Chase Bank Closing Credit Card Accounts
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- Опубликовано: 24 авг 2024
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That's 2800 not 2.8 million and it's also 1800.00 not 1.8 million
omg you're right. my mistake. the $82k amount got me confused. lol
@@calbartonno worries. Thanks for keeping us informed!
Please use commas, it makes it easier to read a number quickly!
People forget this is NOT your money. Its a loan. They can elect to do what they choose
Then WHY do we freakin work 60 hrs a week for this $$?? WHats the point of EARNING a living?
@@bhinbayoucity5691Does that 60 hour a week money go to paying off credit cards?
This is obviously is a Chase Bot
@@bhinbayoucity5691 You could get a debit card from wherever you have your checking account and only use that. Then you won't have to deal with all of the credit complications and you won't go into debt.
You work for credit? This video isn’t about bank accounts. It’s about credit accounts.
I paid off my car loan last month and my credit score went down 30 points due to a closed account. Did they expect me to have a lifetime car payment to have a good credit score. Horrible system.
It’s certainly a difficult thing. I had the same thing years ago with my first car. But it’s somewhat logical. I had like two credit cards and car loan. Then the car was paid off and the account closed and wasn’t active anymore in my credit profile. That’s a lot less active account data. Today with with 10+ accounts and years more of history an account closing will not do anywhere near that impact. Same as opening accounts too.
That’s not right and it’s BS. Paid off all my credit card debt and my score went down 13pts. Experian said my my overall credit is still exceptional despite my the drop in my fico score. Doesn’t make sense to me
You clearly are are new to the game.
It’s fine. Time is a great teacher.
Best of luck 👍
You should be ok it will go up I wouldn’t let it bother you to much keep paying on time and the history and being below the utilization it will go back up
Yes it’s not logical. It will go up again tho.
This is why you never rely on credit cards for bills. They are an addition and perk to your finances, not a necessity.
Exactly. Banks are closing in as they're tired of default payments. Now they're all crying when their balance is reduced or account closed. A lot of people are going to be in for a shock when they the limit they're living on as a source of income is gone.
@@KittyKat-vb1nd they expect 1 in 3 accounts to default, it is built into their business model
Tbh some of these are legit reasons. Some should’ve definitely been just warnings. I’m not the biggest fan of chase but it makes sense
So far all I’m hearing is Chase actually had reasons for closing out these account. You haven’t given any data points that shows that Chase is actually closing out accounts for no reasons in my opinion. Your title seems a bit misleading or cat fishy to me.
Agree!
So the whole video has real data points about people getting their accounts closed, and you think that's "cat fishy"?
@@calbarton I get the fact that their accounts were closed, but you made it sound like Chase just out of the blue closed those accounts for no reason at all. I’m just simply saying that it seemed like Chase actually had reasons for closing those accounts.
@@DreLBrown529 100% clickbait
So let me get this straight. You think credit cycling, inquiries, and having a high credit limit are fair and legit reasons for Chase to suddenly close your account. Because I don't.
What’s funny about this whole conversation is that the title doesn’t say, “chase closes credit card accounts for no reason” it says “chase closes credit card accounts” PERIOD. What Cal revealed was data points giving reasons why they were closed. So to suggest that the title is “catfishy” is interesting. 🧐 but go off😂😂
All banks have this ability and expect it to see a lot more of it with the horrific data on the economy. It's their money and they will lower their risks.
Exactly! This is money is not yours. You're borrowing and they can elect to minimize their risk at any time. People who have been living on these cards are about to get a rude awakening.
100% people are defaulting on payments, getting laid off, maybe you are over extended bc they do monitor your credit for others or maybe you dont use it enuf. their decision
"check this data point" is my new drinking party game. Great info. Chase is a very interesting bank to study to understand banking relationships.
Most valuable RUclips video I’ve seen in months! Subbed.
Wow thank you!
Great and informative video! I would say that the majority of people with these issues is due to their own actions. Like you said there is usually more to the story.
This could be frightening. All those points!!! Nice video, Cal
Thanks for stopping through Lani!
@@calbarton Be careful Cal. Chase might cancel your cards w/o warning just for doing this video.
All of this is avoidable if you limit your credit applications to 1 or 2 every 2 years.
This video just saved me. I set up a Walgreens card last month and spent $20 when I activated the account but I forgot to setup auto pay for the card. My first payment was literally due tomorrow 😅
Chase has a history for years of closing accounts without notice. They're very prickly, so this is nothing new. I wouldn't have a Chase cc, tbh
they arent required to give you notice or a reason. lately its bc you havent used it, so why should they continue to have an account you dont use? NOW people are not making payments, so why should they take the hit?
Don’t put all your eggs in one basket; diversify diversification is the 🔑
Another thing folks need to remember is to check each bank's guidelines regarding how and when they will issue cards. I forget which bank it is - may be Chase or Citi - but they will issue no more than 2 cards to any one person within a certain timeframe (two years, I believe). Credit is a tough thing, and banks are quick to react so that they don't lose money.
I had to use one credit card (not used for a couple of years) before losing the credit line and I suspect another card is going to press the same thing soon.
I also have always transferred the points to my bank account after they build up to over twenty dollars. I refuse to trust holding mass amounts of points for anything, unless I play for the NBA and I'm trying to get a new more lucrative contract.
Thank you for the video .I was red flagged over thirty years ago by my credit union. To this day I am not allowed to do any online banking and every time I make a withdrawal. The teller has to notify a superior that i'm withdrawing money. Why am I still with this credit Union?Because my my vacation from my employer is paid to them
A man can have multiple bankruptcies and become President of the United States. And yet another man could have won from over thirty years and be denied online banking.
Funny thing this life is
Very informative, thank you!
Im ready to cash out my points now, hearing this
Chase has been doing this for a couple years now and you’re giving them legitimate reasons when a lot of people because of the interest rates and the new banking rules. Chase is just closing accounts because they don’t want to have outstanding loans and credit card balances on their sheets.
among other reasons.
Geez, I’ve done all of the things you listed. Chase has never shut down my cards.
Chase and others have also been accused of closing accounts for political leanings and social media behavior.
example flynn
Banks should take the hit of unpaid balances of your card that they just randomly close for no good reason without it hitting your credit reports. Chase seems like it's too strict... These random closing off accounts can hurt your credit utilization.
I blame those on credit report companies. I have this issue with them before. They are so unless. They also think I I used to live in anotjer city I only stay for for a week.
why should banks take the hit? that gets passed on to everyone else in higher fees and costs. they LOANED you the $ they can be as strict as they want. its uo to you to be responsible bc it comes back to bite you in the end.
they arent randomly closing accounts. they have a business reason. they dont have to tell you what the reason is. it could be anywhere from you havent used the card, fraud or late/no payments or any other reason such as the economy is bad to cover them.
@@lovly2cu725 clearly you didn't watch the whole video. Banks close accounts randomly even when you're in good standings with them. I can see if they close them for late payments or fraud but not when you're making on time payments & using the cards as you're suppose to. They are close ppl accounts for actually taking using the benefits & they feel like they're losing money that way when ppl don't pay interest.
People with too many disputes are obviously abusing😂
Of course they check your credit report. If you don't want a fraudulent account opened, freeze your credit reports. It's free. Everyone should do this. All you have to do is remember to temporarily unfreeze them before you apply for credit.
thats odd my experience has been really positive with chance even having 2 accounts of theirs go to collections.
Awesome info! Subbed!
Thanks for the sub!
Very interesting video. Always be mindful of credit cardsn
I thought this was very informative Thank you.
So basically, if you breathe in oxygen Chase and every other bank can close your account and ruin your credit stop giving them excuses. They are doing this to limit their risk.
Yes they can. It's not your money. It's a loan and with Americans drowning in credit card debt and many not even trying to repay they have every right.
@@KittyKat-vb1nd I’m not talking about people who don’t pay their bills I’m talking about people who pay their bills and are on time with their credit card payments getting their credit cut in half or closing their accounts for no reason you misunderstood my statement completely. This is wrong. It ruins peoples credit for no good reason.
among other reasons
At 00:25 - Just an FYI - LOSE is spelled this way...not LOOSE 😂😂😂
So good. Lots of dps. Straightforward. Thanks!
You're very welcome.
Since when did chase jump onto synchrony's bandwagon?
LOl so its well known about synchrony isnt it lol
When they realized Citibank was doing it, too!
since they all have the same rules and the economy is in bad shape
Banks have been doing this for years! You can't prevent any closures for any financial account. Good or bad, it's just a financial thing, period.
After watching your video it reminded me of the guy that financed a underground pool for $60,000 and isn't paying for it. He said they keep calling him and he says come get it. He said he worked on his credit for so long and all for nothing. I definitely don't agree with what he did.
This sucks that chase is closing my account, especially since I don’t have a Chase account !!!😂
With the technology we have to pay our bills all from our phones there's no excuse for paying your bills late
and setting up auto pay
Excellent video!
Chase is doing you a favor by closing your account and letting you move to somewhere better.
Thank you. Very useful info
You are welcome!
They aren't required to tell you why
No one should deal with chase any way . Bad they are horrible to their customers. And crooked!
Great video. Lose it is, not loose.
I'm sick of banks, go with credit union
This is exactly what I did after Chase dropped me like a bad habit. I’m much happier now with a 4.50APY high yield checking account. I should have done this years ago
This is very helpful.
Holding onto points = poor financial move.
Thank you
That other card you discussed that caused the card closure in the beginning will request access to your tax returns. If you don't comply, they will close your account for no apparent reason
So let me get this straight.
1. A bank offers you rewards based on you using your card.
2. Somewhere along the line they decide to shutter your accounts.
3. They keep the rewards that incentived you to load up on usage.
Can you say .... SUCKA!
20 years CC free. No debt other than house and car.
yes. its in your terms and conditions
Universal default was changed years ago.
How about opening a credit card or bank account in another country with another bank that has better rules?
You gotta have a local address for the application, they most likely wont ship the card to another country😂
Anyone who owns 3 chase cards, SHOULD have their CC canceled. Also, if a bank who is loaning you money every month, (thats what credit is) discovers youre a bad payer, or are falling behind in any type of revolving account(s) OR have a credit score thats going down, they will cancel you. Your title is misleading. You cant complain to the BBB or credit agencies bc youre a bad credit risk 😂😂😂. Please!
or they can cancel if you dont use the card.
Bad credit? I have a Chase card and they are offering me two more. This clip is missing a bit of information.
thats a different situation smh
it won't bother me, I primarily hold cash back cards.
?
Seems like people are just being dumb over there credit usages. I’ve never had a card shut down for anything other inactivity. Neither has my dad. Just don’t do dumb things and you’ll be fine.
be responsible
Damn, that Equifax breach...
He is right.
At least Chase will give you 30 days to use or move your points. C1 and Amex don't give you that option.
Citi does the same thing.
Mine doesn’t
@@katemiller7874 they all do, they just havent to you personally
citi is in financial trouble
At 7:38 you in the section called cycling credit..you talked about a guy making 110 transactions at paypal for 82k I think i misunderstood this point because you said he had only a 15k limit. How was he able to spend 82k?
From what I understood, it sounds like that 82k might have been monthly spend amounts and was probably bouncing the credit limit throughout the month:
maxing out 15k, paying it off, maxing out the 15k, paying it off, etc...
I currently have a credit card with C1 rn because im working on repairing my credit. Ive been looking for future to get cards from chase but idk about that now. What do you guys suggest?
monitoring your fico score
Nothing to see here, common Sense things credit card companies do for everyone. Every credit card company has this procedure in place. Go get a different credit card and get over it
Synchrony is notorious for doing this too!!
all companies are. its their right
Credit is not a human right
Don’t bank with big banks, bank locally and credit unions.
Weird how Chase closed the accounts of all of these innocent high risk customers doing risky things?
So in other words! Don’t use Chase credit cards 😊
every one does it, read your terms and conditions
They closed my accout, but it was because I hadn't used the card at all in years. In that case i didn't mind.
and your fico score went down
Someone on Reddit just posted that B of A close all three of their cards. They split a big purchase between the three cards. The person said they were going to pay it off in 6 months but they closed all three of the accounts before the statements even closed
That’s awful. Why not suspend an account and talk to the customer.
That just happened to me with my marriot bonvoy card thru chase
What was the reason?
@@Szn97 they dont have to give you a reason
Better to not have credit cards in the first place
Interesting. I don't bank with Chase.
First comment! Thanks for the video!
Yeah once someone does that to me you've lost any possible future business with me. A furniture store and an electronics store did that to me because I hadn't used the cards in a few months. I decided I'd never open another line of credit and have had no issues finding other vendors to meet my needs. Home depot did the same and since then I've only gone there to rent a saw because my local Lowes didn't have that option. There are great banks out there
Haven't even watched the video, but I just want to say this is nothing new. Chase more than ANY other bank will just up and close your account and once they do it for one, they will close everything else you use along with it. Once you're out you will NEVER bank with Chase ever again. Doesn't matter if it's 20 years later, 60 years later. You are blacklisted for life unless your name and social security number somehow change.
i closed my checking account due to awful wokeness
They have to much power
they loaned you $. the idea is to pay it back. they are in the drivers seat
Are other credit card companies doing this, or is it just Chase?
all
Chase sucks! They are the worse this is just one example among MANY
Do you still go live on Sundays?
Based on this, avoid chase. Other banks offer better services and also have business accounts
Chase has been decent, but I knew about their policies before applying. My card gets treated roughly and would probably have a higher limit if it were worth going through a manual review. Locked all credit reports (after being a victim of identity theft) and a credit limit increase isn’t worth taking an inquiry.
How often should I use my cards in order to avoid having them closed?
Once every 6 months to a year. I just send a super chat on the sock drawer cards.
Just pay for what you can afford and don’t borrow for what you can’t! How hard is this? Borrowing money on a credit card is fucking stupid.
Scaring me 😆 my preferred just got increased to 18.6k
you must be responsible
I have an Amazon credit card through Chase. Looks like I’ll be using the credit refund to Amazon account feature instead of to my credit card when I return something to not trigger their AI! Not doing any other business with them-policies SUCK! Corporatism squared!
Chase are animals and no one should use them.
maybe your grandma’s bank account cuz mine are still active
Wait. So they offer an incentive yo purchase gift cards but canceled the account when the customer actually bought gift cards?
Take over the power of attorney on your account, learn how to use IRS forms 2848, and include a power of attorney and a 56f.
Learn how to revoke a financial institutions power of attorney and assign your own!
This last week Chase just told me that I have another $10,000 and they raised my credit limit out of nowhere for both my business and my personal account?
you must be responsible
BIZ Accounts?
Amex will treat you the same way, without giving you an opportunity to correct the error
is this a sign that US is now into Quantitative Tightening (QT)?
That's why Max it out now
That's what Commenity Bank is doing.
Did they close your bank account 😢
That was me
Yeah that’s crazy 😒
I’m guessing Citibank is one of them…
all of them