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Comments

  1. I mistakenly thought the 5/24 rule was 5 Chase cards but it is 5 new credit cards from any bank. I got denied but called and got approved. I only had one other Chase card and that was over 10 years old and used regularly in the past year (but not used much for about 5 years before that).

  2. I’m done with Chase. I never liked them much as a bank, and less so with their stupid 5/24 rule. Yes I missed out on last year’s CSP 100K offer, but more than made up for it with AMEX. I’ve never had a single issue with opening either a business or personal AMEX card, and have on occasion been successful with getting a credit for the AF. With the amazing variety of SPG, Skymiles, Platinum, Hilton Honors, Everyday Preferred, and Business Blue, I’ve racked up close to a half million miles over the last three years. If Chase drops the 5/24, I may reconsider, but AMEX has always come thru for me. And finally, in South America, where I frequently travel, AMEX is the preferred card for merchants, and is more widely accepted there than either MC or Visa!

    • Sorry to hear. If your main grudge is the dreaded 5/24, BRM paper app method so far is 100% approval rate based on my inner circle of 50+ data points.

  3. You want Banks on your side for the “long run”. So, play nice (don’t cancel just after getting the bonus, no major MS, don’t do just bonus categories, don’t do multiple appl same day, pay some annual fee cards, leave some large checking/saving account balance etc. etc.). You both have to profit from the relationship..
    Capitalism rocks when it works for you!

  4. Great post. So many bloggers, particularly titans, have a huge headline and post linking to some AMAZING new offer, but somehow forget to mention The Dark Side where you can lose all of your Chase accounts as a result. I recently brought this up in the comments of a certain titan, but was not given the courtesy of a reply. That pretty much said it all. I certainly don’t mind helping out someone who’s providing me with information. I just want some honesty as part of the deal. My mistake.

  5. Been through three chase shutdowns in my family (2 were reinstated one not that lucky). It’s very inappropriate how they’re operating with this shut off valve. I’m writing to the FDIC and CFPB, I doubt it’ll change anything, but it’s all you can really do.

  6. Got shut down with all the same reasons as yourself. I did ask for the Hyatt fee to be refunded as card was only open for a month. Well, that was quite a shit show in itself. Went to corporate after several very nice reps could do nothing about fee. Finally “Elsie” from executive offices refunded it and oddly sent every word of all my former credit card agreements with the explanation letter for the fee refund.It weighed a good 3 pounds! I may try to re-apply in a few months. Any advice? I am retired and rely on my investments for income.No debt.No mortgage.Oldest card is 6 years.Lots of other products.

    • Did you try to appeal the closure at all? You only mention trying to get the annual fee refunded.

  7. “My monthly statement is usually paid in full before it’s generated. I pay each of my credit cards 4x / month and always in full each time.”

    I actually think this works against you. I’m not saying you should carry a balance in order to avoid a shutdown, but never carrying a balance means that you are not a profitable customer to Chase. Many people bring up this point as a sign of being a good customer, but in the eyes of Chase, this is actually a money loser for them.

    Again, I’m not saying you should carry a balance. I’m just not convinced that paying it off in full is a sign of “good customer” or that it should be used as a bullet point in proving your worth to Chase.

    • Profitability is one thing and demonstrating ability to pay (low credit risk profile) is another. If a customer is being accused of having a high credit risk profile, then you can’t fault the customer for paying on time and in full because that’s not profitable to Chase. The customers who carry a balance are usually the ones that are above the low risk profile. Anyway, the point is that if Chase stated lack of profitability was a driver of the closure (which they will not say for obvious reasons), then he didn’t stand a chance of getting the decision overturned.

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