I just out of the blue received two letters for two of my chase bank accounts, saying that they elected to close my accounts because of: 1 incident of a returned payment on the accounts, too many accounts opened recently, and too many inquiries.

Anyways, these accounts used to be wamu credit cards, which recently switched over to Chase, and not even a month or two into Chase..chase decides to just close my accounts just like that.

Now…what the HECK did I do wrong, so majorly wrong that they decided to do that? why would credit companies do that?

they already jacked my interest rate up to 29.99% and if that wasn’t enough..now they decided to close both accounts.

First of all, will this look bad on my credit score, and how long will this affect my credit score, second of all, WHY are they such …Aholes and out of the blue did this,…even though my payments and history have been on time and great,

and third, can accounts ever be reopened, or once they’re closed, that’s that?

I’m just shocked. Is this because of the economy and the credit card industry suffering, or is this because of something else?

I just am scared..I knew that credit cards were slashing credit lines, jacking interest rates and adding other unfavorable things, but now…I didn’t expect this out of nowhere. I’m terribly disapointed, and I guess there goes two years worth of positive history….just because of one returned payment (which was my banks fault for putting my money on hold), and because they claim i have too many new credit cards and inquiries, because I’m trying to re-establish my credit after going bankrupt in 2005.

Oh well. chase is horrible.

I heard that a new law is being passed to keep them from doing that, to make it harder at least, but at the same time it will be harder to obtain credit.

Any ideas?

Thanks.

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