Credit Cards

[soliloquy]

I had this credit card for YEARS...it was the first major credit card I had with any decent available balance. It wasn't a prime card, it was one of those introductory cards you get with a crappy interest rate when you are 18 and I was always told not to close it because it was my oldest credit line.

The account actually was not opened with Merrick Bank. I can't remember who the original creditor is as I'm typing this but it was acquired by Merrick Bank about two years ago.

Anyway, I have never had any late payments (I'm in my 30's now). I have never even carried a balance. It pays one of my bills and then the account is set up to pay the statement balance automatically each month.

I have the following credit cards (Discover and Amex I got last year):

Citi (2)

Chase

Discover

Amex

Cap1

and Nationwide

1 mortgage

1 car note

Everything in good standing with low utilization of available credit (27%).

This past week, I get a letter from Merrick Bank saying they are closing my account because I have too many other credit lines now.

I was dumbfounded. I mean, I didn't really expect that. My balances on the accounts I have open now are low...very low. I never carry a balance except on one card that I did a balance transfer to.

I know it's about "risk" and not about my creditworthiness but I'm wondering just how many accounts I'm allowed to have before the creditors start to think I'm a risk. Should I be concerned that other creditors might follow suit?

[learnin113]

You dont need em

[pizzadude]

That's wierd that they would shut you down, especially considering that you have been using the card every month right ?

You definately will be ok without them, but I guess they decided that you didn't fit their customer demographic anymore.   Not paying interest and having low balances isn't their business model I gues....

[soliloquy]

Yes, statement balance paid in full EVERY month. Well...maybe that was the problem. They weren't making any money off of me anymore. lol

[john398]

did you make sure they know your current income level? maybe it increased over the years but they have your old income  and your open limits are now too high based on that old income

[pizzadude]

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soliloquy wrote:

Yes, statement balance paid in full EVERY month. Well...maybe that was the problem. They weren't making any money off of me anymore. lol

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Seriously, I think that was it !   In CC Banking lingo you are a "deadbeat" because you don't ever pay interest.

[Uborrow-Upay]

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soliloquy wrote:  Should I be concerned that other creditors might follow suit?

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No.

[LilloEsquilo]

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pizzadude wrote:

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soliloquy wrote:

Yes, statement balance paid in full EVERY month. Well...maybe that was the problem. They weren't making any money off of me anymore. lol

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Seriously, I think that was it !   In CC Banking lingo you are a "deadbeat" because you don't ever pay interest.

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I'm another of those sort of "deadbeats". So far they haven't closed me down for it. I guess if they do, they do.

[namvet]

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Uborrow-Upay wrote:

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soliloquy wrote:  Should I be concerned that other creditors might follow suit?

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No.

+!

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