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Established Contributor
Posts: 501
Registered: ‎03-06-2007
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Re: Hooters Change in Terms


Romeoo47 wrote:
I have officially closed my Hooters M/C.  I have called them several times over the past week and each CSR has indicated that they cannot waive the AF that is being imposed on my account starting 12/13.  So today I closed the card.  I guess I wasn't making them enough money. 

Great job!!

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Established Contributor
Posts: 619
Registered: ‎06-18-2007
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Re: Hooters Change in Terms

I seriously considered closing them, but since i need the utilization, I rustled up the money (partly through BT to another card) to pay off the balance instead.  I'll keep the card open and use it for interest-free short loans, instead (PIF.)

 

I will never give Merrick bank another penny in interest again.  Merrick regular and Merrick Hooters have gotten enough from me.  Now it's time for them to NOT make money off me.  :smileyhappy:  Their party is over!

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Hooters Change in Terms


ChesterPDexter wrote:

I seriously considered closing them, but since i need the utilization, I rustled up the money (partly through BT to another card) to pay off the balance instead.  I'll keep the card open and use it for interest-free short loans, instead (PIF.)

 

I will never give Merrick bank another penny in interest again.  Merrick regular and Merrick Hooters have gotten enough from me.  Now it's time for them to NOT make money off me.  :smileyhappy:  Their party is over!


 

Great plan!
Established Contributor
Posts: 619
Registered: ‎06-18-2007
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Re: Hooters Change in Terms

One great plan deserves another great plan!

 

My husband, who had a $1,300-limit card with them (charged near the max, on purpose, with points recently redeemed for cash back, as we planned to opt out) just called them and told them he is not accepting their change in terms, in exchange for the loss of the credit line.

 

Does anyone think it takes them a while to update transactions on the site?  Well, when it comes to taking away charging power, they sure don't take long.  We just logged in and the credit line is now zero, sure enough.

 

:smileyhappy:   Worth it, in his case (he weighed his options carefully and thought on it for a few weeks) to end that party for Merrick Bank, also.  They'll get a few more party favors out of him till the balance is paid, but not what they were hoping for (25.7% interest on purchases, in his case.)

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Hooters Change in Terms

Are they showing a CL of zero or and available credit of zero? It makes a difference. If the account reports a balance and they report a CL of zero the account will be reporting beyond max'ed out and you (he) will sustain major FICO damage.
Established Contributor
Posts: 619
Registered: ‎06-18-2007
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Re: Hooters Change in Terms

Well, we assumed he would sustain damage to his utilization ratio, and he decided to go ahead and do that rather than make the deal being proposed to him by the devil.

 

One of the reasons I didn't want to do the same thing is because my credit line is larger:  $3,200.00 so that would really be some damage to me.

 

But back to his card:  We wouldn't know how it appears on his credit report yet since that only gets reported once per month and he only made this call today.  But on the actual card website, it says:

 

Current Balance:  $1,270.62

Available credit:  $0.00

Cash Limit:  $1,300.00

Current Available for Cash:  $0.00

Total Credit Limit:  $1,300. 00

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Hooters Change in Terms


ChesterPDexter wrote:

Well, we assumed he would sustain damage to his utilization ratio, and he decided to go ahead and do that rather than make the deal being proposed to him by the devil.

 

One of the reasons I didn't want to do the same thing is because my credit line is larger:  $3,200.00 so that would really be some damage to me.

 

But back to his cardWe wouldn't know how it appears on his credit report yet since that only gets reported once per month and he only made this call todayBut on the actual card website, it says:

 

Current Balance:  $1,270.62

Available credit:  $0.00

Cash Limit:  $1,300.00

Current Available for Cash:  $0.00

Total Credit Limit:  $1,300. 00


It's not definitive, but at least it does not say the CL is zero.

Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
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Re: Hooters Change in Terms

They are going to charge me 48.00  a/f payable so much a month so I will always have a payment due.  They are one of my oldest cards and cli is small.  I don't want to close but see no alternative.  Also have interest rate of 30.7 %.  Are they kidding.  How could I use this card?
Valued Contributor
Posts: 2,681
Registered: ‎07-29-2009
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Re: Hooters Change in Terms


casinoannie97 wrote:
They are going to charge me 48.00  a/f payable so much a month so I will always have a payment due.  They are one of my oldest cards and cli is small.  I don't want to close but see no alternative.  Also have interest rate of 30.7 %.  Are they kidding.  How could I use this card?

Hi casinoannie...

 

Do you have other cards? If you do, and if not having this credit limit won't hurt your utilization percentage much...then....remember that even if you close the card, the age of it will stay as one of your oldest cards, and it will still calculate into your average age of accounts. This history can (and usually does) stay on your credit reports for 10 years after you close it.

 

Unless you really, really need it, you may not want to hold onto this card just for the history. That's part of what these credit card companies figure that we will all do....but we don't have to.

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Hooters Change in Terms


casinoannie97 wrote:
They are going to charge me 48.00  a/f payable so much a month so I will always have a payment dueThey are one of my oldest cards and cli is smallI don't want to close but see no alternativeAlso have interest rate of 30.7 %.  Are they kiddingHow could I use this card?

 

I am usually anti card closing, but this card is aching to be eliminated. High APR plus a high AF is just too muchIf necessary obtain a replacement first then close away. Don't worry about the history. The card may or may not remain on all your CBR's for the full ten years. It most likely will on EX, probably will on TU and might not on EQ. You can't really worry about that. Time to move on!

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