Chase to risky customers: It's not you, it's me

For months, the finance industry has been issuing dire warnings that they'd have to deny people credit once reform regulations kicked in. Now that the CARD Act is here, at least some of those predictions seem to be coming true. According to The Consumerist, Chase canceled 15% of its card customers. In a statement to shareholders, the bank said it was cutting off credit to those it deemed "too risky." (We have to admit there's something to be said for a bank exercising some caution in its lending standards.)

So what do you do if you were among the 15% who got a letter from Chase telling you that you were being cut off? First of all, write to us in the comments section and tell us about your experience! But don't be overly concerned. Having a card canceled might not have as much impact on your credit score as you think. As we've explained to you before, closing a credit card -- whether it's you or the bank that does the closing - can impact what's called your utilization ratio, or how much of your available credit you use each month. Credit utilization is part of your credit score, but it's not the whole picture.