Chase CLD

[kevinkev99]

Marriott Visa from 22K to 2000

United Visa from 15K to 1500

 

Nothing new on my credit report, other than I refinanced my house in May and the new Mortgage appeared in July.

 

On the phone with them now.

 

Geez.

[GEORGE]

Marriott Visa from 22K to 2000

United Visa from 15K to 1500

 

Nothing new on my credit report, other than I refinanced my house in May and the new Mortgage appeared in July.

 

On the phone with them now.

 

Geez.

In relation to AMEX FR/CLD...are you INSULTED BY THE CLD???

 

Are you going to THANK CHASE???

[TrevorHere]

That sucks. Look forward to the update...

[kevinkev99]

Just got off the phone. Completely inflexible. We do not live in Fla, NY, Cali or any of the states that have been hit by the mortgage crunch. They did not like the new mortgage and our new HELOC.

 

I did not thank them, but I closed both cards.

 

I've never, ever been a Chase fan, so its not a big deal. The funny thing is that I'm sure that if I wait 6 months or so, I know that I can apply again, and reopen the accounts. Possibly collect the bonuses again. Chase is schizophrenic.

Edited September 22, 2008 by kevinkev99

[Sled_Dog]

Just got off the phone. Completely inflexible. We do not live in Fla, NY, Cali or any of the states that have been hit by the mortgage crunch. They did not like the new mortgage and our new HELOC.

 

I did not thank them, but I closed both cards.

 

I've never, ever been a Chase fan, so its not a big deal. The funny thing is that I'm sure that if I wait 6 months or so, I know that I can apply again, and reopen the accounts. Possibly collect the bonuses again. Chase is schizophrenic.

 

Sorry that happened, Chase is "The Hydra." If that wasn't underwriting that told you that it might be worth the effort to get throught to them. I was able to restore a CL after on of their schitzo embolisms...

[drkaje]

How did they respond to the account closures?

[GEORGE]

Just got off the phone. Completely inflexible. We do not live in Fla, NY, Cali or any of the states that have been hit by the mortgage crunch. They did not like the new mortgage and our new HELOC.

 

I did not thank them, but I closed both cards.

 

I've never, ever been a Chase fan, so its not a big deal. The funny thing is that I'm sure that if I wait 6 months or so, I know that I can apply again, and reopen the accounts. Possibly collect the bonuses again. Chase is schizophrenic.

[GEORGE]

I'll bet they send a letter to ask WHY you closed the cards

[sara21200]

So sorry to hear that. How long did you have each card and did you carry a balance?

Edited September 22, 2008 by sara21200

[longhair]

Some people equate HELOCS with credit cards... Was the HELOC maxed out?

[hkbushido]

wow. I was aware of CLD's and the darn financial crisis but never thought they would go that freaking low. That's just crazy.

Just remember to never make decisions based on emotions but based on what's best for you.

 

I might be wrong based on what other cards you have, but if you had kept these cards open, even with a $1 limit, you still would have kept your history, decreased your average account life and down the line, when this whole credit crisis was over, it would have been a plus for future approvals.

 

But I'm sure you have your own game plan that you're going by. Best of luck.

[Curious]

wow. I was aware of CLD's and the darn financial crisis but never thought they would go that freaking low. That's just crazy.

Just remember to never make decisions based on emotions but based on what's best for you.

 

I might be wrong based on what other cards you have, but if you had kept these cards open, even with a $1 limit, you still would have kept your history, decreased your average account life and down the line, when this whole credit crisis was over, it would have been a plus for future approvals.

 

But I'm sure you have your own game plan that you're going by. Best of luck.

And if everyone who they pulled this type of action on would close their acct, they may think twice about losing good paying customer. Everyone has to decide what's best for their circumstance, I know.

[GEORGE]

wow. I was aware of CLD's and the darn financial crisis but never thought they would go that freaking low. That's just crazy.

Just remember to never make decisions based on emotions but based on what's best for you.

 

I might be wrong based on what other cards you have, but if you had kept these cards open, even with a $1 limit, you still would have kept your history, decreased your average account life and down the line, when this whole credit crisis was over, it would have been a plus for future approvals.

 

But I'm sure you have your own game plan that you're going by. Best of luck.

A $1 credit limit WILL HURT MORE THAN HELP

 

"IF" another credit card company sees that $1 they will MATCH IT???

 

They will assume you are willing to take a real low credit limit???

 

I want NEW credit card companies to see that I can take care of "5" FIGURE accounts...NOT $1 or $200 or even up to $1,000 accounts

[hdporter]

Marriott Visa from 22K to 2000

United Visa from 15K to 1500

 

Nothing new on my credit report, other than I refinanced my house in May and the new Mortgage appeared in July.

 

On the phone with them now.

 

Geez.

 

I'll preface this by saying that I'm not defending Chase's action ... I'm trying to understand the circumstances better.

 

Is it the case that you did a cash out to consolidated revolving debt? IF so, how much did you pay off?

[kevinkev99]

The Heloc is not maxed out. 63% utilization.

 

Marriott card opened in 2006. UA in May of this year. They upped the Marriott from 18 to 25k in May!

 

No Balance on either card. Always PIF.

 

No derogs on my report.

 

I spoke to underwriting (was transferred from the main CS number). The guy on the phone was polite, we spent 15 min talkiing about my file. They didn't like the balance on the HELOC and the number of new accounts in the last year (15). I told him we apply for a lot of cards to take advantage of bonuses. I offered tax forms/pays stubs to verify my income. I told him that my wife and I work for a large pharma co, are in no way, shape or form close to losing our jobs. He spoke to a supervisor and said that they would not raise them back. I said I can't use them with limits that low and asked him to close the cards. He said "ok" and I hung up. I don't use the cards at all so, I'm really not going to miss them (the Marriott card gave me "Silver status, that's about it). I'm going to save over $100 in annual fees

 

They are both "signature" cards, and did not help my utilization. So another non issue credit file wise.

 

No jihad here. I'm going to wait until March/April and apply again. I bet they give them back to me, with the old limits.

 

salamanders.

[cb_opus]

Sorry to hear that, op!

 

Chase has some very nice offerings, but I'll never do business with them again, precisely because of this kind (and other kinds) of nonsense.

 

Good luck moving forward!

[kevinkev99]

wow. I was aware of CLD's and the darn financial crisis but never thought they would go that freaking low. That's just crazy.

Just remember to never make decisions based on emotions but based on what's best for you.

 

I might be wrong based on what other cards you have, but if you had kept these cards open, even with a $1 limit, you still would have kept your history, decreased your average account life and down the line, when this whole credit crisis was over, it would have been a plus for future approvals.

 

But I'm sure you have your own game plan that you're going by. Best of luck.

 

 

These cards are from 2006 and 2008. I've got Amexs that date back to 1986, a BOA visa from 1990, and a thick file. signature visa that don't help utilization. I'm not worried.

 

Again, I'll report back in April, i can almost guarantee you that I will get them back.

[Curious]

wow. I was aware of CLD's and the darn financial crisis but never thought they would go that freaking low. That's just crazy.

Just remember to never make decisions based on emotions but based on what's best for you.

 

I might be wrong based on what other cards you have, but if you had kept these cards open, even with a $1 limit, you still would have kept your history, decreased your average account life and down the line, when this whole credit crisis was over, it would have been a plus for future approvals.

 

But I'm sure you have your own game plan that you're going by. Best of luck.

 

 

These cards are from 2006 and 2008. I've got Amexs that date back to 1986, a BOA visa from 1990, and a thick file. signature visa that don't help utilization. I'm not worried.

 

Again, I'll report back in April, i can almost guarantee you that I will get them back.

After getting them back, what's to stop them from doing this again?

[Credit Matters]

wow. I was aware of CLD's and the darn financial crisis but never thought they would go that freaking low. That's just crazy.

Just remember to never make decisions based on emotions but based on what's best for you.

 

I might be wrong based on what other cards you have, but if you had kept these cards open, even with a $1 limit, you still would have kept your history, decreased your average account life and down the line, when this whole credit crisis was over, it would have been a plus for future approvals.

 

But I'm sure you have your own game plan that you're going by. Best of luck.

And if everyone who they pulled this type of action on would close their acct, they may think twice about losing good paying customer. Everyone has to decide what's best for their circumstance, I know.

 

Curious, they don't mind if you close your account right now. They're trying to reduce their exposure to you. They're not thinking twice about anything right now.

[hkbushido]

These cards are from 2006 and 2008. I've got Amexs that date back to 1986, a BOA visa from 1990, and a thick file. signature visa that don't help utilization. I'm not worried.

 

Again, I'll report back in April, i can almost guarantee you that I will get them back.

 

Glad to hear you have such old cards. And yes I'll bet anything too that once you reapply you'll surly get higher limits.

[kevinkev99]

Marriott Visa from 22K to 2000

United Visa from 15K to 1500

 

Nothing new on my credit report, other than I refinanced my house in May and the new Mortgage appeared in July.

 

On the phone with them now.

 

Geez.

 

I'll preface this by saying that I'm not defending Chase's action ... I'm trying to understand the circumstances better.

 

Is it the case that you did a cash out to consolidated revolving debt? IF so, how much did you pay off?

 

We refinanced the mortgage from a 6.5% 30 year to a 5.125% 15 year in May, switching from a bank to my company's CU. The HELOC had a 56K balance and was at 95%. Our house went up in value by 50K, and with paying down our old mtg, managed to get the HELOC raised to 118K. We added ~20K to the balance to remodel the basement and a bathroom. So, it is 64% or so utilized. So, counting the HELOC, we have about 120K in debt, the other 35K with NASA visa in a 5.9% BT. HHI is north of 700K and I can document it with tax forms and paystubs. Any other balance is PIF.

 

We have 150K in mutuals that I obviously don't want to sell right now.

 

I said, we are good HNW individuals, do you really want to lose our business? They didn't care. Goofy if you ask me.

[kevinkev99]

After getting them back, what's to stop them from doing this again?

 

I'm going to try to collect the bonus miles (Marriott and United) again. I'd like that Marriott silver status back (which will last thru Feb 2009, based on the fact that I already have it).

 

That was the only reason I really kept the cards in the first place. I just don't want toy limits, in case I really decide to use them.

[Shawnee]

Before you think it was something you did or didn't do, consider that perhaps it has nothing to do with you. There is a banking crisis right now and money to lend is becoming very tight.

[TrevorHere]

Before you think it was something you did or didn't do, consider that perhaps it has nothing to do with you. There is a banking crisis right now and money to lend is becoming very tight.

 

No doubt.

 

Even with perfect credit - scores 760 one should feel lucky if they do get through this completely unscathed....

[kevinkev99]

Before you think it was something you did or didn't do, consider that perhaps it has nothing to do with you. There is a banking crisis right now and money to lend is becoming very tight.

 

I agree, why is why I'm more irritated/puzzled than jihad angry.