kiasuchick said:More adverse action in the past couple of days.

Chase closed the card I've had with them since 2003. Never used it, only had $500 credit line, I moved $4,500 to the Chase Yahoo! card. Got a letter in the mail yesterday.

I went to use my Sony card today as it has a $100 credit on it and it is also closed. Another $500 limit right there.

At this point I'm not too bothered. I don't need any Chase cards and so far the credit line loss is not that great. They will probably close my Yahoo! card with a $23k balance on a $33k CL. But I'm sure that isn't the end of the world for my credit score either.

Silly Chase. I cashed $105 in "fraud detector" and "payment protector" checks in the past two weeks... HAHAHA maybe they didn't like that!

I am curious: on which cards you activate the "payment protector" program? I am wondering if something in their system is triggered by the activation of such programs AND "too many recent accounts + high balances on accounts". Can you check your credit reports for indication of Chase Account Reviews and dates?

ChumChurum said:kiasuchick said:More adverse action in the past couple of days.

Chase closed the card I've had with them since 2003. Never used it, only had $500 credit line, I moved $4,500 to the Chase Yahoo! card. Got a letter in the mail yesterday.

I went to use my Sony card today as it has a $100 credit on it and it is also closed. Another $500 limit right there.

At this point I'm not too bothered. I don't need any Chase cards and so far the credit line loss is not that great. They will probably close my Yahoo! card with a $23k balance on a $33k CL. But I'm sure that isn't the end of the world for my credit score either.

Silly Chase. I cashed $105 in "fraud detector" and "payment protector" checks in the past two weeks... HAHAHA maybe they didn't like that!

I am curious: on which cards you activate the "payment protector" program? I am wondering if something in their system is triggered by the activation of such programs AND "too many recent accounts + high balances on accounts". Can you check your credit reports for indication of Chase Account Reviews and dates?

Only one card had credit protector activated, I guess they didn't register the checks from the other cards.

Nope there is nothing on my credit reports indicating they hard pulled at least. From what I can see you can't track soft pulls on TrueCredit.

CSR told me they pull credit for everyone every 30-60 days to review activity.

xxjt said:I think the 50% of total utilization is a big factor. I think it sunk my FICO by 75 points or so when I hit it. Try opening some other accounts/CLI'ing to decrease your utilization.

My scores have not dropped that dramatically in the past month, if you look at the quick summary. There is no way I can open accounts with $154k and I do non-hard pull CLI request frequently. I'm paying off $20k on the cards I use for purchases on Friday. Hopefully that will help.

your getting some good advice from mark et al. i hope things improve or at least stabilize.

kiasuchick said:

On 8/9 my personal balance/CL/utilization was:

-$154,278/$247,300/62%

yikes. sorry to play monday morning quarterback, but this is exactly why you should make extensive use of business credit when you play this game.

i'm wrapping up my wife's orama, and she will end up with $280K of BT money, but only $40K of that will be personal (on only 3 cards). her personal utilization will be 16%.

Thanks for all your support. I'm actually not too bothered. My car is paid off and I'm focusing on getting into b-school over the next few months so no immediate need for credit. House prices are still insanely high in CA anyway.

It is really my Costco AMEX (& other AMEX Cards) and exMBNA (oldest card/highest CL)/Fidelity cards that I am most concerned about. AMEX love me again so that is ok. ExMBNA card will be paid in full tomorrow.

AMEX IN:LA is due by October 1st, so only another month or so and there will be $50k off my credit report.

Funnily enough I just called Chase (India) and they told me the card with the balance isn't closed, the line is just lowered. It is 0% until May 1st 2008 still. It's at 91% util so I will make a payment next week.

Yeah I should have focused on more business cards but I was a bit nervous not having records of business income. However I'm consulting for a company right now so I think I have full rights to count myself as sole proprietor. I wonder though if I can get business credit in October with $100k debt? I highly doubt it?

kiasuchick said:update: Chase has closed all four of my cards now.Maybe they are reading this thread! On a more serious note, how do you pay BoA/FIA with each other? I used to be an MBNA account holder and now my MBNA card is the card I pay my other cards with through BoA bill pay. But I don't know of another card I can use to pay that MBNA/BoA card with using a similar bill pay service (I have 2 cards, a visa and an AMEX with BoA, both of which can pay my other cards, neither of which can pay the other).

sorry about whats happening, but you will survive, good luck in school.

ArbolLoco said:I have one question for you kiasuchick...

why does your name translate in Chinese to "dog in a manger"?

kiasu is hokkienese/fukienese (?spelling) for afraid to lose/afraid of losing

g10ny said:She doesn't look to me as being afraid of losing CLs, if that matters.

I am more "afraid to lose" the interest in my FNBO account that is paying my rent!!!

CLs can always be increased. I knew about the risks going into this and my credit score doesn't really matter to me right now. With no delinquencies/charge-offs I'm sure I can maintain a fairly decent score after everything is paid back.

Just had some bad luck... AMEX FR and Chase going nuts.. crazy.

Edit: And FNBO CC and Barclays!

Sadly, this thread and several others, suggests that people are waking up to the reality of what it is we are doing here. Despite everybody's claim that credit card companies don't care because they hope we will fail, I believe the truth may lie elsewhere. (I love that phrase, the "truth" may "lie" elsewhere). It may have been the case that in the aggregate, more money is made than lost by making these offers, but that does not mean they can't make MORE money by stemming the loans made to people who won't pay interest and will cry bloody murder if they mistakenly pay a day late.

Once software is developed to "flag" unprofitable users of the 0% offers, it would make perfect sense to stop those offers or cut back credit given to those people so they can't take as much advantage of the offers when made. I personally felt that they LIKED me doing what I do, assuming I'd encourage others to do it and that those others would fail in the task. But, now I begin to wonder...