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one of my credit cards was recently sold to Bank One (soon to be Chase). I have a pretty good history on the account--although my FICO scores are currently quite low.

I received a letter from Bank One saying that they had "declined to renew" my account. This card is my oldest tradeline--and I want to keep it! Is it simply a closed account or is it in some other category? And do you think I have any hope of getting them to reopen it if I 1) pay it off entirely (which I hope to do by April 2005) and beg beg beg (with my best sob story of course)?

Has anyone else ever had a "deline to renew"? and what did they do?

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There is a pretty good chance that you are screwed.

And your situation is not “soon to be” Chase, because it ALREADY is Chase.

I was worried about the same thing except Chase didn’t close my account.

Something like this is always bound to happen due to mergers. Anyway, you can turn this into something positive and look for credit cards from credit unions or other places that offer my favorable credit terms.

Best Buy closed my account and I was hopping mad. It was my oldest trade line and I had never had a single late payment with them. However, they checked my credit at a time that I was going through a lot of debt and new accounts so they just closed it.

But I turned it into a positive experience and got a credit union credit card at a single digit interest rate.

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Yup, your a victim alright. Whenever two banks merge, the "buyer" uses that as an excuse to pull CBR's and determine which customers should have their limits lowered, apr's raised, or which accounts to close period.

If the merger never happened, your account would still be open.

These mergers are rarely friendly to the customers benefit.


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Edited by sjsharks
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