Poor Bastard Posted June 22, 2017 Share Posted June 22, 2017 (edited) Chase Sapphire Preferred - 29K limit, 4K balance, perfect payment history, PIF every month. Chase Ink Business Preferred - 50K limit, just granted last month I'm wondering if the next one was the trigger. When I went online the other day it told me I was pre-selected for a Chase Freedom. Since I wanted some more cards and it had no annual fee and knew I was under 5/24 I went for it, and was approved for 25K. But I'm guessing even though they offered it, it set off some alert in their system? I have no missed payments on any accounts, Fico 8 is currently 766/786/791, utilization is low. I called in and the response was that my account had been referred for review and they had decided it was "too much risk" because I only have a 4-year credit history and no other business accounts (which is bogus, I have an Amex platinum business card for 55K, but it does not report to Experian). 1. How badly will these closed accounts screw up my credit, if at all? 2. How badly will they screw up getting new cards? Should I apply for others before this shows up, or better to wait? 3. Any comments on this whole thing overall? Thanks Edited June 22, 2017 by Poor Bastard Quote Link to comment Share on other sites More sharing options...
cv91915 Posted June 22, 2017 Share Posted June 22, 2017 As far as 1 and 2 are concerned these may show up as "Closed by credit grantor," but no one cares. Quote Link to comment Share on other sites More sharing options...
mec Posted June 22, 2017 Share Posted June 22, 2017 (edited) Wow... that sucks. "Only 4 years old" ? Did you ask them how long would be considered less risky? How long have you had the Sapphire... I think I remember people posting about this happening a month or two ago with several applications in a few months time frame. Edited June 22, 2017 by mec Quote Link to comment Share on other sites More sharing options...
Poor Bastard Posted June 22, 2017 Author Share Posted June 22, 2017 Thanks both of you. I had the Chase Sapphire since October 2016. BTW one of the things I find very strange is why the heck didn't they just lower the credit limits? If I actually was a risk, I can't imagine a better way to motivate someone to choose which bank to not pay. I continue to believe these instituions are not run by geniuses. I literally discovered it because transactions started being declined. They "mailed me a letter". Quote Link to comment Share on other sites More sharing options...
Big Bear Posted June 22, 2017 Share Posted June 22, 2017 That sucks... Did you by chance receive one of the emails about the separation of personal and business spending? I'm assuming the biz card was as a sole proprietor. How 'low' was utilization before? Hopefully it's impacted too greatly, but sounds like you PIF anyhow. Quote Link to comment Share on other sites More sharing options...
Poor Bastard Posted June 22, 2017 Author Share Posted June 22, 2017 (edited) Did you by chance receive one of the emails about the separation of personal and business spending? I'm assuming the biz card was as a sole proprietor. How 'low' was utilization before? Hopefully it's impacted too greatly, but sounds like you PIF anyhow. No email about seperation of personal and business spending that I'm aware of. All personal and business spending is completely seperate, and the business card is for a corporation. There is currently about 4K on the personal card (29K limit) and 4K on the business card (50K limit). Well, I guess they have zero limits now . This has 0 impact on me other than irritating me and making me add them to my hated bank list along with Wells Fargo. My only concern was that it would impact me negatively or set off alerts if I apply for other cards. Thank God I got an extra Amex personal card at the same time I got the Chase or this would have totally screwed me over in a massive way, as I need to maintain a minimum of 3 personal cards that are at least a year old for when I get a jumbop mortgage loan. Now I'm back down to 3. Edited June 22, 2017 by Poor Bastard Quote Link to comment Share on other sites More sharing options...
Poor Bastard Posted June 22, 2017 Author Share Posted June 22, 2017 (edited) I will wager money this happened because of the 3rd card which I applied for - which I only took because it had no annual fee and they offered it to me! I wasn't even going to use it. Edited June 23, 2017 by Poor Bastard Quote Link to comment Share on other sites More sharing options...
morpheus0327 Posted June 22, 2017 Share Posted June 22, 2017 <sigh> Chase! I haven't heard good things about this company recently... In many ways they seem to be converging to PNC for their conservative spree. I'm curious about what that 'letter' says. Could you post it here once it arrives? I'm sorry buddy for Chase's attitude to you. Quote Link to comment Share on other sites More sharing options...
Poor Bastard Posted June 23, 2017 Author Share Posted June 23, 2017 <sigh> Chase! I haven't heard good things about this company recently... In many ways they seem to be converging to PNC for their conservative spree. I'm curious about what that 'letter' says. Could you post it here once it arrives? I'm sorry buddy for Chase's attitude to you. Thanks for the kind words. I suspect it will be the typcial BS speak. I'd be happy to post it. Quote Link to comment Share on other sites More sharing options...
direct Posted June 23, 2017 Share Posted June 23, 2017 Typical Chase move. Why not offer too keep one account open if they were nervous? Now you have inquiries reporting as well as accounts with balances and 0 credit lines. I suggest paying them off asap but if you need to carry a balance, do it on the business card. Most likely won't affect your score much once you pay them off as long as you have other high cl cards reporting. Quote Link to comment Share on other sites More sharing options...
hegemony Posted June 23, 2017 Share Posted June 23, 2017 did you MS? Quote Link to comment Share on other sites More sharing options...
Poor Bastard Posted June 23, 2017 Author Share Posted June 23, 2017 Typical Chase move. Why not offer too keep one account open if they were nervous? Now you have inquiries reporting as well as accounts with balances and 0 credit lines. I suggest paying them off asap but if you need to carry a balance, do it on the business card. Most likely won't affect your score much once you pay them off as long as you have other high cl cards reporting. Yep, it was a total jerk move. Reminds me of why I love Amex, I doubt they would ever handle a situation this way. I think it will have minimal impact, I'm going to pay PIF on them as I always do. did you MS? I am not familiar with that acronym. Quote Link to comment Share on other sites More sharing options...
Sinecio Posted June 23, 2017 Share Posted June 23, 2017 I opened 5 chase cards (all personal) over a recent 13 month stretch. Low opening limits, under 6k per card. 3 of those cards within a 5 week period last summer, taking advantage of online pre approvals before the 5/24 door shut. I would have been hesitant to push the spree had I heard of possible closures. Following out of curiosity. Quote Link to comment Share on other sites More sharing options...
PotO Posted June 23, 2017 Share Posted June 23, 2017 Typical Chase move. Why not offer too keep one account open if they were nervous? Now you have inquiries reporting as well as accounts with balances and 0 credit lines. I suggest paying them off asap but if you need to carry a balance, do it on the business card. Most likely won't affect your score much once you pay them off as long as you have other high cl cards reporting. Yep, it was a total jerk move. Reminds me of why I love Amex, I doubt they would ever handle a situation this way. I think it will have minimal impact, I'm going to pay PIF on them as I always do. did you MS? I am not familiar with that acronym. M$. Manufactured Spending. If you buy gift cards, for example, they can often thing you are just trying to milk the rewards and shut you down. It sucks that Chase nuked you. I'd try the EO and try to salvage at least one card. Quote Link to comment Share on other sites More sharing options...
STC Posted June 23, 2017 Share Posted June 23, 2017 They just did that to me. I do not do MS at all. I use my chase card almost exclusively over 7-9 thousand per month. I called they said because of new accounts and balances. My only new account was the Chase Freedom they offered me. All my cards PIF - have zero balances. Doesn't make sense. Hated to to lose nearly 50K in credit but to hell with them. I will never go back to Chase again. Quote Link to comment Share on other sites More sharing options...
mendelssohn Posted June 23, 2017 Share Posted June 23, 2017 Any criminal record? Yes, I'm being serious. Quote Link to comment Share on other sites More sharing options...
PotO Posted June 23, 2017 Share Posted June 23, 2017 ^^ Interesting. There were reports of Chase (??) nuking accounts based on past non-credit indiscretions. Quote Link to comment Share on other sites More sharing options...
STC Posted June 23, 2017 Share Posted June 23, 2017 Any criminal record? Yes, I'm being serious. Pretty sure you were asking OP. But same thing happened here and no criminal record. Quote Link to comment Share on other sites More sharing options...
Poor Bastard Posted June 23, 2017 Author Share Posted June 23, 2017 (edited) Typical Chase move. Why not offer too keep one account open if they were nervous? Now you have inquiries reporting as well as accounts with balances and 0 credit lines. I suggest paying them off asap but if you need to carry a balance, do it on the business card. Most likely won't affect your score much once you pay them off as long as you have other high cl cards reporting. Yep, it was a total jerk move. Reminds me of why I love Amex, I doubt they would ever handle a situation this way. I think it will have minimal impact, I'm going to pay PIF on them as I always do. did you MS? I am not familiar with that acronym. Manufactured Spend. Manufactured Spending. If you buy gift cards, for example, they can often thing you are just trying to milk the rewards and shut you down. It sucks that Chase nuked you. I'd try the EO and try to salvage at least one card. No to manufactured spending. As far as trying to salvage a card, after the way they handled this I have about as much interest in doing business with this bank as I do in stepping in dog s**t. The way they handled this was the ultimate screw you. I discovered it when my wife called me and told me the card was being declined, and then I got a charge declined on the business card. Can you imagine if I'd have been using the business card to pay for a meal with business associates and had that happen? They just did that to me. I do not do MS at all. I use my chase card almost exclusively over 7-9 thousand per month. I called they said because of new accounts and balances. My only new account was the Chase Freedom they offered me. All my cards PIF - have zero balances. Doesn't make sense. Hated to to lose nearly 50K in credit but to hell with them. I will never go back to Chase again. Interesting that they also did it to me right after I applied for the Chase Freedom. My point being, I wonder if they offer these cards to people, and when people say yes who just happened to recently get another Chase card, it probably triggers some type of a review where an i d i o t bean counter nukes them all. Any criminal record? Yes, I'm being serious. No and I'm being serious. The only record I have is perfect payments for 4 years + with PIF every single month. Edited June 23, 2017 by Poor Bastard Quote Link to comment Share on other sites More sharing options...
mendelssohn Posted June 23, 2017 Share Posted June 23, 2017 Just asking because several people with ancient records for minor things posted here that they were shut down as well. Quote Link to comment Share on other sites More sharing options...
Poor Bastard Posted June 23, 2017 Author Share Posted June 23, 2017 Just asking because several people with ancient records for minor things posted here that they were shut down as well. I do have a speeding ticket from several years back that shows up if a background check is done. I don't consider that a "criminal record", and it's clearly listed as traffic court. But nothing would surprise me with companies like this. Quote Link to comment Share on other sites More sharing options...
haydeno Posted June 23, 2017 Share Posted June 23, 2017 (edited) Everyone in my household has their cards closed yesterday also (5 people\ total 12 cards) looks like purge time at chase. No criminal, 4 new accts last month(1 each), each had plastiq charge for most of min spend for bonus Edited June 23, 2017 by haydeno Quote Link to comment Share on other sites More sharing options...
Rogue Posted June 23, 2017 Share Posted June 23, 2017 Sorry to hear about all of the Chase closures...... Not surprising at all since we have permitted the banks across America to massively merge/consolidate to such a point that literally a handful of banks now control something like 80% of the total credit card market. This enables these banks to exercise their oligopoly powers without repercussions, while also receiving subsidies from the taxpayer....What could go wrong? LOL! I have about two dozen expired credit cards sitting here in my collection....all from major banks/S&L's that don't even exist anymore! Security Pacific National Bank, First Interstate Bank, MBNA, First USA, Bank One, Manufacturers Hanover, Chemical Bank, Great Western Savings, WAMU, etc.... Quote Link to comment Share on other sites More sharing options...
TheVig Posted June 23, 2017 Share Posted June 23, 2017 I only have 1 Chase account. Opened it back in March. As of this morning, it's still open. No plans or desires to open anything else when I see threads like this. It's one thing when Comenity purges the books, but it's a whole other thing when a major like Chase does it. Quote Link to comment Share on other sites More sharing options...
insolent1 Posted June 23, 2017 Share Posted June 23, 2017 Things such as this action are why I never "fall in love" with lenders or their products. It is all business and they certainly adhere to "just business". Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.