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How do I deal with chase closing my accounts?

Established Member

How do I deal with chase closing my accounts?

I had 2 accounts(Freedom and Saphire) with Chase that were recently closed. I had the Freedom for about 10 years and it is paid in full. I had the CSP for maybe 3 years and it had a $5000 limit and a balance of $1990 left for me to pay. The freedom has already been reported as closed on my credit reports and I didn't notice a score change with creditkarma when that hit.......maybe because it was paid in full? What would my best course of action be?

 

I am trying to prepare to buy a house and get my credit scores up (I am 620 and 622 according to Creditkarma) so this came at the worse possible timeSmiley Sad My scores are so low because I have a 2 cards with capital one that have a very high balance. I just got a 30 point jump for paying  them down some. I don't have any recent lates within the last 5 years. How much will this closed account with Chase affect me? If need be I can take the money from my new house savings and pay the CSP off. I would prefer to pay it off little by little so that I don't have to go into my house savings. Any advice? Chase should be reporting on the 12th so I need some good advice now guys please?

Message 1 of 31
30 REPLIES 30
Mega Contributor

Re: How do I deal with chase closing my accounts?


@belief2017wrote:

I had 2 accounts(Freedom and Saphire) with Chase that were recently closed. I had the Freedom for about 10 years and it is paid in full. I had the CSP for maybe 3 years and it had a $5000 limit and a balance of $1990 left for me to pay. The freedom has already been reported as closed on my credit reports and I didn't notice a score change with creditkarma when that hit.......maybe because it was paid in full? What would my best course of action be?

 

I am trying to prepare to buy a house and get my credit scores up (I am 620 and 622 according to Creditkarma) so this came at the worse possible timeSmiley Sad My scores are so low because I have a 2 cards with capital one that have a very high balance. I just got a 30 point jump for paying  them down some. I don't have any recent lates within the last 5 years. How much will this closed account with Chase affect me? If need be I can take the money from my new house savings and pay the CSP off. I would prefer to pay it off little by little so that I don't have to go into my house savings. Any advice? Chase should be reporting on the 12th so I need some good advice now guys please?


Firstly,  don't use creditkarma scores for things as serious as a mortgage.   Get your scores from here for example, making sure that you are looking at the mortgage ones rather than FICO 8 (which can be very different).   Once you do that, and see any reported reasons for the scores, you will be better placed to decide what to do.

Message 2 of 31
Established Member

Re: How do I deal with chase closing my accounts?

I understand that Creditkarma's scores are not accurate for something like a mortgage purchase. I won't be applying for a mortgage until July and I need to be utilizing any cash I can to paying off debt and saving. Would it be wise to get the scores from myfico this far out?

Message 3 of 31
Established Contributor

Re: How do I deal with chase closing my accounts?

It would be more wise to get your scores from here, so that you really know where you are score wise. Paying down the debt will help your score in terms of utilization.
Message 4 of 31
Established Member

Re: How do I deal with chase closing my accounts?

So should I take the money from my house savings and pay off CSP? or pay it off within the 4 months before I apply for the mortgage? The card is going to report as maxed out since it is closed right? I do plan on getting the scores from here just not right now. I will get them 2 months before I apply. It's 60 bucks a month right?

Message 5 of 31
Established Contributor

Re: How do I deal with chase closing my accounts?

If you can pay it off in 4 months and you would prefer not to dig in your house fund, I would see that as the better option. Plus when the card does report, you will have an idea where you stand with it not paid completely off compared to when you do pay it off.
Message 6 of 31
Established Contributor

Re: How do I deal with chase closing my accounts?

I also use experian credit monitoring and I think the first month is only 5 bucks and they will pull all three of your reports. If you cancel your membership and wait till it expires, you only have to pay 5 bucks a month to restart and they will pull your experian everyday, and the other two every 30 days. Not sure if it works for everyone but that’s usually what I do.
Message 7 of 31
Contributor

Re: How do I deal with chase closing my accounts?

So just to get some clarity, do you close the accounts or did chase close them?
Message 8 of 31
Established Member

Re: How do I deal with chase closing my accounts?

Chase closed them and refused to reopen so all I can do is accept it and pay the balance at this point.

Message 9 of 31
Community Leader
Senior Contributor

Re: How do I deal with chase closing my accounts?

You can get your three FICO8 scores along with full reports by signing up for a $1 trial at Credit Check Total. Once you've gotten this information, cancel the account within the trial period. You can do this frequently if you'd like. From what I understand, you can even use the same login for subsequent trials.

 

You might want to pay for myFICO once your mortgage application approaches. It includes numerous FICO scores, including mortgage scores.

Message 10 of 31
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