After years of financial challenges including job losses and a pretty serious car accident, things are finally on the upswing. Work is going well and I just settled my case in court against the other driver who hit me and expect a check in weeks that will help pay down much the debt we have accumulated and pad our emergency fund. Today I received a letter in the mail from NFCU that said that in reviewing my account there were too many deregotory items on my credit report and my credit card will not be reissued when it expires and my account will be closed.
Has this happened to anyone else? i feel sick to my stomach. I have been late with in paying this card but never more than 15 days but I am carrying very high balances on everything. The past year has been especially difficult.
I am going to call the creditor but I can't pay off the balance at this point. Any advice is very much appreciated.
Your existing creditors have permissible purpose to pull your complete credit report in evaluating your existing credit with them, and thus your overall credit history is up for consideration, and not just your performance on your existing account with them.
I would contact someone at their executive management level, who has the authority to grant exceptions from their normal determination of account closing.
Simple letters/calls that are processed by first-line reps will normally not be granted mangerial discrettion.......
Thank you for the very fast feedback. I will reach out to them. And apologies for posting on the wrong forum.
Let us Know how this goes if they reconsider . I was under the impression nfcu didn't do AA .
Everybody does AA.