I have gotten a lot of useful info from this forum and wanted to provide some input from my experience of my Chase cards getting shut down last week. Hopefully this can help others.
But first let me say that I'm not upset, I knew this was possible, have about 20-22 cards, and could loose all but maybe 2 (any 2) and be OK. So, no worries on my side.
So my account came under review and was shut down for "Too many requests for credit or reviews of credit" and "Account not used as intended". So why did it come under review? My belief is I was doing too many new activities with Chase all at the same time. If all you are doing is AUs at the recommended lever I don’t believe it would be reviewed.
AU placement:
I have only used the old company for this card.
Only had 1 AU at the moment of review.
2 in 2020; 6 in 2021; 4 in 2022; 2 in 2023 (counting the current UA) - 14 total life.
CC was 11 years old, 20k card, but relatively low usage (50 to 1,500 a month).
Not enough to warrant a review by itself.
Other activity:
1st: I had finally waited long enough on the 5/24 rule and got a 2nd chase CC, limit 21.5k. I also did a CLI on my primary Chase card from 16k to 20k.
2nd: I then opened 4 other CCs and did several CLIs on other cards.
3rd: I wanted to give Chase more account activity for the checking account, thinking they would like that, so changed my payroll deposit over to Chase.
4th: I funded a stock market account using my Chase account, this was done primary because the stock market account has rules against funding it from multiple sources in a given time period, since I had used Chase in the last year, I choose to transfer funds from another checking account to Chase and then move those funds to my stock account.
5th: All this movement drained my other account that I use for basic bills, so once payroll deposits started coming in, I then transferred some of those funds back to my original checking. Movement in 3 different directions to 2 different accounts.
6th: Checking balance for Chase dropped from about 26k to about 2k.
So I think I had a lot of flags pop up at the same time, then all they had to do was see all the AUs and cancel both CCs. Went through the review process for reinstatement but didn’t get it. You have to call a special number and then get moved up a series of people till you get to the “not nice guy”. They didn’t like all the different last names for AUs and new CCs. Told them I was getting new cards for all the different benefits and the AUs were in laws and associates I was trying to help out. Didn’t work, lol. Was told I could ask for reinstatement again in 30 days, not sure I will do that or not. I fully expect the ability to get another chase CC after the 5/24 rule, sooner if I hadn't just gotten several others. My moral line is if I get them reinstated then I wouldn’t do any more AUs with Chase, but if they are canceled and I wait to get new cards then I’m going to do it again.
Odd part is they didn’t close my checking account, everyone says they shut everything down but not my checking account.
I had a lot of unused rewards in my primary card (175.35 worth), they didn’t remove it online, so I just recently had it sent to my checking account, hopefully it goes through.
The 2nd card I just got had a 200.00 SUB that I had already met the spending on, but it has not shown up yet, however I have also not received my first billing statement for it yet, so it might still show up, not sure.
Anyway, it was my oldest card but not upset, I have many others, and really don’t care what a bank thinks of me, there are many others, don’t fear them. The recent addition of cards dropped my TransUnion score from 842 to 818. Equifax is still 831. Have to see what loosing Chase does, loosing the old one isn’t good but loosing the new card will probably help, still expecting a small drop.
Hope this helps 😊
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