May 15, 2014, 8:16 am
Last edit by: StartinSanDiego
This thread is now archived. Please follow the topic here: https://www.flyertalk.com/forum/chase-ultimate-rewards/1986148-chase-closed-my-credit-card-account-s-tales-speculation-2019-thread.html
If you feel your account has been unfairly closed, consider filing a complaint with the Consumer Protection Financial Bureau:
CFPB's complaint form: http://www.consumerfinance.gov/complaint/
When someone reports an account closure here, a lot of the same questions get asked. It might be useful to answer some questions in advance. This could help figure out what happened or how to proceed:
2013.9
2013.12 2014.6
http://www.flyertalk.com/forum/chase...ta-points.html
On 1/4/15, LivelyFL noted that 34 posts have referenced account closures (updated 1/25/15):
1, 55, 80, 108, 117, 129, 146, 165, 182, 212, 221, 222, 232, 235, 262, 272, 281, 326, 364, 410, 411, 428, 475, 477, 482, 513, 552, 586, 620, 648, 656, 662, 714, 718, 784 and 815.
Mortgasm provided more detail as follows:
001 - moarmiles little explaination - 'inconsistent spending'
055 - brettskyg chase gift cards tiny ms
080 - Artemk checking chase gift card, tiny MS, international wires, wall-mart BP
108 - TTnc4me (105 actually) no info
117 - rodsren
129 - Kybosh chase gift card checking
146 - mintcilantro - checking 6k/month MS, BB payments from another ss#, some MO/AP, 7new cards in 90days, short cycling
165 - newcomr - checking
182 - thehawk75 - heavy MSw/other banks,
212 - LRD - 2x spend of 20k /month (on two cards), checking
221 - iceman 77_7, no info
222 - jk2 no info
232 - hitman1420 checking , heavy MS activity (no number)
235 - clearlyanewb checking, MS activity (10k AGC and more), light credit history, 10 recent inquiries
262 - brc01 - shortcycling, some MS (18k/month over a few cards), 1
272 - rambo - 70% MS on 5 cards, WM BP of 16k/month on 5 cards
281 - prestonv - heavy MS - 20k/month on multiple chase cards, heavy WMBP (ink stayed open)
326 - pacupgo - false alarm, no shutdown
364 - edh101985 - tiny MS (bonus only) , 4 chase cards in 6 months,
410 - msetr - lots of freedom/ink ms
411 - standaman360 - international wires (business), million dollar balances,
428 - queensgambit - gambling transactions, UR point transfer from SO, 5 chase apps 3 new chase cc in 45 days, Blogger points coach
475 - dogloverjb - checking, international wires,
477 - ftomasz - 14 inquiries in 8 months, 5 chase, minimal MS, rapid upswing in credit, paying from multiple accounts
482 - liw5215 - Heavy MS, re-entered after 13 months
513 - thegasguru - checking, $3k/month MO to checking, NO MS, AP,
552 - LAXtoWorld - 3 cards in 30 days
586 - adavydov7 checking, $1k APs,
648 - CMHFlyerOH - checking, MO, 3k gift cards
656 - I can see for miles - Maxed UR 5x rewards on Freedom and Ink cards. Chased closed all accounts. Was approved for Ritz Carlton card 14 months later and did nothing unusual with it, other than lower CL from 30K to 10K to free up CL for possible approvals. Two subsequent Chase apps (Chase Ink and Marriott Rewards), on separate dates 3+ months later, were declined for a "previous unsatisfactory relationship ..."
662 - frogdog51 - Chase VGCs (Reapproved in 12 months)
677 - Subdawg - closed for piggybacking
714 - Mamibear - 'abuse' redcard MS
718 - maxswanson - MS, 11 chase cards, traded UR, (reapproved after 12 months)
752 - peaser - "reputational risk" associated with the business (decision reversed later)
757 - uncommonsensical checking, 3 Cashier's Check deposits with quick w/d (the w/d were to pay CHASE credit cards! ridiculous 'loss prevention' dept. gods). All CC's closed 2 days later. Tried EX Office- they seem to have zero power once the Mullah in loss prevention has issued a fatwa (my guess: some 27 year old with a god complex).
762 - knopfler - checking closed (all credit cards closed in both mine and Mrs. Knopflers accounts about three weeks after checking closure)
771 - milemonkey - 'reputational Risk" connected to Attorney General lawsuit
784 - unstable one: 2 cash deposits over 10k to chase checking
815 - dukerau - one time UR point sale, 77% spending is 5x,
If you feel your account has been unfairly closed, consider filing a complaint with the Consumer Protection Financial Bureau:
CFPB's complaint form: http://www.consumerfinance.gov/complaint/
When someone reports an account closure here, a lot of the same questions get asked. It might be useful to answer some questions in advance. This could help figure out what happened or how to proceed:
- Did you transfer UR points to someone with a different address? Different last name?
- Did you sell UR points to someone?
- Approximately what percentage of your charges earned less than 5x points in the past 12 months?
- Did a Chase or non-Chase bank recently close one of your credit cards?
- Are you using up a large percentage of your credit line on all Chase and non-Chase credit cards?
- Is your total credit line with Chase much higher than with other banks?
- Did you apply for many credit cards or other forms of credit in the past 2 months? ("Many" may be hard to define.)
- If you have a Chase checking account how much did you typically deposit in money orders per month, if any?
- Did you recently start spending a lot more with Chase than in typical months?
- Is your monthly balance frequently close to your credit limit?
- Approximately what percentage of spending was on gift cards this year?
- How much of your bill do you typically pay using WM or KMart bill payment if any?
- Do you have a Chase mortgage or other account that might be profitable to Chase?
- Has your credit score or credit profile changed recently? As in: significantly more debt, more open credit lines, or a large drop in your credit score?
2013.9
2013.12 2014.6
http://www.flyertalk.com/forum/chase...ta-points.html
On 1/4/15, LivelyFL noted that 34 posts have referenced account closures (updated 1/25/15):
1, 55, 80, 108, 117, 129, 146, 165, 182, 212, 221, 222, 232, 235, 262, 272, 281, 326, 364, 410, 411, 428, 475, 477, 482, 513, 552, 586, 620, 648, 656, 662, 714, 718, 784 and 815.
Mortgasm provided more detail as follows:
001 - moarmiles little explaination - 'inconsistent spending'
055 - brettskyg chase gift cards tiny ms
080 - Artemk checking chase gift card, tiny MS, international wires, wall-mart BP
108 - TTnc4me (105 actually) no info
117 - rodsren
129 - Kybosh chase gift card checking
146 - mintcilantro - checking 6k/month MS, BB payments from another ss#, some MO/AP, 7new cards in 90days, short cycling
165 - newcomr - checking
182 - thehawk75 - heavy MSw/other banks,
212 - LRD - 2x spend of 20k /month (on two cards), checking
221 - iceman 77_7, no info
222 - jk2 no info
232 - hitman1420 checking , heavy MS activity (no number)
235 - clearlyanewb checking, MS activity (10k AGC and more), light credit history, 10 recent inquiries
262 - brc01 - shortcycling, some MS (18k/month over a few cards), 1
272 - rambo - 70% MS on 5 cards, WM BP of 16k/month on 5 cards
281 - prestonv - heavy MS - 20k/month on multiple chase cards, heavy WMBP (ink stayed open)
326 - pacupgo - false alarm, no shutdown
364 - edh101985 - tiny MS (bonus only) , 4 chase cards in 6 months,
410 - msetr - lots of freedom/ink ms
411 - standaman360 - international wires (business), million dollar balances,
428 - queensgambit - gambling transactions, UR point transfer from SO, 5 chase apps 3 new chase cc in 45 days, Blogger points coach
475 - dogloverjb - checking, international wires,
477 - ftomasz - 14 inquiries in 8 months, 5 chase, minimal MS, rapid upswing in credit, paying from multiple accounts
482 - liw5215 - Heavy MS, re-entered after 13 months
513 - thegasguru - checking, $3k/month MO to checking, NO MS, AP,
552 - LAXtoWorld - 3 cards in 30 days
586 - adavydov7 checking, $1k APs,
648 - CMHFlyerOH - checking, MO, 3k gift cards
656 - I can see for miles - Maxed UR 5x rewards on Freedom and Ink cards. Chased closed all accounts. Was approved for Ritz Carlton card 14 months later and did nothing unusual with it, other than lower CL from 30K to 10K to free up CL for possible approvals. Two subsequent Chase apps (Chase Ink and Marriott Rewards), on separate dates 3+ months later, were declined for a "previous unsatisfactory relationship ..."
662 - frogdog51 - Chase VGCs (Reapproved in 12 months)
677 - Subdawg - closed for piggybacking
714 - Mamibear - 'abuse' redcard MS
718 - maxswanson - MS, 11 chase cards, traded UR, (reapproved after 12 months)
752 - peaser - "reputational risk" associated with the business (decision reversed later)
757 - uncommonsensical checking, 3 Cashier's Check deposits with quick w/d (the w/d were to pay CHASE credit cards! ridiculous 'loss prevention' dept. gods). All CC's closed 2 days later. Tried EX Office- they seem to have zero power once the Mullah in loss prevention has issued a fatwa (my guess: some 27 year old with a god complex).
762 - knopfler - checking closed (all credit cards closed in both mine and Mrs. Knopflers accounts about three weeks after checking closure)
771 - milemonkey - 'reputational Risk" connected to Attorney General lawsuit
784 - unstable one: 2 cash deposits over 10k to chase checking
815 - dukerau - one time UR point sale, 77% spending is 5x,
Chase closed my credit card account(s) [Archived 2013-mid 2019]
May 29, 2018, 9:36 pm
#1996
Join Date: Aug 2007
Location: Truth or Consequences, NM
Programs: HH Diamond, Marriott Titanium, Hertz President's Circle, UA Silver, Mobile Passport Unobtanium
Posts: 6,192
Waaaaaay too much hysteria going on right now regarding Chase shutdowns.
May 30, 2018, 12:17 pm
#1998
Join Date: Mar 2015
Posts: 134
Would like some guidance regarding applying for CIC in my specific situation.
- I'm 4/24 (3 chase and one AMEX - although one of the Chase cards is a product change in which I downgraded a very old CSP to Freedom)
- 1 new card in the past 6 months (an AMEX PRG, in late March)
- 5 total open accounts (4 chase, 1 AMEX)
- Absolutely no MS on any cards
- 800 FICO score, less than 5% utilization, 5+ year total credit history with Chase
Should I be concerned about unwanted attention by applying for the Ink Cash in this situation?
Thanks,
Heli
- I'm 4/24 (3 chase and one AMEX - although one of the Chase cards is a product change in which I downgraded a very old CSP to Freedom)
- 1 new card in the past 6 months (an AMEX PRG, in late March)
- 5 total open accounts (4 chase, 1 AMEX)
- Absolutely no MS on any cards
- 800 FICO score, less than 5% utilization, 5+ year total credit history with Chase
Should I be concerned about unwanted attention by applying for the Ink Cash in this situation?
Thanks,
Heli
No pre-approval, got the 30 day message on the automated phone line, and it switched to Approved 2 days later. The card arrived last week.
May 30, 2018, 12:56 pm
#1999
Join Date: Jul 2011
Location: Sunny AZ
Programs: HH Diamond, Sixt Platinum, IHG Spire Ambassador, Marriott/SPG Gold .....
Posts: 3,211
Just wanted to follow up on this, I applied successfully for the CIP. It's been 2 weeks and still no shutdown. Feels like I'm in the clear.
No pre-approval, got the 30 day message on the automated phone line, and it switched to Approved 2 days later. The card arrived last week.
No pre-approval, got the 30 day message on the automated phone line, and it switched to Approved 2 days later. The card arrived last week.
Chase doesn't seem to auto-approve a lot anymore. But they started to shift credit lines around on their own quickly and approve a new card. So I wouldn't call for a week nowadays (always called years ago if not auto approved).
May 31, 2018, 12:19 pm
#2000
Join Date: Mar 2015
Posts: 134
Why is that surprising given your provided figures. 4/24 and 5 open accounts with 800+ credit score if you now have a good income you are close to perfect.... the only thing against Chase approving the card is that it is a Business Credit Card and you didn't specify personal/business card split.
Chase doesn't seem to auto-approve a lot anymore. But they started to shift credit lines around on their own quickly and approve a new card. So I wouldn't call for a week nowadays (always called years ago if not auto approved).
Chase doesn't seem to auto-approve a lot anymore. But they started to shift credit lines around on their own quickly and approve a new card. So I wouldn't call for a week nowadays (always called years ago if not auto approved).
Jun 1, 2018, 10:54 am
#2001
Join Date: May 2018
Posts: 3
I had Chase Slate with 8k for seven months and then applied for CSP approved 19k, I have 739 but a fragile history like two years max.
Persistently applied for BoA Cash Rewards and Business Travel both got approved, and then I challenged Chase Ink Business. After clicking apply button, that review window popped up saying it would take a month to decide.
About after a week all of sudden my accounts are closed.
Called them and they told me too many accounts and a short period of credit.
I explained them I make enough income to utilize them remarkably as it never hit 5% utilization on credit report even though considered high spending but made 100% on-time payment, before the statement date.
I'm not sure, but as I have a short credit history, it might help the reason of many cards as a newbie trying to build credit which explained the flagging trigger in a better way than I need money or points.
I have 2 of chases, 3 of boa, 1 of capital-one, 1 of Amex and extra 2 of shoppers credit cards.
She put me on hold for a couple of minutes to thoroughly read my credit report, and she could not find any other reason and said it does not make sense to her that my account was closed, then said she would do the reinstatement process, and I would receive a call regarding the restoration.
I asked her if I have another interview, but she said it would be just simple questions.
I said, thank you very much for the reinstatement, but she replied she is not sure yet. So I guess there will be another one who decides after this interview result.
She told me that they eventually close the account if someone opened four credit cards within a year but also said she does not think it is considered many but they do it.
So maybe there is another real factor that they do not share, which they don't care about many accounts (hopefully) but those account holders must do the credit report interview, so they have automatic account postponement trigger to check every single person.
I will post the result soon.. And I just received unusual Chase email next day, it contains No logo, No contact information, only three lines that look like someone just typed in, see below,
That's precisely entire 3 lines in the email, and it is also mentioned "10 days" lol, Does that mean they will consider how people react to that email? Should I pay now before they call? It's like $1000 altogether $250+$750, well I eventually was going to pay, but I also had $5000 purchases 2 months ago and paid in full before the statement. Or maybe that's automatic standard alert email just right on time. Does anyone know about that email?
Anyways, I saw all of the replies here in this Chase shutdown thread and the stories with excellent credit, I'm like an outsider compared to you guys. I started from $300 secured credit card at credit score 480 (I messed up everything at age 20-30), but during two years I removed all derogatory, and now I also have an ongoing personal loan, and car payments but never missed, so that helped me to get 739 quickly. I must get a declined call. But let's see.
Persistently applied for BoA Cash Rewards and Business Travel both got approved, and then I challenged Chase Ink Business. After clicking apply button, that review window popped up saying it would take a month to decide.
About after a week all of sudden my accounts are closed.
Called them and they told me too many accounts and a short period of credit.
I explained them I make enough income to utilize them remarkably as it never hit 5% utilization on credit report even though considered high spending but made 100% on-time payment, before the statement date.
I'm not sure, but as I have a short credit history, it might help the reason of many cards as a newbie trying to build credit which explained the flagging trigger in a better way than I need money or points.
I have 2 of chases, 3 of boa, 1 of capital-one, 1 of Amex and extra 2 of shoppers credit cards.
She put me on hold for a couple of minutes to thoroughly read my credit report, and she could not find any other reason and said it does not make sense to her that my account was closed, then said she would do the reinstatement process, and I would receive a call regarding the restoration.
I asked her if I have another interview, but she said it would be just simple questions.
I said, thank you very much for the reinstatement, but she replied she is not sure yet. So I guess there will be another one who decides after this interview result.
She told me that they eventually close the account if someone opened four credit cards within a year but also said she does not think it is considered many but they do it.
So maybe there is another real factor that they do not share, which they don't care about many accounts (hopefully) but those account holders must do the credit report interview, so they have automatic account postponement trigger to check every single person.
I will post the result soon.. And I just received unusual Chase email next day, it contains No logo, No contact information, only three lines that look like someone just typed in, see below,
That's precisely entire 3 lines in the email, and it is also mentioned "10 days" lol, Does that mean they will consider how people react to that email? Should I pay now before they call? It's like $1000 altogether $250+$750, well I eventually was going to pay, but I also had $5000 purchases 2 months ago and paid in full before the statement. Or maybe that's automatic standard alert email just right on time. Does anyone know about that email?
Anyways, I saw all of the replies here in this Chase shutdown thread and the stories with excellent credit, I'm like an outsider compared to you guys. I started from $300 secured credit card at credit score 480 (I messed up everything at age 20-30), but during two years I removed all derogatory, and now I also have an ongoing personal loan, and car payments but never missed, so that helped me to get 739 quickly. I must get a declined call. But let's see.
I just received a call from Chase, eight days from the last phone conversation, I so wanted to call them to check the status of the review, but I didn't. Also today I was about to draw them in a few minutes, but they just called me now.
Moreover, my cards got reinstated!.
I feel my thin credit file helped it from the "too many accounts." that made them think I'm not abusing anything but who knows.
I hope my particular credit case helped someone here,
Jun 1, 2018, 11:55 am
#2002
Join Date: Jul 2011
Location: Sunny AZ
Programs: HH Diamond, Sixt Platinum, IHG Spire Ambassador, Marriott/SPG Gold .....
Posts: 3,211
Guess what?!
I just received a call from Chase, eight days from the last phone conversation, I so wanted to call them to check the status of the review, but I didn't. Also today I was about to draw them in a few minutes, but they just called me now.
Moreover, my cards got reinstated!.
I feel my thin credit file helped it from the "too many accounts." that made them think I'm not abusing anything but who knows.
I hope my particular credit case helped someone here,
I just received a call from Chase, eight days from the last phone conversation, I so wanted to call them to check the status of the review, but I didn't. Also today I was about to draw them in a few minutes, but they just called me now.
Moreover, my cards got reinstated!.
I feel my thin credit file helped it from the "too many accounts." that made them think I'm not abusing anything but who knows.
I hope my particular credit case helped someone here,
Jun 1, 2018, 12:22 pm
#2003
Join Date: Aug 2009
Posts: 662
Not affiliated with this website.
https://frequentmiler.boardingarea.com/2018/06/01/why-chase-shutdowns-have-increased-and-how-to-avoid-them/
https://frequentmiler.boardingarea.com/2018/06/01/why-chase-shutdowns-have-increased-and-how-to-avoid-them/
Jun 1, 2018, 9:13 pm
#2004
Join Date: Oct 2003
Posts: 1,203
There is NO human review when the system automatically closed accounts. Have seen reports on such all over net, including sites not in English.
He needs to call Chase because Chase system has closed a lot of accounts that should not be closed in the first place and many of them are reinstated after a couple weeks of "investigation", i.e. the closure generated by the system is being reviewed by a human being AFTER the account holder called in. A few people actually received apology letters from Chase.
It also depends on how persistent your friend is, to get this sorted out with Chase. Some initial contacts may brush him off but he needs to take this up higher if all you said is true and there is nothing he has hidden from you.
It is rare but NOT impossible, his identify is mixed up with some deadbeat's. A few years ago reported on FT a person's AMEX cards were suddenly closed, when they were on a long trip no less. Similar financial profile as your friend except they used their cards for everything, never cash, so they have extensive credit profiles. After MONTHS battled with AMEX which finally figured out the poster's ID was mixed up with a deadbeat in UK, in AMEX system... How that ever happened, AMEX had no explanation but it happened and the victim suffered some big damages (imagine suddenly your most reliable cards were all shut down when you were on a month long trip?) IIRC AMEX did make some compensation on the erroneous closure.
He needs to call Chase because Chase system has closed a lot of accounts that should not be closed in the first place and many of them are reinstated after a couple weeks of "investigation", i.e. the closure generated by the system is being reviewed by a human being AFTER the account holder called in. A few people actually received apology letters from Chase.
It also depends on how persistent your friend is, to get this sorted out with Chase. Some initial contacts may brush him off but he needs to take this up higher if all you said is true and there is nothing he has hidden from you.
It is rare but NOT impossible, his identify is mixed up with some deadbeat's. A few years ago reported on FT a person's AMEX cards were suddenly closed, when they were on a long trip no less. Similar financial profile as your friend except they used their cards for everything, never cash, so they have extensive credit profiles. After MONTHS battled with AMEX which finally figured out the poster's ID was mixed up with a deadbeat in UK, in AMEX system... How that ever happened, AMEX had no explanation but it happened and the victim suffered some big damages (imagine suddenly your most reliable cards were all shut down when you were on a month long trip?) IIRC AMEX did make some compensation on the erroneous closure.
What a bone headed response to churning abuse. Amex "once in lifetime" is more straightforward or they can easily address churning by giving bonus at the end of one year rather than end of spend.
Problem is the latest miles/point kiting (credit cardsigning bonuses) has lasted way too many years compared to HELOC, Mint and I-bonds each of which lasted only couple of years. With long duration of the game coupled with zillion bloggers touting it, makes game/hobby/abuse too widespread.
Jun 1, 2018, 9:19 pm
#2005
Join Date: Aug 2007
Location: Truth or Consequences, NM
Programs: HH Diamond, Marriott Titanium, Hertz President's Circle, UA Silver, Mobile Passport Unobtanium
Posts: 6,192
Friend refused to call chase. Neither time nor inclination. But he got an out of blue unsolicited call from chase asking his permission to restore accounts closed by "system error". My friend refused but then I convinced him to allow restore and then close if he so desire after a few weeks that way credit report reflects closed by owner rather than closed by lender. Guess JPM lost 7 digit income, high 8 digit net-worth individual for good.
What a bone headed response to churning abuse. Amex "once in lifetime" is more straightforward or they can easily address churning by giving bonus at the end of one year rather than end of spend.
Problem is the latest miles/point kiting (credit cardsigning bonuses) has lasted way too many years compared to HELOC, Mint and I-bonds each of which lasted only couple of years. With long duration of the game coupled with zillion bloggers touting it, makes game/hobby/abuse too widespread.
What a bone headed response to churning abuse. Amex "once in lifetime" is more straightforward or they can easily address churning by giving bonus at the end of one year rather than end of spend.
Problem is the latest miles/point kiting (credit cardsigning bonuses) has lasted way too many years compared to HELOC, Mint and I-bonds each of which lasted only couple of years. With long duration of the game coupled with zillion bloggers touting it, makes game/hobby/abuse too widespread.
Jun 2, 2018, 12:12 pm
#2006
Join Date: Jun 2002
Location: California USA
Posts: 652
Guess what?!
I just received a call from Chase, eight days from the last phone conversation, I so wanted to call them to check the status of the review, but I didn't. Also today I was about to draw them in a few minutes, but they just called me now.
Moreover, my cards got reinstated!.
I feel my thin credit file helped it from the "too many accounts." that made them think I'm not abusing anything but who knows.
I hope my particular credit case helped someone here,
I just received a call from Chase, eight days from the last phone conversation, I so wanted to call them to check the status of the review, but I didn't. Also today I was about to draw them in a few minutes, but they just called me now.
Moreover, my cards got reinstated!.
I feel my thin credit file helped it from the "too many accounts." that made them think I'm not abusing anything but who knows.
I hope my particular credit case helped someone here,
Interesting to learn about the four accounts opened within a year threshold.
Jun 2, 2018, 1:37 pm
#2007
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,755
He should / need let Chase restore his accounts so in both Chase internal system (very important) and the reporting to the credit bureaux be fully straightened out so there would not be a black mark on his profile though it is totally from bank's error, but would be impossible to clear it in the future should it not be taken care of NOW. Note the "unsatisfactory relationship" can mean anything and can be reported to the EWS that many banks participate now. This may take 2 months. He should then pull all reports, including the more obscured ones to make sure Chase has scrubbed any blemishes it caused.
Once this is checked out. he can then just walk in a Chase branch to close all his accounts. That would be how I would do it.
Jun 2, 2018, 1:45 pm
#2008
Join Date: Sep 2014
Location: TPA/DFW/K15
Programs: AA EXP, Mar AMB, HH LT DIA
Posts: 1,652
In a way, yes one should not get emotion involved in making financial decision. However if said person does not need any Chase services, nor the sign up bonuses nor the points earned from Affiliate cards, what else he got to lose? He can feel much better now Chase wont make a dime from him in the foreseable future.
He should / need let Chase restore his accounts so in both Chase internal system (very important) and the reporting to the credit bureaux be fully straightened out so there would not be a black mark on his profile though it is totally from bank's error, but would be impossible to clear it in the future should it not be taken care of NOW. Note the "unsatisfactory relationship" can mean anything and can be reported to the EWS that many banks participate now. This may take 2 months. He should then pull all reports, including the more obscured ones to make sure Chase has scrubbed any blemishes it caused.
Once this is checked out. he can then just walk in a Chase branch to close all his accounts. That would be how I would do it.
He should / need let Chase restore his accounts so in both Chase internal system (very important) and the reporting to the credit bureaux be fully straightened out so there would not be a black mark on his profile though it is totally from bank's error, but would be impossible to clear it in the future should it not be taken care of NOW. Note the "unsatisfactory relationship" can mean anything and can be reported to the EWS that many banks participate now. This may take 2 months. He should then pull all reports, including the more obscured ones to make sure Chase has scrubbed any blemishes it caused.
Once this is checked out. he can then just walk in a Chase branch to close all his accounts. That would be how I would do it.
Jun 2, 2018, 2:00 pm
#2009
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,755
Seems you totally misunderstand what desi meant when you quoted his one single sentence. desi being a JPM shareholder feels the current practice to guard against churning abuse is NOT the right way when it totally relies on system to flag accounts then just closing accounts down before any human would review it.
Have you read the full fiasco? The said person is NOT a churner.
He used his Chase cards or any card he owns, like an ordinary consumer would use.
Have you read the full fiasco? The said person is NOT a churner.
He used his Chase cards or any card he owns, like an ordinary consumer would use.
Strange but troubling DP.
Doctor friend with seven figure income. No debt. Never carried balance. Buys cars, boats, homes - all cash.
But very long (30+ years) history with no blemish.
Not a churner. No MS. (No time, no interest)
No banking relationship with Chase except for 4 long held chase cards (no new chase cards in last 24 months. Non applied recently. 3 cards used only when utilizing associated brand. 4th card used almost every month for about 500 automatic billed expenses). Total open cards from other issuers about 6-7 (on top of 4 from chase)
Cards applied in last 24 months - 1 amex (Hilton Amex)
Cards applied in last 12 months - 0
Cards applied recently = 0
changes in CL = had never asked for increase or decrease in whole life ever
cards closed in last 12 months = 0
cards closed in last 24 months = 1 (Hilton Visa)
(monthly charges on non-chase cards in total varies from 3k to 15k (family vacation) - all kosher - all bills paid promptly)
Reason given for shutdown = unsatisfactory relationship
He is furious. Takes it as a personal insult (there is no practical inconvenience other than moving those 500 dollar monthly auto bills to other card)
I can not figure out a reason. Any thoughts?
Doctor friend with seven figure income. No debt. Never carried balance. Buys cars, boats, homes - all cash.
But very long (30+ years) history with no blemish.
Not a churner. No MS. (No time, no interest)
No banking relationship with Chase except for 4 long held chase cards (no new chase cards in last 24 months. Non applied recently. 3 cards used only when utilizing associated brand. 4th card used almost every month for about 500 automatic billed expenses). Total open cards from other issuers about 6-7 (on top of 4 from chase)
Cards applied in last 24 months - 1 amex (Hilton Amex)
Cards applied in last 12 months - 0
Cards applied recently = 0
changes in CL = had never asked for increase or decrease in whole life ever
cards closed in last 12 months = 0
cards closed in last 24 months = 1 (Hilton Visa)
(monthly charges on non-chase cards in total varies from 3k to 15k (family vacation) - all kosher - all bills paid promptly)
Reason given for shutdown = unsatisfactory relationship
He is furious. Takes it as a personal insult (there is no practical inconvenience other than moving those 500 dollar monthly auto bills to other card)
I can not figure out a reason. Any thoughts?
Jun 3, 2018, 12:22 pm
#2010
Join Date: Oct 2003
Posts: 1,203
Seems you totally misunderstand what desi meant when you quoted his one single sentence. desi being a JPM shareholder feels the current practice to guard against churning abuse is NOT the right way when it totally relies on system to flag accounts then just closing accounts down before any human would review it.
Have you read the full fiasco? The said person is NOT a churner.
He used his Chase cards or any card he owns, like an ordinary consumer would use.
Have you read the full fiasco? The said person is NOT a churner.
He used his Chase cards or any card he owns, like an ordinary consumer would use.
1) Chase was indeed making money (3% on whatever he charged) But more importantly, there was potential to make more. Not even 1% of 1% make more than 800 USD every hour. Disposable income is just huge at that level.
2) Yes, we made sure that credit report now reflects Closed by Consumer.
3) Not only he will not use Chase for any financial relationship. But tells his story to his many high net-worth friends. (So do I - but my friends are not in same league as his
which will also hurt Chase (but still dropin bucket for them)4) Even as concerned shareholder, no point in shooting (polite) letter to senior mgmt. It would be either ignored or if acted upon, it will ruin hobby for so many fellow FTers.