Wow they closed my credit card
Вставка
- Опубліковано 24 сер 2024
- My current Credit score is around 762 and a year and a half ago it was around 641, but I also have around 7 credit cards, well now official 6.
💲1 on 1 Talk + My Budget + Stock Investments💲
/ tommybryson
1. Why they closed my credit card
- The short answer is I stopped using it for close to a year
- I didn’t have a balance or anything, but it was one of these credit cards that I rarely use ( chase freedom)
- I tried calling them and seeing if they would reopen, but because it was the inactivity, and policy says once it's closed their nothing they can do ( the account is going to stay closed)
What does this mean for my credit score:
- It's going to affect me in two ways my credit utilization and my credit history
- For example, credit utilization is the amount of money you are using compared to the amount of credit they gave you ( and you want to keep it below 10%)
- So in my case, I have a total like of credit of around $36,300, and on average I have a balance of 500 a month ( which mean credit utilization is 1.37% which is good ( but now because chase closed down my card that gave me 3.3k ( my credit utilization is 1.51% - which means nothing should change)
The second part though my Credit history:
- Because is around 2 years old, this is going to impact my credit history in some way
- But in reality again not that that much, and the effect will be temporary
- So no need to freak out
Tip: if I had a card with an annual fee and no use for it, I would definitely close it, even it would lower my score temporarily ( unless you have a mortgage on the way)
2. My new strategy
- I have 6 credit cards left
- Each credit card has some type of bill on it ( ranging from a phone bill to a little subscription of $10 or less)
- That way they all stay active
However, something is going to happen even worst:
- I have another credit card that going to close ( because it mattress firm card, that I'm not going to buy a new mattress to keep it active )
- On top of that my student loan debt accounts are going to be closed ( which means that my credit might take a small hit )
- However, that doesn’t matter, because in the real world I’m eliminating things I don’t need and that cost me money)
I’m thinking:
- I’m thinking because my score is going to drop a little
- Might be the perfect time to replace those two accounts
- I might either get the Citi double cash card and put my gym membership on it or the apple card and put a small bill on it too ( but I might just pick one )
3. The point of this story is
- Sometimes your credit score might drop a little when you’re doing the right things
- But don’t overthink it
- And remember to put a small bill on each card to keep active ( I just took to long to do it with the chase card)
Tip: I can always call one of my credit cards, and tell them to increase my credit utilization since I have a big purchase coming up ( which will limit the increase in credit utilization )
* PRO TIP*
INFORMATION IS EVERYTHING
👕Merch👕
teespring.com/...
✅2 FREE AUDIOBOOKS✅
amzn.to/2Enayo...
💰M1 FINANCE $10💰
Link: m1.finance/fQs...
🎁ACORN FREE $5🎁
Link: acorns.com/inv...
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: amzn.to/2VGbxt9
👨🏽💻DISCORD PRIVATE GROUP👨🏽💻
/ discord
My Camera Gear: www.amazon.com...
✔ Help Us Reach 300,000 Subscribers: goo.gl/0wvm6w
😎All My Social Media😎
Link: linktr.ee/tomm...
*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
![Wolfram Physics Project: Working Session Wednesday, Apr. 29, 2020 [Finding Black Hole Structures]](/img/n.gif)
Here are my Top 6 credit cards
link: ua-cam.com/video/p0eTtgzvf7w/v-deo.html
Tommy u hit on the subject about student loans. Currently, I have 2 student loans. I'm thinking about paying up the least amount owed from my student loans. If I decide 2 go thru with this I would have paid out 2 installment loans⁉ Would this temporarily drop my credit score or raise it❓
*Words will fall 👆👆short if I am to praise for everything they have done.however they have become for me now.l wish them more projects and recommendations 👏👏👏*
*Words will fall 👆👆short if I am to praise for everything they have done.however they have become for me now.l wish them more projects and recommendations 👏👏👏*
*Words will fall 👆👆short if I am to praise for everything they have done.however they have become for me now.l wish them more projects and recommendations 👏👏👏*
*Words will fall 👆👆short if I am to praise for everything they have done.however they have become for me now.l wish them more projects and recommendations 👏👏👏*
One of the best opening, "I made a mistake." I like how you compared the two cards and explained how closing a card could potentially hurt someone's credit score.
sometimes positive things can reflect negatively temporarily
Credit cards, the only thing where being responsible and paying off debt hurts you,
Hahahahah so true
Glad I found your channel, I will start having my children watch you as well to learn. You explain things very clearly. Thanks!
The US credit rating system is insane. Basically your system rewards you for staying in debt with little incentive foreign in your debts. Surely a realistic credit scoring system should reward people for reducing/eliminating debt and minimising the number of accounts and debts in full. Your credit score system is broken.
I agree no annual fee makes all the sense in the world. I am working on my credit and learning a lot from your channel. Thanks for your breakdown.
Thanks for the info Tommy, I subscribed a few months ago the first time I saw your videos.
I've been working on my credit for a few months and try to put a little something on a card every couple of months. Pay the full balance even if payments before the statement date, and leave maybe $10 on one of the cards to send to the credit bureaus. I was in the 820 range 2 years ago, and dipped to 790 for about a year. I wasn't actively doing anything to manage my payments, and learned the significance of paying before statement close to send the low balance to the credit bureaus. I've moved back up to 807-825 FICO managing payments the past 3 months. Oldest card is about 7 years, student loan reporting around 12 years. The length of credit will help most people at that 7 year mark. I try to keep the utilization at 0-1% by the time it reports. Greatest tip I learned is to know the significance of the statement dates open/close (statement), and about 25 days later due date. I almost never rely on the due date any more. For years I was paying my cards a week or 2 early, and reporting the higher balance to the credit bureaus. Respect the statement date, and try to avoid relying on the due date. This video will help those affected by large limit cards being closed. My tip is to make a small purchase every once in a while on little used cards to avoid them being closed by the lender due to inactivity. It can affect the average history as well as total history in a big, negative way!
Discover closed my account for inactivity. I’m disputing them and making complaints. It was Covid and where am I going during this time. I want my account reopened so I can go on vacation now. I’m going to fight tooth and nail 🤬🤬🤬
Thanks for the video. I really enjoy CK. Forgive me, but it sounds so complicated. Chase first sent me a letter stating their intent to close one of my cards (little use). They asked if I would agree and to call if I disagreed. I called. Praise God they allowed it to remain open. My score is 830. Bless God I pray over my finances. Stay Blessed 🙏
This exact thing happened to me last year! luckily it was for a store card.
Hi
part of the game
I used my Chase cc card to reload $2 every other month into my Amazon gift card balance. That way the card gets used.
Lol I been doing this method for 9 months now. It actually boosted me 15 points on my FICO 8 do to not having ANY balances on my credit cards ( I pay my credit cards in full each month) and I guess the FICO score model doesn’t like it when they don’t see any CC activity. I pay off my $2 a week later once it posts on all 3 credit bureaus and I repeat the process 4 days before the closing date to keep the account active,keep FICO happy , stay away from interest & by the end of the day I get to use all that amazon gift balance towards birthday/Christmas gifts or school supplies for my daughter.
Try doing a $1 a month on the 1st of each month and set it to auto pay and see what happens.
I have 10 credit cards(working on getting 21 cc's) and 5 of those give my $1 back to me every month. I get a $5 discount every month on one purchase. May sure you go to a store that accepts multiple payments on one purchase. The cards that I have that don't give my $1 back is Bank of America and American express. Let me know what Chase does please. I would like to know before I waste my time in applying for one. Thx!
@@ggermany2123 My Google Play subscription ($10) gets charged to my CC each month. Keeps it open.
Use them to pay a cheap monthly bill (like an Amazon subscription, Hulu, etc.) under 10% utilization and they won't go inactive.
I'm a little surprised that you let that happen but It happens. Your still pretty young and the fear hasn't hit you yet. You're doing some good moves overall. Way better than me from back in the days. I was lucky to buy one 40oz old english...
Good info- only thing I would say is that I would not let that Mattress Firm account close. That’s one of my highest limit cards ($10,000) I get that mattresses are expensive and not bought all the time but I would say just buy a pillow or pillow protector, mattress protector, something else that is less expensive and charge it to that card to keep it open- request a credit limit increase online. I went from $4000 credit limit, requested $15,000 online they gave me $10,000. I charged some new pillows to keep it open. I foolishly let one of my other synchrony accounts close that had a 15,000 limit. Won’t let that happen again!
I have 3 cards and I have one auto paying netflix, one auto paying my cell bill, the last auto paying sling that way I have monthly usage reporting on all of them and the amounts are small and manageable
Chase closed my freedom card too recently .... 15 years positive credit history ... Down the drain .
Chase can take a long walk off a short pier as far as im concerned with them , they lost me for life as a customer .
So if that one Chase card had 15 years of positive credit history and my other cards have an average of 4 years ... Your saying that the Chase card getting offed isn't going to be detrimental when the time of my average credit history goes way down ?
That's contradicting to credit advice I've received elsewhere ...
Chase has done some other very distasteful things , this was just the one thing that did it for me .
Am I know the reason they closed your account? I would like to avoid it if it’s possible. Is it the same reason as Tommy?
@@simplybaldo just use your card at least once a year to purchase at least something small with it ... Or they may end the card .
At least that's how it is for most places .
And Chase doesn't care. Trust me when I say this Chase bank 🏦 runs the customers. Chase doesn't kiss ass like other banks.
I just closed my Victoria secret card and I’m dreading this point drop
Part of the game
I use all my cards at least 2x a year to keep them open. Then stay on my main or the one I’m working on for the bonus points.
This happened to me 3 cards because I didn't use in 12 mths and 3 because they said I had too many Real Estate transactions and that my balances stayed high too long...so in other words just paying the minimum on time means NOTHING. So my credit score plummeted...it was Synchrony Bank that did this...all those years of maintaining a good credit score went down the drain...😣
synchrony waits for you to fuck up so they can pull some shit
@@2tonesg DAMN after 2 year this just happened to me! It's TOTAL BS! Why does it matter, if their different banks? If the card is payed they shouldn't care about my other credit cards! Last time I touch anything with Synchroshit Bank
I used one credit card for 2 months now and my credit score increased from tier 3 to tier 2 in Korea.
Interesting Korea has tiers
It's easy to get your credit score up ✅
Great Job Breaking Down Utilization Ratio. Very Simple To Understand
Did you really just pull up Credit Karma ? If you don't use FICO, it's hard to take you seriously. CK uses Vantage which very, very few places use.
Dont feel bad. Synchony bank closed ALL my accounts on what I call black Friday May 29th. Mind you $0 balances on most, others they owed me for overpayment. $45,000 avail credit lost.
Wow. How did it work out for you
Coincidence last week my Barclays credit card was closed due to inactivity and I lost 3 points (754 to 751)
Barclays did you favor! Much better banks out there.
@@tsm3479 actually it was the former Apple credit card « issuer « that’s why I got it
My Ollo just closed due to me not using it in past 6 months
Chase does have good cards, but I find them overrated and quite honestly over zealous with their rules. Especially 5/24
Educational video..
love it keep preaching bro
thanks :)
The same happens to me, just for using 2000 dollars in my 5000 credit line
they close my PayPal credit account and my Paypal credit card my score is 788 I was surprised.never been late on payment for the last 10 years.
Synchony Bank sucks ass. I wish I could sue them.
@@DJ_Infinity317 THEY ARE SERIOUSLY THE WORST.
@@DJ_Infinity317 agree!!!
They can’t cancel your card without your consent (no matter what they tell you) you are a federally protected consumer. You can file a complaint with the CFPB
Credit cards can be closed by the issuer for any reason.
Yeah right
Look into the FCRA and FDCPA. We are consumers and the original creditor so if you didn’t request the card to be closed they can’t closed it. Plus, they didn’t notify him. All violations. Know your rights
@@Edvardlarose I consulted a lawyer and they told me there are things in the agreement against arbitration so tryna sue for mistreatment is a waste of time. Trust me I was coming for Synchrony Bank
@@Edvardlarose I'm afraid you are wrong look up credit card Insider on youtube they dont have to give you notice at all. Most if not all credit card agreements state they can close for any reason. you have to agree before applying.
The same thing happen to me with gap didn’t us it for 6 months just as I was going to us it they close it .
😲😲😲 That's all? I figured your credit score was about 500 points higher than mine. It's only 60 points higher than mine.
lol then that would be a 1000 score, once your over 750 you are solid
@@TommyBryson OK thanks. I got 48 more to go
Bro, 🤦🏾♂️ you was having some bad luck with that Chase Freedom card.. First you get denied for a credit line increase, then they close the account.. That’s a strong sign from Chase.. Seems like they don’t want your business.. 🤷🏽♂️
Synchrony network closed my account after 6 months because of “credit history” they just closed it out of now where. I have been current on my payments
You been helping me a lot with my investments. I just started acorn two days ago and I set it to take 12% of my income . Wasn’t sure if 12% was a good idea or not but I went for it anyways
you can do between 10-20%
I would have used that 12% to invest in growth stocks instead.
Chase screwed me. I kept a higher balance on it but always paid it on time. I paid them one lump some and almost paid them off completely.... They reduced my credit line by almost 8k right after my payment.
Same here
My biggest error with credit was my 6 year old credit card account that I closed. But oh well cant do anything about it. I was anti credit and still learning to manage money better. SO It was worth it
Keep working brother
😎
My credit score dropped 17 points in one month because I didn’t use my navy federal Amex during that month. Had no balance and it still hurt my score.
This happen to me before chase closed my credit card because the letter saids “ NOT ENOUGH CREDIT “ I made a mistake increasing my limit to 13K
Dude you could have just bought yourself a can of Coca-Cola and you would have been just fine. You lost 30k CL!!!
Yeah literally!
It was a 3k line not a 30k card
Credit cards are awesome!
for somethings
You should make a video about freedom flex
I'll check it out
@@TommyBryson sofi came out with their 2% cash back card , not a lot of info out there. Idk bro jump on it haha , would love to see your input on this card too
They just closed mine. 2 years on it for history. They told me they closing it because of too much revolving credit. This is goona piss me off. Yeah i have credit card debt but i dint miss payments now ive lost 2 years of history. Grrrr.
Add an aged tradeline .
Tommy you really can not do anything about the total age of your credit card accounts if you are young.
B Hayes in the building legend in the making 🐐
squad
I don't undersrand. The banks always send you a letter stating you have 30 days notice to use the card or they will close the account. You got no notice?
wasnt paying attention. how long was his card inactive for?
He did get one but didn't read it. So its his fault.
Your a good guy great video usa so crazy right now
Discover just closed my account because I never used it.
Thank you so much this just happened to me
Couldn’t you just apply for another Chase card (Unlimited or Flex) or another bank like BofA and charge like Apple Music each month to show activity each month? Your credit should be good enough to get another card.
Thank you the vibes and videos!!
Always pick an annual fee card that you can downgrade to a zero annual fee version of said card.
I just posted haha right after you did
ayeee
Cards age for 10 years after they close or are closed, so it won’t fall off your report until then.
They do reopen card I reopened a chase slate card. The original was closed 6 to 7 years ago.
It won’t matter how much you use the cards if you pay it off every month and leave 3-6% balance on the card. So it shows that you are using it, just not the full amount.
thats part of it too
It may take a dip but it will probably bounce back, I've had similar situations can happen
yeah part of the game
Good info brother
thanks bro
Same card i had that was closed aswell. Lol
lol welcome to te squad
Thanks for the Vid. 👍
My card had a balance but they closed it . My score went up but Idk what to do next
why did they close it
Utilization rate explanation not quite accurate. You can use 75 percent in your example or even 100 percent but you don’t let the high utilization reports. You must reduce it to below 30 percent, preferably under 10 percent or ideally pay in full before closing date.Also store cards rarely get closed for lack of usage. A closed account still get reported for 10 years.
true, i spend a heavy volume on my credit cards, but pay down the balance before the closing dates, so only 5% or less reports to the credit bureaus.
I have a appliance connection card with a 4k limit that I bought a dishwasher with I paid it off an now to keep it active i buy a dish rack or some towels or something small every 6 months
Just put your Netflix bill on it
Fun fact, department store type credit cards cause your car insurance to go up!! Why? People with these cards tend to file claims more. BS IMO.
No matter how you slice it-- you took a Hit.. that sucks!
I was denied an Amex card once because I had low utilization on my other Amex card.
Interesting. I thought that was a good thing
Having one of my credit card close is one of my worst financial nightmare haha
just put a small bill on it lol
@@TommyBryson lol funny you said that because I never thought about doing that
Super T.
Chase is the worst.
CK never has updated information.
been pretty good for me, but the most accurate info comes from your annualcreditreport
My friend had a 848 score....and they sent him tbe same message..I told him buy some gum for a week...but I have very old merrick bank cc ..and they will never close this account...I want them to close this so bad I hate that card...haven't used in 3 years
Yup
Discover said they had to verify my account with the IRS. What’s up with that?
probably trying to verify your income
@@TommyBryson OK thanks. I have a visa and two master cards and they never did that. Discover is weird.
@@butterscotchjellybeans5704 I applied for three discover cc and they never did that for me.
I'm sure you know MyFICO is more accurate for you credit score. Credit Karma not.
You should always use your cards every couple months. Just make a small purchase like coffee on it every so often.
Bro Chase has some great credit cards but closed accounts are never good.
You could of Product changed to the New Chase Flex Freedom Credit Card..
Awesome video! I also upload this in my vids. 👍
You have way too many credit accounts . You should focus on shrinking your accounts , increasing your max limits of your oldest accounts , paying off your debt , keeping A 0% Criedit line usage . Use your main credit cards for monthly expenses such as groceries ,clothing , gasoline , auto part maintainence & if you spend $700 in a month ‘ pay the $700.00 Only use your credit line for major purchases with 0%_4% interest like vehicle’s, cell phones , furniture , House , Computer & Etc . NEVER pay the minimum or less than the total balance at the end of the Billing cycle.
I'm UPLOADING A VIDEO AS WE SPEAK THAT WILL PREMIERE NEXT WEEK on why Chase closed my Checking account and how I'm reopening mine from a $700 overdraft from a few years ago.
I don't have a credit card... YET
I'm 13
Xavier's Finance that sucks
Same here
Yet.
step by step
Authorized user
@@Zydash I know
So I have a question for you. I have increased my credit score from 541 to 685 since Oct 2019. However when i applied for a 2nd auto loan the credit union said my experian score was 645...a different lender said 663? The actually experian site says 685?? How does that work? I am baffled??
Lol it's very easy to understand but text harkersmit on Instagram to explain to you better that you can understand and he can also help you to increase it and give you free money
thats because they each may use a different model, i.e. Fico 5, 8, 10 or even vantage 3.0, etc.
If your card has been closed, why do u still cover it with your fingers? I will be awating for another video where you can show how it affected your creditkarma scores.
I hate store credit card like synchrony bank they close my card cause they thought I was behide then they closed another one cause I paid it off but I still needed it
You know better!!!!! Always spend on something like ads or something
Wow!
Chase is one of the hardest cards to get. Chase is great but Chase does what Chase want, Theyre not going to cry if they lose a customer because people sign up with chase almost everyday. Chase get new business everyday, Chase should've of been one of your main cards to keep active. I rather them close my capital one before I get my chase card close. Good luck trying to reopen plus, you just lost that history with that card.
And what crazy is, Chase doesn't care. Trust me when I say this Chase bank 🏦 runs the customers. Chase doesn't kiss ass like other banks.
@@Jess2daleft It depends on age of credit. My Capital One is the oldest. If that gets closed, my credit score would go down much more just because the average age of credit would go down.
Bank's are completely confusing
My credit card revoked and credit score 440 now.What I have to do?
Is the acorn card a credit card?? Before I get one I want to know
My credit score is 848 but I’m 18 and the only credit I’ve ever had is a phone contract . Idk how it got so high
The bofa closed my credit.Then I applied for another one.but they rejected me.What i do please tell me.
So let's say I have 1000 limit and I always spend over a 1000 but always pay to keep it below 30% before the statement closing date . Will it affect that i actually spent like 90% in reality or do they only see what I left for statement
What other bank can you go to if your bank close your account cause bank America close mine and I try opening a new one at capital one put I can’t
Quick question is it better to pay off a credit card that has been closed or let it go into collections
It doesn’t go away collections will call you they just sent it to a 3rd party should still work on paying it off
Is Credit Karma free?
Yeah it is
Im going to channel my Instagram bot avatar...I’m going to be an accountant. Currently working on quick books pro advisor certification.
Chase sucks I wish people stop 🛑 feeding their ego like there the best bank in the world 🌎 everyone is not dying to have any of there stupid cards stop applying for their cards & products when they see a major decline in revenue & have to break the news to their shareholders then they will pull their head out of their ASS & stop doing stupid shit like closing accounts & that stupid 5/24 rule
What’s a good cc for low credit scores
Depends where and how much money you spend
Same thing just happened to me its bullshit