DO NOT apply for Anything with CHASE

[Anonymous]

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@sandman2435 wrote:

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@Anonymous wrote:

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@negg wrote:

If I have learned one thing from this website is........we never get the full details.  

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Ask away - I have nothing to hide.  This is something that I am still shocked by and I am fortunate to have other options.  What about some of the smaller guys that don't that might have been counting on these?  Or didn't have a back up?  That's why I shared my story.  I have never been a fan of BOA but have ALWAYS LOVED Chase and am really shocked they did this and that once I brought it to the bankers attention that he could do nothing.  That was eye-opening.  That part of Chase has changed since I started with them, even he said it had.

And once I get everything moved around, I will definitely bring this to the attention of the CEO of Chase.  I have nothing to lose.  It may not help me, but maybe it will help them change their business model to help someone else.  I provide customer service everyday, I am appalled.

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I wrote to the CEO of Chase and it got me no where!!!.Google " why did chase close my credit cards" you will find ouy that you're not the only one.It a very common practice that chase does,I've have closed all my deposit accounts with Chase after they closed my credit cards( $183K i had in their bank)I had 9 credit cards with them,Paid in full every month ran about 10K a month thur them,Their reasons for them to close my accounts: too much available credit with other lenders,I only had $18K in personal credit with chase and $35K in business credit. by the way my scores are close to 800 and I have less then a 1% Util

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Sandman we have similar profiles - must not fit Chases model ..... making $$$ and paying bills! 

[bz386]

It seems to me that Chase wants to get rid of unprofitable customers. Remember, credit card companies make money in three ways: swipe fees, interest charges and other fees (f.e. annual fees or late fees). Now, the best customer for a bank is someone who puts regular charges on their credit card, then carries a balance and always pays on time (not in full). Such a customer would maximize their profit (i.e. they would get the swipe fee, the interest charge, any annual fee, plus they would get repaid eventually). But such customers are really rare. If you pay your card in full, you are a deadbeat to the lender, as you are making money off them, not the other way around. Now, the credit limit they give you is something they could be giving out to another customer. So my guess would be that they have somehow concluded that because you have enough credit with other companies that it is unlikely that you will become a profitable customer. Just a guess, but as good as any...

[dollar_bill]

Haven't / won't read all the pages listed. But just because some random dude posts on these forums DO NOT apply with Chase... give me a break. I will apply with Chase, they seem to be a company eager to earn business. I'll take what I do know about a company that has been fair to me and compare it against a random internet poster... pretty easy equation to solve.

Good day sir.

[Anonymous]

+1 dollar_bill

[dollar_bill]

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@bz386 wrote:

It seems to me that Chase wants to get rid of unprofitable customers. Remember, credit card companies make money in three ways: swipe fees, interest charges and other fees (f.e. annual fees or late fees). Now, the best customer for a bank is someone who puts regular charges on their credit card, then carries a balance and always pays on time (not in full). Such a customer would maximize their profit (i.e. they would get the swipe fee, the interest charge, any annual fee, plus they would get repaid eventually). But such customers are really rare. If you pay your card in full, you are a deadbeat to the lender, as you are making money off them, not the other way around. Now, the credit limit they give you is something they could be giving out to another customer. So my guess would be that they have somehow concluded that because you have enough credit with other companies that it is unlikely that you will become a profitable customer. Just a guess, but as good as any...

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Are you suggesting the banks do not make money off of you, a customer who pays in full every month? I disagree. The rewards are not greater than the fee's. Its like saying Vegas is going to give the player greater odds than the house.

[sandman2435]

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@bz386 wrote:

It seems to me that Chase wants to get rid of unprofitable customers. Remember, credit card companies make money in three ways: swipe fees, interest charges and other fees (f.e. annual fees or late fees). Now, the best customer for a bank is someone who puts regular charges on their credit card, then carries a balance and always pays on time (not in full). Such a customer would maximize their profit (i.e. they would get the swipe fee, the interest charge, any annual fee, plus they would get repaid eventually). But such customers are really rare. If you pay your card in full, you are a deadbeat to the lender, as you are making money off them, not the other way around. Now, the credit limit they give you is something they could be giving out to another customer. So my guess would be that they have somehow concluded that because you have enough credit with other companies that it is unlikely that you will become a profitable customer. Just a guess, but as good as any...

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Most Chase credit cards have 15.99% Intrest rate,I have the means and funds to pay in full every month...15.99% is a high rate to pay,Most of the chase cards ,Have an annual fee(which I gladly paid and I was swiping their cards more than others I've had).I have not used a debit card in 15 years,Years ago credit cards did not give us points,cash back,sign up bounses,free airfare

[Anonymous]

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@dollar_bill wrote:

Haven't / won't read all the pages listed. But just because some random dude posts on these forums DO NOT apply with Chase... give me a break. I will apply with Chase, they seem to be a company eager to earn business. I'll take what I do know about a company that has been fair to me and compare it against a random internet poster... pretty easy equation to solve.

Good day sir.

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Well, the title is the fairly common internet hyperbole, but actually the tread is worth reading for all, especially with similar stores elsewhere.    For some fraction of their customers, it looks like Chase is now concerned about too much available credit with other issuers, and chooses to close all the cards.    This may be due to a tweak in their risk algorithms, or always going on.    

And if you had read a little instead of judging by the title (and again, hardly unusual from an annoyed customer, not sure why it deserves your condemnation!) you will see th OP also loved Chase, had lots of money on deposit, and thus was even more surprised and annoyed at what happened.

[Anonymous]

Sorry to read this information OP. I agree with many. I think in your case, either you spooked chase or they feel you have unused/ wasted credit just sitting around. With 20 plus pages of this rant, I would really reach out to the EO if I were you, at least to get some solid answers as to WHY your accounts were closed. We do appreciate the warning an all, but I myself, seem to like chase thus far. I wish you the best man. I wouldn't dwell on this too much as there are many more CC lenders out their that may meet your needs.

[Anonymous]

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@Anonymous wrote:

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@dollar_bill wrote:

Haven't / won't read all the pages listed. But just because some random dude posts on these forums DO NOT apply with Chase... give me a break. I will apply with Chase, they seem to be a company eager to earn business. I'll take what I do know about a company that has been fair to me and compare it against a random internet poster... pretty easy equation to solve.

Good day sir.

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Well, the title is the fairly common internet hyperbole, but actually the tread is worth reading for all, especially with similar stores elsewhere.    For some fraction of their customers, it looks like Chase is now concerned about too much available credit with other issuers, and chooses to close all the cards.    This may be due to a tweak in their risk algorithms, or always going on.    

And if you had read a little instead of judging by the title (and again, hardly unusual from an annoyed customer, not sure why it deserves your condemnation!) you will see th OP also loved Chase, had lots of money on deposit, and thus was even more surprised and annoyed at what happened.

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+1. Well said.  This thread should be read.  Not to convince people to hate Chase and not apply for their products but to be informed about what is happening to a small number of customers and thus be cautious in your credit file and diversify.

[CreditCuriosity]

Still find alot of value to this post... I am curios how Chse is going to treat customers this coming year/years... I honestly believe her/him from this post and you if you have done any research this isn't uncommon for Chase to do... Yes there are two sides to every story, but by no means was this person over extended w/regards to credit.

As stated many times diversify and never have all your eggs in one basket.. If a credit crunch comes again or when it comes again, people that have all their eggs with chase or any bank for that matter will not be so happy then as they will be in the same boat.  Just my 2 cents..   

Also if I was the OP and after 35-40 days after the re-look at your profile and decdied to possibly re-open your lines of credit I personally would telll then to sit on a stick and twirl in circles as they will be watching you more closely then ever as one of the other normal posters that post here that has alot of credit lines with chase that constantly get closed and re-opened time after time.  That is just no fun