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Account Closures

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Remedios
Credit Mentor

Re: Account Closures


@Anonymous wrote:

@simplynoir wrote:

@Remedios wrote:

Also, taking two very separate and distinct events then thinking sky is falling ...that's going to require some serious tin foil 


This was something I alluded to as well. The saying "correlation does not equal causation" applies here


My sky is intact and expect it to remain that way.


Your sky is not intact.

You're making things up as you go such as of category spend, dont call, dont breathe, dont blink. 

However you think this works (based on personal musings) is impacting how you pay, what you pay with, what you're applying for (or not). 

If you feel these little rituals are going to keep you safe, that's fine.  

Other people thought the same, and bad credit things happened. 

Others thought bad things were going to happen to them and nothing happened. 

 

 

For @longtimelurker  I called Amex last night and I dont even have their card.

I wanted to know if I were to get a Chicken Card, why can't it be Popeyes instead of KFC. 

They did not know what chicken card is, but now they do.

Hopefully I dont get my nonexistent card shut down or CLDed. 

Message 51 of 63
Anonymous
Not applicable

Re: Account Closures

So this entire thread is about two account closures?  Yet the OP says "Today, I've seen a lot of account closures, not just with DISCOVER, but with BoA and Amex. This is one day. Probably more to come,  and with other lenders. We are such a small population, so this might involve 10s of thousands of accounts,  if not many more."

 

I wasn't online much yesterday but I scanned through the recent threads and can only find BofA closing two of South Jamaica's cards for understandable reasons, and Thornback's Discover account being frozen (not closed) for a 4605-T request.  I'm quite sure these two events are not worth panicking over.

Message 52 of 63
Anonymous
Not applicable

Re: Account Closures


@Remedios wrote:

@Anonymous wrote:

@simplynoir wrote:

@Remedios wrote:

Also, taking two very separate and distinct events then thinking sky is falling ...that's going to require some serious tin foil 


This was something I alluded to as well. The saying "correlation does not equal causation" applies here


My sky is intact and expect it to remain that way.


Your sky is not intact.

You're making things up as you go such as of category spend, dont call, dont breathe, dont blink. 

However you think this works (based on personal musings) is impacting how you pay, what you pay with, what you're applying for (or not). 

If you feel these little rituals are going to keep you safe, that's fine.  

Other people thought the same, and bad credit things happened. 

Others thought bad things were going to happen to them and nothing happened. 

 

 

For @longtimelurker  I called Amex last night and I dont even have their card.

I wanted to know if I were to get a Chicken Card, why can't it be Popeyes instead of KFC. 

They did not know what chicken card is, but now they do.

Hopefully I dont get my nonexistent card shut down or CLDed. 


I'll state it again, as I have many times before. I do not give advice to others to do the things I do, rather I state that I do them, not knowing if they have an effect. It's my accounts and my strategy. I throw it out there, others can have their own opinion about it. You can get upset over it, that's fine.

 

What I do know is a bank is a business, and a business is in business to make a profit (as well as other things). When there is no profit, there is no business. Businesses must protect their revenue stream as well as their costs. If they don't do that, they cease to exist.

 

Things cost money. Staff costs money. Perks cost money, rewards cost money, paper statements cost money, even paying on the due date instead of the day the statement cuts costs money. If everyone maximized rewards to the hilt, rewards cards would go away. I think there is a whole lot of other people who don't visit this forum who maximize rewards. We're not the only ones.

 

You can do the chicken card joke, and make fun of me, that's fine. I've done similar types ofto others if you think its all hooey. I don't think the forum gods like it though. A lot of people think I spew out a lot of hooey. People I work with, even my wife. Just recently, wife even said she doesn't want to hear anymore about how I think things work in the business world, because it doesn't work that way in her field. She knows for sure it won't. Until they had a meeting at work and she had to eat crow and apologize to me, and told me things happened EXACTLY how I said they would, and she was shocked. 

 

I'm not saying I'm right here. I know how businesses work. I have an advanced degree in business. I will miss things and be off and wrong. But I won't be on a lot of things. 

Message 53 of 63
longtimelurker
Epic Contributor

Re: Account Closures


@Anonymous wrote:

 

You can do the chicken card joke, and make fun of me, that's fine. I've done similar types ofto others if you think its all hooey. I don't think the forum gods like it though. A lot of people think I spew out a lot of hooey. People I work with, even my wife. Just recently, wife even said she doesn't want to hear anymore about how I think things work in the business world, because it doesn't work that way in her field. She knows for sure it won't. Until they had a meeting at work and she had to eat crow and apologize to me, and told me things happened EXACTLY how I said they would, and she was shocked. 

 

I'm not saying I'm right here. I know how businesses work. I have an advanced degree in business. I will miss things and be off and wrong. But I won't be on a lot of things. 


Look, I am CEO (and Chairman of the Board) of LTL Bank Inc, that has over 17 billion branches in 6571 countries, and assets that exceed $6  ($6.03 as of noon EST today)   And I am never wrong.

 

i.e. you may want to read your posts to judge what impression it might give.  Or you might not.

Message 54 of 63
MacCreed
Valued Member

Re: Account Closures

Reading that Disco thread it's obvious people have no idea what was the cause of the sudden scrutiny and all we can do is guess. 

 

But I think op you are as safe as they come.  You don't have 511 inquiries, are not in debt, and don't do MS.  High scores help too.  

 

If you are not safe no one is.  

 

 

Message 55 of 63
K-in-Boston
Credit Mentor

Re: Account Closures

I think it's safe to say this thread has pretty much run its course.  I'll leave it open for a bit longer if anyone cares to share any datapoints of more than 2 people who are major outliers from the general public in this mass account closure crisis.  Thanks.

Message 56 of 63
Anonymous
Not applicable

Re: Account Closures


@MacCreed wrote:

Reading that Disco thread it's obvious people have no idea what was the cause of the sudden scrutiny and all we can do is guess. 

 

But I think op you are as safe as they come.  You don't have 511 inquiries, are not in debt, and don't do MS.  High scores help too.  

 

If you are not safe no one is.  

 

 


Yeah, I think you're right. I'm not too worried. But if it happened to me, I would certainly be scratching my head. 

Message 57 of 63
redpat
Senior Contributor

Re: Account Closures

At the end of the day (6:22 PM) some will have their cards closed, CL decreased and some won't.......The evolution of credit hasn't changed just technology and forums have......

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 58 of 63
Remedios
Credit Mentor

Re: Account Closures

I dont know what you're talking about. It's 3:37 PM. In the only time zone that matters.
Message 59 of 63
SouthJamaica
Mega Contributor

Re: Account Closures


@Anonymous wrote:

The economy is not "great". The stock market is raging, but that is the stock market, not the economy. Just because corporations are buying back stock and the 1% are getting richer by the second does not mean that effects the rest of us. If you are paying attention, utilities are going up, food prices are increasing and tariffs are causing a lot of retail increases across the board.  Wages are not increasing commensurate with the cost of living. Banks are tightening because default rates are increasing.

 


Some insight into the liquidity crisis:

https://themarket.ch/interview/a-liquidity-crisis-is-all-but-inevitable-ld.1198

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 60 of 63
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