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Started By
Message
Just bitching...
Posted on 10/7/22 at 4:28 pm
Posted on 10/7/22 at 4:28 pm
Bank closed a CC account with $5k limit.
That's it. Just bitching because the arbitrary nature of it from my point of view. Just, bing, an email out of the blue we're closing your account.
I understand from their point of view there are a ton of factors about credit risk and all especially looking ahead 18 months or so.
But nothings changed on my end. In fact it's better than ever for me, personally.
That's it. Just bitching because the arbitrary nature of it from my point of view. Just, bing, an email out of the blue we're closing your account.
I understand from their point of view there are a ton of factors about credit risk and all especially looking ahead 18 months or so.
But nothings changed on my end. In fact it's better than ever for me, personally.
4
Posted on 10/7/22 at 4:32 pm to Meauxjeaux
Pay your bills on time, baw.
Just kidding. Did you not use it within a certain period of time? Have you tried contacting them?
Just kidding. Did you not use it within a certain period of time? Have you tried contacting them?
Posted on 10/7/22 at 4:52 pm to Bard
I hadn't used it for several months.
And I get the way it works, just venting over it.
There should be some part of the consumer credit law requiring banks to notify before closing.
This is opening a whole can of worms, I know.
I'm a little peon in a big banking sea and how things ought to be really don't mean anything.
And I get the way it works, just venting over it.
There should be some part of the consumer credit law requiring banks to notify before closing.
This is opening a whole can of worms, I know.
I'm a little peon in a big banking sea and how things ought to be really don't mean anything.
Posted on 10/7/22 at 5:38 pm to Meauxjeaux
I would assume it was closed due to lack of use. That seems to be the only reason anyone closes cc accounts
Posted on 10/8/22 at 7:54 am to Meauxjeaux
Seems like you get it for the most part, not sure why you are bitching :) they make money off of people using the card and I’d imagine there isn’t an infinite amount of credit that they can extend so shutting down idle accounts = business. Is several months more like 12+ months?
I’ve been waiting for amazon/chase to shut mine down for a long while now but it won’t die. Wouldn’t bother me if they did.
I’ve been waiting for amazon/chase to shut mine down for a long while now but it won’t die. Wouldn’t bother me if they did.
Posted on 10/8/22 at 9:07 am to rocksteady
quote:
Is several months more like 12+ months?
Naw, since April.
For more details - it was a Synchrony bank Care Credit card. I got it a couple years ago when our dog had to have some vet care.
Then we used it again about 18 months ago - $1800 vet bill and you could pay it off like 0% in 6 months, which I did. Then another small charge that paid off last April.
I've got 2 dogs now and figured I'd always keep it open in case one of them needed vet care (hit by car, whaterver).
In talking to my wife, apparently we could have been using it for things like dentist visits for us humans, instead of debit card like we do.
Anyway, just bitching and mad at myself as much as anything for not using the card better.
And lastly, there's the petty ego hit of FU, if you don't want me, *I'll* close the account, not you
Posted on 10/8/22 at 10:37 am to Meauxjeaux
Limiting exposure.
Posted on 10/8/22 at 11:15 am to UltimaParadox
quote:
would assume it was closed due to lack of use. That seems to be the only reason anyone closes cc accounts
There was some dude on here a whole back who claimed his account was closed because he's republican. That thread was hilarious.
Posted on 10/8/22 at 12:02 pm to Meauxjeaux
Discover did the same to me during the 2008 crisis. Just suddenly slashed my credit limit by over half. That had been my primary card until then but I’ve never used it again since then it pissed me off so much. These companies should think twice about alienating their good customers with high credit ratings.
This post was edited on 10/8/22 at 5:14 pm
Posted on 10/8/22 at 2:01 pm to Drizzt
Somewhat related, but a few years ago a poster insisted that he didn’t need an emergency fund comprised of his own funds because he had a HELOC. When I mentioned that that wasn’t his money, he wanted to argue that it was based on equity in his home, so it was his money. Yes, his equity, but a HELOC is debt issued by the bank… and they could pull it or call it at any time (depending on the terms). He wasn’t hearing it.
Not a brag (subtle or otherwise), but during the financial crisis, I had a good income, very good credit and plenty of equity in my properties. But I still had two substantial lines of credit killed.
If we happen to go into another credit crisis, banks and card issuers very well may cancel cards or pull back on lending. IMO, one shouldn’t rely on lending to fund an emergency because banks are unpredictable when SHTF.
Not a brag (subtle or otherwise), but during the financial crisis, I had a good income, very good credit and plenty of equity in my properties. But I still had two substantial lines of credit killed.
If we happen to go into another credit crisis, banks and card issuers very well may cancel cards or pull back on lending. IMO, one shouldn’t rely on lending to fund an emergency because banks are unpredictable when SHTF.
Posted on 10/8/22 at 5:16 pm to Jag_Warrior
Totally agree. A line of credit is not an emergency fund and is precisely what gets pulled when the economy goes bad.
Posted on 10/9/22 at 1:14 am to Drizzt
quote:
Totally agree. A line of credit is not an emergency fund and is precisely what gets pulled when the economy goes bad.
Ya I take it as a small sign of credit contraction.
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