WOW!! DISCOVER is really at it: BF's ACCOUNT CLOSED !!!

[Imperfectfuture]

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@CreditCuriousity wrote:

Think someone else nailed it your firend was carrying 30k in debt out of 90k in credit..  That is alot of money even his 80kish salary.  80k isn't bad, but for 30k in CC debt it doesn't look to good either.  My guess is that is why account was closed.  I cringe carrying 2k in CC debt and I make into the 6 figures.. I have got myself in trouble before and will never happen again.. If I cant afford to pay it off each month, I simply don't charge or buy it.  With that said if an emergency happened such as an ER visit although I have insurance I would carry a balance at that time for an extended period of time and let whatever happens happens as my health is more important than a bit of AA.  Otherwise PIF each month as paying back a CC is ALOT tougher than charging beyond a persons means

Sorry it happened, but discover is just limiting their risk and you can't blame them really.   Thanks for the info none-the-less

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Well said CC.

[Imperfectfuture]

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@Anonymous wrote:

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@dragontears wrote:

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@CreditCuriousity wrote:

Think someone else nailed it your friend was carrying 30k in debt out of 90k in credit..  That is a lot of money even his 80kish salary.  80k isn't bad, but for 30k in CC debt it doesn't look to good either.  My guess is that is why account was closed.  I cringe carrying 2k in CC debt and I make into the 6 figures.. I have got myself in trouble before and will never happen again.. If I cant afford to pay it off each month, I simply don't charge or buy it.  With that said if an emergency happened such as an ER visit although I have insurance I would carry a balance at that time for an extended period of time and let whatever happens happens as my health is more important than a bit of AA.  Otherwise PIF each month as paying back a CC is ALOT tougher than charging beyond a persons means

Sorry it happened, but discover is just limiting their risk and you can't blame them really.   Thanks for the info none-the-less

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This

I have a similar income to the OP's freind and know how long it would take me to pay off 30k of CC debt. This kind of debt vs income means long term debt not having monthly expenses report because you are not playing the utilization game. While it may "only" be 30% util this illustrates the frequently stated phrase "it is your whole profile" that these decisions are made on

Best of luck to your friend OP

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Agree with both CC and dragontears.  

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Double agreement.  I carry balances only on 0% (and not on all of them).  I carry less than one months income, and I have much more than that in savings, so if push comes to shove, can pay it off quick.  30% of mine would be around 11k (yes, I am not baller), and I would rather be shot then charge that much.  I like to approach with plan.  Yes, an emergency may come up, but I do not want it to be a lifelong pay down.  

[Anonymous]

Card companies forcing you to choose a favorite maybe.

[Anonymous]

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@Appleman wrote:

Ok, besides me who else opend another tab just to 'check' their Discover credit line?

Intact! and I do not mind posts like this to remind me that the banks are always watching.

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I did, and I just put a $743 charge on it yesterday. By far the largest single purchase I've ever made on the card.

[Anonymous]

Edit....Today I learned you can accidentally post blank messages. Thanks for the kudos. Is there a way to delete this?

[DoroLucky]

Don't think so...I have done it and tried to delete but I could not find the delete button

[Anonymous]

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@Anonymous wrote:

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@lincar66 wrote:
Also 30% of 90k is $30,000 even with decent income. That is a very large amount of debt and if a lender sees a large ongoing debt and at the same time they see tons of new accounts and inq that is a huge red flag.

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Correct. Good assessment.

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Since it hasn't been pointed out:

Incorrect. 30% of 90k is 27k, not 30k.

Had to be "that guy."

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@lincar66 wrote:
Also 30% of 90k is $30,000 even with decent income. That is a very large amount of debt and if a lender sees a large ongoing debt and at the same time they see tons of new accounts and inq that is a huge red flag.

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Correct. Good assessment.

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Since it hasn't been pointed out:

Incorrect. 30% of 90k is 27k, not 30k.

Had to be "that guy."

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LOL... it's ok, I've always been a fan of "that guy" 

[jeffery581]

May have something to do with the economy as well. Hope this isnt a bad sign of things to come. 

Ive only had one AA on an nfl card from barclays. They sent me a letter saying it would not renew after the card expired. So I just beet them to it and closed the account. Now I am worried about my disco card. been carrying a balance since its 0% till Jan 17.

[Anonymous]

I tried to tell people about Discover! But they wouldn't listen! Now their account is closed!

They wouldn't believe it until we put it right in their face.