Credit card companies are closing unused accounts

re: Credit card companies are closing unused accounts

Talon Tharp — Sat, 19 Sep 2009 13:43:41 GMT

Please help? I have paid off my Chase credit card three months ago and at that time I requested that my account be closed. They did not close it. I am still receiving statements. In the last three months I have written to them twice with ceritfied mail that they close this account. I even mentioned contacting my lawyer if they didn't close it. They are ignoring my requests. Help!

re: Credit card companies are closing unused accounts

lkjh — Mon, 17 Aug 2009 11:26:01 GMT

First they jack up your credit score then they close your account. I hadn't used my account so that I could pay it off - paying more than the minimum - and I did get a notice that they were closing my account. I don't have the money to pay it off but as long as they continue to keep letting me make payments then they can close all my accounts. Chase is the worst bank ever. I missed a due date - it was on a Sunday and I went to pay on the account on a Saturday (came home sick from work on Friday, so I forgot to process payment) - called Chase - they to let them know - I was told it was okay. They jacked up my interest rate from 9.99 to 24.99 even after I called to let them know the payment was made and I was told that I would be okay since I paid it on the Saturday before. Needless to say that if paying $200 a month was difficult, you can only imagine what paying $400 a month is like - oh - and as a courtesy, they let me skip a payment, but they were still going to charge me interest on the balance - why would I then skip a payment and an opportunity to reduce my balance to pay less interest? - Any way - stay away from this bank - it is the worst ever!

re: Credit card companies are closing unused accounts

Trun — Sun, 16 Aug 2009 02:12:47 GMT

Don't be fooled it is not only credit card companies closing your accounts it is the banks as well. Wells Fargo closed my Business checking card account without warning as well. They said it was due to high credit limit and low activity. Go figure?!?!?

re: Credit card companies are closing unused accounts

Juan — Fri, 14 Aug 2009 22:43:21 GMT

Last June I traveled to Costa Rica with my wife and my travel arrangements included a prepay rental car, but when I went to pick up my rental car I found out that all local rental offices, even if they are affiliated with International Car Rental Companies, required a $1,500 deposit plus compulsory car rental insurance. The additional cost came up to about $2000.00. When I try to use my credit card it was declined, I was shock and embarrassed, so I contacted the credit card company from the rental car office. To my surprised I was informed that the credit card company had cancelled it because I did not use it for the passed 24 months. I called the credit card company from the rental car office and when I asked if the card could be activated I was told yes, but it could not be done from overseas. Normally when I travel abroad I only take one credit card with me for fear of loosing it or getting it stolen, but Luckily this one time I had another car with me and I was able to rent the car and enjoy my vacation. I always got monthly statement in which the credit card company congratulated me for always making my payment on time and for how well I manage my account. By the way I chose not to get the car re-issue.

re: Credit card companies are closing unused accounts

Abbe — Fri, 14 Aug 2009 22:29:17 GMT

I just had this happen to me. The credit card company just lowered my credit line without rhyme or reason. This will hurt my credit score. I checked my credit report with free credit report.com and there were NO negitive on my report. Then I requested they reinstate my credit line WITHOUT IMPACT TO MY CREDIT SCORE.

If you ask for a closed account to be re opened it will have a negative impact on your credit score...as if you opened a new account. I suggest you talk to the credit card company and have them re open it with out impacting your credit score.

re: Credit card companies are closing unused accounts

Roni — Fri, 14 Aug 2009 19:50:17 GMT

Peopel if you can't pay cash for it don't buy it just plain and simple! Until we stop useing cc like crazy the cc companies can charge whatever they want anymore! It's criminal but legal that they can do it....it's not fair to people like us that pay our bills on time, have good credit scores, etc. I have paid off all but one cc and it's GE Wal Mart Mastercard I had over a $7,000.00 available credit limit I was never late on my payments, always paid over 100% of what my montly payment was and since I have not purchased anything in over a year (and let me say I never went over $4,000.00 on the card) they have since reduced my available credit to the amount of my current balance each month! lol I got upset at first then I thought about it and decided that oh well I will just cancel that one too when it's paid off! If they don't want my money why would I want to give my hard earned dollar to them...so, once it is paid off I will officially be cc debt free!! Which should be by the end of the year if I do't decide to do it before that! The point being....if we don't use them, then we don't need them and lets just cut them up after paying them off and pay cash...that's how our parents did it right? And we always can use our debit cards if need be!

re: Credit card companies are closing unused accounts

LEL — Fri, 14 Aug 2009 19:16:34 GMT

What a surprise the credit card companies don't have any business ethics Well guess who sends out most of the credit cards, Banks and we all know what little ethics they have.

re: Credit card companies are closing unused accounts

dave — Thu, 13 Aug 2009 15:35:25 GMT

Credit card companies are in the business to make money. They could care less about keeping good customers - those who charge minimally and those who pay off their bill each month - as customers because they are not high profit customers

Those who maintain high ballances and pay the minimum each month are the ones they want, particularly those who are trying to rebuild their credit. They will usually keep paying, even when more than half of the monthly payment only goes to pay interest charges. Additionally, any NEW charges go to the back of the line and are the LAST to be paid, so it just increased the interest that is charged. They're also more apt to make a late payment on occasion which will trigger the ever popular 29% interest rate and $45.00 late fee, and if the fee sends you over your limit than you get the $45.00 over limit fee as well. Of course these fees are considered "charges" so they go to the end of the line and get charged interest as well.

All of the companies are getting rid of the people they see as not profitable - those who don't maintain ballances, and the company who owns your card is probably not even the company where you opened it (WaMu for instance). They whant those with big ballances. If they stop paying on the ballance it is still no big deal. They write it off as a bad debt and get the government to give them bail out money to cover it. It's a no loose for the banks

re: Credit card companies are closing unused accounts

Guadalupe — Sat, 18 Jul 2009 00:54:48 GMT

On July 15, 2009, I attempted to use my Chase Credit card. I have always paid my balances in full each month. On this day, my card was declined at the register. I immediately contacted Chase, they stated that my Credit Card was closed on July 14, 2009. The reason Chase provided was that my balances were low. I had this card for 8 years, of which the credit card company changed from Providian, to Washington Mutual, and finally to Chase. Even though, I did not over extend myself and promptly paid in full and on time, my account was closed. Chase stated, I will recieve a notice in the mail regarding the reason for closing my account in 7 to 10 days. I report this to the Federal Trades Commission.

re: Credit card companies are closing unused accounts

MR — Tue, 16 Jun 2009 18:35:23 GMT

Chase is bad as they just close the account without notification. I called them to reopen it, they simply said "it can't be done". Few days later I received letter with new terms about my other Chase credit card. This time, I called then and cancelled it on the spot. If they do not want to respect my opinion, they can take the cards and keep it - it will let other banks make money.