12-01-2008 04:30 PM
would you cancel the revolving account and just keep the charge card? or just sockdraw the revolving one.
Sockdrawer it. Except in the case of an AF, closing usually hurts more than it helps you. However, sockdrawering the card only to use it for a pack of gum or a soda every 3-4 months hurts the CCC more than closing. At that point it's costing them money to keep the account open; which I'd say is perfect if you're currently angry at said CCC.
12-01-2008 05:34 PM
I HOPE they go out of business and that they are the first card company to really go under and take a fall in this recession.
I'm with ya on that one!!!
12-02-2008 06:47 AM
12-02-2008 08:33 AM - edited 12-02-2008 08:41 AM
How many reading here have 750+ FICOs and never kept a CC balance and always PIF?.
Dh has 12 year history, always PIF's and has 800 scores across the board. He is against CC debt, with that said he let Chase go a few years back when they decided to up his interest rate. He paid it and closed it the same day. It didn't tank his scores--he had other cards and because he PIF's his utilization was unaffected.
Just wanted to give you a picture of someone with great scores whose only debt is a mortgage, I understand your frustration, DH was upset that Chase would up his interest rate--obviously it didn't affect him here or there, but he felt like he was wrongfully being targeted. He felt like he was the ideal customer--truly banks love and hate him. They love him because they know he will pay his bill, hate him because they make no money off of him.
12-02-2008 08:40 AM
BuyGoldNow wrote:How many reading here have 750+ FICOs and never kept a CC balance and always PIF?.
Credit card companies call us "Deadbeats" - famous joke, guy gets a letter from his CCC "Due to your excellent credit history with us and the fact that you pay in full every month, we are closing your account."
12-02-2008 08:43 AM
He felt like he was the ideal customer--truly banks love and hate him. They love him because they know he will pay his bill, hate him because they make no money off of him.
The banks do make money off him. Every purchase made on a credit card has a % fee attached to the retailer. It is all about risk management. While credit card companies make a lot of money off people who carry a balance they are also a larger risk.Those of us who pif each month are no nearly as much of a risk and the ccc still make $$$ (maybe not as much).
12-02-2008 08:54 AM
12-02-2008 09:58 AM
I haven't had this experience, however it seems many people here have. Considering the our economic circumstances I am sure it is not personal and is an action that is caused by internal company decisions based on their circumstances, NOT YOURS.
I am sorry for you and anyone that truly doesn't deserve this. (there are some who do not have clean records such as yours and still do not understand AA )
I hope you will be able to tighten your financial practices until the national economy heals and all of the erratic actions by all companies, not just AmEx, will cease.
The untruths that they are using against you can not be defended. Also, I find that customer care from India and other offshore locations is so detrimental to a variety of businesses in this country. It would be interesting to know the dollar loss because of the ineptitude in having these services so located and the decision to do so. I have stopped using a lot of businesses because of the unintelligent responses to the simplest of needs.
I have 3 Am Ex accounts, 2 over 15 years old, one about 10 years old. About 3 weeks ago I got a letter that my CL on my Optima acct (zero balance) was reduced from $15,000 to $500, and that I would no longer be allowed deferred charges on my Am Ex gold (balance varies from $2000-$8000. My AmEx gold business (zero balance) seems not be affected, at least not yet. The reasons cited were "late pays, excessive use of credit, negative public record information, too many credit inquires" They said their information came from Equifax. I freaked out and pulled an equifax report, and there was nothing on it that confirmed the 'reasons' offered by AmEx; no late pays ever, one credit inquiry in 12 months, etc, less than $10,000 CC debt. I called AmEx every day for 5 days to try to find out what was going on- I was more disturbed about the reasons they gave for reducing my credit, than I was about the fact that they did it, I was never able to talk to anyone who could explain this to me, every time I called I spoke to people in India who kept repeating that I need to get all 3 credit reports, (I did, still nothing negative on any of them) and when I continued to object they promised to have someone call me (no one ever did) I have pretty much given up on pursuing this, I just don't have time to play this game right now- but I am totally P.O'd that they would offer fake reasons for reducing my CL. Has anyone here been able to talk to anyone in AmEX who has offered a reasonable explanation for this, and have any of you been given 'fake' reasons for their decision, i.e. 'late pays' when none exist?
12-02-2008 10:41 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.