AAFES Take it Home Today discontinued

Anonymous · ‎07-29-2015

When I received my statement this month for my Take it Home Today account, or major purchase plan with Aafes, there was a message stating that the program would be ending in October and no charges would be allowed to the account after that. It went on to say that they would be sending out a letter soon with more information. Is anyone else aware of this change and how it will be reflected on the credit report? Do you think they will combine this limit with my STAR card limit or just list it as a closed account? I'd like to be prepared so that I can pay off the balance if I need to because I don't want to have a closed account with no available credit an an amount owed. Even though it said automatic payments could continue I imagine that can't be good for my fico score. I know I should just wait for the letter to come with more info but I was hoping maybe someone else might be able to shed some light on this. Thanks

JagerBombs89 · ‎07-29-2015

@Anonymous wrote:
When I received my statement this month for my Take it Home Today account, or major purchase plan with Aafes, there was a message stating that the program would be ending in October and no charges would be allowed to the account after that. It went on to say that they would be sending out a letter soon with more information. Is anyone else aware of this change and how it will be reflected on the credit report? Do you think they will combine this limit with my STAR card limit or just list it as a closed account? I'd like to be prepared so that I can pay off the balance if I need to because I don't want to have a closed account with no available credit an an amount owed. Even though it said automatic payments could continue I imagine that can't be good for my fico score. I know I should just wait for the letter to come with more info but I was hoping maybe someone else might be able to shed some light on this. Thanks

They sent me a letter stating they are also terminating their relationship with Chase starting September 22nd. Chase still won't allow me to PC to something better like the Slate either

Best bet, call AAFES.

Follow my story, road to 800!

From 800 to Foreclosure - Effects of Negatives

Anonymous · ‎09-26-2015

Unfortunately, I don't have any information in regards to this situation as I was caught off guard and just found out last week.

I am out of the country at the moment, so the letter that I would've received in the mail went to my mailing address. I just happened to view my online statement last week and it had the information about discontinuing this program on it.

I'm wondering the same thing as you--how this will be reflected on my credit report. The other part that I am concerned about, is that prior to me finding out that they were closing the Take It Home Today accounts, I closed out a secure MC two weeks ago--both were opened around the same time. I'm losing $7,400 in available credit, but I guess on the positive side, they're both paid off!

So I will possibly take a huge credit ding due to the closing of two accounts; wonder if it will decrease my AAoA as well...

Let me me know as you find out more information. It would be awesome if they could add that credit limit to my Military Star Card...just a thought.

kdm31091 · ‎09-26-2015

Closing the accounts (whether you do it or it is done by the creditor) will do nothing to your AAOA for a very long time. 10 years from now, the accounts will fall off of your reports, at which point your AAOA will be impacted (probably not by much, unless 10 years from now all of your other accounts are somehow very new).

It sucks, but just like products on the shelf get discontinued every day, so do credit cards. Unprofitable, lack of interest, or any number of things cause it and it is what it is.

Anonymous · ‎09-26-2015

Have you contacted CS? If you are worried about the impact it will have on your credit profile, it may be prudent to reach out to CS so you can begin to make arrangements to PIF your balance. Best of luck!

taxi818 · ‎09-26-2015

@kdm31091 wrote:
Closing the accounts (whether you do it or it is done by the creditor) will do nothing to your AAOA for a very long time. 10 years from now, the accounts will fall off of your reports, at which point your AAOA will be impacted (probably not by much, unless 10 years from now all of your other accounts are somehow very new).

It sucks, but just like products on the shelf get discontinued every day, so do credit cards. Unprofitable, lack of interest, or any number of things cause it and it is what it is.

Exactly and if your Utilizatin is affected from losing 7k. Then it is time for you to diversify. No way would losing a 7k limit hurt my score. thats the one reason why many of us here at myfico build our reports and lenders with many different lenders and limits. even i lose 20k. i would be ok. not a huge loss. But it will effect it somewhat. i don't care about 1-10 points going up or down on my credit report. I care more about the substance in the report. like negatives positives, lates or not. Which im completely clean. Whatever the score is i have no control over either way. Just that i pay my bills on time and lmiit the amounts i use on any 1 credit card.

Anonymous · ‎09-26-2015

@Anonymous wrote:
Unfortunately, I don't have any information in regards to this situation as I was caught off guard and just found out last week.

I am out of the country at the moment, so the letter that I would've received in the mail went to my mailing address. I just happened to view my online statement last week and it had the information about discontinuing this program on it.

I'm wondering the same thing as you--how this will be reflected on my credit report. The other part that I am concerned about, is that prior to me finding out that they were closing the Take It Home Today accounts, I closed out a secure MC two weeks ago--both were opened around the same time. I'm losing $7,400 in available credit, but I guess on the positive side, they're both paid off!

So I will possibly take a huge credit ding due to the closing of two accounts; wonder if it will decrease my AAoA as well...

Let me me know as you find out more information. It would be awesome if they could add that credit limit to my Military Star Card...just a thought.

It won't hurt your credit profile now. Closed accounts can stay on your credit profile for up to 10 years. Hopefully, there isn't a big gap between this TL and the ones still open.