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Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: What was your 2009 Credit Card Shocker?


RJ72 wrote:
My biggest credit card shocker was when i repaid my auto loan fully and i my credit score dropped by 50 points. Since i had just 4 installments left in a 36 months plan and i could afford to pay the last 4 installments in total, i went ahead and paid the outstanding amount and to my surprise my credit score dropped. Did i make a mistake of clearing my loan?

I'm paying my auto loan off this month.  I'll be very unhappy if my FICO scores decrease.  Hopefully the student loan tradelines will keep the scores steady.  

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Moderator
Lel
Posts: 5,268
Registered: ‎03-18-2008

Re: What was your 2009 Credit Card Shocker?

Losing $19,999 of CL.  One card ($7500 CL) was canceled due to prolonged nonuse.

 

The most annoying CLD went like this:

 

1. Home Depot card has CL of $15,000

2. HD cuts CL to $5001.

3. I call HD and request a restoration of the CL, with a promise to use the card

4. Hard inquiry from HD (which caused a small drop in score)

5. CL goes back to $15,000

6. Card sits idle for 2 months

7. HD cuts CL to $2501. :smileytongue:

 

So when the dust settled, I had a lower score, a new inquiry, and a lower CL!

Moderator Emeritus
fused
Posts: 16,253
Registered: ‎03-12-2007

Re: What was your 2009 Credit Card Shocker?


Lel wrote:

Losing $19,999 of CL.  One card ($7500 CL) was canceled due to prolonged nonuse.

 

The most annoying CLD went like this:

 

1. Home Depot card has CL of $15,000

2. HD cuts CL to $5001.

3. I call HD and request a restoration of the CL, with a promise to use the card

4. Hard inquiry from HD (which caused a small drop in score)

5. CL goes back to $15,000

6. Card sits idle for 2 months

7. HD cuts CL to $2501. :smileytongue:

 

So when the dust settled, I had a lower score, a new inquiry, and a lower CL!


I bet you feel like kicking them to the curb, eh?:smileymad:

Credit Cards:
Amex BCP 25K ~ Amex Clear 25K ~ Amex Platinum NPSL ~ Chase Freedom Visa 19.3K ~ CITI Dividend World Mastercard 20.3K ~ FIA Fidelity Investments Platinum Plus Visa 40K ~ First Hawaiian Bank Gold Visa 10K
Senior Contributor
score_building
Posts: 3,513
Registered: ‎01-10-2008

Re: What was your 2009 Credit Card Shocker?


Lel wrote:

Losing $19,999 of CL.  One card ($7500 CL) was canceled due to prolonged nonuse.

 

The most annoying CLD went like this:

 

1. Home Depot card has CL of $15,000

2. HD cuts CL to $5001.

3. I call HD and request a restoration of the CL, with a promise to use the card

4. Hard inquiry from HD (which caused a small drop in score)

5. CL goes back to $15,000

6. Card sits idle for 2 months

7. HD cuts CL to $2501. :smileytongue:

 

So when the dust settled, I had a lower score, a new inquiry, and a lower CL!


 

So you got a CLD restoral with a promise to use the card and were shocked when they CLD you again when you failed to make purchase?

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Moderator
Moderator
Lel
Posts: 5,268
Registered: ‎03-18-2008

Re: What was your 2009 Credit Card Shocker?

I was shocked that they cut it again in 2 months (actually, it was more like 6 weeks).  It's water under the bridge.
New Member
pltc
Posts: 3
Registered: ‎01-07-2010

Re: What was your 2009 Credit Card Shocker?

You should have received a notice telling you, you can OPT OUT of this change but you must do so by a deadline. You must do it in writing, In doing so the existing interest rate should remain the same, but in doing so the account is automatically closed. If you plan on closing it anyway, I suggest you closely review your notice, if this is an option as it should be, write them a letter stating you do not accept their new terms KEEP A COPY, Send it CERTIFIED MAIL WITH A RETURN RECEIPT REQUEST. This will allow the remaining balance to be billed at the existing interest rate, rather than the new rate. They bank (no pun intended) on us not reading all the details, and sending the notices in such small print you need a magnifying glass to read them.

Good luck!

 

Regular Contributor
schlebrock
Posts: 152
Registered: ‎02-03-2009

Re: What was your 2009 Credit Card Shocker?

I was shocked to get declined for a Capital One credit card when both my EQ & TU FICO scores were above 800. That's what I get for not researching credit card offers before I apply!


Current Score: (04/12/11) TU 743, EQ 750
Take the FICO Fitness Challenge
Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008

Re: What was your 2009 Credit Card Shocker?


schlebrock wrote:

I was shocked to get declined for a Capital One credit card when both my EQ & TU FICO scores were above 800. That's what I get for not researching credit card offers before I apply!


Declined with 800-plus scores!?!?! What on earth was their stated reason for saying no?

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Regular Contributor
schlebrock
Posts: 152
Registered: ‎02-03-2009

Re: What was your 2009 Credit Card Shocker?


MattH wrote:

schlebrock wrote:

I was shocked to get declined for a Capital One credit card when both my EQ & TU FICO scores were above 800. That's what I get for not researching credit card offers before I apply!


Declined with 800-plus scores!?!?! What on earth was their stated reason for saying no?

 


 

Too many inquiries.

 

I had 3 in about a 45 day span when I applied for the card because I was also shopping for a mortgage. My scores were 820+ before those 3 inquiries. I could have fought the decision but didn't want to go through the hassle. Needless to say, I was surprised that I wasn't approved.

 

Guess that's why some people call them "Crapital One!"

 


Current Score: (04/12/11) TU 743, EQ 750
Take the FICO Fitness Challenge
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: What was your 2009 Credit Card Shocker?


schlebrock wrote:

MattH wrote:

schlebrock wrote:

I was shocked to get declined for a Capital One credit card when both my EQ & TU FICO scores were above 800. That's what I get for not researching credit card offers before I apply!


Declined with 800-plus scores!?!?! What on earth was their stated reason for saying no?

 


 

Too many inquiries.

 

I had 3 in about a 45 day span when I applied for the card because I was also shopping for a mortgageMy scores were 820+ before those 3 inquiries. I could have fought the decision but didn't want to go through the hassle. Needless to say, I was surprised that I wasn't approved.

 

Guess that's why some people call them "Crapital One!"

 


If I had three hard inquiries imposed on me I would be recon'ing the decision with vigor,


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