CC Deville wrote:Most banks don't close an account "for no reason." Accounts can be closed due to inactivity, a declining credit score, high debt load or risky transactions like too many cash advances or purchases at precious metal websites.
You got valid points though and will go by each one.
I called up my account specialist who did the review of my account and all he stated was that they closed my account due to reasons noted in the letter. In about 3 days after this call, I got the letter in the mail. The letter stated that they were doing yearly reviews on peoples accounts and their current credit worthiness. I was one of them that got hit and stated right in this letter they sent me "Due to hard economic times and current situation with the Economy, we are going to close your account." I tried to ask the guy over the phone what the heck do they mean? I even saw my credit scores they gave me on the letter which is around 651 from Experian. I swear they have a different scoring system since my score is higher then 651.
My Credit Utilization right now when they closed that was around 40%. I have other cards including Chase, Amex Green Card, Chase Amazon Visa, and my long term Visa Card from my Credit Union. I pulled my Fico scores from MyFico and my Experian and they have stayed in these ranges:
I am at a appropriate score range to utilize my current credit lines and easily pay them off. I just payed off my balance on this card.
The guy over the phone couldn't come up with a good answer to why because I told him that my credit score is good, my credit inquiries are up due to establishing credit and my credit to debt ratio is at a comfortable 40% during that time. Now its down below 10%. Very upset about this because on top of this, my chase cards had auto credit limit increases by 3k each (7k Chase Freedom, 7k Chase Amazon).
Overall a mystery to me and I understand credit is a privilege. Oh well a customer loss for them I guess,.