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@Anonymous wrote:
Thanks everyone so much for your help! I have filled out an application with my credit union for a loan so I can pay this thing off and avoid the thousands of dollars I stand to spend on interest. Hopefully they approve the loan! I will have an answer within 24 hours. I do have a good credit score as I mentioned, so I'm praying that the CU will give me this loan!!
I still just don't understand the justification for Advanta to be able do this. They have NO reason to believe that I'm not going to continue paying off my balance, and there is especially NO reason why they shouldn't let me close my account at the normal interest rate. What would they stand to lose by doing that? If they are so worried about me not being able to pay, you'd think they would WANT me to close the account so I can't charge any MORE on it. I just don't get it. I did absolutely nothing wrong, and they even admitted that to me when I was on the phone with them.
Any way, thanks again to everyone on here for your help and support. I will keep you posted as to what happens with my CU loan. Then I can just pay this off, never use it again, and be DONE with them!!
YogaDownload wrote:
I still just don't understand the justification for Advanta to be able do this. They have NO reason to believe that I'm not going to continue paying off my balance, and there is especially NO reason why they shouldn't let me close my account at the normal interest rate. What would they stand to lose by doing that?
If only it worked that way. As a general rule, CCCs will flinch if you use all the credit they have extended to you. No, it's not fair, and I do feel for you. Unfortunately, that is the way it works. You would think that a CCC would be happy to let you use all the credit they have extended to you, right? It means more interest for them, right? No, for the most part CCCs like it when you use a little bit of your credit, pay a little bit of interest, and promptly pay in full after only a few months. There are, of course, many, many exceptions, but as a general rule, this is accurate.
YogaDownload wrote:Why would they give me a limit of 10G if they don't ever want me to use all of it?