Consumer complaint received 2018-06-19
Company: JPMORGAN CHASE & CO.
State: NY
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:
Beware, Chase Bank Will Close Credit Cards After Approval Nearly three weeks ago ( todays date is XX/XX/XXXX ), I applied for a Chase credit card. I wasnt given an immediate decision and I was told that a response would be sent in 7 to 10 days by postal mail. 

Given that my mail is often lost, I called Chase customer service to inquire if the decision could also be delivered electronically : via text, email, secure message, etc. While this was being looked into, the CS agent asked if I would like to get the decision right away. I naturally accepted. 

I had been approved and I was told if I would like the credit card sent by expedited shipping at no cost ( how nice ), which I again naturally agreed to. 

Unfortunately, the card was lost. After reporting it, another card was sent, again by expedited shipping at no cost ( extra nice ). 

When I got the second card, I logged into my Chase account ( 9 year customer ) and saw that the credit card account was closed. So I called in to activate the card, thinking it had been closed for security reasons, but no the card had indeed been CLOSED ( not so nice ). 

I asked the CS agent why the card had been closed, and I was told that it was the decision of another department, referred to online as the review team or unit. This review team had deemed my credit history of just over 12 months with a single credit line ( one credit card ) with an average FICO score of 770 at the time as too NEW. So I asked the obvious question : why was the card approved in the first place? The CS agents response, was to reiterate that it was the decision of the aforementioned department. 

The following day, I found and called the reconsideration line, which is supposedly helmed by the review team. Again, I was told that my credit was too NEW and that it was there recommendation that I should apply for a secured card with say XXXX XXXX! ( With some customers, Chase is happy to share with the competition. ) How this would solve the newness of my credit history is curious, since in my case it would literally half my AAoA. Why the recommendation wasnt to wait six months, a year, or more is unclear. 

So in the less than six days, I was quickly ( same day of app ) approved for a Chase credit card, which was sent to me twice, and which was then closed before it had arrived, for reason that meant I should have never been approved in the first place. 

What an absolutely glorious waste of time and money. But what an effective way Chase has found to create ill will with its current and potential customers. The question then is : why not complete the review process before approving a line of credit? This is especially mystifying in my case, where the decision could have been trivially done by algorithmic means. Chase The right relationship is everything, their old slogan, I see now was a joke. 

I suppose I should be thankful my account was terminated so quickly. If the dozens of online reports I subsequently read are to believed, this has been XXXX M.O. since at least early XX/XX/XXXX. All credit card applications are reviewed by this separate department, with the possible exception of applicants with over XXXX XXXX dollars worth of assets with the bank. This review unit has apparently closed cards that were immediately approved, cards that have been in use for days or weeks, and even cards held by XXXX Private Clients and high limit Business Card holders. 

This complaint then is not to get Chase to change its mind ; it wont. This was written to inform anyone who comes here, as I was not able to find anything similar. 

If you have gotten this far, I hope you have found this helpful. 


Sincerely, XXXX XXXX XXXX P.S. If Chase insists on contacting me, to waste more of my time, do so by electronic means only. Preferably by email or secure message.

Company response to consumer: Closed with explanation