topic Re: closing Walmart card after CLD!!!!! in Credit Cards

closing Walmart card after CLD!!!!!

Kris1228 — Tue, 23 Dec 2008 02:55:08 GMT

I just checked my account online and my limit was cut from 375.00 to 100.00!!!!! I am very upset. opened account with EQ probably around 602 and now its 650, more age etc... I always pay in full or make 2 payments to make sure its paid. I called and spoke with a lady, she told me its due to my credit report. But if anything, Its better!!! I just dont understand. overall util is at around 22%... I paid my balance of 21.82 and am seriously thinking of closing this card as soon as my payment post..

Re: closing Walmart card after CLD!!!!!

notmyname — Tue, 23 Dec 2008 03:09:18 GMT

I am very sorry for what happened. On similar cases here on the forums, I read statements similar to yours about how your report is better than when you applied for the card. I think a lot of people are not recognizing that what these companies are doing is looking at their records and having "buyers remorse". In other words , if you had applied today they would not have approved you. It's not right , but it is legal and for them it is the right thing to do for the company.

I hope you have better luck with better companies. It's a hard time , it is not about you, so keep the faith.

NMN

Re: closing Walmart card after CLD!!!!!

smallfry — Tue, 23 Dec 2008 03:34:43 GMT

If you don't have any other store or gas cards leave it open.

Re: closing Walmart card after CLD!!!!!

Anonymous — Tue, 23 Dec 2008 03:44:51 GMT

agree - sockdrawer it, just dont close it.

Re: closing Walmart card after CLD!!!!!

Anonymous — Tue, 23 Dec 2008 04:19:21 GMT

I'm sorry to hear this. A lot of card issuers are cutting off their noses to spite their faces in the current economic climate: The Great Credit Panic of 08. GEMB seems to be one of them. The best response is to take your money and business elsewhere. I'm a firm believer that if there's no benefit in it for me, then I'm not going to generate revenue for the lender. Credit is either a two-way street, or a dead end.

Like others have suggested, leave the card open, SD it, and shop at Target. And, if you don't have a Target card already, once you start shopping there lots, they'll probably beg you to get one, LOL!

Re: closing Walmart card after CLD!!!!!

Anonymous — Tue, 23 Dec 2008 05:31:36 GMT

i got pissed and closed mine.should i not have done that?

Re: closing Walmart card after CLD!!!!!

Anonymous — Tue, 23 Dec 2008 06:09:23 GMT

GEMB was a BEAST these past two months with the CLDs. They chopped my accounts to peieces, even closed at least one. I thought about paying then closing the accounts, but I got to thinking about how they are also good with giving CLIs every six months. Last month they chopped the heck out of all my accounts especially the ones for which I asked fora CLI. Then a couple of weeks ago they give me a $1250.00 CLI on my JCP then moments later deny me an increase on one of the cards they CLD.

I figure I will continue to use these cards and accounts and eventually, I will get the CLs back... and then some. It will be easier for me to build with the crappy lines I have since you can request at leaset every six months, than to clos and try to get them at a later date. Yeah they are difficult I mean, I have CLs with them ranging from $100 to $290 to $1500.00.

Give it a few months when maybe the CC companies are not all still panicking and after you have been responsible with the card and do an auto request online. See what happens then.