I had opened it around April/May, never used it until a month ago when I charged $6K+ for flight tickets. As expected it raised a fraud alert which got resolved. Got an alert from Chase Journey yesterday so called FNBO and had a casual chat with the CSR. She mentioned there's a letter on the way that says a/c was closed due to several new inquiries. Makes sense considering I recently got several inquiries for refi on a rental AND a new house purchase. Good news is they are honoring the 0% promo APR and are allowing me to pay it over time.
I've been playing the CC game for 22+ years, currently at a 800+ FICO with under 10% in utilization. Never had an issuer close a card on me so it definitely threw me off. I'm hoping it won't ding my perfect "No derogatory reports" section of the credit report.
If anyone can see what I'd done wrong and advice I would appreciate it.
Thanks!
@GrandBaker wrote:I had opened it around April/May, never used it until a month ago when I charged $6K+ for flight tickets. As expected it raised a fraud alert which got resolved. Got an alert from Chase Journey yesterday so called FNBO and had a casual chat with the CSR. She mentioned there's a letter on the way that says a/c was closed due to several new inquiries. Makes sense considering I recently got several inquiries for refi on a rental AND a new house purchase. Good news is they are honoring the 0% promo APR and are allowing me to pay it over time.
I've been playing the CC game for 22+ years, currently at a 800+ FICO with under 10% in utilization. Never had an issuer close a card on me so it definitely threw me off. I'm hoping it won't ding my perfect "No derogatory reports" section of the credit report.
If anyone can see what I'd done wrong and advice I would appreciate it.
Thanks!
I don't think you've done anything wrong. I think FNBO did something wrong.
This is going to become more apparent moving forward, FNBO opened the doors but never changed their conservative ways.... This went bad for many issuers in the past. Sorry they did this to you.
@gdale6 wrote:This is going to become more apparent moving forward, FNBO opened the doors but never changed their conservative ways.... This went bad for many issuers in the past. Sorry they did this to you.
Glad to hear it isn't just me. Thank you.
@Remedios wrote:Ouch, sorry about the closure.
Can you quantify "several inquiries" and how many new accounts resulted from those inquiries
If we were to speculate, you got approved, no use on the card for five months followed by a hefty charge that put human eyes on the account.
I am not sure if regular use of the card would have made a difference, but optics of not using card at all, new accounts, followed by large charge would make many lenders twitch.
This really isn't unusual for FNBO when they determine excessive credit seeking is present, but it might be new to many here because prior to Evergreen card they were fairly geofenced, so no myFico stampede.
Unfortunately, I expect to see a lot more of this given all the approvals, sometimes applying for multiple FNBO cards close together, plus "yay app spree".
Inquiry counts went from roughly 12 to 15. It resulted in one new mortgage account. I also had another refi done which resulted in 3-4 new inquiries and replaced an existing mortgage a/c but that was prior to me applying for this card. HTH!
@Remedios wrote:
@4sallypat wrote:Oh wow so sorry to hear.
Here I was going to app for the pre-approved $15K SL but now I am reconsidering it due to the inquiry sensitive practice by FNBO.
At least they are allowing you the 0% terms for the balance.
Does the account closure affect your score as it was initiated by the lender ???
There is no impact from who closed it.
There can be scoring impact if it affects utilization, but none from "closed by credit grantor"
Very glad to know that impact is minimal to none. Thank you!
@4sallypat wrote:Oh wow so sorry to hear.
Here I was going to app for the pre-approved $15K SL but now I am reconsidering it due to the inquiry sensitive practice by FNBO.
At least they are allowing you the 0% terms for the balance.
Does the account closure affect your score as it was initiated by the lender ???
I had a $15K limit as well. So putting $6K as my first transaction wasn't a great move. AMEX or Chase would've been OK but from what I am reading FNBO is too conservative for it and red flagged me. Hope it works out better for you!