Received 12 notices (12 accounts bt wife and me) that Chase was closing accounts: Why?
Rapid increase in revolving balances Too many accounts opened recently Too many request for reviews of credit.
I called, they said they noticed I made BT checks out to myself (I actually made it out to my bank) I guess they didn't like the $90,000 in BT's. I get to continue paying back the BT's under the 0% terms...while I make 5.24% on the principal. Ha, take that Chase. And I only missed out on one of my sign-up bonuses, peeves me though, because it was an airline ticket. But ~ $1800.00 in sign-up bonuses--credit to cards and airline ticktets and $90,000 in BT's..I think it was worth it.
I guess my love affair with Chase has ended...until next time!
Edit None of these account were older than 16 weeks.
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dudetheobscure said:12 accounts "closed by lender" aren't going to adorn your FICO score, but that's the cost of the B/T business.
Yes, I understood the cost to my FICO when I undertook this project (52 cards bt my wife and me in less than 5 months) and was/am prepared for the beating I am/will be taking on my FICO.
I am a noob on BT's so please excuse me if this sounds like an elementary question, but does the OP now have to immediately pay back the $90K in BT's that he has drawn from Chase since they are closing all of this accounts?
If yes, Good thing you kept the money in a liquid account. I read in one of the other BT threads where some people were putting BT money in Mutual funds which to me sounds risky, even with Index funds. As if you are thinking to get in for 36-48 months and if you have to pull the money out in the 4th month, then that will definitely affect your long term calculations on profit and it may even incur a loss.
mhesidence said:Chase cracking down on AOR's, or maybe just tighting up credit? I think they've always been this way - they seem to love universal default and ratejacking or decreasing credit limit for utilization alone. It's interesting that they did it to both members of the same household - were the BTs evenly split between the two of you?
Did you have any older cards with chase? If so, did they do anything to them?
Did they give any indication that if you had performed the BTs "properly" (i.e. to another credit card) that their action would have been any different?
EricGo said:Consider changing the title to 'AOR adverse consequences'
I don't know if you are the first, but I doubt you will the last. We might as well consolidate the experiences.I don't think he needs to change the title. In fact - he didn't even need to start this thread - as there already is a consolidated thread for adverse effects:
I must say, Chase is the most picky after AMEX IME.
They've required a hard pull for both reallocations I've done...one of which times they didn't tell me they were doing it. (I'd dispute it, except its on TU so bumpage will take care of it anyways).
They've also lowered my line by $2000 once (but didn't touch my other ~$25k in lines) one time when I accidentally let a card hit over 89% utilization. At least it was good proof that 90% is the magic number.
Xeon852 said:I must say, Chase is the most picky after AMEX IME.
They've required a hard pull for both reallocations I've done...one of which times they didn't tell me they were doing it. (I'd dispute it, except its on TU so bumpage will take care of it anyways).
They've also lowered my line by $2000 once (but didn't touch my other ~$25k in lines) one time when I accidentally let a card hit over 89% utilization. At least it was good proof that 90% is the magic number.
I consolidated to 3 cards under 85%, My wife has $39K in BT I have $51k in BTs with Chase. All the cards were 16 weeks or younger. They did not call it a default or universal default. I did not default on the terms. They closed all accounts. I am allowed to continue payments under the 0%
Oh yea, I forgot the $60 I made in those stupid Credit protector checks (whatever they were called)too. SUC It ChAsE...
Xeon852 said:They've also lowered my line by $2000 once (but didn't touch my other ~$25k in lines) one time when I accidentally let a card hit over 89% utilization. At least it was good proof that 90% is the magic number.Alas, many if not most FWF credit investors will ignore such evidence (not really "proof").
Your and OP's experience offer one more rock on the mountain of data that suggests that restraint is the way to play the BT game long term.
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