Chase cancelled my credit card for no good reason

[marzboy]

Hi
I am new to this forum. I have/had a Chase crerdit card. Today I recieved a letter today that says they have cancelled my card due to inactivity and information found on my credit report. Among the information they state recent delinquency and too many revolving accounts w/ insufficent available credit. The info was based on a report from Experian.
I have a credit score of 693. I have purchased Credit Expert form experian which I watch everyday. According to them I have no recent delinquencies. Also as of today I have just finished paying down $10,000 of credit card debt.
What is wrong with this picture? Will this adversely affect my credit? Any advice would be apreciated ops

[bail]

i was declined by chase for card becuse of high balance i had just prchased a car. but they pulled my credit report from transunion not experian. i have just got my file from experian thre is nothing on it about chase. are u sur it's experian

[marzboy]

Ira & Bail
Thanks for the imput. By recent I believe it means just that. As far as recent delinquencies I have none. The very last one according to my credit report (5/12/2003) was a car payment on 5/00. Since then no major issues.
Experian is the only agency that they give as the reason for their decision. Besides, I have the other 3 agency reports. They all say the same thing. Actually I don't really need this card but I am pissed for 3 reasons
1) I don't want this to hurt my fico score. 2) I want to know where they are getting this negitive info from. And 3) If I'm paying Experian $80 per year for Credit Expert why is my info different from my creditors!!!
I will call them and see what is up. Thanks and I'll let you know.

[Verne]

Any negative information (derogatory) on the credit report - no matter how old - may be used by the credit card company as reason to change terms or close the account.

Although the card companies may change terms or close accounts for any reason (or no reason for that matter), they will usually leave you alone unless they find negative information on the credit report or the debt to credit limit ratio is extremely high.

Chase changed my terms twice and pleaded with me to keep my account open and offered me an even better deal when I called them. Calling them wouldn't hurt - especially if you've knocked $10,000 off your debt. You probably don't want an account "closed by creditor" on your report although I'm not sure how much that would hurt your score.

I don't especially like Chase and closed my account with them but in your case you have good reason to keep this account open and work something out with them. The live rep often sings a different tune than the notice in the mail.

[Doug]

Oh sucks Marzboy, Chase did you a big favor. They are a rip-off company
and you are now a lot better off. They are not the only Credit Card company in the world. Go to MBNA or your local credit union or bank (I just hope it is not Chase ) - get a card from them. All you need is four or five cards anyway, unless you are into cash back, airline miles, freebies, etc. - better known as playing games with the credit card companies. It ain't worth the risk, but that is just my opinion. The players will disagree.

I dumped Chase a few years back and don't regret it at all. BTW congradulations on paying down that $10,000 balance. Keep up the good work.

Doug

PS Kudos to the new board, Curtis. You have done a wonderful job.

[Board Monitor]

Thanks for the complement Doug. Glad to have you back!

[Mark]

Why do you consider Chase to be bad? I've always thought of them as my favorite, since they give me a 5.24% permanent rate.