adverse action from DCU

[takeshi74]

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@Anonymous wrote:

I can pay the card in full but i would much rather pay them $25 each month just to make them mad.

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It won't make them mad.  Depending on how the account reports you may just be hurting yourself.  Closed credit card accounts with balances can report as at 100% revolving utilization.  If number of inquiries is a concern for a creditor then there are other bigger issues with your credit profile and having an account report as maxed will just make things worse for you.  You'll want to pay it off ASAP unless it's not reporting as maxed.

[Anonymous]

Are you in a 0% period too? It won't make them mad if you are paying interest on the balance.

[pipeguy]

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@Anonymous wrote:

I received pretty nasty letter in the mail from DCU today stating that they closed my visa platinum account due to the amount of inquiries on my credit report. That's all fine and dandy but they are also demanding i pay the entire bill of $291 immediately. I was under the impression that if a credit issuer closes an account, the consumer is still bound by the terms of the credit card contract. I can pay the card in full but i would much rather pay them $25 each month just to make them mad. Am i legally required to pay them jokers off in full immediately?

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Op, I'm sorry this happened to you and I know how it feels because Comenity recently did it to me. That said, and no disrespect meant at all, this doesn't sound like DCU, at least my dealings with DCU so I'm wondering if there is more to this storyas far as the "why". $291 is not much money and I can't see DCU being concerned with such a small amount, so much so as to close your account with a lame excuse of too many inquiries. I've got a lot of inquiries and DCU has never mentioned it when approving two auto loans and a fairly high limit Visa. 

[Anonymous]

There was another thread a while back about DCU softing someone monthly and slamming them hard in this manner (closing card) the minute they saw an inquiry issue.

Not saying they don't have a right to do so as a lender, nor that other lenders don't do it as well (they do), but it seems harsh. Sorry it happened.

[Anonymous]

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@pipeguy wrote:

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@Anonymous wrote:

I received pretty nasty letter in the mail from DCU today stating that they closed my visa platinum account due to the amount of inquiries on my credit report. That's all fine and dandy but they are also demanding i pay the entire bill of $291 immediately. I was under the impression that if a credit issuer closes an account, the consumer is still bound by the terms of the credit card contract. I can pay the card in full but i would much rather pay them $25 each month just to make them mad. Am i legally required to pay them jokers off in full immediately?

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Op, I'm sorry this happened to you and I know how it feels because Comenity recently did it to me. That said, and no disrespect meant at all, this doesn't sound like DCU, at least my dealings with DCU so I'm wondering if there is more to this storyas far as the "why". $291 is not much money and I can't see DCU being concerned with such a small amount, so much so as to close your account with a lame excuse of too many inquiries. I've got a lot of inquiries and DCU has never mentioned it when approving two auto loans and a fairly high limit Visa. 

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Could be a combination of lots of inquiries (something DCU may consider aggressive credit-seeking), a young or new file that can't support the behavior, and a lower FICO score.  Possibly increasing balances too? Just guessing, still is a severe action.

[Anonymous]

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@Anonymous wrote:

I received pretty nasty letter in the mail from DCU today stating that they closed my visa platinum account due to the amount of inquiries on my credit report. That's all fine and dandy but they are also demanding i pay the entire bill of $291 immediately. I was under the impression that if a credit issuer closes an account, the consumer is still bound by the terms of the credit card contract. I can pay the card in full but i would much rather pay them $25 each month just to make them mad. Am i legally required to pay them jokers off in full immediately?

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That sucks for sure but since they took action to the level they did I would PIF if possible.  You'll want this behind you ASAP and I would not jeopardize not PIF and them possibly reporting something odd on your reports.

[Anonymous]

Can you post the relevant part of the letter?    There are usually some exceptions to the "pay off under usual rules", such as if they believe something fraudulent has happened and there is a risk of immediate loss.    Too many inquiries shouldn't trigger this IMO, but I don't work for security at DCU (well, I do, but not allowed to say)

[lincar66]

That's not good I have 55+ inq but I don't have a credit card with them but I have not been AA by any of my lenders despite carrying large balances on 2 cards tons of new account and a BOATLOADS of inq.

There must be something else in your profile

[MyLoFICO]

They just let me open my account and I have 21 inq on each of the 3 CR's. 

[Anonymous]

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@Anonymous wrote:

I received pretty nasty letter in the mail from DCU today stating that they closed my visa platinum account due to the amount of inquiries on my credit report. That's all fine and dandy but they are also demanding i pay the entire bill of $291 immediately. I was under the impression that if a credit issuer closes an account, the consumer is still bound by the terms of the credit card contract. I can pay the card in full but i would much rather pay them $25 each month just to make them mad. Am i legally required to pay them jokers off in full immediately?

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If you have funds in DCU in either checking/savings, I suggest moving those out for now. Not sure how cross collaterization really works though but I've read DCU could use funds in your account to pay a loan under certain conditions

sorry this happened to you... inquiries are not the end all be all for one's credit profile so I'm not sure why DCU took AA