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Checking my balance and payment today I see i have 1000.00 limit with no available credit. I immediately called and Hooters today decided to close my account due to too many tradelines opened in the last 6 months. What? I always make my payments on time, never over the limit, pay more than the minimum. Ugh! In the process of rebuliding credit, opened this card in sept 2010; I cant believe they did this. Crappy part about it is I still have a balance and cant pay it by next month so my util and usage will take a score hit. Watch your account, apparently they soft pull once a month on everyones account and if they see too many new accounts. and they dont specify how many, could be any number, they will close your account. Once closed you cannot have it re opened ever! you are black listed. What a joke.
How many new accounts have you opened in the last 6 months?
3. Two were secured cards and one was a gas card. But I closed one of my first premiers and opened a secured. My plan was/is to close both my FP cards so I opened two secured cards one from capital one and one from Bofa. So thats why I opened the accounts.
Actually if its a closed account it may not affect your util see http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190
Thanks but the balance is not Zero. Its about 800.00. So I think it might since it still carries a balance. I really don't need the card anway. I understand they can close it at will, but seriously, I showed them no risk on m payment history and kept it in good standing. I dont see me as a risk as I closed one account and opened 2 securd cards and a gas card with a 500.00 limit. Crazy but my limit on my gas card is half that of hooters. and its GEMB chevron so i have bettter luck getting a cli of 1000 and it not suddelnly closing on me. Also I recently got cli on my Cap 1 so whatever.....ugh...just a lil pissed
Your strategy seems sound, particularly your plans to close the FP cards. I've read that lenders considering extending credit really don't like seeing FP cards in someone's history because they know the reasons why people have to resort to using them. Hooters (Merrick Bank) has always been pretty lenient with challenged credit histories, so I'm kind of surprised they closed your account. Maybe look at it as a blessing in disguise and a push to get rid of FP once and for all. The secured cards are a great idea, and both Cap1 and Bof A should grow with you.
ok but if you have an 800 balance and $0 available it does not count towards util
- If a closed CC account is reporting a zero CL, even if there is a balance on the CC, the card will not be included in the calculations.
Yay!! okay thanks for your help. Makes me feel better about it closing.
I'm sorry to hear about your account, but I know It's been discussed many times about various account closures. In fact, it is mentioned as a warning in the Credit Building process NOT to apply for too many accounts in a short period of time -- no matter if it's secured or unsecured, but somehow, people have "APP SPREEs" in their mind -- not saying that you went on any Wild Sprees, but I know you've read those postings here also. Then later, a member is angry and upset that an account was suddenly closed by one of their lenders and they don't understand why -- it's because they just set off RISK flags.
I just think everyone needs to cool out on App Sprees, it doesn't do anything to help you. You can achieve much better results by staying on course over time, but I guess society and our members still have that "I WANT IT NOW" or "FAST MONEY" mentality. Just remember, sooner or later, it will come back around to bite you.