No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I would imagine that they will zero out your available credit on the account, but keep your credit limit at the original amount so as not to adversely affect your utilization. Then when they balance is paid off, it would show as closed...
Now, if they reduce the credit limit, and balance chase you all the way to the finish, THAT would be a problem
Found this from another thread. not sure if they close your accounts or just switch the portfolio to synchrony ? But you mentioned that you spoke to CSR and she told you that your account will be closed. interesting. sometimes dont they switch banks with people still retaining their cards ?
http://finance.yahoo.com/news/synchrony-financial-mattress-firm-partner-120000241.html
This is the exact verbiage from my most recent statement.
@nitrov wrote:
Ok, thanks everyone! Hopefully it doesn't hurt me. Can't believe those people!
What is hard to believe? Financial partnerships come to an end from time to time (e.g Amex Costco/JB, merger or AA and US Air impacting respective credit card programs). And this seems to be as painless as possible, keep paying under the old terms, just no more available credit. Not clear what else could be done!
@nitrov wrote:
I thought they always say you NEVER want to let an account close with a balance on it? As long as it won't hurt my credit I don't care one bit. I can't believe they're closing the accounts. I've never had this happen before. I know it's not just me and it's not adverse action in any way but it's still just unbelievable that they'd do that!
With everything that has been happening in the credit world, I'm not surprised. Walmart Discover credit card switched to Walmart MC, Sallie Mae MC is no longer accepting applications, Costco decided to end their association with Amex and partner with Citi, Comenity has been AA'ing folks left and right, and now Wells Fargo and Mattress Firm are parting ways.
I focus on situations I can control: How I use my credit. Outside of that, I just roll with the punches. Best of luck!
Well I logged into Wells Fargo online and it was a surprise to me that the account was closed.
I didn't intend to purchase anything new from Mattress Firm so it's not a big deal
What IS a big deal is my Debt to Credit Ratio just took a big hit as my credit score dropped 30+ points from this account being closed.
I called Mattress Firm to ask if they planned on moving the accounts to the new credit company and they said nope!
So I get a 30+ point hit to my credit for something compleetly out of my control. Something isn't right here
Yeah had a Balance on it as we just bought a bed from there like 3 months ago.
So the balance is also high. Wish it could be as simple as just paying it off.
I got the info from Experian. It shows that I lost the credit line but not the debt...Thus Debt to Credit Raito bang!
I can't believe this is even allowed
-Vaio