Chase closed my credit cards
Mar 16, 2012, 1:42 pm
#46
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I dont think you have anything to worry about especially you have no inquiry in the past 6 months, and you routinely use your Chase cards. No need to be big usage, just not "put it in the sock drawer" type of treatment. It is always a good practice to use a card every 2 - 3 months to keep it active.
Mar 16, 2012, 4:39 pm
#47
Join Date: Feb 2011
Location: DPS/DXB
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Amex did the same to me. Lesson learned, not to get too greedy with churns!
Mar 16, 2012, 4:56 pm
#48
Join Date: Jan 2008
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Ouch, this sounds like me. Had only 2 cards over 5 years, opened 5 cards last year from April-September including 2 Chase. I want to apply for the UA card to close out my BA card that has an annual fee coming up, but now debating that ... though I do put a lot of spend on my Sapphire and keep low balances / pay in full each month. And I plan on keeping that and paying the $95 AF.
What I don't get is why/how they'd track someone with gift card purchases. Chase still receives the transaction fee, and if you spend at a grocery store, they can't track that. I do use AP to pay rent to the roommate, and Venmo to pay back friends for things like gas for giving me a ride to the airport, but those aren't fraudulent things (and they're still making 2% on the purchase).
What I don't get is why/how they'd track someone with gift card purchases. Chase still receives the transaction fee, and if you spend at a grocery store, they can't track that. I do use AP to pay rent to the roommate, and Venmo to pay back friends for things like gas for giving me a ride to the airport, but those aren't fraudulent things (and they're still making 2% on the purchase).
Last edited by amolkold; Mar 16, 2012 at 5:03 pm
Mar 25, 2012, 12:35 am
#49
Original Poster
Join Date: Jun 2010
Posts: 34
There's a good thread on Dan's Deals containing reports from people with similar experiences with Chase closing their accounts. You might find some help there. A few of the guys reported that they were able to get Chase to reopen their accounts. So, there's hope, but it does sound like a PITA.
Previously I had no payment due in all of my credit cards.
Now I just wish they could write
"...the credit cards were closed upon the request of the customer..."
in my credit report. But last time I talked with one executive officer, she said "no, our bank need to report everything exactly..."
But I did heard about successful stories of such request from several FT friends here.
Any ideas? How should I communicate with CSR?
Thanks again for all of your advice.
Mar 26, 2012, 4:32 pm
#51
Join Date: Apr 2008
Programs: CO Plat, SPG Gold, HHonors Gold
Posts: 230
From an actual case I have learned about, Chase actually is pretty good in letting you have your UR pts. In fact in a particular case when the Chase closed the accounts, the cardholder had not quite yet meet the spend requirement on the SP, but Chase actually sent a $500 check despite closing all the accounts. My guess is, banks are walking a fine line - they want to mitigate their exposures in credit risk while they need to make sure they are not sued or being complained to the government agencies for deceiving customers with sign up bonuses only at the end closing customers' accounts citing "business decision".
I have also learned about similar approach by BofA recently.
I have also learned about similar approach by BofA recently.
Mar 27, 2012, 8:25 am
#52
Join Date: Dec 2004
Posts: 7,904
I've been trying to read through the cases here and on Dan's Deals. It sounds like this is happening to people who opened 3 Chase cards on the same day or around 4-5 Chase cards in the past 6 months.
Is that about right, or has anyone been shut down for opening fewer accounts?
My history: Mortgage with Chase, but no checking. BA Visa 16+ months; WN Visa 8+ months with little spending; Freedom 10+ years (was something else before freedom). Closed accounts in 2011: UA no-fee card for 12+ years (originally from First Bank); CO card 10 months. It's the CO and WN that worry me. Given what's being reported, their computer might flag me as someone in it for the bonuses. Thanks.
Is that about right, or has anyone been shut down for opening fewer accounts?
My history: Mortgage with Chase, but no checking. BA Visa 16+ months; WN Visa 8+ months with little spending; Freedom 10+ years (was something else before freedom). Closed accounts in 2011: UA no-fee card for 12+ years (originally from First Bank); CO card 10 months. It's the CO and WN that worry me. Given what's being reported, their computer might flag me as someone in it for the bonuses. Thanks.
Mar 27, 2012, 9:51 am
#53
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,763
I've been trying to read through the cases here and on Dan's Deals. It sounds like this is happening to people who opened 3 Chase cards on the same day or around 4-5 Chase cards in the past 6 months.
Is that about right, or has anyone been shut down for opening fewer accounts?
My history: Mortgage with Chase, but no checking. BA Visa 16+ months; WN Visa 8+ months with little spending; Freedom 10+ years (was something else before freedom). Closed accounts in 2011: UA no-fee card for 12+ years (originally from First Bank); CO card 10 months. It's the CO and WN that worry me. Given what's being reported, their computer might flag me as someone in it for the bonuses. Thanks.
Is that about right, or has anyone been shut down for opening fewer accounts?
My history: Mortgage with Chase, but no checking. BA Visa 16+ months; WN Visa 8+ months with little spending; Freedom 10+ years (was something else before freedom). Closed accounts in 2011: UA no-fee card for 12+ years (originally from First Bank); CO card 10 months. It's the CO and WN that worry me. Given what's being reported, their computer might flag me as someone in it for the bonuses. Thanks.
I seriously doubt the system flagging is a deciding factor. I do believe the system has a scoring mechanism which takes into account of many things, including the customer's history with Chase - especially whether the customer has a several years of Payment History with Chase. It is all risk-management which while it also takes churning into account, the main purpose is still to mitigate credit risk.
Mar 28, 2012, 6:29 am
#54
Join Date: Aug 2009
Location: RDU
Programs: A few
Posts: 5,499
somewhat worrying. have seen similar reports on fatwallet. have a lot of chase cards including lot of recently opened ones and i am maxed out to about 99% on my aarp card (no gift cards, just regular spend, but have also been utilizing the 0% rate for first 6 months). time to cool things off with chase i think and hope i don't get tripped up. don't want to be the fat pig that gets slaughtered
Apr 7, 2012, 1:18 pm
#55
Join Date: Jan 2012
Location: Rust belt
Posts: 300
Another Chased Closed my accounts story
This did not happen to me,but I found this late at night surfing. I also hope I am not rehashing something old. I did find another post similar but different.
Here is the one i found
Here is the flyertalk one
So the one I found does anybody have a good hypothesis what the person did to get chase to close their accounts? It seems he was funding investments with his cc. Wrong maybe but if the opportunity was there I am sure we all would have jumped on it.
I have a Chase Freedom, Chase Ink, Chase Saphire and grabbed these all in Jan. Should I be concerned about applying for any Chase cards in the near future?
Here is the one i found
Here is the flyertalk one
So the one I found does anybody have a good hypothesis what the person did to get chase to close their accounts? It seems he was funding investments with his cc. Wrong maybe but if the opportunity was there I am sure we all would have jumped on it.
I have a Chase Freedom, Chase Ink, Chase Saphire and grabbed these all in Jan. Should I be concerned about applying for any Chase cards in the near future?
Apr 7, 2012, 1:49 pm
#56
Join Date: Dec 2010
Posts: 1,310
They're cash advances disguised as purchases. That's why.
Apr 7, 2012, 3:25 pm
#57
Join Date: Feb 2012
Location: NYC.
Programs: Hyatt Platinum, SPG Gold, HHonors Gold, MileagePlus Silver & Others.
Posts: 222
Moreover, the Fatwallet example just smells like a fake. The guy is a "millionaire" who cannot type a complete sentence and has so many inconsistencies in his story, he makes James Frey look legit.
I often find these reports suspect. It isn't that there aren't real account closings by Chase, but those reporting such closures rarely want to admit any fault or culpability and simply omit any facts or information that might paint them in negative light or explain the real reasons behind Chase's decisions. And so we're here left to hypothesize based on incomplete information.
I'd say keep it simple: Don't try and scam Chase and you're probably going to be safe.
I often find these reports suspect. It isn't that there aren't real account closings by Chase, but those reporting such closures rarely want to admit any fault or culpability and simply omit any facts or information that might paint them in negative light or explain the real reasons behind Chase's decisions. And so we're here left to hypothesize based on incomplete information.
I'd say keep it simple: Don't try and scam Chase and you're probably going to be safe.
Apr 7, 2012, 4:43 pm
#58
Join Date: Jan 2012
Location: Rust belt
Posts: 300
Sounds good thanks for the input. I just didnt want to temp fate and be one of those unlucky ones. Looks like back to the decision tree to see if I want a BA or UA card..I am a relatvie new fter but I keep on seeing these threads popup and really wonder if chase is monitoring that hard to stop people from abusing the their cc.
Apr 7, 2012, 5:01 pm
#59
Join Date: Feb 2012
Location: NYC.
Programs: Hyatt Platinum, SPG Gold, HHonors Gold, MileagePlus Silver & Others.
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Chase is a business, and so it's decisions are based on what its systems tell it are good business decisions. This isn't foolproof by any means, and it is prone to making mistakes like any other system, it generally isn't any arbitrary or random thing where you roll some dice and Chase will or won't close your accounts. At least that's been my experience. Those who say otherwise and who say Chase just closed their accounts for no reason are usually simply angry because they tried to game the system and ended up getting their hands caught in the cookie jar and are now raging about it like children.
Apr 8, 2012, 6:24 am
#60
Join Date: Oct 2007
Programs: nwa spg aa ua
Posts: 133
This did not happen to me,but I found this late at night surfing. I also hope I am not rehashing something old. I did find another post similar but different.
Here is the one i found
Here is the flyertalk one
So the one I found does anybody have a good hypothesis what the person did to get chase to close their accounts? It seems he was funding investments with his cc. Wrong maybe but if the opportunity was there I am sure we all would have jumped on it.
I have a Chase Freedom, Chase Ink, Chase Saphire and grabbed these all in Jan. Should I be concerned about applying for any Chase cards in the near future?
Here is the one i found
Here is the flyertalk one
So the one I found does anybody have a good hypothesis what the person did to get chase to close their accounts? It seems he was funding investments with his cc. Wrong maybe but if the opportunity was there I am sure we all would have jumped on it.
I have a Chase Freedom, Chase Ink, Chase Saphire and grabbed these all in Jan. Should I be concerned about applying for any Chase cards in the near future?
My sense is if your three cards are the first cards ever with Chase you should wait at least till 6 months since the first app so they see a history of good credit management. Chase may allow 3-5, maybe more, cards in total depending on your credit history but I wouldn't push them because their offers have been so lucrative. Personally I try to stay at around 3. Check out the Applying for Chase cards thread.