account closure

[Anonymous]

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@EW800 wrote:
I am also in the camp of being surprised that the account was flat out closed for 40% Utilization, with no lates. I am not sure what kind of dollars we are speaking of, but overall I wouldn't think 40% would spook a creditor to that extent. I could see some balance chasing, but surprised by the closure.

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Often times, there is more to a closure than what we know.  What ever the reason is, we will never really know but rather very unfortunate for OP.  Hopefully, the account can get re-opened as others whose accounts where closed out.

[Anonymous]

I honestly really don't see what the big deal is here!! I'm out of this thread, lol.

[Anonymous]

The big deal is getting rewarded for spending money. Thats a big deal ill take any day.

[Anonymous]

Exactly. So who cares how people pay their bills?

[EW800]

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@Anonymous wrote:

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@EW800 wrote:
I am also in the camp of being surprised that the account was flat out closed for 40% Utilization, with no lates. I am not sure what kind of dollars we are speaking of, but overall I wouldn't think 40% would spook a creditor to that extent. I could see some balance chasing, but surprised by the closure.

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Often times, there is more to a closure than what we know.  What ever the reason is, we will never really know but rather very unfortunate for OP.  Hopefully, the account can get re-opened as others whose accounts where closed out.

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I agree.  There is likely more to the story, aka something else on the OP's CR that spooked Chase.

[rlx01]

Letting you keep your low APR on existing balance isn't "fair", it's the law.

This thread is moot without knowing what 50% util is in $.

As for paying charges off as they post -- that's borderline obsessive. You're costing the issuer several cents per ACH transaction and to be honest that's not "normal" behavior.

I take advantage of the float as long as I can with autopay for full statement balance. Unless I'm applying for things.

[Anonymous]

I agree with Nixon.  What's the point of having the credit if you can't use it?  

[Anonymous]

Sorry to hear.  I do think there's more to it.  You all know I have quite a few cc's.  I charged my RH card up to the max.  I mean the whole 9k for some lighting.  Then had about 30-40% on some others right after Xmas.  No red flags at all.  Just paid all the others off & left RH.  Pay RH every month but in no hurry since it's 0% apr.  It is down to 50% now.  No one got spooked by this. (knock on wood).    I did show that I can pay the others just fine & this one too.  But no one should be penalized for using their cc's.  I guess if you had 90% utilization for about 6 months, cc's might get a bit freaked out.  

[Anonymous]

Lets just leave it at this. If you spend within your means and pay in full after statement cut. ANY AA you face you can get out of unless your reports take a serious dive due to some other outside cause.

[kdm31091]

Really sorry OP. But Chase is sensitive. The talk of Chase closures is very real. Credit is not a game. There are internal limits and utilization that an issuer is comfortable with. As you've discovered it is very possible to hit these points and sadly end up with accounts closed.

While few people on here want to face the reality of discussing AA, it's a reality. You're being extended money. There's no free lunch and it is not an infinite resource. "Risky" things like high utilization, app sprees, lots of new accounts can trigger this. I don't care who you are. No one is immune. OP is not someone who was gaming the system or doing anything crazy. But the point is it doesn't matter. I think this forum needs to be less blind to AA overall. Sometimes people who shouldn't keep apping are egged on, and it can lead to this. We have to look at the whole big picture before telling someone "sure, app away!". This case is not about over-apping, but just a general point.

There may be more to the story with OP's closure, but it's over and done with. Sure they can call and fight it, but might have to just address whatever reason for closure (high utilization, etc) and not do it in the future.