CHASE closed ALL accounts!!!!!!!

[Ekay]

My cc and personal account got shut down. My wife was also on my bank account. Can i apply for a cc on her name now?

[Ekay]

Update: the reason that may have triggered my shutdown according to a banker that has lots of knowledge in his area is that I paid my credit card from my business account. I was using a personal cc legitimately for my business because I didn’t want to open a new business cc and get a hard pull.

 I think @Dan (after prime day) should do a main post on the DDMS with all the possible reasons chase can shut you down, so we know what to avoid.

[as2]

I was using a personal cc legitimately for my business because I didn’t want to open a new business cc and get a hard pull.

 No reason to be scared of an inquiry.

I think @Dan (after prime day) should do a main post on the DDMS with all the possible reasons chase can shut you down, so we know what to avoid.

Here's a start.

[lakewood34]

Update: the reason that may have triggered my shutdown according to a banker that has lots of knowledge in his area is that I paid my credit card from my business account. I was using a personal cc legitimately for my business because I didn’t want to open a new business cc and get a hard pull.

 I think @Dan (after prime day) should do a main post on the DDMS with all the possible reasons chase can shut you down, so we know what to avoid.

was the business account a chase business account or from a different bank?

[Ekay]

was the business account a chase business account or from a different bank?

Chase business acct.

[Ekay]

Here's a start.
[/quote] Not good enough imho.

[TimT]

Here's a start.
 Not good enough imho.

https://forums.dansdeals.com/index.php?topic=11216.0

[TimT]

Here's a start.
 Not good enough imho.

https://www.dansdeals.com/credit-cards/what-not-to-do/

[mutchkie1]

Why can't you pay your personal account from your business checking account? There is nothing at all illegal with it even for tax purposes! Your accountant would and should treat the credit card payment as if there was a distribution to you! None of the credit card expenses would be deducted on your business tax return!

[Dan]

Why can't you pay your personal account from your business checking account? There is nothing at all illegal with it even for tax purposes! Your accountant would and should treat the credit card payment as if there was a distribution to you! None of the credit card expenses would be deducted on your business tax return!

Yup. I'm skeptical that this is an issue.

[mutchkie1]

Per Dan - Reason for Closing Account

Using your credit line multiple times in a month
Banks don’t love it when you pay off your bill several times in middle of a month just in order to be able to spend beyond what your monthly credit line is.

You would think they would love that as they are making 2-3% on every purchase that you make!

[CountValentine]

Why can't you pay your personal account from your business checking account? There is nothing at all illegal with it even for tax purposes! Your accountant would and should treat the credit card payment as if there was a distribution to you! None of the credit card expenses would be deducted on your business tax return!

Chase doesn't care. Try paying your CC in cash at a branch.

[CountValentine]

You would think they would love that as they are making 2-3% on every purchase that you make!

They don't want the exposure. If they did instead of giving a 20K CL they would have gave 100k.

[grodnoking]

They don't want the exposure. If they did instead of giving a 20K CL they would have gave 100k.

If you paid it off then there is no credit for the original money spent.

[CountValentine]

If you paid it off then there is no credit for the original money spent.

What if someone cycles their CL 20 times in a month and then do all charge backs? This is a real life situation I am talking about.

[12HRS]

What if someone cycles their CL 20 times in a month and then do all charge backs? This is a real life situation I am talking about.

Wasn't there a case where courts ruled that once you paid bill you can no longer chargeback? Or am i confusing something else

[CountValentine]

Wasn't there a case where courts ruled that once you paid bill you can no longer chargeback? Or am i confusing something else

Not sure but is having a 100k credit balance and drawing it down considered paying your bill?

[12HRS]

Not sure but is having a 100k credit balance and drawing it down considered paying your bill?

Not sure

[AJK]

Wasn't there a case where courts ruled that once you paid bill you can no longer chargeback? Or am i confusing something else

Very limited ruling

[Ekay]

Yup. I'm skeptical that this is an issue.

Didn't make sense to me either but I heard this from a very high ranking banker which has been in Chase for years and has seen it all. He has a lot of experience in this area including appealing and reinstating accounts. He went through my whole account and didn’t find anything else wrong.