topic THEY CLOSED MY CARD! No warning..... in General Credit Topics

THEY CLOSED MY CARD! No warning.....

Anonymous — Tue, 30 Dec 2008 03:42:54 GMT

I recv'd a letter in the mail today from Visa. They said that b/c I had not used my CC in over a year it "was closed". I called CS and asked why I was NOT warned of this or given the option to at least KNOW so I could use the card. She (CS rep) said they had no obligation to do this. She then proceeded to tell me that FICO would be 'alerted...and it will say that this was VOLUNTARY"!!! This was not voluntary. I would nver close an acct and damage my debt to credit ratio. I'm beyond furious. I have worked very hard to keep all my scores above 800. Does anyone know how this will affect them?? HELP!

Re: THEY CLOSED MY CARD! No warning.....

Math_Rocks — Tue, 30 Dec 2008 03:47:00 GMT

So sorry to hear this.

What kind of visa, e.g. B of A, Chase, etc.?

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Tue, 30 Dec 2008 03:54:40 GMT

It was with Chase.......

Re: THEY CLOSED MY CARD! No warning.....

haulingthescoreup — Tue, 30 Dec 2008 03:58:47 GMT

Hi, welcome to the forums, and sorry it was under these circumstances!

Please read fused's "Closing Credit Cards", linked in my siggy. The card should continue to report for 10 years after closing. Your scores won't be hurt unless you have balances report and losing this card's CL drops your total CL significantly, causing your util to rise.

CL = credit limit
util = utilization: balance reporting divided by credit limit. This is used both for individual accounts and for total revolving.

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Tue, 30 Dec 2008 04:28:55 GMT

Thanks for respondin...and the warm welcome! Appreciate that. Not sure where to find that link/topic you suggested tho...(newbie). It's been so long since I used the card I really can't recall what the limit was/is. My guess is around 8,500...Are you saying that, if my scores are pulled by someone, it will continue to show that this card is somehow 'active'? Not sure I understand. Thanks for your time and patience...Kindly, PJ

Re: THEY CLOSED MY CARD! No warning.....

SCF — Tue, 30 Dec 2008 04:59:32 GMT

HTSU was referring to the links in her signature, it shows up at the bottom of all her posts and makes life much easier for those of us who go looking for those threads regularly!

Even though the account is closed, because it is a positive item, it will stay on your report (listed as closed) for ~10 years. This will positively affect the average age of your accounts by making it older. However, the limit on the card will no longer count for your utilization. You want to have >10% of your overall credit in use, so if you had a high balance on another card, the loss of the CL on your Chase card could raise your util and lower your score. If you read the threads in HTSU's signature, that should explain it in more detail, but keep the questions coming!

Also, you might consider calling back tomorrow and getting a different CSR and taking a slightly different tack with them, if you want them to reopen the card. If you have a good credit record and you apologize for not using the card and promise to use it regularly, there's a chance they will re-open it (no guarentees, but it might be worth the call).

Either way, welcome again and good luck!

Edit: Everyone's gender is still what it should be... move along.

Message Edited by SCF on 12-29-2008 09:59 PM

Re: THEY CLOSED MY CARD! No warning.....

haulingthescoreup — Tue, 30 Dec 2008 04:45:55 GMT

SCF wrote:

HTSU was referring to the links in his signature...

"Her" signature, actually.

And here are two other general info threads that are really helpful in giving a general overview of credit and credit scoring.

Understanding Your FICO ® Score

Credit Scoring 101 (at least the first post.)

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Tue, 30 Dec 2008 04:50:27 GMT

SCF, thank you. I did scroll down but must have missed the link at the end of the post. I'll try again. I got the definite impression that they had no intention of rectifying this but your suggestion is a good one. I'll give it a try. I have pretty much zero balances on my cards. I had 5 open (now 4!) and only use one that's from Elan @6.99 fixed. That one may carry a balance of $100, give or take a few, and is always paid before I even get the statement. I suspect I should now get out and at least put $5-10 bucks on the others in the hopes this doesn't happen again. It just stinks....they penalize people for paying late (understandable) yet really penalize those who use credit responsibly. I don't get it...and am not a happy camper! Thanks again....much appreciated. PJ

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Tue, 30 Dec 2008 22:28:29 GMT

SCF....I wanted to thank you ( and everyone who responded)! I took your advice and called CS back this morning. They 're-opened' my account! However, she could "not promise me that it wouldn't affect my socres.." I'm praying it doesn't. I truly appreciate your input. YEAH!

Re: THEY CLOSED MY CARD! No warning.....

SCF — Tue, 30 Dec 2008 23:41:55 GMT

PJ, unless they reset the "opened" date on the account or change your limit, I don't think it should have any noticable effect on your scores, congratulations! Now it's time to go mark up your 2009 calendar so you remember to use each of your cards at least every other month or so, so this won't happen again.

Have a happy New Year!

Re: THEY CLOSED MY CARD! No warning.....

wmarat — Tue, 30 Dec 2008 23:48:35 GMT

Any particular reason to keep scores above 800?

@Anonymous wrote:
I recv'd a letter in the mail today from Visa. They said that b/c I had not used my CC in over a year it "was closed". I called CS and asked why I was NOT warned of this or given the option to at least KNOW so I could use the card. She (CS rep) said they had no obligation to do this. She then proceeded to tell me that FICO would be 'alerted...and it will say that this was VOLUNTARY"!!! This was not voluntary. I would nver close an acct and damage my debt to credit ratio. I'm beyond furious. I have worked very hard to keep all my scores above 800. Does anyone know how this will affect them?? HELP!

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Wed, 31 Dec 2008 04:39:48 GMT

Hummm.......I sleep better at night? Is there any reason they shouldn't be? They're 820, 811 and 809 currently. I'm curious as to why you would ask?

Happy New Year to all!

Re: THEY CLOSED MY CARD! No warning.....

laz98 — Wed, 31 Dec 2008 08:01:57 GMT

@Anonymous wrote:
Hummm.......I sleep better at night? Is there any reason they shouldn't be? They're 820, 811 and 809 currently. I'm curious as to why you would ask?

Happy New Year to all!

i think maybe the question was asked because it seems unnecessary to have scores that high. some people may wonder if it's simply an ego-type thing, or because you want your scores to reflect something about you, etc.

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Wed, 31 Dec 2008 12:36:41 GMT

That seemed like an unkind statement. And it assumes that one knows something about me as a person. There's no 'ego' involved. I have worked very hard to get my credit where it is and I'm proud of it. I thought this was a place where people could come for support and help with issues such as the one I originally posted. I simply hope to learn here, and make no assumptions about anyone's personal situations.

There was no 'boasting' intended....

Re: THEY CLOSED MY CARD! No warning.....

llecs — Wed, 31 Dec 2008 13:05:30 GMT

If I had scores like that, I would do everything possible to get them higher too.

Re: THEY CLOSED MY CARD! No warning.....

Scamp — Wed, 31 Dec 2008 13:16:11 GMT

llecs wrote:
If I had scores like that, I would do everything possible to get them higher too.

+1!! WTG on those scores, PJ - I'd sleep better at night, too, if mine were safely above 800, and I'd do my best to keep 'em there as well.

Message Edited by Scamp on 12-31-2008 05:16 AM

Re: THEY CLOSED MY CARD! No warning.....

laz98 — Wed, 31 Dec 2008 19:02:05 GMT

@Anonymous wrote:
That seemed like an unkind statement. And it assumes that one knows something about me as a person. There's no 'ego' involved. I have worked very hard to get my credit where it is and I'm proud of it. I thought this was a place where people could come for support and help with issues such as the one I originally posted. I simply hope to learn here, and make no assumptions about anyone's personal situations.
There was no 'boasting' intended....

i'm sorry that you took offense to my post. i wasn't trying to be rude at all, or make assumptions about you. if you look on the smorgasboard forum, i actually posted a thread about people being rude here

i was just trying to answer your question as to why someone would wonder about your high scores. i didn't mean they shouldn't be that high, or that you shouldn't be proud of it. i imagine it does take a lot of work to get one's scores there, & yes, you should be proud of it. my response merely states that some people don't see any practical value to having scores that are significantly over 800, which is what i was trying to say. i thought the poster who asked why you would want your scores so high was asking from that perspective.

my response was not directly attacking you in any way, & i apologize if you felt as if it were.

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Wed, 31 Dec 2008 21:41:13 GMT

Thank you Laz....I appreciate your post. Perhaps I did misinterpret the comment (not yours, but prior to yours). Either way, thank you for being thoughtful and taking the time to write.

Re: THEY CLOSED MY CARD! No warning.....

Anonymous — Wed, 31 Dec 2008 23:36:30 GMT

@Anonymous wrote:
I recv'd a letter in the mail today from Visa. They said that b/c I had not used my CC in over a year it "was closed". I called CS and asked why I was NOT warned of this or given the option to at least KNOW so I could use the card. She (CS rep) said they had no obligation to do this. She then proceeded to tell me that FICO would be 'alerted...and it will say that this was VOLUNTARY"!!! This was not voluntary. I would nver close an acct and damage my debt to credit ratio. I'm beyond furious. I have worked very hard to keep all my scores above 800. Does anyone know how this will affect them?? HELP!

I'm sorry your card closed, and I'm glad that you were able to reopen it. On a side note, be happy that they actually sent you a letter.

GEMB closed both my LOC and a credit card. How did I find out? Reviewing my credit reports. Had I not reviewed them, I would have no idea they were closed. Which would have been very embarrasing when, in May, I went shopping for furniture for my new house, that I hope I'll buy in April.

Apparently Chase has a lot more class than GEMB.

Re: THEY CLOSED MY CARD! No warning.....

laz98 — Wed, 31 Dec 2008 23:46:50 GMT

i realize they have no obligation to tell you that they are closing your account, but i think it sucks. i kind of understand their logic.......Hey, they're not using it, they won't mind if we close it. but i also see how such an unexpected surprise can ruin someone's day.