account closure

[sjt]

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@Anonymous wrote:
Turns out chase closed my freedom card due to my overall utilization and utilization with them. I'm taking advantage of low rates and still paying a few things off so its understandable. Never late but utilization with them is around 40% and overall total around 50%. The good part is that they sent a letter stating I can keep the low rate until its paid off as long as I make the payment each month. Also, my online account shows it closed but they kept the available credit intact so hopefully they will report it with that available for utilization purposes. I'm not sure how it works with a closed account though.

Not my first choice to have it closed but they were very fair about it and I wont be burning them in the process so once things change I can get another card with them later on.

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Sorry to hear about the closure, but its not the end of the world (or a Chase relationship.)

I would call, expain your situation, and ask for a reconsideration. If that fails continue to pay the accounts on time. After you pay it off you can probably get the card reinstated or apply for other Chase products. It happened to me several years ago. I paid the account off, as well as my other accounts, and they reinstated my account. I now have 5 accounts with them.

[TRC_WA]

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@Anonymous wrote:

I mean if you are making big purchases 50% uti is nothing.

 Do they panic if a balance is carried over several months? or are they just gun shy?

I dont do business with Chase so I have no first hand knowledge.

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Based on the horror stories I've read lately I don't think I'll be doing business with them either.

My reports are coming clean at the end of the year I'm expecting my scores to skyrocket to the upper 700's... but really thinking of just bypassing Chase altogether when it comes time for the next round of apps.

[TRC_WA]

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@pizza1 wrote:

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@Anonymous wrote:
The 1% answer is not always the solution for everyone.

It is impractical and a waste of credit.

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maybe so Nix..works for me though, at least for the next few years until my BK becomes more aged. 

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I agree with Nixon here.

OCDing about 1% is a personal preference of course.  If I were you though I'd be more worried about all the new accounts and definitely stay in the garden... for a long time. 

... Why is it exactly you needed TWO Venture cards?  

[Anonymous]

Was able to talk to them. I asked if they would reopen the card and they declined. I owe almost 5k with a limit of 10k on the chase card and then other balances too so that doesnt help. I then stated that I could pay 3000 over the phone immediately. That got their attention so now the card is open and I basically only owe 2000 so chase is happy and im happy. It will be my gas card basically and other little stuff until I pay more stuff off but im happy they reconsidered. 

Forgot to mention, from what chase stated to me carrying a balance is usually not a problem and people do it all the time. They basically said credit cards are there for that when needed. The problem for me came in when I carried a balance, spent some more, carried more balance, and spent some more, carried even more of a balance with no sign of slowing down while spending more on it. 

[CreditCuriosity]

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@Anonymous wrote:

Was able to talk to them. I asked if they would reopen the card and they declined. I owe almost 5k with a limit of 10k on the chase card and then other balances too so that doesnt help. I then stated that I could pay 3000 over the phone immediately. That got their attention so now the card is open and I basically only owe 2000 so chase is happy and im happy. It will be my gas card basically and other little stuff until I pay more stuff off but im happy they reconsidered. 

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@Anonymous nice... money talks  @Anonymous% utilization.. Work on getting your others down as well so chase doesn't have a reason to question you.. Glad it worked out for now.

[TRC_WA]

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@Anonymous wrote:

Was able to talk to them. I asked if they would reopen the card and they declined. I owe almost 5k with a limit of 10k on the chase card and then other balances too so that doesnt help. I then stated that I could pay 3000 over the phone immediately. That got their attention so now the card is open and I basically only owe 2000 so chase is happy and im happy. It will be my gas card basically and other little stuff until I pay more stuff off but im happy they reconsidered. 

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Grats... glad it worked out.

[Anonymous]

Thanks. Yeah they were pretty good to deal with. As they said I am still in good standing with them and when I have more paid off (them and others) we can talk credit increase and more spending power then. It turned out to be a positive experience considering how it could have gone. 

[sjt]

Congrats!

What prompted you to offer to pay up the $3K over the phone?

[Anonymous]

Well I was kind of bluffing to see what would happen. I had the money but it was saved for a little remodeling but the wife mentioned waiting until next summer to do the remodeling so I knew it was there if needed. I figured I would see since I didnt really want the line closed. 

The wife just got a 8k capital one card so shes fine with it all (thankfully). Ive actually worked two jobs to pay off almost all of her debt(she only owes 500). After that we really hammer on mine so it all works out. Between my two jobs and her one job we should be in the clear sometime during 2016 as long as we dont spend too much 

[chalupaman]

Glad you got that straightened out man. Chase is great to work with.