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chefgirl5
Joined: 25 Nov 2008
chefgirl5's page
Posts: 1
128 Magic Points
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Subject: Chase closed my gas card account will it hurt my credit?
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Tue Nov 25, 2008 12:37 pm
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I received a letter from Chase stating that they are closing my account due to buying too much gas and not using it for household use? I had already decided to stop using this card when I stopped receiving the rebate back due to reaching a limit of $270 per year which I didn't know about. We have had this card for several years and used it on and off but my husband works on several different job locations 1-2 hrs away from home and with the cost of gas it had increased use this year. I am a bit peeved at Chase, we have our mortgage and another card through them. I just want to know if it will look bad on our credit that they closed the account so I can call them and get this settled and would it look better if we closed the account?
I have debts on some of my cards and I want to pay them off. How can I go for credit card consolidation by myself? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Tue Nov 25, 2008 9:08 pm
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| I have seen this happen to a couple people recently. I would imagine the way they list it on your credit report is going to determine how much it hurts your credit. I would have to think it would have some effect on it though. Lets see what the others have to say. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Wed Nov 26, 2008 1:36 pm
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Hi chefgirl5
Yes, if Chase closes the credit card account there may be a negative impact on your credit score because as per FICO credit scoring model, repayment history contributes 35% in your score and you will lose the entire repayment history if the card is closed. However, if they have already closed your credit card and if it gets reflected as "closed" in your credit report, you can ask the credit bureaus to change the status of the listing to "closed by grantor".
_________________
Where there's a will, there's a way !! |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Tue Dec 02, 2008 7:51 am
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I agree with Mary on this point that you should ask the credit bureaus to change the status of the listing form "closed" to "closed by grantor". This will also lower your credit score but not as much as if you yourself had closed the credit card. Moreover, you should immediately start spending on other credit cards to build up a good credit history so as to offset the reduction in score due to closure of chase card.
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All the Best 
Justin |
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Doc
Joined: 02 Dec 2008
Doc's page
Posts: 203
Location: McKinney, TX
954 Magic Points
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Subject: closing accounts
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Tue Dec 02, 2008 11:58 am
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Closing an open, active account - particularly and older, more established one - can definitely hurt your score! The age of your open accounts is a major factor in determining your creditworthiness.
Cut up the card if you need to, or don't carry it with you all the time, but whatever you do, DON'T CLOSE IT.
If you already have, do request that they report the card as "closed by consumer". It seems like a minor detail, but it does matter.
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Wed Dec 03, 2008 6:08 am
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Credit score depends heavily on the length of the credit history and the repayment history, the former contributing 15% and the later 35% in your credit score and therefore an old card contributes 50% in your credit score. So as soon as you close an old credit card, both the length of the credit history and the repayment history is lost and so your credit score falls whether the company itself closes the account or you yourself close your account due to your inability to maintain such account for its annual charges. So as far as possible try not to close such old accounts.
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Keep in touch
Carol |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Wed Dec 03, 2008 6:45 am
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Yes, Carol is right, but what I think is that if you want to close your existing credit card due to high interest rates, you should not do it, instead, you can transfer the outstanding debt with an existing credit card to a balance transfer zero APR credit card which comes with low interest rates. However, you may not use the existing credit card and keep it in safe custody and use the new card which comes with low interest rates as compared to the old card. Now you should use this new card and build up a good credit history so that if the credit card company closes the old card due to non usage, your credit score will not affect much.
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All the Best
Justin |
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vickie
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Subject: chase closed the account
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Sun Dec 28, 2008 7:17 am
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| Received a letter that chase is closing an account that was opened in 2002. It was in good standing always paid on time for the last 3 years. late once in 2005 and before that 2003 a couple of times. I paid the full balance due in oct because the apr was way to high. The reason were ..listed as three diferent possiblities. current or history of servere past due or public record item (not the case) Toatal available credit to low ( not the case , total credit was avalible) Too few open accounts with time on file greater than 24 months. ( this could be it , only had that charge card open and 2 car loans and authorized user on american express) My credit score is 781 as on now. After this closing I'm afraid it will be greatly affected. I checked my credit report with the burau they referrred too and all seems well. I don't understand. Any advice out there |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: credit
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Sun Dec 28, 2008 3:33 pm
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| I don't have a Chase CC or Gas Card. ....but, what I've been reading is people are ahving the same thing happen. The OP say they have kept up with the payments, never late, etc. Seems like there is a 'trend' going on with Chase. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sun Dec 28, 2008 9:48 pm
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I use to have a mortgage loan with Chase mahattan and I will say they were not too bad. I stay away from gas cards because they are too easy to use and if you think about the high gas prices we were experiencing over the summer and then consider the interest you would pay on the card it would really add to those high gas prices.
Vickie, I have been hearing of companies closing cards once people pay off their accounts. This happened to us recently when we paid one off and when we went to put a small item on it they informed us the account had been closed. Sometimes if you get a loan to pay off an account the bank will send along paperwork also asking that the account be closed. Not sure if this is oyur case but it may be. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Mon Dec 29, 2008 9:32 am
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Since it is a very old credit card account, it will greatly affect your credit score because once the account is closed, both your credit history as well as the length of the credit history will be lost. Now most credit card companies are closing down credit cards which they have already issued due to the economic crisis in the fear that the credit card holders may not be able to repay back in the present state of financial crisis. Now if they have already closed down your credit card account, all you can do is to ask the credit bureaus to change the status of the listing to "closed by grantor".
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All the Best
Justin |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Mon Dec 29, 2008 9:49 am
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Yes, I agree with Justin. If you find your credit card closed in your credit report, all you need to do is to send a letter to the bureaus asking them to change it to "closed by grantor". This may help you to prevent lowering your credit score. Since you also have some already open accounts like your car loan on which you are making regular payments, your credit score will not affect much with closing of your chase account.
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Where there's a will, there's a way !! |
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GS
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Subject: -- Chase closures and experience
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Sat Jan 31, 2009 6:25 pm
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Chase just closed an account of mine without a balance. Their excuse that I have too much credit! Meantime on a separate business account I have under my business we got an increase of 8% to our interest rate forcing us to actually close the account ourselves. Something is up with these guys. I think they are trying to cut down liabilities/risk (by closing accounts with no balance) and increase profits by increasing rates on those without a choice. Part of it is the economic climate, part the potential of consumer favorable legislation/regulation, part of it Chase being a credit card predator. The fact that they are the "usual" suspect in most credit card related issued on the Internet, is not accidental.
And one note on my personal experience with their "customer service" (if one could call it that), they are for the birds. The reps that answer the phone cannot tell you more that what the automated system or online service will give you and anything related to closure or interest rate increases has to be addressed by some special department open M-F 9-5 (now you have something to do at work...). My personal experience was that I was dealing with the Sopranos in disguise. |
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Debbie
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Subject: visa closure
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Mon Feb 02, 2009 10:05 pm
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| On the advice of my tax adviser, I made the mistake of calling my credit card co. and requesting my interest rate be lowered. Not only did they not lower it, they closed my account. I spent for days trying to determine what went wrong, and have received no sufficient reply. I have had the cards (2 accounts) since 2006 and 2007. I am sick over the probability that my credit score will fall. On both cards I have had an excellent repayment history. I will not be using this company ever again. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Tue Feb 03, 2009 9:46 am
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You should now pull out your credit report and check whether the credit card company has reported as closed. If it is reported as closed, send a letter to the bureaus asking them to change the status to "closed by grantor". Most of the credit card companies are either closing the account or are lowering the credit limit on cards after the sub-prime crisis. If your score has not come down yet, you can apply for a new credit card right now.
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Where there's a will, there's a way !! |
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