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rackt3

Chase closed my $0 balance account

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Got a letter in the mail the other day saying Chase has decided to close one of my 2 credit card accounts with them. The one they chose to close also happens to be my oldest credit line... and will knock off 4 years in my overall open credit age.

 

The reason given was that I had too many new accounts within a short period of time. The card had a $23K credit line, but I hadn't touched it since I paid it off about 7 months ago... I think that was my big mistake. I have another Chase card that I use more frequently, and they decided to keep that one open (for now at least).

 

So with this account closure, I believe there will be some major negative implications on my credit reports:

 

1. Oldest open credit line closed

2. Closed by credit grantor (that'll also be a negative)

3. $23K in available credit gone

 

The biggest irony of it all is that on the same day I got this closure letter, I got another letter from chase on that other account with balance transfer checks saying they want to keep my business!

 

Is there anything I can do here?!

Edited by rackt3

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Got a letter in the mail the other day saying Chase has decided to close one of my 2 credit card accounts with them. The one they chose to close also happens to be my oldest credit line... and will knock off 4 years in my overall open credit age.

 

The reason given was that I had too many new accounts within a short period of time. The card had a $23K credit line, but I hadn't touched it since I paid it off about 7 months ago... I think that was my big mistake. I have another Chase card that I use more frequently, and they decided to keep that one open (for now at least).

 

So with this account closure, I believe there will be some major negative implications on my credit reports:

 

1. Oldest open credit line closed - still reports for 10 years, so your age won't be affected. Just your AAOA (average age of acounts.)

2. Closed by credit grantor (that'll also be a negative) - I don't think FICO scores closed by credit grantor as a negative. Ordinarily, it might look less positive on a manual review, but in this credit environment I don't think it alone would be a reason for a denial.

3. $23K in available credit gone - this undeniably sucks.

 

The biggest irony of it all is that on the same day I got this closure letter, I got another letter from chase on that other account with balance transfer checks saying they want to keep my business!

 

I would definitely call them for reconsideration.

 

Is there anything I can do here?!

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AAofA won't be affected until the account drops off your reports. Might remain for up to 10 years after closure but it is not written in stone. Equifax deleted 6 accounts of mine last week that were supposed to remain on my report until 2014.

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This thread has some phone #s for Chase Executive Customer Service. Maybe that will help.

 

I'm trying to tread lightly with them as they are some of my biggest CLs as well as my banking relationship (converted Wamu). Was relieved that they "only" jacked me from 10.24% to 11.24% on my Chamu card.

 

http://creditboards.com/forums/index.php?s...25&start=25

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