Chase closed two of my credit cards!!!!?

Orchid L: Chase closed two of my credit cards!!!!?
Ok, I have had my cards for over 5 years. I have never been late. Always paid on time and MORE than minimum. Anyhow, I had balance of $ 1100 out of the $ 1700 dollar credit limit I had. Anyway, I recently paid the balance off In FULL. About a week later I get a letter stating that they are closing my account due to “not enough credit history” AND “Keeping to high of a balance on card for to long” Has anyone ever heard of these? Im a little ticked because i have been a loyal customer for over 5 years and never kept this high of balances except for this one time. Also, does anyone know how bad this Is going to effect my credit? Has this happen to anyone else??

Answers and Views:

Answer by joemonty2000
Chase and other lenders are looking to get out of the credit card business under the old credit card rules. A lot of companies want to get better fees on their cards because the rates have gotten and stayed so low. Because of the verbiage in the contract, they can close your account whenever they want. As for the reason- they can almost make up any reason they want- it does suck, but just know that there are probably better offers if you have good credit and a have managed credit balances well.

Answer by chris c
who cares, ask chase.

Answer by Nicole
Thats so weird, I got the same letter for my card! I was an amazing customer for them for 2 years; I always carried a small balance and paid then tons of interest due to my 27% APR!

Chase is just horrible, I hope they crash soon.

It shouldn’t kill your credit, but it definately won’t help it because the account will show as “Closed by Creditor.”

Answer by My Take on It
Yes. It has happened to quite a few people.
Just watch Suze Orman or any other financial advice show.
Your score will probably suffer due to less available credit.