A reader got shut down by Chase last week. In his own words:
Too much MS too quick. Bought 30k in [unbonused spend] across 3 cards. Prompted an acct review because I was maxing out my available credit. I’ve done a ton of MS but I’ve read Covid has them on edge. 6 cards down the drain.
Average spend was always around 15-20k across portfolio in prior months and paying the balance off before statement close. Also was carrying 25k balance on a 0% apr card which was money I invested during April lows. What put my Acct under review was maxing out available balance on one card that had 40k limit. Like immediately after I made that purchase everything got locked up. Even though I wasn’t going to carry that balance it still tipped the scales
This is prob the most common shutdown reason from Chase or any bank of late. Especially with COVID having banks on edge of ppl not being able to pay, a ramp up in spend and hitting CL just isn’t a good idea. The reader knew all this but still thought it was worth the risk. I can’t fault him for that; I’ve done the same in the past.
Vinh,
Oh, I didn’t see “Simon Malls” mentioned anything in his post. I just saw MS. I posted Simon because I know several people now that have gotten totally shut down for buying Simon VGC’s.
So the dude went from carrying a balance of $25k to $55k. Of course Chase locked his cards.
What was the spend on? If it was things like Simon Gift cards (or other gift cards) that was the reason. I didn’t have massive spend but I was buying Simon Visa gift cards and Chase immediately shut down ALL of my credit cards.
He did mention Simon…