Question regarding FICO score

[Anonymous]

Can anyone let me know to whom I have to contact to get proper information

I have good credit score around 720 with some Credit balances on cards. I have total 12 Credit Cards with 5 cards with Balances , I did Balance Transfer on these cards as they gave me 2.99% apr to 4.99% apr through the life of Balance Transfer. I cleared remaining Credit Cards with these Balance Transfer

Now I got mails from Credit Card people who I already cleared saying that I have too much Balances on some cards. Recently they canceled 3 cards worth of $7k each, in the mean time one more thing happened, Discovercard increased my credit limit in this time only

still not able to figure it our, is This FICO or Credit card people are not looking why I used all the money from the Cards which I have very low Balance Transfer APR?

whom I need to talk to?

can anyone please suggest me

[Anonymous]

Are those five cards maxed out (or close to being maxed out)?  Also, were the cards prior to the transfer maxed out (or close to being maxed out)?  I doubt they care why your credit utilization is the way it is but instead care that your credit utilization is the way it is.  Maybe listing your balances and credit limits will shed some additional light on the subject.

[Anonymous]

Thanks for replying my question

 CC1 credit limit/ remaining (8000/6000) ..this has 2.99% apr until paid

 CC2 15000/11000 ..5.99% apr until paid

 CC3  6000/5000 ..2.99% until 10/2011

 CC4  6000/2000..3.99% until 06/2010

 CC5  2500/1800..1.99%apr until paid

These CCs are not maxed out

I got mails from 3 different CC companies that they cancelled my CCs (7000,7500,6000) in last month only

Chase also reduced my Credit limit from 6000 to 4000 but I spoke to Supervisor and she increased once again to 6000

rightnow I didnt use Creditcards for regular shopping, I am using my Debit card for everything from past 2 years.

still dont know why its happening

[Jazzzy]

Hi zoomzoom, and welcome to the forums.

Credit rules have tightened up in the past few years. Many people with perfect credit have had cards closed on them or credit lines slashed.

Other than calling the companies that closed your cards, there is no one who can change this for you. You have almost $20k in credit card balances, and that is apparently making them nervous. The best thing you can do is to work aggressively to get your balances paid down.

With this kind of utilization on your remaining cards, your FICO scores could go down even further, causing even these remaining companies to close your cards. It turns into a viscious downhill cycle.

[MidnightVoice]

If these are your only CCs, then someone is looking at you owing nearly 26000 of CC debt on a CL of 38000 (nearly 70% utilization).  This is very high, close to maxed out in their eyes, and will scare many companies.  They do not know the interest rate, or if you can pay them back.  They are worried in the current environment

[Anonymous]

Thanks for some good points, but my point is CC people only saw my Credit and how I used and then only they gave me good Balance Transfer, I didnt beg them to give me that type of Balance Transfer

Yes, it is really scary for me now If I look into this figure 38000/26000

[haulingthescoreup]

Yes, they're always happy to give you the rope with which to hang yourself, and then they will escort you on to the gallows and position you over the trapdoor. But you do have to accept the invitation, I guess.

When you accepted the BT for $26K ( that is a TON of money! ), did you set up a plan for yourself as to how you would pay it off before the promotional rates ended and the killer interest started? BT's are great if you have the cash available to kill off the balance. But you have to regard them as a not-very-well-trained alligator taking up residence in your bedroom. They can do a whole lot of damage, if you're not continually on top of them.

[Anonymous]

one more thing to mention , all those BTs are good for life, its not like 1 or 2 years

I already made auto payments for 2 cards whose BT's APR will be over in Sept/2011

I never over the BT time

[haulingthescoreup]

It does sound like you used the offers you received to your advantage, but I guess the problem is, there were so many of them that when they all posted, it scared the whee out of the individual lenders.

The difficulty arose when you accepted the offers from so many different lenders. I can see why this made perfect sense to you, but from the lenders' point of view, it's sort of as if you have multiple GF's/ BF's. They all want to be your exclusive honey, and when they see that you're involved with others, they become freaked out.

(That's a terrible analogy, lol, but it's the best I can come up with now.)

[Anonymous]

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@haulingthescoreup wrote:

(That's a terrible analogy, lol, but it's the best I can come up with now.)

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I like it.  Vivid even.