Can I close my Chase Account?

Andrew22 · ‎07-01-2011

Hey everyone. I really need to be done with Chase. In 2000 I opened a card with Providian. It is a subprime account, I realize, but I am no longer a subprime customer, as my score is in the low-to-mid 700s. The Chase account has a pretty good history, but the card only has a $250 limit and a whopping 31.99% APR. This is because, in June of 2009, I bought a pair of shoes, and the card on file was the Chase card, which I never use, so, whoops.

So, my annual fee is coming up in a few months. Why would I pay $59 a year for a card I will never use at that rate and credit limit? Meanwhile, I'm constantly wooed by Chase, and pre-approved for a low-rate, high limit card. I emailed customer service and asked if they would my account competitive, both rate and limit. They refuse. market conditions, they say. It boggles the mind that the same company can offer a me a card with a low rate and a high limit, while denying to simply upgrade my current account. But, I'm guessing it has something to do with the account being an old Providian/WaMu account, and because it was subprime when they bought it, it will always be subprime to them. Obviously, I want to keep the long history, and don't or need to open a new account with Chase. But I don't think that will happen!

So, I currently have two citicards, a platinum with a $3500 limit from 2007 and an 8.47% APR, and an AAdvantage card from 1995, now with a 31K limit, and bascially the same rate. I also have an Amex green card opened this year. My AAoA is 12 years on a 25 year history, thanks to a LOT of student loans, all paid off and in good standing. In all I have 10 accounts, counting the Chase.

Can I dump it without much impact and be rid of Chase? The low credit limit shouldn't hurt my utilization. And, I still have pretty good length of history, even with a new Amex card factored in. Should I pay $59 a year to keep the history? It will stay on my report even if closed, right, so what is to gain by keeping it open?

AndySoCal · ‎07-01-2011

I vote for closing the account.

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RobertEG · ‎07-01-2011

+1

Does not seem to be worth $59 a year to preserve potential against droppage after 10 years.

Andrew22 · ‎07-01-2011

Thanks, gentlemen, for the trusted opinions. I'm closing it...

Anonymous · ‎07-05-2011

I too have a Chase card that was a subprime Providian I opened around 2000. Over time though my credit limit went up and up. I used it and paid it off monthly for several years. I started carrying a balance of around 1,500 on it after they reduced my credit line from 15K to 7,500 fearful they would close it and it is my oldest revolving account. Well last year I called and asked for a rate reduction since it was at 23.99% and they were sending me preapproved offers for lower rates weekly. They completely refused. Perfect payment history on a 10 year old account. I paid it to zero there was no reason to carry a balance on a rate that high and haven't used it since. Makes no sense at all. I don't have an annual fee though so it is worth it to keep it open, though I should probably use it more frequently.

Jstic · ‎07-09-2011

Chase could care less about the old Providian/WAMU CC accounts. They are trying everything within reason to close them all. They know that originally these were all high risk individuals and for that reason alone, they are trying to get rid of these accounts. I had a $18,000 credit line on my Providian/WAMU card then Chase bought it out. I opened the account in 1996(with a $400 limit) and never, ever was a day late. I did use the card to some degree in the 1990's, very little in the past 8-9 years. Chase cut the credit line to $1,000. Meanwhile, I had one of their cards and a $25,000 credit line at an APR of 9%.

Their handling of these cards has nothing to do with the individual you are today, and everything to do with what kind of credit risk you were when you opened the account. Pretty silly IMHO. Obiously not worth their time/expense to review each and every situation, so they just lumped them all together and said let's get rid of them all, or cut the credit lines to the bone.

Andrew22 · ‎07-11-2011

This is exactly what i expected. I am going to cloase the account, and be done with Chase...