Krash

All This Talk About CLD's... Post Here The name of the creditor that did it!

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I'm aware of all of this. However, Merrick remains the only card issuer of mine that has ever chosen to exercise that option. I can understand it if the payment amount is over $1,000, or if I have had payments rejected in the past. Neither of these things were true the last time they held back my available credit a month ago.

Most companies only do this if you pay by check or money order... Perhaps paying electronically would solve your "problem"?

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As for Target, no, I don't like it. I wanted an upgrade for the same reason I mentioned: simply getting more in the way of credit line to improve utilization. A better interest rate would have been a plus, also.

I had only a $300-limit store card and after having it one year with no increase in credit line, I closed it in October. I decided I have too many cards and that one is a dead end. I realize that dinged my utilization but I did it anyway. I'd rather my credit report not look like an all-you-can-eat cafeteria. I'd rather eventually get bigger credit lines on my better cards which already have higher limits (like USAA).

My husband had a store card that was converted to a VISA but then CLD'd as described above. You see, we're in a different credit sphere than you and some other people here. We have FICOs in the 630-680 range, high utilization, and we're just trying to scrape and claw our way to paid off (or paid-way-down) debt and better FICO scores insofar as those will make lower interest rates, as we carry and work on paying this debt, possible.

The only reward I saw on the Target cards was that a huge number of points would result in a 10% off shopping day being granted, or something like that. I don't want to shop; I don't need stuff; I just want to pay off debt.

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p.s. Merrick Bank is a joke; they are such scheisters you should just be glad they don't "misplace payments" and cheat you (like Santander Finance, formerly Drive Financial, just tried to do to us - but I prevailed). Don't expect Merrick to do anything they don't have to do, by law. They're "nice guys" if you keep your nose very, very clean, but if you don't - well, look out.

p.p.s. What are we doing on this board this late on Friday night? Are we losers?

:shock::lol:

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I had only a $300-limit store card and after having it one year with no increase in credit line, I closed it in October. I decided I have too many cards and that one is a dead end. I realize that dinged my utilization but I did it anyway. I'd rather my credit report not look like an all-you-can-eat cafeteria. I'd rather eventually get bigger credit lines on my better cards which already have higher limits (like USAA).

Smart! I wrote about that in this thread.

My husband had a store card that was converted to a VISA but then CLD'd as described above. You see, we're in a different credit sphere than you and some other people here. We have FICOs in the 630-680 range, high utilization, and we're just trying to scrape and claw our way to paid off (or paid-way-down) debt and better FICO scores insofar as those will make lower interest rates, as we carry and work on paying this debt, possible.

Spend less than you earn. You're doing fine, I think. There is no great secret.

Carry on...

The only reward I saw on the Target cards was that a huge number of points would result in a 10% off shopping day being granted, or something like that. I don't want to shop; I don't need stuff; I just want to pay off debt.

It's a good rewards program if you're like my sister and think Target is the greatest place in the world. It has a better rewards program than its market peers. Rewards programs come with a caveat: you have to use the card to get rewards. If your goal is not to use the card, then you will not benefit from even the very best rewards programs.

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"Spend less than you earn. You're doing fine, I think. There is no great secret."

- Big

Heck, I even know this and I'm trying so hard not to use my credit card until I purchase my house. I'm going to do it; Jan. was one of those months and getting paid only once a month at the end of the month is the worse!

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Most companies only do this if you pay by check or money order... Perhaps paying electronically would solve your "problem"?

Nope - I only make electronic payments to Merrick, yet they still hold them whenever they feel like it. I blame their general sleaziness.

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Yes, they do that for large or otherwise "suspicious" (by their standards) payments.

Speaking of sleaze, here's the perfect example: I owed $947 of the $1,000 credit line on my Old Navy VISA. (GE Money Bank) Not only could I not pay it online because I had already made two online payments that cycle without realizing that was the "limit" until my payment was rejected (and it was too late to get one in by mail or push it through via bill-pay, so I had to wait till the statement cut and then make a payment)

but they have been holding that amount out from available credit since I made the $947 payment on Jan 22nd. It cleared the bank... let me look that up now - Jan. 26th (they are slow to process) and here it is Feb. 1 and I only have $53 available credit as of today.

Edited by Chester P. Dexter
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Chase just nailed me. I have (HAD) a $5600 1% Starbucks rewards card. They knocked it down to $600! From $5600 to $600 overnight...

I just got off the phone with their loan department. I am surprised how much info they gave me. They tightened their lending criteria. Due to a scheduled account review, they did their typical credit bureau check. My old BK, discharged before I opened the card, triggered the CLD.

I told her to increase the account back to $5600 or I'll immediately close it. They wouldn't budge on the $600 so the Chase Starbucks account is no more. Closed today with a $0 balance.

One by one these guys are slitting their own throats.

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In the last year there have been quite a few slashings in my wallet

AMEX - $55K - $4.9K

Juniper - $32K - Closed

Gap Visa - $2.6K - $100

Bon Ton Store card - $10K - $600

Chase Disney $15K - $4.5K

Chase Platinum - $5K - $2.2K

Cap 1 - $7.5K - $4K

Target Visa - $7K -$3.5K

What a year!!!

On the Upside

Sears - $2K - $3K

JC Penny - $2.5K - $3.9K

Best Buy - $2.4K - $4.2K

Wells Fargo $8K - $11K

The upside is way short of the downside, but what can you do in these times but just keep moving forward.

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Chase just nailed me. I have (HAD) a $5600 1% Starbucks rewards card. They knocked it down to $600! From $5600 to $600 overnight...I told her to increase the account back to $5600 or I'll immediately close it. They wouldn't budge on the $600 so the Chase Starbucks account is no more. Closed today with a $0 balance.

Strange....got TWO letters from Chase today in my mailbox. Letter #1: "Sorry you decided to close your account...." Letter #2: "Chase decided to close your account effective March 8th, 2010 because: 1) you opened too many accounts recently, 2) you don't have enough paid as agreed accounts (I currently have 34 of them...:shock:), 3) insufficient credit history.

What the HELL are they doing over there? They are seriously confused. But at least I obtained a free Experien credit report tonight due to their accidental "adverse action". Lol.

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Strange....got TWO letters from Chase today in my mailbox. Letter #1: "Sorry you decided to close your account...." Letter #2: "Chase decided to close your account effective March 8th, 2010 because: 1) you opened too many accounts recently, 2) you don't have enough paid as agreed accounts (I currently have 34 of them...:shock:), 3) insufficient credit history.

What the HELL are they doing over there? They are seriously confused. But at least I obtained a free Experien credit report tonight due to their accidental "adverse action". Lol.

I had a situation with Chase once where they sent me two letters which were not at all congruent with each other. [The first stated "Mr. Bigwoody, we are sorry, but we cannot upgrade your account from Chase Freedom Signature to Chase Freedom Plus Signature unless you reapply. Please call us at xxxxxx" The second, dated one day later, said "Congratulations Mr. Bigwoody, we have reviewed your request and have upgraded your account as you requested... Please allow 7-10 days to receive your cards"]

FWIW, I always get more than competent replies by writing to their PO Box in Wilmington, DE, but their front-line approach to their customers is lacking, to say the least.

I digress. If I were you, I'd save those letters, because it sounds like:

(1.) You closed your account

(2.) Shortly after that, they reviewed your profile and decided not to reopen your account. [Of course, that isn't what the letter reads.]

In other words, their adverse action happened after you already closed your account. This doesn't make sense if you don't have some background:

Whenever a card is closed, a reason code has to be entered as to why it was closed. This is for both underwriting and credit reporting. [There are at least 100 reason codes]. Most large issuers have a policy where they will reopen a closed account no questions asked within 90 days of the close date as long as the account was "closed by consumer".

So, the fact that you received that first letter stating "We are sorry you decided to close your account" means that the initial reason code entered was "closed by consumer". Upon further reviewing your profile, they decided to change the reason code to one that doesn't allow you to automatically reopen the account, and would force you to speak with underwriting in the event you call to reopen. Thus, the second letter, which is computer generated, of course...

I could be wrong. That's just my $0.02.

In any event, I'd save the letters just to make sure it gets reported to the CRA as "Account closed by consumer". If anyone ever does a manual review of your credit files and sees "Account closed at credit grantor's request" it doesn't look as good.

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BAM! HBSC closed my credit card which is fine with me.

Reason: inactivity

I only want to stick with two credit cards: Chase Southwest Airlines and my Carecredit. Let's see which one will be closed next...

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How long was the card inactive? I'm starting to wonder if two months' worth of non-use constitutes inactivity, or if it has to be longer than that, depending on the card issuer's criteria, of course.

About 8 months and the CL was only $800 (one of my newest cards as well - -was).

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