Chase Credit Cards / credit card account closed without notice
I have been trying very hard to bring down the balances on my credit cards and had done very well with reducing the balance on my Chase card in particular, which was a Washington Mutual card to begin with. In fact, I had gotten the balance down to 1/3d of what I owed and felt great about this. Finally, my debt to credit limit ratio was looking fantastic. So imagine my surprise when I discovered that they had closed my account out of the blue. They told me that a letter had been sent to me that explained their reasons for closing my account. I never received any such letter, nor was I ever alerted via email nor was this indicated on my account online. In a panic, I ran my credit report thinking that someone must have stolen my identification or something. After all, I make the minimum payment on each card twice a month just to be sure that I never run the risk of getting a late payment on my record. But it appears that I, like many others, was dropped without warning.
Unfortunately, I don't yet know what the long term consequences will be. I imagine that I will experience a significant drop in my credit rating and that I will see the repercussions with the interest rates of my other cards. Thankfully, I don't use this card to pay for business expenses nor do I use it to survive.
In the long run, I will take this a reminder lesson to not rely on banks and creditors. From now on, I will work to pay off my credit cards and car loan and never again carry a balance, if I can help it.
If anyone is filing a class action suit, please contact me. I would be more than happy to speak up about these abusive and unfair practices.
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