topic Re: Using a card after CLD/AA? in Credit Cards

Using a card after CLD/AA?

racer-x — Wed, 28 Jan 2015 14:10:07 GMT

I"ve a question about using cards after you've been given substantial CLD's.

To recap in the past 30 days:

Discover - 65% CLD to $4700

Chase CSP - 70% CLD to $4800

Chase Slate - 60% CLD to $1500

Chase Freedom - 60% CLD to $2200

- these accts have been PIF, $0 balance

and of course the good people at US Bank PLOC- 45% CLD, but crushed me with a 97.1% utilization, currently at 85% - just waiting to see if they balance chase me or not.

Overall utilization 18% btw. 1 paid small collection 4 yrs ago (not my fault, sorta). Squeaky clean everywhere else.

Question is, would you use the CLD'd cards and PIF like I did 95% of the 12-24 months that I've had the cards, in order to regain their trust, or stay pis sed and SD them?

I'm sure they're watching me closely.

Keep in mind i am a Scorpio - the strongest, meanest, grudge holding, stubbornest, most determined of all the Zodiac.

Re: Using a card after CLD/AA?

Anonymous — Wed, 28 Jan 2015 14:14:18 GMT

@racer-x wrote:
I"ve a question about using cards after you've been given substantial CLD's.

To recap in the past 30 days:

Discover - 65% CLD to $4700
Chase CSP - 70% CLD to $4800
Chase Slate - 60% CLD to $1500
Chase Freedom - 60% CLD to $2200
- these accts have been PIF, $0 balance

and of course the good people at US Bank PLOC- 45% CLD, but crushed me with a 97.1% utilization, currently at 85% - just waiting to see if they balance chase me or not.

Overall utilization 18% btw. 1 paid small collection 4 yrs ago (not my fault, sorta). Squeaky clean everywhere else.

Question is, would you use the CLD'd cards and PIF like I did 95% of the 12-24 months that I've had the cards, in order to regain their trust, or stay pis sed and SD them?
I'm sure they're watching me closely.

Keep in mind i am a Scorpio - the strongest, meanest, grudge holding, stubbornest, most determined of all the Zodiac.

Is there any particular reason all of these lenders took action against you? I would look into that first.

Re: Using a card after CLD/AA?

chalupaman — Wed, 28 Jan 2015 14:24:16 GMT

@racer-x wrote:
I"ve a question about using cards after you've been given substantial CLD's.

To recap in the past 30 days:

Discover - 65% CLD to $4700
Chase CSP - 70% CLD to $4800
Chase Slate - 60% CLD to $1500
Chase Freedom - 60% CLD to $2200
- these accts have been PIF, $0 balance

and of course the good people at US Bank PLOC- 45% CLD, but crushed me with a 97.1% utilization, currently at 85% - just waiting to see if they balance chase me or not.

Overall utilization 18% btw. 1 paid small collection 4 yrs ago (not my fault, sorta). Squeaky clean everywhere else.

Question is, would you use the CLD'd cards and PIF like I did 95% of the 12-24 months that I've had the cards, in order to regain their trust, or stay pis sed and SD them?
I'm sure they're watching me closely.

Keep in mind i am a Scorpio - the strongest, meanest, grudge holding, stubbornest, most determined of all the Zodiac.

Wow! That's a whole lot of AA there. I'm amazed that none of those were just outright closed. I don't understand why they would do this to you but it'd be helpful to know more.

Re: Using a card after CLD/AA?

racer-x — Wed, 28 Jan 2015 14:31:20 GMT

Pay attention fellas....ain't got time to explain again. lol

http://ficoforums.myfico.com/t5/Credit-Cards/Credit-Limit-Decrease-close-accounts/td-p/3740412

http://ficoforums.myfico.com/t5/Credit-Cards/CLD-again-US-Bank/td-p/3758289

In a nutshell, I carried balances on 4 accts for 3 months at the end of last year. Period. I always PIF, but my payment/charge history wasn't normal or consistent apparently for those 3 months. US Bank whacked me because the CRA's aren't catching completely up with the PIF accts. I've dropped $16 k in debt payment in 2 wks and prepared to do more.

Daughters lst year at college and unexpected extra tuition/expenses, dad diagnosed with terminal brain cancer, sister had double mastectomy (breast cancer)...bam bam bam.... I had to take a medical leave from work to tend to them. He's in nursing home now, sister doing fine. Things are smoothing out. Go back to work in a week. My emergency fund wasn't enough.

The end.

Just curios what people do after a CLD/AA and how it panned out afterwards...did people get CLI's over time, SD'd for life, closed accounts, etc....

Re: Using a card after CLD/AA?

Anonymous — Wed, 28 Jan 2015 14:30:27 GMT

@racer-x wrote:
Pay attention fellas....ain't got time to explain again. lol

http://ficoforums.myfico.com/t5/Credit-Cards/Credit-Limit-Decrease-close-accounts/td-p/3740412

http://ficoforums.myfico.com/t5/Credit-Cards/CLD-again-US-Bank/td-p/3758289

Right, because everyone knows who posted every thread and remembers everything!

I am frequently amused by posts that start "As most of you know, 4 weeks ago I applied for the Chase Freedom...." I often find that strangely I have forgotten that momentous event

However, in this case, at least OPs story stands out.

Re: Using a card after CLD/AA?

takeshi74 — Wed, 28 Jan 2015 14:41:49 GMT

@racer-x wrote:
Question is, would you use the CLD'd cards and PIF like I did 95% of the 12-24 months that I've had the cards, in order to regain their trust, or stay pis sed and SD them?

Doesn't matter what others would do. You need to decide for yourself but not based soley on emotion. FWIW, I still have the 2 cards that were CLD'd years ago and now they have limits much higher than they ever were.

@Anonymous wrote:
Right, because everyone knows who posted every thread and remembers everything!

This. It should be understandable that people want to know the history in making their recommendations. If you don't have time to explain, why do you assume that we have time to help you? There are many many users on these forums and even though the linked thread got a lot of attention you can never assume that everyone knows your history. The universe doesn't revolve around any individual no matter how that person's perspective may make it seem.

Honestly, the thread was tl;dr for me. The situation seems unfortunate but creditors have to make assessments based on the same risk evaluations that are used for everyone. Taking it personally and holding a grudge may make you overlook things. If you need some clarity to help you in your decision making then give it some time, cool off and then list out the rational pros and cons and then decide.

I was certainly upset when I was CLD'd but closing wasn't going to improve my situation. YMMV.

Re: Using a card after CLD/AA?

TravellingNomad — Wed, 28 Jan 2015 14:36:51 GMT

If you PIF the balances, they may leave you a low limit or close out the accounts altogether (since they are balance chasing you). If they don't close, as you said, use the cards again and PIF to show that you've got your finances in order. And hopefully in the future you can get the limits back up. Sorry to hear about your situation.

Re: Using a card after CLD/AA?

racer-x — Wed, 28 Jan 2015 14:38:26 GMT

takeshi- I get that. But like you stated in your circumstance, I'm curious to know want happened with the accts after people were CLD/AA.

Re: Using a card after CLD/AA?

racer-x — Wed, 28 Jan 2015 14:39:37 GMT

travelling - the limits are 75% lower than pre-CLD. Guess there is always lower...

Re: Using a card after CLD/AA?

racer-x — Wed, 28 Jan 2015 14:43:49 GMT

takeshi - Are my emoticon smilies not working for you? You know things like smilies, just kidding, lol....are all meant to be light in point.

From now on, it's all business. Let me get my suit and tie on. I'll be back.

Re: Using a card after CLD/AA?

NRB525 — Wed, 28 Jan 2015 15:08:28 GMT

@racer-x wrote:
I"ve a question about using cards after you've been given substantial CLD's.

To recap in the past 30 days:

Discover - 65% CLD to $4700
Chase CSP - 70% CLD to $4800
Chase Slate - 60% CLD to $1500
Chase Freedom - 60% CLD to $2200
- these accts have been PIF, $0 balance

and of course the good people at US Bank PLOC- 45% CLD, but crushed me with a 97.1% utilization, currently at 85% - just waiting to see if they balance chase me or not.

Overall utilization 18% btw. 1 paid small collection 4 yrs ago (not my fault, sorta). Squeaky clean everywhere else.

Question is, would you use the CLD'd cards and PIF like I did 95% of the 12-24 months that I've had the cards, in order to regain their trust, or stay pis sed and SD them?
I'm sure they're watching me closely.

Keep in mind i am a Scorpio - the strongest, meanest, grudge holding, stubbornest, most determined of all the Zodiac.

Sorry to hear about all the issues, RX. I had a number of large limit cards heading into the 2008-2009 credit crisis and associated change in CCC policies. All my cards, except CapOne, ended up getting CLD and balance chased as I paid down the high balances. Perfectly normal reaction on the banks part.

In one case, with BofA, while I was still paying balances down, I ran a few small charges through one of the two cards. They sent another pair of CLD letters a few weeks later, so if there are balances on the account, and there is AA/CLD in the recent past, my take is, they want to see the balance lower still.

BofA now sends me regular 0% APR BT offers, and I'm taking BT, paying those, making small new charges at the same time, and we are great friends again.

I would say that since you paid the cards to zero, you are OK with working them back into your spend rotation. You don't want to right away try to go 50% of current limit, but you can start showing new charge and PIF payment cycles to calm them down. This is a mandatory step on your part, kind of like getting back on a horse that bucked you off. If you did not start reusing the cards, it would be pointless to have the card, right? If you charge $10 at a restaurant on a card that was zero prior to the $10, and immediately get a CLD, you know where you stand with that lender, but I tend to think that won't happen.

Good luck!

Re: Using a card after CLD/AA?

Anonymous — Wed, 28 Jan 2015 15:12:22 GMT

I would just carry on business as usual and try not to max out any of the cards and show steady payment history. Nothing in the credit game or about the credit game is personal. They dont honestly care about whatever situation card members are in unfortunately , they are worried about themselves and the risk your CBR may or may not pose to them. I know Scorpios take EVERYTHING personal but really its not. Just recover to the best of your ability financially and move on. Good luck!

Re: Using a card after CLD/AA?

racer-x — Wed, 28 Jan 2015 15:18:54 GMT

Thank you. And the last 2 posts make great sense. Dave Ramsey is on my desk...I plan to be credit card debt free by 2016, so no increase in balances for me.

I'll start selling my motorcycles and vehicles or dip into my 401k before I run up my cards again. Lesson learned. That's how I paid alot of this debt down....sold a boat. Should've done that to begin with, but it's tough to sell a boat in the winter.

ghgirl - You must have a Scorpio in the house. It's incredible how everything about that sign, fits me to a T. Kinda spooky.

Re: Using a card after CLD/AA?

Bigdave10000 — Wed, 28 Jan 2015 15:27:16 GMT

Ever heard the old saying about banks? "They give you an umbrella when it is sunny and take it away when it starts to rain."

Re: Using a card after CLD/AA?

Anonymous — Wed, 28 Jan 2015 15:43:40 GMT

@racer-x wrote:
You must have a Scorpio in the house. It's incredible how everything about that sign, fits me to a T. Kinda spooky.

Wow, astrology. I'm not a believer because us Aries are naturally skepitcal.

But anyway: looking at http://www.keen.com/articles/astrology/money-profiles-of-the-zodiac-signs. For Cancer:

The sign of the Crab is all about establishing financial security and providing for yourself and your family. You are willing to work hard, even at a job you don’t especially enjoy, in order to make a solid, reliable income. Yours is one of the most adept signs of the Zodiac when it comes to building up a nest egg (etc)

So, I plan to phone up my lenders and tell them I need CLIs, and don't worry, I am a Cancer.

Let's see!

Re: Using a card after CLD/AA?

Anonymous — Wed, 28 Jan 2015 16:03:08 GMT

@Anonymous wrote:
@racer-x wrote:
You must have a Scorpio in the house. It's incredible how everything about that sign, fits me to a T. Kinda spooky.
Wow, astrology. I'm not a believer because us Aries are naturally skepitcal.

But anyway: looking at http://www.keen.com/articles/astrology/money-profiles-of-the-zodiac-signs. For Cancer:

The sign of the Crab is all about establishing financial security and providing for yourself and your family. You are willing to work hard, even at a job you don’t especially enjoy, in order to make a solid, reliable income. Yours is one of the most adept signs of the Zodiac when it comes to building up a nest egg (etc)

So, I plan to phone up my lenders and tell them I need CLIs, and don't worry, I am a Cancer.

Let's see!

Or, have a partner that can fill that astrological gap