topic Re: Credit card horror stories? in Credit Cards

Credit card horror stories?

Anonymous — Mon, 07 Mar 2016 05:04:40 GMT

Do you guys have any credit card horror stories or bad experiences? Or "worst credit card" to get? Started this credit card game not too long ago & would like to know what to avoid 😁😁 thanks

Re: Credit card horror stories?

Anonymous — Mon, 07 Mar 2016 05:33:09 GMT

just read the recent posts. people complain daily rather it be trivial "oh my card won't increase but i never use it" to serious things. you can find your fair share of issues here. people voice it all lol.

Re: Credit card horror stories?

Officer737 — Mon, 07 Mar 2016 05:46:12 GMT

@Anonymous wrote:
just read the recent posts. people complain daily rather it be trivial "oh my card won't increase but i never use it" to serious things. you can find your fair share of issues here. people voice it all lol.

TRUTH!

Re: Credit card horror stories?

FinStar — Mon, 07 Mar 2016 05:56:45 GMT

@Anonymous wrote:
just read the recent posts. people complain daily rather it be trivial "oh my card won't increase but i never use it" to serious things. you can find your fair share of issues here. people voice it all lol.

Yup, pretty much so. Just read the recent one that was made by a poster who was "disgusted" with Discover Comenity shutdowns were the biggies for a couple months.

At any rate, I haven't experienced any horrific credit card instances, but I do recall one CC which I closed last year (writing was on the wall). Lots of members definitely remember OCCU (Beaver & Duck) cards back from Sep/Oct 2013. I guess I missed the calamity when things went down with this CU (mine survived but I ended up closing it around July 2015). I beleive there are a few folks who still have the CC.

By the same token, I started the whole BBVA AmEX frenzy back in April of last year shortly after a couple members had applied for the CC. It was a lovely honeymoon and great things for everyone during those first couple months. It was raining BBVA! Fast forward to several months later (even today), things went south for the most part with approvals and subsequent shutdowns and unable to verify/fraud issues. So, I don't post "CC frenzies" anymore.

Oh, almost forgot....BMO Diner Club. That was a gem for those who were able to get in with them (apps no longer available) - it was short-lived (lasted about a month and 2 weeks). IIRC, some individuals' CCs were suspended due to MS and eventually closed, then the CCs stayed pretty much invisible CR-wise for over a year and come last month, ta-da, they now report.

Re: Credit card horror stories?

Anonymous — Mon, 07 Mar 2016 16:41:24 GMT

Barclays with big my most recent horror story I burned 3 HP last year by apping for a Sallie Mae, trying to convert my juniper card to the Sallie Mae, just to learn that they are getting rid of it anyway. Then they lowered my credit limits because of too many new accts and inquiries when three of them were in house. Maybe if they had given me what I wanted I would not have applied for extra cards all over the place

Re: Credit card horror stories?

barbaralee — Mon, 07 Mar 2016 17:24:41 GMT

I think the best horror story was the Duck Card fiasco. That train wreck was off the chain. The drama was neverending.

It was great.

Re: Credit card horror stories?

Anonymous — Mon, 07 Mar 2016 17:31:50 GMT

i saw the tail end on that and it was slightly humorous idk why. call me rude it's ok.

Re: Credit card horror stories?

baller4life — Mon, 07 Mar 2016 18:39:41 GMT

@barbaralee wrote:
I think the best horror story was the Duck Card fiasco. That train wreck was off the chain. The drama was neverending.
It was great.

Yep that's been the BIGGEST horror story we've seen!! OCCU was a hot mess!! Quack Quack!

Re: Credit card horror stories?

kdm31091 — Mon, 07 Mar 2016 18:44:04 GMT

@baller4life wrote:
@barbaralee wrote:
I think the best horror story was the Duck Card fiasco. That train wreck was off the chain. The drama was neverending.
It was great.
Yep that's been the BIGGEST horror story we've seen!! OCCU was a hot mess!! Quack Quack!

Eh. I wouldn't call it a mess so much. They are a CU that got slammed with probably hundreds of apps in a short time, and overextend themselves, so they pulled back. It sucks for the consumer, but it wasn't unexpected per se. It happened to a smaller degree with NASA.

If it sounds too good to be true (large limits, easy approvals, etc) it probably is. Definitely the case with Duck/NASA/etc.

Re: Credit card horror stories?

baller4life — Mon, 07 Mar 2016 18:47:08 GMT

How they handled it was a hot mess!! Not the CU themselves. They handled that whole situation very poorly. Thankfully I wasn't involved and was just watching from the sidelines with my bucket of popcorn!

Re: Credit card horror stories?

Anonymous — Mon, 07 Mar 2016 19:13:14 GMT

Sure, just do some searches here. I mean, did you hear about how Barclays the nerve to close someones card because they had not used it in over a year? THE NERVE! Or, did you hear about the time BOA CLD'd someone because they were out aggressivly seeking addtional credit and cards? WOW, NEVER TRUST BOA, THEY JUST DONT UNDERSTAND!!!

Seriously, all the issuers have a quirk or two that some may be a bit more sensitive to than others, but by and large unless you are dealing with FP or such things are going to be fine. There are always outliers with all the major issuers but those are the exception.

Re: Credit card horror stories?

Anonymous — Mon, 07 Mar 2016 19:28:36 GMT

@kdm31091 wrote:
@baller4life wrote:
@barbaralee wrote:
I think the best horror story was the Duck Card fiasco. That train wreck was off the chain. The drama was neverending.
It was great.
Yep that's been the BIGGEST horror story we've seen!! OCCU was a hot mess!! Quack Quack!
Eh. I wouldn't call it a mess so much. They are a CU that got slammed with probably hundreds of apps in a short time, and overextend themselves, so they pulled back. It sucks for the consumer, but it wasn't unexpected per se. It happened to a smaller degree with NASA.

If it sounds too good to be true (large limits, easy approvals, etc) it probably is. Definitely the case with Duck/NASA/etc.

There's no comparison between how NASA handled the onslaught of applications vs OCCU. NASA has never done large quantities of card shutdowns in a short period or even ever. They continue to give out large limits to those that qualify. OCCU was a complete disaster.

Re: Credit card horror stories?

FinStar — Mon, 07 Mar 2016 19:40:21 GMT

@baller4life wrote:
How they handled it was a hot mess!! Not the CU themselves. They handled that whole situation very poorly. Thankfully I wasn't involved and was just watching from the sidelines with my bucket of popcorn!

I would agree with baller. I came back to MF after being overseas for about a year and remember seeing the remnants of the aftermath.

By the same token, while BBVA started out on the right footing, it clearly became evident there were a lot of internal issues that eventually propagated into those that are still experienced by a variety of folks even today. They became overwhelemed and some of their processes failed.

If a company truly has a well-hedged and managed portfolio, any influx of X applications associated with their UW thresholds should've been an indication to close out the application pipeline as soon as some red flags started popping in order to mitigate any losses, delays in processing and any other lending repercussions. But, as we all know, regardless of the size of an organization, sometimes the left hand doesn't always know what the right one is doing. I mean, we certainly don't see these scenarios play out with Huntington, US Bank, Iberia, Zions, UNFCU or Simmons First, for instance. The attraction isn't there like the others.

Re: Credit card horror stories?

MyLoFICO — Mon, 07 Mar 2016 20:20:44 GMT

When I was 15 (1986 I think?) I bought a computer on credit. Obviously being under age and with no job I let it go and stopped paying. I got in over my head and did not understand what I had done. About 6 years later when it was about to age off I was offered a chance to redeem myself. A company offered to give me a MasterCard with a large limit. The catch was it was already maxed out with the price of that chargoff which by then was over $2500. Like an idiot, I took it and defaulted on it. In the end, I had that account on my credit for 14 years. If I could go back in time I would do just one thing. I would find me and beat me with a brick stick for ever buying that computer. To this day I hang up on anyone who says “this is an attempt to collect a debt and any information collected will be used for that purpose”.

Re: Credit card horror stories?

ddemari — Mon, 07 Mar 2016 20:23:20 GMT

I am still sad sad sad I missed out on the BMO D Card. And I have had 2 dozen cards closed by comenity, that was pretty horrific, but Ive survived.

Re: Credit card horror stories?

Revelate — Mon, 07 Mar 2016 20:29:49 GMT

@FinStar wrote:
@baller4life wrote:
How they handled it was a hot mess!! Not the CU themselves. They handled that whole situation very poorly. Thankfully I wasn't involved and was just watching from the sidelines with my bucket of popcorn!
I would agree with baller. I came back to MF after being overseas for about a year and remember seeing the remnants of the aftermath.

By the same token, while BBVA started out on the right footing, it clearly became evident there were a lot of internal issues that eventually propagated into those that are still experienced by a variety of folks even today. They became overwhelemed and some of their processes failed.

If a company truly has a well-hedged and managed portfolio, any influx of X applications associated with their UW thresholds should've been an indication to close out the application pipeline as soon as some red flags started popping in order to mitigate any losses, delays in processing and any other lending repercussions. But, as we all know, regardless of the size of an organization, sometimes the left hand doesn't always know what the right one is doing. I mean, we certainly don't see these scenarios play out with Huntington, US Bank, Iberia, Zions, UNFCU or Simmons First, for instance. The attraction isn't there like the others.

Different underwriting standards for the attractive cards out of that bunch. I know one or two of those cards are on my theoretical 1/1/18 application list (if they still exist in current form), and even then I don't know if I'll be able to qualify for them.

Can't really compare unicorn card / banks with OCCU / BBVA / NASA and the like who were open to all comers effectively.

Re: Credit card horror stories?

Anonymous — Mon, 07 Mar 2016 20:30:01 GMT

probably anybody who didn't (couldn't) pay off a Care Credit balance on a 0% apr intro rate before it became 26.99%

Re: Credit card horror stories?

FinStar — Mon, 07 Mar 2016 20:43:49 GMT

@Revelate wrote:
@FinStar wrote:
@baller4life wrote:
How they handled it was a hot mess!! Not the CU themselves. They handled that whole situation very poorly. Thankfully I wasn't involved and was just watching from the sidelines with my bucket of popcorn!
I would agree with baller. I came back to MF after being overseas for about a year and remember seeing the remnants of the aftermath.

By the same token, while BBVA started out on the right footing, it clearly became evident there were a lot of internal issues that eventually propagated into those that are still experienced by a variety of folks even today. They became overwhelemed and some of their processes failed.

If a company truly has a well-hedged and managed portfolio, any influx of X applications associated with their UW thresholds should've been an indication to close out the application pipeline as soon as some red flags started popping in order to mitigate any losses, delays in processing and any other lending repercussions. But, as we all know, regardless of the size of an organization, sometimes the left hand doesn't always know what the right one is doing. I mean, we certainly don't see these scenarios play out with Huntington, US Bank, Iberia, Zions, UNFCU or Simmons First, for instance. The attraction isn't there like the others.
Different underwriting standards for the attractive cards out of that bunch. I know one or two of those cards are on my theoretical 1/1/18 application list (if they still exist in current form), and even then I don't know if I'll be able to qualify for them.

Can't really compare unicorn card / banks with OCCU / BBVA / NASA and the like who were open to all comers effectively.

I agree with the UW standards and criterion being different models for each of the above. My example was to illustrate that the attraction for those rank the lowest in the totem pole for a lot of folks due to geographical restrictions (e.g Huntington) or the appeal of the product (i.e. rewards - US Bank), or the "unicornish" nature for say Iberia and Simmons (open to all applicants) since not everyone will qualify for their low APR cards (albeit much better alternatives with a variety of CUs).

Re: Credit card horror stories?

baller4life — Mon, 07 Mar 2016 21:03:03 GMT

Geez I was just going thru the old Duck approval thread and I don't think any of those people are still here. WOW! They were so upset after what happened they quit Myfico SMH. Any old Duck or Beaver cardholders still out there? Hellllooooooooooo

Re: Credit card horror stories?

FinStar — Mon, 07 Mar 2016 21:11:02 GMT

@baller4life wrote:
Geez I was just going thru the old Duck approval thread and I don't think any of those people are still here. WOW! They were so upset after what happened they quit Myfico SMH. Any old Duck or Beaver cardholders still out there? Hellllooooooooooo

IIRC, Ron still has his. Mine ended on the chopping block before the new wave of closures hit some folks last year.