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Well they say the things that are too good to be true, usually are... and is seems as though my time at UBS has abruptly come to a close. Account Terminated by Risk due to insufficient credit length, please pay account full balance by the 21st was the discussion I had with their advisor over the phone. What a joke, thats not an explination. Couldnt argue with them or make them reverse course. Has anyone ever heard of this? Not sure if I have rights or not. Obviosly I want to keep the account current when they close it on my credit profile, and he said they would do that. Is that enough of an assurance?
Have you been using it heavily or something to grab their attention? I mean they have the right to close accounts at any time for any reason like any creditor unfortunately.
@Anonymous wrote:Have you been using it heavily or something to grab their attention? I mean they have the right to close accounts at any time for any reason like any creditor unfortunately.
Havent been using it too much, but put a large business purchase on it and then have been paying it off for the last 2 months. Nothing near the limit but say 50k.
I mean it sounds like they just gave you that massive limit and expected you not to use it. Seems kind of weird to me but being a foreign bank I'm not surprised they are nervous right now. The US economy is hanging on because of stimulus actions, it's going to be a disaster when that eventually ends.
The only thing I'm not sure on, I didn't think they could demand immediate repayment unless you breached the contract with them somehow. Maybe someone else can chime in on that.
Thats what I would think. I didnt breech anything with them, so and unsure about that. But he used some veiled threat that he didnt want this to go any hire then him.
@Anonymous wrote:I mean it sounds like they just gave you that massive limit and expected you not to use it. Seems kind of weird to me but being a foreign bank I'm not surprised they are nervous right now. The US economy is hanging on because of stimulus actions, it's going to be a disaster when that eventually ends.
The only thing I'm not sure on, I didn't think they could demand immediate repayment unless you breached the contract with them somehow. Maybe someone else can chime in on that.
That really sucks to see such a huge CL just go away like that. How long did it take to get the CL to that size? I can imagine any lenders with that much of a credit line open for someone is going to be very particular right now, what might have been acceptable pre COVID isn't going to be today. Underwriting standards have changed. I don't know your income/assets and maybe your spend and profile made sense to have that kind of a limit but compared with the other cards you have if they were just doing a random review it could stand out to someone in the underwriting department.
Is this considered a business or personal account? If it's a personal account, there are consumer protection laws that come into play when a lender tries to bully you but if they're considering it a business account, I'm totally unclear about what regulations exist.
Just applied and thats the credit limit I received. Had to prove income with form 405-T.
@sxa001 wrote:That really sucks to see such a huge CL just go away like that. How long did it take to get the CL to that size? I can imagine any lenders with that much of a credit line open for someone is going to be very particular right now, what might have been acceptable pre COVID isn't going to be today. Underwriting standards have changed. I don't know your income/assets and maybe your spend and profile made sense to have that kind of a limit but compared with the other cards you have if they were just doing a random review it could stand out to someone in the underwriting department.
While people don't often discover it $286,500 of credit at a time, the risk-reducing staff at a bank can sometimes follow criteria for AA that conflict with the approval and CLI-granting criteria.
They may have been concerned you couldn't pay $50k off at once. I once got a supposedly-unrelated (yeah, right) call from Amex 3 or 4 days before I had a $27k minimum payment due.
@wasCB14 wrote:While people don't often discover it $286,500 of credit at a time, the risk-reducing staff at a bank can sometimes follow criteria for AA that conflict with the approval and CLI-granting criteria.
They may have been concerned you couldn't pay $50k off at once. I once got a supposedly-unrelated (yeah, right) call from Amex 3 or 4 days before I had a $27k minimum payment due.
I pay all my other cards off in full like Amex, I kept a balance on this one because my business partner was concerned if we paid it off with non profits from the business it would make it hard for our accountant to track. Not sure though. often have 25k min payments of charge cards, just sad to see this magical bird fly away.