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Collections Law/Chase - close account w/ no notice

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Expert: - 7/27/2009


Question
This is my second question.  Thanks so much for your time.  I had a WAMU card $3,000 limit that I always made the payment on time and often paid 2 payments every month.  First, is Chase allowed to cancel the account with no notice, I was quite embarrassed.  I use this card for my small business and it was my only large limit account, now I have no credit card to use for my small business.  Also, is there no recourse for the damage this will cause to my credit score?

Answer
Billie Jo,

Chase just went through a massive round of account closures. I know lots of people that had theirs closed or limits slashed heavily.

If you read your contract they tell you they can do anything they want. You have none or very little recourse.

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Chris Ebert

Expertise

I can answer questions for Texas and California residents concerning issues that involve creditor and debtor rights. Specifically, I can answer questions concerning: FDCPA, FACTA, FCRA, and Texas / California state collections violations.

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For the last 6 years I have worked as a Sr. Paralegal in a law firm (http://www.henleycreditlaw.com) that defends debtors against their creditors. I have reviewed thousands of credit reports and under the supervision of our attorney helped hundreds of client resolve their credit issues.

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Henley & Henley, PC

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BBA University of Texas at Austin

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