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Can bank cancel credit cards after loss of employment?
Can Chase Bank cancel my credit cards (all of which I pay in full every month) if I lose my job? They would obviously know I lost my job when my bi-weekly paychecks are no longer direct deposited.
I would like to know if they can do this whether I lose the job at no fault of my own and I receive unemployment benefits, or whether I lose the job at fault of my own AND am NOT eligible for unemployment benefits due to the reason of termination (which won't go into because the employer cannot legally disclose the reason for termination - only that the reason for involuntary termination results in no unemployment benefits)
- 8 years agoFavorite Answer
I agree with Calvin C.
I have had two credit cards closed for no reason; with a third card, I had a limit of 7K, I paid all but 1K of it and then they reduced my limit to 1K. I called to ask them to ask if they would return the card to the previous limit and they told me they would put it back up to as much as 4K IF I paid the 1K balance. I have NEVER paid late, always paid more than minimum due and have been employed by the same company for over 20 years. So yes, they can close your card for any reason, and they will.Source(s): Experience
- Truth is elusiveLv 78 years ago
Credit card companies are interested in your credit score and bill payment history. As long as you continue to pay your bill on time every month, they won't have any reason to cancel your card. Miss a payment and they may close it.
- Misty EyesLv 68 years ago
They won't cancel your credit cards for loss of job. They'll only cancel your cards if you stop making payments. As long as they keep getting money from you they won't care if you have a job or not.
- Calvin CLv 78 years ago
a creditor can close your account any time they feel like and do not even need an excuse