topic Re: After 4 years, no issues, Jared shuts my account down. in Credit Cards

After 4 years, no issues, Jared shuts my account down.

Blazesian — Wed, 09 Dec 2015 22:20:13 GMT

I am beyond frustrated. This year has been very rough on my financially. My income has dropped a little over $60,000. During this time I've kept a float with my payments on every account up unil the past 60 days while I've been changing jobs and have had issues making payments and couldn't tell any of my creditors exactly WHEN i could pay because I had no set date for receiving a pay check that was enough to pay anything else other than rent and my phone bill.

I found out today that Jared closed my account due to this.

I'm really pissed, honestly, it feels like they don't care about their customers if 60 days of hardship out of 4 years of on time payments/paid off balances means that they shut down my account.

Is this normal? I feel like it's just another kick in the rib during a hard enough time.

Re: After 4 years, no issues, Jared shuts my account down.

Pway — Wed, 09 Dec 2015 22:25:08 GMT

Yes this happens all the time. I can understand how upset you are but at the same time business is business. They feel that you are a risk by not paying your bills on time even though it was through a short period of time.

Re: After 4 years, no issues, Jared shuts my account down.

myjourney — Wed, 09 Dec 2015 22:31:17 GMT

Sorry OP and I hope things get better

There are no loyalties in the credit game by lenders or us honestly

Re: After 4 years, no issues, Jared shuts my account down.

lord_kinbote — Wed, 09 Dec 2015 22:33:23 GMT

How can you blame them - you didn't pay your bills for 60 days. Did you call to discuss hardship?

Re: After 4 years, no issues, Jared shuts my account down.

Anonymous — Wed, 09 Dec 2015 22:35:24 GMT

@Pway wrote:
Yes this happens all the time. I can understand how upset you are but at the same time business is business. They feel that you are a risk by not paying your bills on time even though it was through a short period of time.

Right, they don't care about their customers except as a source of revenue. Their duty is to shareholders/owners. Understandably, OP couldn't give them a date when they would be paid, but that makes the acoount look like a risk. So, to mitigate the exposure, they close the account.

Previous good history counts for very little in the credit business once you run into trouble. My guess is that a majoriy of those that default through some hardship were previously good payers.

Re: After 4 years, no issues, Jared shuts my account down.

yfan — Wed, 09 Dec 2015 22:39:27 GMT

Sorry to hear what you're going through, and I hope everything looks up soon.

But yes, creditors can and will close or take other adverse actions against you especially when they perceive risk to be rising - which to be honest, it is from their perspective. This is especially true for creditors that are deal in luxury goods, like jewlry stores.

Re: After 4 years, no issues, Jared shuts my account down.

ohreally7654 — Wed, 09 Dec 2015 23:39:23 GMT

I'm so sorry to hear what happened to you, OP. It honestly does depend upon the lender as well as an abundance of different variables within your personal credit profile, I suspect. In my situation, a few years back I ended up with 60 and 90 day lates on multiple accounts before I ended up going into a debt management program. I did keep a few cards out of that program, and I am absolutely shocked that the lenders kept them open (Care Credit and Macy's, both of which I had 60 day lates with, and Wells Fargo, perfect payment history for 11 yrs with them but very surprised they didn't SP me and close my account). I do have a very thick credit profile, with over 22 years of perfect payment history, so idk, that have have been the deciding factor for them?

I wish I could provide concrete answers as to why some lenders take certain actions while others do not. In situations where it appears there is heightened risk of keeping a consumer's account open when they are clearly struggling, unfortunately in many instances the accounts WILL be closed. Plan for the worst but hope for the best. Again, I'm sorry for what you are going through right now, especially at this time of year. I'm sure it is not easy. Best of luck to you.

Re: After 4 years, no issues, Jared shuts my account down.

Anonymous — Wed, 09 Dec 2015 23:49:17 GMT

Yes, unfortunately, not only is this common, it is almost expected. Creditors are very fairweather friends (and I use the word "friend" loosely, as there is no true loyalty here).

Creditors are often there when you don't need them and they make like a tree when you do.

Re: After 4 years, no issues, Jared shuts my account down.

pizza1 — Thu, 10 Dec 2015 00:44:11 GMT

Agree with everything said above...

Sorry OP..when times are tough, the first folks to not be paid are CC's, and they know this. It also sends a red flag to them that if you haven't paid them suddenly in over 60 days, you're about to file Bankruptcy, since the advice given by lawyers is to not make any payments at least 60 days prior to filing, they may think thats whats about to happen...

Hope things look up for you, and turn around soon

Re: After 4 years, no issues, Jared shuts my account down.

Anonymous — Thu, 10 Dec 2015 01:12:28 GMT

I totally sympathize with you. The roots of this problem go way beyond banking, are the reason you have employment issues, and reflect massive corporate greed.

These banks want no regulation and could care less about us the customer. The very minute we cannot pay them in the manner they like, or have a problem ,on time history is irrelevant. Our accounts are gone and we are thrown to the wolves.

All of our accounts and limits can be here today and gone tomorrow. Once any of us have money problems, say goodbye to credit.

Never have money problems is the only solution.

I hope you can get back on track financially ASAP.

Re: After 4 years, no issues, Jared shuts my account down.

DrZoidberg — Thu, 10 Dec 2015 01:31:43 GMT

In all honesty with credit you're not going to find a lot of creditors giving sympathy. It's a simple business transaction. Borrow money and pay it back. You're having trouble paying it back so they don't want you borrowing any more.

Re: After 4 years, no issues, Jared shuts my account down.

taxi818 — Thu, 10 Dec 2015 01:51:18 GMT

@Blazesian wrote:
I am beyond frustrated. This year has been very rough on my financially. My income has dropped a little over $60,000. During this time I've kept a float with my payments on every account up unil the past 60 days while I've been changing jobs and have had issues making payments and couldn't tell any of my creditors exactly WHEN i could pay because I had no set date for receiving a pay check that was enough to pay anything else other than rent and my phone bill.

I found out today that Jared closed my account due to this.

I'm really pissed, honestly, it feels like they don't care about their customers if 60 days of hardship out of 4 years of on time payments/paid off balances means that they shut down my account.

Is this normal? I feel like it's just another kick in the rib during a hard enough time.

Sorry for the hardships. But this is absolutely normal. Remember it is never personal for these lenders. Only business. 60 days out and i wil not be surprised if others follow their lead. 4 years of payments is nice. But remember in the credit world it is always what have you done for me lately. 1 late payment alone can send your scores tumbling 100 points down. So no need to get upset. Make a note of the ones standing by you during hard times. and keep the others at bay. Appears Amex is also like this. They will drop you like a hot potato if ever late.

Re: After 4 years, no issues, Jared shuts my account down.

redpat — Thu, 10 Dec 2015 01:55:38 GMT

It is what it is.

I guess only the good news is that it's only jewelry.

Good luck getting back on your feet.

Re: After 4 years, no issues, Jared shuts my account down.

designated_knitter — Thu, 10 Dec 2015 03:03:28 GMT

I don't know how to say this without coming across as harsh... however having been through rough patches of late, I'm surprised that more CLs weren't closed down.

To put it in perspective -- If I went 30 days past due on my rent, I would be evicted... no iffs ands or buts... heck, they would probably start the proceedings at day 15 and not even wait the 30 days.

I recently had to go 30 days past due on my car. I was told if I went 60, I would be facing repossession. I also received a lovely letter that basically indicated that if it happened again, they would start the repossession process EARLIER than 60 days.

When we lost our house to foreclosure -- we were pre-foreclosure at 60 days past due and at 90 days were officially in proceedings had started... and that was a secured loan with a tangible asset they could come after.

I'm truly sorry for your financial struggles. I'm also sympathetic since I have been there and am slowly digging out of my own hole. If it is any consolation (and I'm sure it isn't), Jared sells crap jewelry! They truly do. I have taken some of it to pawn shops of late and when you have pawn shops telling you how bad the jewelry is and saying "let me guess... you got this from Jareds"... you know it is bad. Kind of makes the whole slogan "he went to Jared" take on a whole 'nuther meaning!

If you need to replace the CL for utilization purposes, Crown Jewelry has a no credit check program that will let you purchase something with a down payment and then supposedly report a 2500 CL for either 6 months or a year... can't remember which. I haven't tried it but with my utilization being maxed out... been tempted.

Hang in there! As you said, it is only Jewelry...

Re: After 4 years, no issues, Jared shuts my account down.

Imperfectfuture — Thu, 10 Dec 2015 07:16:36 GMT

@DrZoidberg wrote:
In all honesty with credit you're not going to find a lot of creditors giving sympathy. It's a simple business transaction. Borrow money and pay it back. You're having trouble paying it back so they don't want you borrowing any more.

This. Have some investments, emergency savings, etc, for min payments. It might suck to sell at a loss, but good credit more important. Those 60 day lates are doing you no good. Sorry, but plan b and c just as important as plan a. And, when undergoing hardship, try not to charge living expenses you can't pay in full. Some do this with the best intentions, then you were left with no money. If you had no income, you could have applied for assistance, charity, etc. I know hindsight is 20/20, so maybe this will help someone else.

Re: After 4 years, no issues, Jared shuts my account down.

takeshi74 — Thu, 10 Dec 2015 14:22:11 GMT

@Blazesian wrote:
I'm really pissed, honestly, it feels like they don't care about their customers if 60 days of hardship out of 4 years of on time payments/paid off balances means that they shut down my account.

Is this normal? I feel like it's just another kick in the rib during a hard enough time.

It's not unsual. It doesn't matter how long you've been on time. A single derog can have a significant impact. Unfortunately, 60 days of hardship is not "no issues". Even just changes to your profile (that are not derogs) that indicate that you're in trouble can be red flags that prompt action from your creditors. It's all business and a matter of risk assessment. Don't expect loyalty from corporations unless you enjoy disappointment. Are you really going to shop at Jared if you're in a period of financial hardship anyway?

It's not going to help you now and it's easier said than done but, as stated above, this is one example of why a liquid reserve is a must. One cannot rely solely on credit for emergencies.

Re: After 4 years, no issues, Jared shuts my account down.

Anonymous — Thu, 10 Dec 2015 14:54:53 GMT

Considering on-time payments is the major consideration when it comes to credit score and overall credit health, I'm not shocked it happened at all. And yes, just one 60 day late over however many years is enough to trigger any form of AA. It sucks when it happens, but it's going to happen under those circumstances, all you can do is learn from it and move on, and not let it happen again.

Re: After 4 years, no issues, Jared shuts my account down.

designated_knitter — Thu, 10 Dec 2015 15:51:21 GMT

Heck -- I have an Exxon card that HAD a paltry 500.00 credit limit. I was 10 DAYS late paying the bill -- paid it off in full... but because I was 10 DAYS LATE, citibank lower my CL from 500 to 300... first time I had ever been late... we aren't talking 30 days or 60 days... 10 DAYS!!! Talk about being ticked!

As others have said, I'm very sorry you are in your own economic downturn... There by the grace of Dog go all of us... About the only cc company that will REALLY work with you -- and you have to be willing to call them up and explain the situation -- has been Cap 1... They have let me go 90 days past due and were on the brink of of closing my account but I was able to work out a payment agreement (and follow through on it) and they kept me. I don't know of any other card that would have done that.

Try to focus on the accounts you have left and as someone suggested -- pawn whatever you might have of value to make sure you can get caught up on minimums on any other accounts you have. It feels terrible to have to walk into a pawn shop... however, I do view them as a necessary evil and there are many in my area that are very good to deal with -- clean, safe, treated with respect and will do what they can to help you. However, again, you have to go in with the attitude that you aren't going to get anything CLOSE to what you paid -- especially for Jewelry.

You're in survival mode, now so you do what you have to do... it is just stuff -- it can be replaced when times are better... however, you have to protect yourself and what you have left of your credit profile NOW.

Good luck!!!

Re: After 4 years, no issues, Jared shuts my account down.

Anonymous — Thu, 10 Dec 2015 21:00:54 GMT

Don't want to be the devals advocate here but sounds like they were trying to work with you but they also have a business to run. When you couldn't give them a date when you could pay they had to protect their interests and close your account. I hope times get better for you but also see their side as a bank that they are in business to make money and if a customer hasn't paid in 60days and can't let them know when they will be able to make a payment that they have to take action.

Re: After 4 years, no issues, Jared shuts my account down.

Blazesian — Fri, 11 Dec 2015 22:23:15 GMT

Thank you for all of the support. It was rough - I have gotten over it and have began a plan. I'll be closing down more of my cards and am going to narrow it down to 5 cards that I want to see grow and stop being such a credit card whore (haha). This will help with long term plans (not that I ever anticipate being in this situation EVER again but you never know).

I really appreciate it. I was trying so hard to keep everything together and when Jared dropped I was pretty overwhelmed.

You are right though and it is business. Looking at it from their prospective I would've dropped myself too.

Have a great day everyone. (: