@darkfrosty wrote:
No I get that just scary. I'm a new member and got a cc .. The lady kept saying you should apply. Haven't used it yet. Been a member for just over 30 days
Don't be afraid
On the downside your score will drop a bit because of the maxed out utilization but considering it's on a 12 month BT, it will definitely improve after approximately the 8 month mark of payments for sure. The true upside is all the money you will save in interest/no transfer fees. If you look at it from that point of view, it's a win win for you despite the outcome of NFCU closing out the accounts.
I hope all the scoring models use this
If anyone has any insight please chime in
http://www.foxbusiness.com/personal-finance/2011/06/07/canceling-card-with-balance-doesnt-have-to-hu...
"When you close a credit card account, the impact on your credit score may not be felt right away, according to FICO. That's because the account's credit utilization ratio -- a comparison of its balance to credit limit -- will continue to be factored into the calculation of your FICO score as long as the card's balance remains. Once the balance reaches zero, FICO will no longer include that account's credit limit in the calculation of your total credit utilization."
EDIT: I have posted this in http://ficoforums.myfico.com/t5/Credit-Cards/Canceling-a-Card-With-a-Balance-Doesn-t-Have-to-Hurt/m-...
I believe they blocked all the people he sponsored not sure about his sponsor.
They locked everyone, including the original sponsor
I'm hoping when I finish paying off the CLOC and the Visa they will double think there lockout... im not holding my breath though
The VISA is reported as CLOSED on my CRA and my mom's visa is reported as open still ***Update both VISAs are reported as closed***
The CLOC is still OPEN...
Everyone still gets monthly mailed statements.... and the CLOC says Checking Line of Credit FROZEN no credit available
'
Just the utter LACK OF COMMUNICATION I can not believe
Damn. Definitely going to wait a few months before applying for credit of any kind.
They WILL NOT give me Paper Statements for my VISA Card...
they won't email them either
They said b/c of the 'alert' from security... they cant do anything...
and Ill have to go to the branch MONTHLY to get my statement...
this is BOGUS
I thought by law they HAD TO issue me a paper statement.
I don't have access to nfcu.com anymore
I shouldnt have to drive an hour every month to get my statement
I tried talking to a manager and its a no go
Also, emailed it in writing
they won't email them either
They said b/c of the 'alert' from security... they cant do anything...
and Ill have to go to the branch MONTHLY to get my statement...
this is BOGUS
I thought by law they HAD TO issue me a paper statement.
I don't have access to nfcu.com anymore
I shouldnt have to drive an hour every month to get my statement
I tried talking to a manager and its a no go
Also, emailed it in writing