Consumer complaint received 2020-06-04
Company: JPMORGAN CHASE & CO.
State: IL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
In an email I sent to my personal Chase banker on XX/XX/XXXX, I submitted the following description of the dispute and issue with Chase Bank. 

I opened a new business account in XX/XX/XXXX, and I was issued a business credit card because my credit score at the time was XXXX, and I had an excellent payment history and worked hard to improve my credit score since my home was foreclosed upon in XXXX. I believed that I was awarded the {$6000.00} credit limit card from Chase Ink because of my hard work. I feel that I was the victim of predatory lending because the  banker suggested that by my opening an business account, and a credit card, I would be able to take advantage of lower rate and promotional discount for having INK business credit card. I traveled to XXXX XXXX XXXX and when I returned to the country I recognized later that the card was frozen. My banker told me that because I was out of the country there may have been charges that were unrecognized leading to the card being frozen. He encouraged me to continue to make payments so the credit dept. will see that I have good intention so that they may reestablish usage ability. 

The following is my explanation of what ocured and the timeline. 

I am following up to my visit to your office on XX/XX/XXXX. I am under the gun here. 

I have maintained a relationship with Chase for many decades. I have had goals of attaining my first credit card in over 15 years when I applied for the Chase Ink card last year. At that time, my credit score was over 680 pts. I was awarded the Chase Ink card when you helped me to open my business account. 

As I mentioned last month, I received a notice from XXXX  that due to the closing of my Ink card, which I didn't know was closed as I rarely used it due to spending a quarter of my year overseas. We spoke before my card was closed, when my account was frozen, as the bank was determining my crrdit worthiness, although they had ALREADY approved me for a {$6000.00} limit. At that time, you told me that I should continue to make payments so they view me favorably, to reinstate full use. 

In XXXX of this year, XXXX  contacted me saying my score dropped XXXX. Then as a result, I called experian to have then tell me why it dropped and to contest it, because I had only gotten the card last year and have been paying diligently on it. They told me that I had to contact chase to determine why this occurred. I called XXXX and told them that in XXXX I had moved, and although my records were updated, I did not receive any explanation for my account being closed. Chase representative mailed me an explanation letter which merely said, that I didn't have enough credit history. 

This is exactly the practice in the news. I've worked hard to get a good credit rating. One worthy of getting a credit card. To have my own bank deny me bc my history isn't broad enough. Yet, the kicker is that my bank did, but for a moment provide me with a line of credit for approximately 4 months. 

This is devastating my ability to reach my company 's and My full potential, and status in society. Because I can not get a low rate loan or mortgage due to this blemish on my credit. 

I know that this is of no fault of your own but, you are the only support I have to this injustice being corrected. 

Across the nation, credit lines are getting a boost from the Fed for the effects of the Covid Pandemic. I want the nearly 100pts that were lost in my credit rating, replaced. I have worked hard to maintain positive lines in my other financial responsibilities and I have to have this solved this week. 

My lease ends this month. With my real estate brokers license, I am starting a new realty firm and purchasing a property this month. I can not have my credit rating be so terribly affected by this which is an ongoing, daily blemish and stress to what seems to be a questionable fiduciary worth, loyalty and fortitude. I am loyal, I have proven myself capable of growing my business, and I have HUGE goals the next 5 years, starting with the purchase of my investment properties this year. 

Please tell me what can be done and how soon as my settlement with former business partner has been reached and I need to begin my search for funding resources because I will come into a large sum of money as a result of the settlement, and will want to reinvest in my city. 

XX/XX/XXXX Followed up with my personal banker with this message : Hi A I am following up with you on your end, and with regard to the query that I mailed regarding the state of my credit scoXXXX because of the card chase issued to me. 

I am going to submit for home loan approval and I have been checking my score daily and need to have this resolved so my score can improve as quickly as possible so I can move on with my life. 

XX/XX/XXXX I followed up with my personal banker with this message and submitted an written, inner company complaint form by mail. I attached the form used and the email to my personal banker reads as follows : I want to email you to reconfirm our conversation over the phone the past hour that you did your part by escalating my concern and query internally. Just as I submitted my written query attached directly to XXXX a week ago. 

I have to find a new apartment and my credit is XXXX pts lower than it was before I was holding issued the XXXX XXXX credit card. 

I understand there is nothing more that you can do, and I really do appreciate you for doing what you can. As it was internally escalated, I need to provide justification for my escalating things on my end as you, nor I have received any response regarding this matter. 

Thank you At approximately XX/XX/XXXX, I received a telephone call from a escalation XXXX who left a message that she wanted to discuss my query. I have returned XXXX 's call at XXXX XXXX the following times, leaving very detailed messages as to my availability to receive calls, or times when I will call her back. 

I feel as though XXXX has made no attempts to reconcile with the credit reporting agencies a valid reason why my credit score did not need to be reduced by XXXX points due to their malfeasance. 

XX/XX/XXXX at XXXX, XXXX, XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX, XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX, XXXX, XXXX XX/XX/XXXX at XXXX, XXXX XX/XX/XXXX at XXXX XX/XX/XXXX at XXXX Thank you

Company response to consumer: Closed with explanation