Chase closed my 6 accounts including Chase WaMu card(2007)$1000 limit, Chase Freedom(2007) $5000, Chase Sapphie Card (2011) $5000, Chase United(2012) $5000 , Chase Southwest(2011) $1000, and Chase Ink Bold(2011) $10000. Approximately $27000 credit( I have $15k with Citi, 8k with Discover, 11$k with Amex). On personal income of 60k or household income of 120k but I dont think that matters. So my best advice is when opening future cards with Chase, do not request for more credit, request to allocate your existing credit instead. My father's cards were not impacted, he has as many Chase accounts as I have but with less then 10K credit limit. All my mother's chase cards were closed because her limiti was 20k+.
I lost over 450k worth of Sapphire points, they did not allow me to transfer to other accounts nor redeem miles, however after letter to Executive Corresponding Team, they did allow me to redeem for cash only. I'm very disappointed that I could not transfer those to Continental, despite I have 490K miles in continental.
Their reasons for account closure include
~ Too many recent inquiries
~ Too many recently open accounts
~ Too many accounts with Chase or too much revolving credit with Chase
They deemed me a high risk customer, as it appears.
I tried to negoite to keep 1 or 2 accounts open since Chase is my main card, I charge approximately $1000/month on Chase, but they would not budge. Chase is my main card that I have been using for years, so I'm profitable to them.
I have never had a single late payment on any of my cards, my utilization ratio is 5% or less on each card and however I applied for approximately 8-10 cars in 2011.
In addition, I checked all my credit reports with scores ranging from 750-760 with 3 bureaus. recently got a mortgage about 1 year ago. NO bankruptcy, never missed payments, no negatives at all. Credit age is approximately 7 years..
On the good note, I received an sr financial analyst job offer with finaical analysis group(for Chase Non-Reward Card), working closely with marketing & risk management on budget/ marketing developements etc. It's only for one Chase card product, not sure how much I'd be expose all the marketing campaigns. Too bad I didn't take the offer, I wonder if I could make an case if I work closely with the marketing people
YOU SHOULD REDEEM THEM!!!