I wrote about a person who was able to re-open their accounts after there Chase axe a few months ago. Today, I’ll share with you a second success story. I haven’t written about his shutdown story, but it was also triggered by a new application. Here’s the story on how he got back in:
Chase credit card shutdown avoided DP. I almost didn’t report this simply to avoid all the ‘your an idiot’ comments. Earlier this month I applied for the IHG credit card (cancelled mine 6 months ago). Called reconsideration since I wasn’t instantly approved, but was then approved with 2k spending line. A few days later all my accounts were shown as closed. I was told that I would receive a letter in the mail blah blah blah. I called risk team and was told my account was flagged due to too many credit inquiries (Equifax reporting 16 in the last 2 years, 7 in the last year). Also my available total credit was over 500k since I manage the cards for my family and am an AU on a lot of accounts. I asked for a second review (takes up to 10 days and explained that most of the credit was AU and that some of the credit hits weren’t for requesting additional credit, such as Charles Schwab checking that does a hard pull. 8 days later all my accounts were reinstated in full. I couldn’t believe it. THIS IS THE SECOND FAMILY ACCOUNT THAT WERE CLOSED IN THE LAST 2 MONTHS. Both accounts showed 16 inquiries on Equifax which Chase pulls for me and +200k in available credit reporting. Both times this shut down happened after applying for new chase card and being approved during a reconsideration call. Somehow I’ve avoided the axe twice now and I’m definitely going to be more conservative with Chase going forward.
He also sent me this link to Reddit if you need help apologizing to Chase. Stay safe out there folks.
Sounds like even if you’re a relatively conservative churner, 6 or so cards/year, Chase may still weed you out if you get eyes on. It’s getting scary out there. Probably not enough data points yet, but any idea if it is the calling in that makes the critical difference? Meaning, you should be safe if/when you get a denial, you just move on and not put your entire relationship with Chase at risk by calling in for a reconsideration?