Wrongful CC revocation?

[Adalta]

Although I have a perfect payment record on my credit report, Chase decided that my debt ratio got too high for thier comfort, and decided to close one of 3 of my Chase credit cards. Problem is, they termed it as "Revoked", and Chase even admitted that this would negatively affect my credit report. Can they do that? Isn't here a way that they can close an account for reasons that do not negatively affect your credit report? I mean, I did nothing wrong, other than cross their arbitrary line with respect to debt ratio - which is their perogative - but they should not be able to add a derogatory entry like "Card Revoked" just because of that, right? I need someone with legal background who can answer this please. If they are doing this to others routinely, and it's wrong, could this be a class action? Again, I have a perfect payment history (never late and always more than the minumum), and my income is sufficient to support my monthly obligations, so my only sin was to cross certain arbitrary lines that Chase uses internally.

They can just close it. Many customers close accounts for their own reasons. Ask them to do that or if they fail to do it that way you can sue in small claims or go to arbitration, if need be.

They can close the account if they desire, for practically any reason and these days, with the credit card and banking economy as it is, they are hiking interest rates, lowering credit limits, and closing accounts at an ever increasing pace.

There is usually an arbitration clause in credit card agreements so I don't believe you can sue them for doing what they did. A credit card is the property of the credit issuer, not the holder, so they had the right to close the account at their discretion.

Chalk it up and move on. Your credit won't take too big a hit. Keep your debt to credit ration low to avoid this in the future.

You cannot sue them in small claims court for refusing to report the account as closed by consumer. You cannot sue them in small claims for anything, really. They do not owe you money.