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Chase cancelled my Visa!

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score_building
Senior Contributor

Re: Chase cancelled my Visa!


@Anonymous wrote:
And to believe they have the nerve to close your credit card accounts because you haven't used them for years or were ever planning to use them again.

 

wait a sec, i don't think this could be intentionally sarcastic -didn't you just start a thread where you shared that the same thing just happened to you with Merrick?

 

you mentioned that you opened up around six accounts in just over 6 months (soon after your Merrick approval) and that your Merrick card had been collecting dust, and nonetheless you were surprised and angered by the closure of your acct? 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 11 of 19
MojaveMoon
Established Contributor

Re: Chase cancelled my Visa!


@oracles wrote:

@Anonymous wrote:
And to believe they have the nerve to close your credit card accounts because you haven't used them for years or were ever planning to use them again.

I don't know if that is sarcasm or not but if it is, its really not called for. Everyone comes here to learn and now this person knows jut because you don't use it and it is always 0 balance, that is not necessary good. [...]




I agree with Oracles. At one time, I didn't know this, either -- So, two or three years go by since the last time that I used a store card from WFFNB, and I go to use the card in a store and then go through the embarrassing situation of having the card declined. I call WFFNB and then find out the hard way about this thing called inactivity and about how the creditor may decide to do a hard inquiry to check your credit report before deciding to make your account "active" again. They ran the report, didn't like what they saw, and kept the account in an inactive status. Prior to that, I hadn't ever heard of account inactivity, nor did I ever receive any warning notice from WFNNB prior to when they placed my charge card account into an inactive status.
Message Edited by MojaveMoon on 01-14-2009 02:01 PM
Message 12 of 19
MojaveMoon
Established Contributor

Re: Chase cancelled my Visa!


@score_building wrote:

@Anonymous wrote:
And to believe they have the nerve to close your credit card accounts because you haven't used them for years or were ever planning to use them again.

 

wait a sec, i don't think this could be intentionally sarcastic -didn't you just start a thread where you shared that the same thing just happened to you with Merrick?

 

you mentioned that you opened up around six accounts in just over 6 months (soon after your Merrick approval) and that your Merrick card had been collecting dust, and nonetheless you were surprised and angered by the closure of your acct? 




To play the devil's advocate, I think jahmal was saying that Merrick closed the account not because of how long the account was not used but solely because of the number of accounts opened up in x-amount of time: (link)
Message Edited by MojaveMoon on 01-14-2009 02:05 PM
Message 13 of 19
Anonymous
Not applicable

Re: Chase cancelled my Visa!


@MojaveMoon wrote:

@oracles wrote:

@Anonymous wrote:
And to believe they have the nerve to close your credit card accounts because you haven't used them for years or were ever planning to use them again.

I don't know if that is sarcasm or not but if it is, its really not called for. Everyone comes here to learn and now this person knows jut because you don't use it and it is always 0 balance, that is not necessary good. [...]




I agree with Oracles. At one time, I didn't know this, either -- So, two or three years go by since the last time that I used a store card from WFFNB, and I go to use the card in a store and then go through the embarrassing situation of having the card declined. I call WFFNB and then find out the hard way about this thing called inactivity and about how the creditor may decide to do a hard inquiry to check your credit report before deciding to make your account "active" again. They ran the report, didn't like what they saw, and kept the account in an inactive status. Prior to that, I hadn't ever heard of account inactivity, nor did I ever receive any warning notice from WFNNB prior to when they placed my charge card account into an inactive status.
Message Edited by MojaveMoon on 01-14-2009 02:01 PM

I had the same thing with GEMB.  Only, luckily I saw they were closed due to a credit report.  I was never informed via mail, e-mail, phone call, at all.  

 

And there was no way I could have kept one of the credit cards active, as it was for a furniture store.  Had I not seen it on a report, it would have been very embarrasing when I went into the store to buy furniture this summer and the card was declined.  

Message 14 of 19
ny7007
Established Member

Re: Chase cancelled my Visa!

Thank you Oracles. We're all here to learn.  Honestly, I thought that for the credit card companies, having customers who don't use their cards was like having money in a savings account for them, not me.  They didn't even have to bill me monthly as I didn't use the card.  How wrong I was.  I kept the card thinking that I could use it in a pinch.  Small Fry said that I need to use a certain percentage of my credit line in order to keep the other credit cards at the levels that they are now, or risk having my credit line lowered.  That was news to me, too.  I just don't know what the magic percentage is to keep them from lowering the credit line on the credit card. After reading this thread, I got my other credit card out of mothballs and used it.   Thank you so much for your help.
Message 15 of 19
oracles
Valued Contributor

Re: Chase cancelled my Visa!


@ny7007 wrote:
Thank you Oracles. We're all here to learn.  Honestly, I thought that for the credit card companies, having customers who don't use their cards was like having money in a savings account for them, not me.  They didn't even have to bill me monthly as I didn't use the card.  How wrong I was.  I kept the card thinking that I could use it in a pinch.  Small Fry said that I need to use a certain percentage of my credit line in order to keep the other credit cards at the levels that they are now, or risk having my credit line lowered.  That was news to me, too.  I just don't know what the magic percentage is to keep them from lowering the credit line on the credit card. After reading this thread, I got my other credit card out of mothballs and used it.   Thank you so much for your help.

 

No problem

 

Also there really is no magical % to use on a credit card. CCC will CLD just because.

 

Just continue to use them every so often and PIF at the end of the month

Message 16 of 19
haulingthescoreup
Moderator Emerita

Re: Chase cancelled my Visa!

I think that one of the big problems is that nobody knows what level of usage is necessary, because I'm pretty sure that the banks are making it up as they go. They have no precedent for what they're facing now, and so they have to work by guess and by gosh.

The big problem is that they way over-extended credit, and they now have to reduce the amount on their books. Add to that their cash crunch, and you wind up with shrinking CL's and exploding APR's and fees in general.

If someone never uses their card, and the bank is trying to reduce their extended credit, then that person is a logical target to lose most of their CL or even have the card closed. That person's credit is now available to be used elsewhere, or just to reduce that huge figure on their books.

In times of wheat shortages, we expect the cost of bread to go up, and possibly even to see shortages of bread on the shelves. Well, we're in a credit shortage, so we're seeing the same things.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 17 of 19
oracles
Valued Contributor

Re: Chase cancelled my Visa!

Message 18 of 19
smallfry
Senior Contributor

Re: Chase cancelled my Visa!

That is what I was told ny7007 but as Hauling said these banks are just making it up as they go along. For sure I am making sure to always PIF every month. There isn't much else you can do at this time.
Message Edited by smallfry on 01-23-2009 11:03 PM
Message 19 of 19
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