Announcement

Collapse
No announcement yet.

Non-used credit card account closed by Chase

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Non-used credit card account closed by Chase

    A Chase card I have had since 1997 has been canceled by the company, not by me.

    "We noticed that this account wasn't used for at least the last 24 months. Because the account wasn't used during this time period, we assumed that you no longer had need for it and we closed it....We will send an update to the credit bureaus withing the next 60 days to advise that this account is closed."

    This was once my most used CC, especially at one point when it was a cash-paying rewards card. But when the cashback was reduced, I moved all my charges to another card with also reduced, yet better than Chase terms. Actually at once point I used both cards because it was easy to max out the rewards on both of them. Now, I never max out rewards on the one I do use.

    This may indeed affect my credit rating, as I think it had the highest limit and was also my oldest card. My remaining cards do not have very high limits. I never get given automatic limit increases. I only get them if I call and request it.

    So with a history of paying off monthly, a history of getting cashback monthly, then a history of inactivity, I guess I seemed a good choice for them to slash out of the customer list.
    "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

    "It is easier to build strong children than to repair broken men." --Frederick Douglass

    #2
    Well you have to use the card at least a couple times a year to keep it open. I don't know why you thought that you were a good customer just because you never used your card? They don't want a bunch of inactive accounts...

    Comment


      #3
      Chase is trying to shore up it's liabilities. I also got a notice that one of my chase accounts is going to be closed. I don't mind it though, low limit and relatively new.

      Comment


        #4
        I currently have a balance on chase, get this, zero % interest.

        I also opened an account and received 125 dollars free... when I opened the account, they allowed me to pull 4,000 dollars from my zero percent credit card to open the two accounts (One savings, one checking).

        Now, all the money sits in ING earning interest, and they gave me the 125

        Thank you chase,
        Ray

        PS. I can carry the balances (2ea zero % cc's) until Jul 09 but I plan on paying them off in March. (Just tired of carrying the balance is all). At that point, we will be debt free once again.

        Comment


          #5
          This is happening all over. A lot of people are having accounts closed and having the terms changed unfavorably on others. Expect credit card companies to be alot less warm and fuzzy in the upcoming years.

          Comment


            #6
            KatieNK, in the past I have had other cards sit unused for years without being canceled. I posted months ago that we could expect CC issuers to start canceling cards, raising rates, terminating rewards plans, and further shortening grace periods. I was not being sarcastic when I said that "with a history of paying off monthly, a history of getting cashback monthly, then a history of inactivity, I guess I seemed a good choice for them to slash out of the customer list." Clearly, I was not making them any money. I was fully aware that I was risking unfavorable changes. I could have chosen to use the card, but did not. I posted not to complain but to illustrate that this issue is real.
            "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

            "It is easier to build strong children than to repair broken men." --Frederick Douglass

            Comment


              #7
              I recently had the same thing happen to me. When I called to ask why I was given the weak answer, "..because it had not been used in over 2 months"?

              Comment


                #8
                Teehee. In the past I have had a hard time closing cards that were never used. The cc companies want you to have access to their credit when you need it, even if you don't ever use it.

                Historically anyway.

                I'm the opposite. I have 2 or 3 cards I have put off closing because it's usually such a nightmare. Maybe now is the time - they will be happy to be oblige.

                Comment


                  #9
                  We just got a similar notice. I have some cards that I've kept open but unused just because having a card open for a long time is good for your credit score. It's not really an issue for me if they choose to close them, as our credit is in good shape, but it could affect some folks trying to repair bad credit.

                  Comment


                    #10
                    Originally posted by zetta View Post
                    We just got a similar notice. I have some cards that I've kept open but unused just because having a card open for a long time is good for your credit score. It's not really an issue for me if they choose to close them, as our credit is in good shape, but it could affect some folks trying to repair bad credit.
                    That's the thing. I always close my old cards and I had a 800+ score with only 2 years credit card history at some point. (Though the old stuff stays on your credit report for years and counts for something I am sure).

                    Since having a mortgage, the other credit hasn't seemed to have mattered as much. I'd only worry if I had credit I was trying to improve. Then every little thing helps.

                    Comment


                      #11
                      Hi there,

                      Its quiet genuine that if you are not using your credit card, then you cannot be considered as a good customer to the credit card issuers. And they cant actually depend on having a number of Inactive accounts for them. It is a common thing seen these days, if they see that the customers are not using the cards for a long enough time then they often close such inactive accounts.

                      Comment


                        #12
                        We got that same letter. I think it was a Chase card also.

                        Comment


                          #13
                          My wife got the same from wamu... no biggie. Guess the banks are reducing exposure.

                          Comment


                            #14
                            I've had a Chase card for about 5 years and just recently got the same notice. Shocking that they suddenly feel the need to do this after me not using it ever. I wonder if it might have something to do with the economy?

                            Comment


                              #15
                              Just got this same notice in the mail for DH's unused Chase card. I was quite offended actually that they would close the account without any warning, really... couldn't they at least send a notice first or something? Don't the credit bureaus score you lower if the company closes the account vs. the consumer closing the account?

                              Comment

                              Working...
                              X