing to do with the other.  

And no - no one has deemed my credit behavior as risky.  Chase deemed me as having too much available credit.  

And yes you are correct, it is my choice to move and their choice to close my credit line.  If they don't see the value of my dollars in their bank and use of their product(s), it makes it hard for me to see theirs .... so I will try somewhere else that will be more likely to see me as a valuable customer.  I guess that is why there are lots of choices out there, I am disappointed in Chase though as I have been with them for some time and did NOT see this coming or expect anything like this from them.  I have been a Chase lover for a while!

[skigirl916]

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@VirtualCuriosity wrote:

I really believe that something you have been doing spooked them.  I will be honest, I have read a lot of your posts and you had a lot going on in November and were moving pretty fast trying to rapidly build business credit.  You mentioned you move millions through various accounts with various banks and have had issues with other banks?  Something is just not adding up.  You are best served meeting in person at a Chase branch and find out where you stand.  We are pretty curious at this time because there may be more to the story.  Please update the status later so we can all rest easy since you came right out and warned people not to bank with Chase.

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If this is true, I understand Chase being spooked.

[SomeGuyOnTheWeb]

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@yesi-ts-me wrote:

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@Anonymous wrote:

I would hope Chase would not be Jelly of the NFCU CLI - I would think they would want to match it eventually 

Chase has had WAY more of my $$ - that's what REALLY doesn't make sense!

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Sorry to hear this.  I sympathize with you as I know people whose account have been closed by Chase.  But one person I know used a chase credit card to buy a house maxing it out.  Hopefully, your issue will be resolved quickly.

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How much was their credit line to accomplish that?

[Anonymous]

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@patrick00032001 wrote:

Your best bet, moving forward, if you can, and it works for you personally and for your business, is to move your relationship over to a smaller community commercial bank, or even a credit union? You mentioned Navy being one of them? Im so sorry to hear Chase did that to you, US Bank shut me down a week ago with 2 of their credit cards, I decided to end the relationship right then and there, I did what I felt was right for me, its very scary to think banks can have this much control over us financially, it seems, to me anyways, the BIGGER the bank, the greater the loss they see, so they put all these monitoring services in place, one little thing triggers it, and BOOM, your out in the cold, and as far as them not sending you an emal? I agree, not very professional at all on their end. Chase is so huge their branch bankers are basically at the mercy of a centralized center that controls a majority or just about every product they are offering. Smaller banks are more one on one, personable, and the President of the bank can be found at the end of the hall, in a small building, instead of the 20th floor of some sky scraper in Manhattan. There lies the issue!

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Agreed and sorry to hear about your experience with US Bank .... I think you are right - the bigger they are, the less they care!

It isn't like I won't survive without those cards - its the principal of the things - plain and simple!!

[skigirl916]

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@Anonymous wrote:

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@Focused10 wrote:

I'm curious why you're doing all of this speculation instead of being a reasonable person and calling/meeting with someone to find out what happened? You're feeding your emotions instead of your rationale. Sounds like you don't want to know so you can continue being upset. Stop playing the victim and allow Chase to share with you their findings! Good grief!

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Gosh you people are vitriolic!  I will definitely be more cautious with posting here and go back to reading ...

"playing a victim" - REALLY???  I found this out at 10:00 PM last night (when I logged in to pay the darn bill!) and when I called they said I had to speak to someone in lending this morning at 8:00 so I DID ON MY WAY TO A BRANCH.

"feeding my emotions instead of your rationale" ..... 

THE FIRST MOMENT I COULD PHYSICALLY BE ON THE PHONE WITH THEM I WAS - GEEZ PEOPLE - GUESS I AM THE BIG IDIOT FOR THINKING THIS WAS A SUPPORT COMMUNITY.  

NOTED.

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Jeez.  Talk about an overreaction. 

I love Chase.  And I'd understand if ANY bank or CU wouldn't want to extend me more credit, because I have plenty. 

[Involver]

If that was the best explanation that Chase could provide you, I think you're completely justified in moving all of your accounts to another bank.

I wouldn't even wait around the 30-45 days for them to "revisit" the decision.

If even their PC bankers are frustrated with it, you know it's a pretty significant problem.