Originally Posted by
lumangoy
The letter regarding why the account was closed says:
The said they used Experian for the consumer reporting agency.
I will admit, SO has a lot of credit card accounts, in the low 20s according to Experian.
Utilization is very low, most are in the 1%, there an amex that's in the teens that I forgot to pay before the statement closed.
I'm trying to get under 5/24 so the last account was opened on 7/2016.
How many of those accounts were opened in the last 6/12/24 months? This probably matters more than just number of overall accounts. With or without a high utilization at the moment, a lot of new accounts are seen as a risk factor, correlating with behaviors of people who do this to max the cards and try to evade paying them.
As to not used as intended, it'd be helpful to find out from data points if there are people being shutdown primarily for maxing out 5x and not using the card for regular spend, but also not MSing with it beyond 5X. I'd guess mos of us max 5X and don't use it much beyond that.
It's also possible that something else triggered the review and they then considered either of these two factors that they have stated as reason. That is, a bank doesn't have to reveal to us the real reason why they looked at our account and decided to shut it down.