topic Re: Duckcard closed and reported what happens now? in Credit Cards

Duckcard closed and reported what happens now?

Legions36 — Mon, 13 Jul 2015 21:13:42 GMT

I got that letter like everyone else, they even closed my girlfriends card and she has a low balance on it. It shows on myfico as closed by creditor and it was closed with a balance. This has never happened to me before so can someone walk me through what happens now? How bad does it look? How bad does it look with a balance? They said in the letter i will still be able to make monthly payments but I just don't like how they are doing this and I really don't believe there word.

Re: Duckcard closed and reported what happens now?

Legions36 — Mon, 13 Jul 2015 21:16:19 GMT

Also pretty hilarious this all happens right before im ready to go on a spree in the next month or so. Good looking out can tell how much I appreciate the gesture!!!

Re: Duckcard closed and reported what happens now?

B335is — Mon, 13 Jul 2015 21:29:34 GMT

They closed mine last year during the first purge. I had a $2k balance on $15k limit. I got the same letter and I was originally planning to pay off the balance over time, but ended up PIF after two months. The consensus is that it shouldn't affect your score even if it's reporting closed by lender, but I didn't want it to report that way regardless mostly because of my paranoia.

Re: Duckcard closed and reported what happens now?

FinStar — Mon, 13 Jul 2015 21:41:48 GMT

I closed mine right before folks started getting these infamous letters. I haven't received any letter so I hope I caught it in time. Just waiting on all CRs to update with the account closed per my request remark. Knowing that OCCU can be sneaky, best to keep an eye open on things. It was good while it lasted, oh well. Farewell Beaver CC!

Re: Duckcard closed and reported what happens now?

Legions36 — Mon, 13 Jul 2015 22:15:09 GMT

Yeah cought me way by surprise. Was not expecting this at all but as long as you guys say its ok even with a balance on my credit closed, i will still pay it normally but if i need to pif I would have to just pay it. Pretty low class and grimmy of them to do this to good customers, im sure this will be there downfall and noone will want to use them anymore. Hey they gave me 0% interest for a year so i can't complain.

Re: Duckcard closed and reported what happens now?

myjourney — Mon, 13 Jul 2015 22:27:22 GMT

@Legions36 wrote:
I got that letter like everyone else, they even closed my girlfriends card and she has a low balance on it. It shows on myfico as closed by creditor and it was closed with a balance. This has never happened to me before so can someone walk me through what happens now? How bad does it look? How bad does it look with a balance? They said in the letter i will still be able to make monthly payments but I just don't like how they are doing this and I really don't believe there word.

Pay it off as soon as you can.

A balance reported on a closed account will result in a scoring ding...so the sooner the better

When paid scores will rebound

Sorry about the card closure

Re: Duckcard closed and reported what happens now?

CreditMagic7 — Mon, 13 Jul 2015 22:50:07 GMT

@FinStar wrote:
I closed mine right before folks started getting these infamous letters. I haven't received any letter so I hope I caught it in time. Just waiting on all CRs to update with the account closed per my request remark. Knowing that OCCU can be sneaky, best to keep an eye open on things. It was good while it lasted, oh well. Farewell Beaver CC!

I wouldn't be too sure on that one FinStar but by all means update us when you do find it on your reports.

I also closed mine in advance of this final purge but they still reported it on my CRA reports as Closed By Creditor. I could probably fight it legally if i really needed or wanted to because the letter is WAY PAST DATED of what the CRAs display reporting closed on the exact date that i placed my request.

They are so lame.

Re: Duckcard closed and reported what happens now?

FinStar — Tue, 14 Jul 2015 02:51:22 GMT

@CreditMagic7 wrote:
@FinStar wrote:
I closed mine right before folks started getting these infamous letters. I haven't received any letter so I hope I caught it in time. Just waiting on all CRs to update with the account closed per my request remark. Knowing that OCCU can be sneaky, best to keep an eye open on things. It was good while it lasted, oh well. Farewell Beaver CC!
I wouldn't be too sure on that one FinStar but by all means update us when you do find it on your reports.
I also closed mine in advance of this final purge but they still reported it on my CRA reports as Closed By Creditor. I could probably fight it legally if i really needed or wanted to because the letter is WAY PAST DATED of what the CRAs display reporting closed on the exact date that i placed my request.

They are so lame.

I'll definitely update once I see the updated CRs and confirm - may take some time though. Well, that's unfortunate yours didn't reflect the closure notation as requested or expected.

Re: Duckcard closed and reported what happens now?

CreditCuriosity — Tue, 14 Jul 2015 03:01:49 GMT

@CreditMagic7 wrote:
@FinStar wrote:
I closed mine right before folks started getting these infamous letters. I haven't received any letter so I hope I caught it in time. Just waiting on all CRs to update with the account closed per my request remark. Knowing that OCCU can be sneaky, best to keep an eye open on things. It was good while it lasted, oh well. Farewell Beaver CC!
I wouldn't be too sure on that one FinStar but by all means update us when you do find it on your reports.
I also closed mine in advance of this final purge but they still reported it on my CRA reports as Closed By Creditor. I could probably fight it legally if i really needed or wanted to because the letter is WAY PAST DATED of what the CRAs display reporting closed on the exact date that i placed my request.

They are so lame.

One would think that is disputeable? Although in theory it shouldnt impact you, just annoying is all and possible manual review an UW might read it.

Re: Duckcard closed and reported what happens now?

FinStar — Tue, 14 Jul 2015 05:02:31 GMT

@CreditCuriousity wrote:
@CreditMagic7 wrote:
@FinStar wrote:
I closed mine right before folks started getting these infamous letters. I haven't received any letter so I hope I caught it in time. Just waiting on all CRs to update with the account closed per my request remark. Knowing that OCCU can be sneaky, best to keep an eye open on things. It was good while it lasted, oh well. Farewell Beaver CC!
I wouldn't be too sure on that one FinStar but by all means update us when you do find it on your reports.
I also closed mine in advance of this final purge but they still reported it on my CRA reports as Closed By Creditor. I could probably fight it legally if i really needed or wanted to because the letter is WAY PAST DATED of what the CRAs display reporting closed on the exact date that i placed my request.

They are so lame.
One would think that is disputeable? Although in theory it shouldnt impact you, just annoying is all and possible manual review an UW might read it.

I can see it from a principle standpoint, but in the grand scheme of things, it doesn't really matter per se (at least not for me, maybe for others).

Now, under manual review, if several accounts displayed the same exact remark within a short time frame (with or without balances), it's fairly certain that can raise some flags. Yet, for the OCCU account that was closed by them, I would highly doubt this would even raise an issue if everything else is in check. Lots of lenders can place that same remark when accounts go inactive or get closed for non-usage and by the same token when they're transferred to another lender or the lender has ceased operations.

Re: Duckcard closed and reported what happens now?

Burned2manybridgesB4 — Tue, 14 Jul 2015 14:25:10 GMT

That's so damn weird, their coming back for second round slashing. I'm wondering if they're working alphabetically? I'm still using my beaver on a weekly basis, around $100, give or take. Never been shut down, or denied a transaction. Coming up on two year mark in roughly a month.

*edit: I fit zero conditions.

Re: Duckcard closed and reported what happens now?

FinStar — Tue, 14 Jul 2015 14:32:38 GMT

@Burned2manybridgesB4 wrote:
That's so damn weird, their coming back for second round slashing. I'm wondering if they're working alphabetically? I'm still using my beaver on a weekly basis, around $100, give or take. Never been shut down, or denied a transaction. Coming up on two year mark in roughly a month.

*edit: I fit zero conditions.

I doubt these 2nd round of closures are being done "alphabetically". I didn't get a notice either but I chose to close mine a few weeks ago after I PIF. Other members have not been closed ...yet. My guess is that if you do not fit their specific lending criteria (as I'm sure this is not the last of the closures), don't be suprised if yours gets the ax.

Re: Duckcard closed and reported what happens now?

Burned2manybridgesB4 — Tue, 14 Jul 2015 14:39:49 GMT

@FinStar wrote:
@Burned2manybridgesB4 wrote:
That's so damn weird, their coming back for second round slashing. I'm wondering if they're working alphabetically? I'm still using my beaver on a weekly basis, around $100, give or take. Never been shut down, or denied a transaction. Coming up on two year mark in roughly a month.

*edit: I fit zero conditions.
I doubt these 2nd round of closures are being done "alphabetically". I didn't get a notice either but I chose to close mine a few weeks ago after I PIF. Other members have not been closed ...yet. My guess is that if you do not fit their specific lending criteria (as I'm sure this is not the last of the closures), don't be suprised if yours gets the ax.

My app was done roughly three months before the madness began to spread initially. I'll be curious to see if it does happen. I don't expect it to though, as I'm not an outrageous TL limit, with zero utilization.

Re: Duckcard closed and reported what happens now?

FinStar — Tue, 14 Jul 2015 15:23:11 GMT

@Burned2manybridgesB4 wrote:
@FinStar wrote:
@Burned2manybridgesB4 wrote:
That's so damn weird, their coming back for second round slashing. I'm wondering if they're working alphabetically? I'm still using my beaver on a weekly basis, around $100, give or take. Never been shut down, or denied a transaction. Coming up on two year mark in roughly a month.

*edit: I fit zero conditions.
I doubt these 2nd round of closures are being done "alphabetically". I didn't get a notice either but I chose to close mine a few weeks ago after I PIF. Other members have not been closed ...yet. My guess is that if you do not fit their specific lending criteria (as I'm sure this is not the last of the closures), don't be suprised if yours gets the ax.
My app was done roughly three months before the madness began to spread initially. I'll be curious to see if it does happen. I don't expect it to though, as I'm not an outrageous TL limit, with zero utilization.

Just FYI - it has nothing to do with your zero utilization or the size of your CL/tradeline. All things considered, OCCU is simply re-evaluating their lending footprint in phases (unless you reside in Oregon and have a banking relationship that would likely leave you unscathed). IIRC, folks who posted their letter simply stated the following reason(s):

"As our program expands we continue to assess and refine the risk management of our product lines. The assessments include periodic reviews of all cardholder accounts. Unfortunately, a recent account review revealed that your account ending in XXXX no longer fits within our risk parameters and has been closed. Risk parameters include factors such as the channel or manner in which the account was opened, the existence of other account relationships with us, and/or other product management considerations..."

Unfortunately, it's only a matter of time before others who fit the above similar criteria get shut down too, nothing you can do to prevent it though.

Re: Duckcard closed and reported what happens now?

Burned2manybridgesB4 — Tue, 14 Jul 2015 15:26:41 GMT

@FinStar wrote:
@Burned2manybridgesB4 wrote:
@FinStar wrote:
@Burned2manybridgesB4 wrote:
That's so damn weird, their coming back for second round slashing. I'm wondering if they're working alphabetically? I'm still using my beaver on a weekly basis, around $100, give or take. Never been shut down, or denied a transaction. Coming up on two year mark in roughly a month.

*edit: I fit zero conditions.
I doubt these 2nd round of closures are being done "alphabetically". I didn't get a notice either but I chose to close mine a few weeks ago after I PIF. Other members have not been closed ...yet. My guess is that if you do not fit their specific lending criteria (as I'm sure this is not the last of the closures), don't be suprised if yours gets the ax.
My app was done roughly three months before the madness began to spread initially. I'll be curious to see if it does happen. I don't expect it to though, as I'm not an outrageous TL limit, with zero utilization.
Just FYI - it has nothing to do with your zero utilization or the size of your CL/tradeline. All things considered, OCCU is simply re-evaluating their lending footprint in phases (unless you reside in Oregon and have a banking relationship that would likely leave you unscathed). IIRC, folks who posted their letter simply stated the following reason(s):

"As our program expands we continue to assess and refine the risk management of our product lines. The assessments include periodic reviews of all cardholder accounts. Unfortunately, a recent account review revealed that your account ending in XXXX no longer fits within our risk parameters and has been closed. Risk parameters include factors such as the channel or manner in which the account was opened, the existence of other account relationships with us, and/or other product management considerations..."

Unfortunately, it's only a matter of time before others who fit the above similar criteria get shut down too, nothing you can do to prevent it though.

Yeah, it kinda does.... risk, and exposure are typical. Beyond that, who knows what they're really thinking. Can't guess the direction of the blowing wind every time.

If I get closed, I'll harp about it, like everyone else.

Re: Duckcard closed and reported what happens now?

FinStar — Tue, 14 Jul 2015 15:30:52 GMT

@Burned2manybridgesB4 wrote:
@FinStar wrote:
@Burned2manybridgesB4 wrote:
@FinStar wrote:
@Burned2manybridgesB4 wrote:
That's so damn weird, their coming back for second round slashing. I'm wondering if they're working alphabetically? I'm still using my beaver on a weekly basis, around $100, give or take. Never been shut down, or denied a transaction. Coming up on two year mark in roughly a month.

*edit: I fit zero conditions.
I doubt these 2nd round of closures are being done "alphabetically". I didn't get a notice either but I chose to close mine a few weeks ago after I PIF. Other members have not been closed ...yet. My guess is that if you do not fit their specific lending criteria (as I'm sure this is not the last of the closures), don't be suprised if yours gets the ax.
My app was done roughly three months before the madness began to spread initially. I'll be curious to see if it does happen. I don't expect it to though, as I'm not an outrageous TL limit, with zero utilization.
Just FYI - it has nothing to do with your zero utilization or the size of your CL/tradeline. All things considered, OCCU is simply re-evaluating their lending footprint in phases (unless you reside in Oregon and have a banking relationship that would likely leave you unscathed). IIRC, folks who posted their letter simply stated the following reason(s):

"As our program expands we continue to assess and refine the risk management of our product lines. The assessments include periodic reviews of all cardholder accounts. Unfortunately, a recent account review revealed that your account ending in XXXX no longer fits within our risk parameters and has been closed. Risk parameters include factors such as the channel or manner in which the account was opened, the existence of other account relationships with us, and/or other product management considerations..."

Unfortunately, it's only a matter of time before others who fit the above similar criteria get shut down too, nothing you can do to prevent it though.
Yeah, it kinda does.... risk, and exposure are typical. Beyond that, who knows what they're really thinking. Can't guess the direction of the blowing wind every time.
If I get closed, I'll harp about it, like everyone else.

Every lender makes that assessment on periodic reviews - that's nothing new. All I'm stating is that the reasons for their closures have nothing to do with the plausible theory you shared (i.e. meaning you'll be spared if your account is not the CL threshold expected or your utilization is low). If it happens, not the end of the world. Plenty of other sensible CU lenders out there.

Re: Duckcard closed and reported what happens now?

Burned2manybridgesB4 — Tue, 14 Jul 2015 15:33:00 GMT

@FinStar wrote:
@Burned2manybridgesB4 wrote:
@FinStar wrote:
@Burned2manybridgesB4 wrote:
@FinStar wrote:
@Burned2manybridgesB4 wrote:
That's so damn weird, their coming back for second round slashing. I'm wondering if they're working alphabetically? I'm still using my beaver on a weekly basis, around $100, give or take. Never been shut down, or denied a transaction. Coming up on two year mark in roughly a month.

*edit: I fit zero conditions.
I doubt these 2nd round of closures are being done "alphabetically". I didn't get a notice either but I chose to close mine a few weeks ago after I PIF. Other members have not been closed ...yet. My guess is that if you do not fit their specific lending criteria (as I'm sure this is not the last of the closures), don't be suprised if yours gets the ax.
My app was done roughly three months before the madness began to spread initially. I'll be curious to see if it does happen. I don't expect it to though, as I'm not an outrageous TL limit, with zero utilization.
Just FYI - it has nothing to do with your zero utilization or the size of your CL/tradeline. All things considered, OCCU is simply re-evaluating their lending footprint in phases (unless you reside in Oregon and have a banking relationship that would likely leave you unscathed). IIRC, folks who posted their letter simply stated the following reason(s):

"As our program expands we continue to assess and refine the risk management of our product lines. The assessments include periodic reviews of all cardholder accounts. Unfortunately, a recent account review revealed that your account ending in XXXX no longer fits within our risk parameters and has been closed. Risk parameters include factors such as the channel or manner in which the account was opened, the existence of other account relationships with us, and/or other product management considerations..."

Unfortunately, it's only a matter of time before others who fit the above similar criteria get shut down too, nothing you can do to prevent it though.
Yeah, it kinda does.... risk, and exposure are typical. Beyond that, who knows what they're really thinking. Can't guess the direction of the blowing wind every time.
If I get closed, I'll harp about it, like everyone else.
Every lender makes that assessment on periodic reviews - that's nothing new. All I'm stating is that the reasons for their closures have nothing to do with the plausible theory you shared (i.e. meaning you'll be spared if your account is not the CL threshold expected or your utilization is low). If it happens, not the end of the world. Plenty of other sensible CU lenders out there.

Take it down a notch. No arguements here. You have your "letter," and I have an active card, so we're both spouting out "theories" until all non compliant cardholders are closed down.

Re: Duckcard closed and reported what happens now?

FinStar — Wed, 22 Jul 2015 00:06:07 GMT

@CreditMagic7 wrote:
@FinStar wrote:
I closed mine right before folks started getting these infamous letters. I haven't received any letter so I hope I caught it in time. Just waiting on all CRs to update with the account closed per my request remark. Knowing that OCCU can be sneaky, best to keep an eye open on things. It was good while it lasted, oh well. Farewell Beaver CC!
I wouldn't be too sure on that one FinStar but by all means update us when you do find it on your reports.
I also closed mine in advance of this final purge but they still reported it on my CRA reports as Closed By Creditor. I could probably fight it legally if i really needed or wanted to because the letter is WAY PAST DATED of what the CRAs display reporting closed on the exact date that i placed my request.

They are so lame.

So, just updating the thread as I mentioned in my last post regarding the CR updates. I got the usual update alert on CK (TU) and I also checked EX - both reflect as expected - closed per my request. Waiting for EQ for the update and expect the results to be the same

Here you go B335!

Re: Duckcard closed and reported what happens now?

Burned2manybridgesB4 — Wed, 22 Jul 2015 17:14:03 GMT

Mine is still going.

$690+ brake job, and a carton of cigs back to back today.

Re: Duckcard closed and reported what happens now?

taxi818 — Wed, 22 Jul 2015 19:14:15 GMT

@Legions36 wrote:
I got that letter like everyone else, they even closed my girlfriends card and she has a low balance on it. It shows on myfico as closed by creditor and it was closed with a balance. This has never happened to me before so can someone walk me through what happens now? How bad does it look? How bad does it look with a balance? They said in the letter i will still be able to make monthly payments but I just don't like how they are doing this and I really don't believe there word.

Does not look bad at all. Even with a balance. just keep paying like you always do. ON TIME> paranoia from some my fico members. zillions of reason why something is closed by lender. as long as it is a positive account this is all that matters.