Chase Shutting Down Accounts | Must Watch

so this is more of a serious video

different reports lately that Chase has

been shutting down accounts specifically

the reasons as of late have been because

people applying through the jest for you

links which are the links that Chase

will send you if you are pre-approved

for any credit cards by applying through

these links you're bypassing the 5:24

rule but it's also triggering shutdowns

another recent reason is when people are

applying for generated links which are

also by passing the 5:24 rule those

people who are applying through those

links and getting approved are also

being shut down I definitely don't want

you to have your chase account shut down

so in this video I'm going to go over

the red flags to that Chase is looking

for when they shut down accounts as well

as give you some strategies to make sure

that your account never gets shut down

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hitting the belt so you don't miss

another thing so a lot of people have

been talking about the recent MX

shutdown so if you're not familiar MX

has been shutting down account because

people have been using their own self

referral links and that has triggered MX

shutdowns and almost nobody's talking

about the recent chase shutdown so found

this information through the reddit

links people reporting that their chase

accounts being shut down because of the

links that they're applying through to

give some personal context of where I

stand with Chase I've opened eleven

chase credit cards to date there are

seven chase credit cards that are open

three personal for business just in the

past fifteen months alone I've been able

to open for Chase in credit cards my

5:24 status i've been over five

twenty-four since 2012 and i'm filming

this video in december of 2019 I've

opened 51 credit cards total and there

are 15 credit cards total that are

active at the moment some people have

told me that my Chase account will

probably be shut down because of my

credit card behavior but it won't

because I'm following certain rules and

strategies which I'm going to share

later on in the video and honestly if I

didn't follow these strategies my

account would most likely be shut down

first let's go over specifically what a

chase account shutdown is so if a chase

decides to shut down an account they'll

send you a letter saying that your

account is shut down you have 30 days to

use your chase Alton reward points and

there have been reports that they don't

just shut down all of your credit cards

so you won't have any access to your

credit cards but they've also been known

to shut down checking and saving

accounts or any accounts associated with

Chase pretty much chase wants to cut all

ties with anybody that they're shutting

the account down on and once Chase shuts

down an account the data points that

I've seen is that it'll take at least

two years before you can become a

customer and get back into the chase

system now let's get into the reasons of

why Chase won't shut down an account and

make sure you pay attention to all these

reasons so you don't have your chase

account shut down first reason is if you

have too much credit with Chase Chase

has a 50% rule which means that will

allow you 50% credit limit of whatever

reported income you put on your

application so to make the number simple

if you make a hundred thousand a year

you're only allowed $50,000 in credit

limit between all of your Chase credit

cards that's personal and business now

if you're getting close to that 50

percent mark and you apply for a new

card most likely the card will be

pending or denied and then you just call

up the Recon line and then ask for the

credit to be shifted around and if your

credit is lower than that then most

likely you'll get an instant approval

assuming everything else is okay but

sometimes they do shut down an account

if you're at that oh but if you're over

that fifty percent marks so make sure

you pay attention to how much credit

limit you have compared to the reported

income on the application personally

when I got approved for the Chase

Sapphire Reserve card back in 2016

I got a thirty two thousand dollar

credit limit which is really big so I

let it slide for a few years just until

I was able to get a few chase credit

cards and as I mentioned before I was

over five twenty four when I got the

chase a for a reserve card as well as

every card after that in the past five

months I've been able to be approved for

three chase and credit cards and the way

I was able to do that is every time

before I would apply I would call up

lower my

credit limits I believe the lowest you

can lower your credit limit is $3,000 so

I didn't make it that low but I made

sure I was definitely below that 50%

mark of my reported income next reason

for a shutdown is being over 524 and

applying through certain links on the

internet so if you apply for one of

those just for you links where it says

you're pre-approved for the Chase

Sapphire Preferred and you know apply

through this link and then you get

approved not always but Chase has shut

down account for people approved through

those links so if you're over 524 and

you do want to get approved for more

cheese credit cards I recommend going in

branch so if you go to the branch and

you sit down with someone and see if

you're pre-approved then apply from my

research I've never found anyone to be

shut down that way and that's how I've

been able to open the Chase Sapphire

Reserve chasing preferred chasing cash

and to chase Inc unlimited by applying

in the branch next reason for a shutdown

is if your spend doesn't match your

reported income on the application so if

you report your income as $50,000 but

yet you're spending a hundred hundred

fifty thousand two hundred thousand

dollars on your chase credit cards that

is suspicious behavior to chase and that

could be a reason that they shut down

your account but usually with this

reason Chase will do a review on your

account before actually shutting it down

so for anyone doing creative spending

out there just don't do too much try to

space it out between many different

cards and try to keep it below the

income that you report on your

application to give you an idea of

another way that Chase will shut down

your account is to know what a bust out

scheme is so Chase has algorithms to

prevent bust out schemes from happening

a bust out scheme is when somebody opens

up multiple credit cards they have good

credit they're paying everything on time

then they get more credit limit more

credit cards and and then they spend as

much as possible on the credit cards and

max out the credit limits and then

completely disappear so to avoid that

happening chase put a bunch of different

checks in place to make sure that

doesn't happen and so a lot of these red

flags that I'm mentioning on the list

are part of

bust out scheme prevention so if you

look at it from chases perspective they

want good customers who are paying on

time and reasonable and aren't doing too

many crazy activities the only issue is

if you're in the credit card hobby and

want to earn a lot of points and miles a

lot of the behavior to do so is very

similar to bust out schemes even though

we are completely honest and we're

following the rules the behavior between

bust out scheme and accumulating a lot

of miles and points can cause shutdowns

another reason for Chase shutdowns have

been cycling credit limits so for

example let's say your credit limit on

your credit card is $5,000 and within

one statement period you spend $5,000

paid all off spend another 5,000 pay it

all off do that a few times that's

called cycling the credit limit even

though all of the purchases could be

completely legit you're not doing

anything dishonest Chase looks at this

as suspicious behavior and will most

likely shut down your account personally

I like to pay off my credit card bills

sometimes a couple of times throughout

the month that's not a big deal

especially if you're not using all of

your credit limit but if you're doing

your regular purchases and you decide to

pay it off that's fine but I recommend

doing automatic payments on Chase this

way at the end of the month it'll pay

off your balance in full and just in

case you forget to do it manually or you

know something happens life happens and

you avoid late payments that by doing

this so if you or anyone you know has

had the chase credit card account shut

down put it down in the comments below

let us know what happened or if I didn't

cover any of the red flag shutdowns put

that in the comment below so we could

help each other out and make sure our

chase accounts don't get shut down now

if your Chase account does get shut down

Chase allows you to file an appeal

within 30 days so if for whatever reason

they shut down your account but

everything you're doing is completely

legitimate and honest then you could

write an appeal within the 30 days and

you know some people have been able to

get the appeal approved and not have

their account shut down or actually just

get their shut down River

and if Chase does shut down an account

then you have 30 days to use your Chase

Altamura war points you could use it

through the travel portal you could cash

them out for cash at a 1 cent per point

ratio and probably the best move is to

use them for transfer partners so you

could transfer it to your favorite

loyalty program for example hi it if you

want to and they also reserve the right

to not let you use the points they could

actually close down your account and

cease your chase ultimate reward points

and not only use it if they feel that

you've misused the rewards program

according to the terms and conditions

another reason for a chase account

shutdown is if you have too many

authorized users on your credit cards so

Chase allows you to have 10 authorized

users total between all of your Chase

accounts but for one single Chase credit

card account you're only allowed to have

3 authorized users so if you have

multiple chase credit cards and you

decide to have authorized users on all

of them and it adds up to 10 then Chase

will shut down your account and if you

want to learn more about Chase credit

cards and how to avoid making common

chase mistakes I recommend clicking this

video right over here or this link down

here and I'll see you in the next video