tr3ndz

Thanks everyone for constructive criticism. I appreciate all the comments
I called Chase today and asked if I am banned. They said Im def not banned and can continue to bank at Chase. I can reapply for cards in future, but not now.

In early December I called Chase to increase my credit line. I explained terminal illness, that I was planning to put big charges on my card, They gave the OK and increase. After 2nd payment, funds took several days to clear due to xmas so I called in to check, and at same time asked if it was ok to spend another $20K in next few days. The rep noted my account and sent confirmation email. After spend I made payment.

So the missed payment started as an error from TD Ameritrade. The funds never sent at all but the process initialized from the mobile app and was out of sync. TD Bank was expecting a transfer but didnt get it, the balance on the account increased because the account had enough funds already to cover the transfer, but because funds never came, the account went on hold behind the scenes
. Chase tried to collect funds from accnt that was not available. TD Ameritrade and TD bank reimbursed for fees incurred and both confirmed that me the client wouldnt have seen this as it all happened behind the scene.

When I spoke to chase today, now they said the closed accounts were because of the missed payment.
They said they pulled my credit report and noticed I had applied for 3 chase cards, 2 business and CSR, in past yr and 2 amex card there after, too many inquiries
They also stated that my credit card debts werent reflected on my report.

I asked for third review and explained the missed payment.
I told them I never carry debt as i balance my accounting weekly. The Hyatt charges were paid from brokerage distributions already so no debt was sent to credit report. My utilization is always <1%
I also stated that after this issue I opened a Schwarb Brokerage account and was offered a Platinum card which i took.
I said Im not a churner, if I was, I could have cancelled my old Hyatt card and reapplied for a new bonus, but i upgraded with no bonus, and why would i hold onto a 28yr old freedom card.

They said they will get back to me in 10 days.

Happy

If Chase is willing to listen to you, then it is still hopeful.

Last year I read a shut down case on a non English site, that the poster has opened multiple Chase cards, primarily the cobrand cards and has put on large spends on those cards. The explanation she gave was her families come to visit her in US and the big gang was traveling the country and shopped like crazy. She also had banking accounts with Chase, that had sizable balances more than enough to cover all the outstanding on the cards. The first and second appeal failed but the third one, thru a letter to the Executive Office did the job. Accounts were fully restored.

Good luck to you and keep us posted.

BTW, did TD Ameritrade give you plausible reason on why the transfer or the distribution from the brokerage side never got it to the banking side? I thought TD Ameritrade has the cash account as well (at least that is how our idle account looks to me but I never link it to the TD Bank accounts.)

radonc1

Everything would be copacetic if indeed you were paying multiple medical bills. But you are doing MSing and not an insignificant amount of it either.

How hard will it be for Chase to follow the payments and see that they aren't going to MD Anderson Cancer Center or it's ilks? That's what they need the 10 days for. They are going to track those payments and expenses. So I wish you the best of luck but I would immediately follow Mammibear's advice and move your points out of Chase ASAP.

Just remember that the phone people haven't got a clue. I deal with Chase and they are a hard case. They closed one of my CC's because of inactivity and no matter what my personal banker's did with the CC side of their business, they would have none of it. (And I am far from a bad customer). They "let" me open a new card, but it was not as "favorable" as the one they closed.
They just march to a different drummer.

Please let us know the outcome.

NeGourmand

dealhunter32

Did you inquire about the payment not crediting toward CL and that's what drew attention to your account? The issuer in question has long had a policy of not crediting payments toward one's available credit for 8 days if a payment is made less than 3 days after a prior payment, even if it's initiated via the issuer. There is a message displayed on their website, but of course you wouldn't see the message having pushed a WMBP.

Of course you hit this much too hard too fast with only a 2-week old account, but anyone looking to rake in a large double cashback payment in the 13th statement should take heed. If you get a shutdown there is no recourse so you only get 1.5% instead of 3%, or even less if you lose cashback on the current statement cycle too.

Chelski

jk2

I guess what was "before" and if it was "safe" does not mean that now is "OK" to do it. Banks adapt to current conditions, some fast, some slow. But eventually, in my view, such aggressive cycling is an invitation for trouble. Especially, when double CB is paid only on 13th month - you have to be very careful not to screw up. I would be satisfied with whatever CB amount I get, when doubled instead of not getting anything at all (in my case, they gave me first 4K CL, so I was under this limit for 3 months, then I asked for increase - they upped up to 7K, then in 3 months - to 11K). Even it was not great, I accepted that.

That's too bad, that some people don't get an idea that you cannot get everything. This is a marathon, not a sprint.

NeGourmand

I did inquire on day 9 after a payment didn't release CL. I discussed with people who reported no hold on pushed payments. I think my account was under review prior to calling, but who knows.

Would I do this with an issuer I was concerned about keeping long term? Of course not. If you value your relationship with an issuer, this hobby is a marathon. If you don't, it's a sprint. Might as well stress test early on, before loss of cash back match becomes too big of a risk. Staying within the CL for that card ($5k) on a monthly basis wasn't worth logging into another site to check that payments arrived, etc.

littlewinglet

I just had another incident of DIT credit limit not releasing. My bank is WF which had an outage yesterday, so it's probably due to that. My 2k of CFP billpays did post yesterday as well and that amount got released for CL.

Last time I had CL not release, it was 7 months ago, I called and they had me on a 3-way call with WF to confirm the payment cleared, and manually released the limit. This time I'll just sit it out, not worth the risk.

jk2

I agree that if you don't care about this issuer, than it is one thing. However, the way they pay rewards is different - it is on 13th month. So, to fly under the radar with such recycling for 12 months is very unrealistic. May be it is their new line to give card with low limit to protect themselves from paying too much.

craz

Why isnt on ones credit report that an issuer shut you down and not that you closed the acct. Id hate to have something like that on my CR that any issuer will be able to see front and center

I can see for miles

Sorry to hear you got shut down. With this card, though, better to happen early than late. The one thing that stands out: WMBP. With soooo many DPs of shutdowns triggered by WMBP, the source of payment blind to the CC issuer, it's a very bad and, in most cases, unnecessary risk.

littlewinglet

I looked at my DIT statement and checkfreepay from WM shows up as a payment coming for a BofA account. Hardly a sketchy item to have on your transactions. It's probably a combination of credit score and sudden high spending that makes someone a credit risk, while others with more solid credit record are not caught. It's only when banks start to seriously cramp down on MS that everyone gets axed. Then it doesn't really matter how you pay the card.

Happy

The answer is, it does not matter an iotta with the "closed by grantor". It only matters in your perception but in reality and all practicality, it does not affect anything - from your fico to your ability to get approval of new cards (when other conditions are met, of course).

Chelski

CR does state who closed the acct.