Jan 1, 2019, 2:14 pm
Last edit by: FreakingFlyer
When reporting/posting here please give as many details as you can or you will be asked for it anyways. Copy and paste the text below and alter as needed.
1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y)
2. Length of account before closure and CL?
3. Average monthly account balance checking and savings?
4. Volume of ms per month and how many months?
5. Cycle CL?
6. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and brcl@y)
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y)
2. Length of account before closure and CL?
3. Average monthly account balance checking and savings?
4. Volume of ms per month and how many months?
5. Cycle CL?
6. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and brcl@y)
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
2019 Shutdown Thread
Aug 11, 2019, 9:45 pm
#226
Join Date: Jul 2019
Location: Los Angeles, CA
Programs: American Express Platinum, Chase Sapphire Reserve
Posts: 619
Is it just me, or have reports of Chase shutdowns slowed considerably in recent months?
Aug 11, 2019, 9:56 pm
#227
Join Date: Aug 2018
Posts: 5
Strangely, I've been seeing the opposite in my practice. It will be interesting to see if there's a flood of them when the arbitration provisions are put back in.
Aug 11, 2019, 10:42 pm
#228
Join Date: Jul 2019
Location: Los Angeles, CA
Programs: American Express Platinum, Chase Sapphire Reserve
Posts: 619
I’m new to the points and miles game but have already gotten a lot of value out of my cards. I have absolutely zero desire to do MS and just want to stay within the lines with organic spend, but I do want to get the benefits of various cards.
I’m currently at 4/24 (or will be after removing myself as an AU on my wife’s Freedom card). I stupidly got a Nordstrom card in 2018 so burned a slot for no good reason, oh well.
Two months ago got Amex Plat, a month ago got CSR and Chase FU. I want to get Chase Ink Unlimited, then Hyatt, then Amex Gold eventually. I have 11 other cards going back up to 25 years, no adverse marks in my credit report, FICO around 750 only because I have some 0% balance transfers on a few cards just to reduce the balance on my HELOC (for various reasons we had to use a HELOC to buy our house, even though the total is less than 80% of our purchase price due to low appraisal).
We do around $6K/month in organic spend across all cards. No MS whatsoever. No plans to close any of these accounts.
If I applied for the Ink and Hyatt soon after my AU drops off my credit report, any risks? How long to wait? 2 or 3 months? Longer?
Really curious whether the shutdowns you’re seeing are MS or abuse related or if just opening accounts will trigger things.
Aug 12, 2019, 8:47 am
#229
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Most shut-downs are caused by mis-use (or abuse if bad word) of the CCs. It is rare to get shut-down due to churning.
Aug 12, 2019, 10:27 am
#230
Join Date: Jul 2019
Location: Los Angeles, CA
Programs: American Express Platinum, Chase Sapphire Reserve
Posts: 619
Aug 13, 2019, 1:24 am
#231
Join Date: Jun 2009
Location: DFW
Posts: 454
How many of us are currently dealing with military related closures?!
Sad, sad days...
Sad, sad days...
Aug 13, 2019, 6:53 am
#233
Join Date: Mar 2018
Posts: 4
Cap1 Shut Down All Accounts
Reporting a closure that came as a surprise to me (even though I heavy hit). Had 3 cards with Cap1 and all shut down (venture, spark business, and platinum). Nothing apart from organic spend on spark and platinum, I was heavy hitting on the venture, several years now, about 240k+ monthly. Spoke with them early on when I first opened card several years back and it was all fine with them. Oldest card was the platinum at ~6 years. Never carried a balance and was always cycling my CL (so it’s no duh). Possibly with all this crap that went on with their cyber hack, perhaps accounts got a closer look (maybeee...). I think what caused my case, because I’ve gone years with no issues, is greed. With new limits on gcm ordering, it became more difficult to order over 10k a day in gift cards, so my friend and I discovered that cap1, unlike chs, will issue an entirely different cc number for authorized users on the account, and this enables you to purchase more from the same account on gcm in a single day, to reduce turnaround time, because gcm tracks orders and limits them by cc number now. Never talked about my spending until now online. CL 30k on venture, 20k spark and 5k platinum. Proceed with caution. Mine could be because of heavy hitting, but confused as to why I went so long if that’s the case...received letter in the mail stating “my spending habits did not match their requirement of normal household spending” blah blah.
Aug 13, 2019, 8:16 am
#234
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Another DP of CL cycling -> shut-down. Some people always want to dispute and argue about that.
OP, $240k/month with a $30k CL is just too much.... Just move on.
OP, $240k/month with a $30k CL is just too much.... Just move on.
Aug 13, 2019, 9:55 am
#236
Join Date: Aug 2018
Posts: 5
Generally speaking, I don't consider my clients' activities to be abuse. But MS tends to be a trigger. Chase also seems to be doing credit spot-checking and does not like to see a lot of freshly-opened accounts. Chase is fickle.
Aug 13, 2019, 10:24 am
#237
Join Date: Mar 2016
Posts: 267
Reporting a closure that came as a surprise to me (even though I heavy hit). Had 3 cards with Cap1 and all shut down (venture, spark business, and platinum). Nothing apart from organic spend on spark and platinum, I was heavy hitting on the venture, several years now, about 240k+ monthly. Spoke with them early on when I first opened card several years back and it was all fine with them. Oldest card was the platinum at ~6 years. Never carried a balance and was always cycling my CL (so it’s no duh). Possibly with all this crap that went on with their cyber hack, perhaps accounts got a closer look (maybeee...). I think what caused my case, because I’ve gone years with no issues, is greed. With new limits on gcm ordering, it became more difficult to order over 10k a day in gift cards, so my friend and I discovered that cap1, unlike chs, will issue an entirely different cc number for authorized users on the account, and this enables you to purchase more from the same account on gcm in a single day, to reduce turnaround time, because gcm tracks orders and limits them by cc number now. Never talked about my spending until now online. CL 30k on venture, 20k spark and 5k platinum. Proceed with caution. Mine could be because of heavy hitting, but confused as to why I went so long if that’s the case...received letter in the mail stating “my spending habits did not match their requirement of normal household spending” blah blah.
EDIT: Forgot to ask: Did you have an outstanding points balance and are you able to cash them out?
Last edited by DjRocket; Aug 13, 2019 at 10:30 am
Aug 13, 2019, 1:19 pm
#238
Join Date: Jun 2009
Location: DFW
Posts: 454
Thanks for the feedback. I'm sorry about your shut down. I have a Venture with 30K CL as well and always wonder how much is too much. Not near your volume, but with the ongoing Simon deal going on.... I guess will keep my fingers crossed lol
EDIT: Forgot to ask: Did you have an outstanding points balance and are you able to cash them out?
EDIT: Forgot to ask: Did you have an outstanding points balance and are you able to cash them out?
Aug 13, 2019, 1:35 pm
#239
Join Date: Mar 2016
Posts: 267
Good to know. Thanks! I always get nervous when the point balance is too high. I'm sorry about your shutdowns too. The other thing is CapOne allows you to redeem the same travel purchases at least twice, maybe even more (never tried). Strange, but I don't mind. Is that a good idea or a possible factor in leading to review/shutdown? I figure since it's allowed, should be OK, but strange that they allow it.
Aug 13, 2019, 2:51 pm
#240
Join Date: Jun 2009
Location: DFW
Posts: 454
Both of my Cap One cards were Spark (2% cash back) - but that multiple redemption datapoint on the miles side is a good one. Thank you for sharing it!