Anyone having this problem. Any suggestions for getting it back open? Here is the scenario, my husband has had a Bank One Card and a First USA card since 1984. No late payments ever, never over the limit. He has lots of open credit lines, over 40k but has for years, with no lates on anything. We have been buying real estate and refinancing so have lots of inquiries. We get a letter, after paying 7K to Bank One that due to excessive credit inquiries and too much credit they are closing these 2 accounts. Unbelievable. What kind of customer do they want???? 20 years no lates!!!! whats the problem? Any suggestions?
I recently had the same thing happen to me with JCPenney. Have you contacted their CSR's? You should get on the phone with them ASAP and demand an exlanation. Judging from the backround info you give, I think they're scared about all of the inquiries and open lines of credit. I'm no expert but that's my opinion. Let us know what "lame" excuse they give after you call them. Good luck.
TELL THEM TO RE-OPEN IT!!! Although NO bank MUST give you credit...IT IS TOTALLY STUPID TO CLOSE AN ACCOUNT THAT IS IN PERFECT STANDING AND IS 20+ YEARS OLD!!!
It's critical the you regain control. The way I recommend doing it is to kiss up to whomever you need to at BankOne to get the accounts re-opened (usually a credit analyst). Be extra courteous, professional, friendly, etc. You don't want the CRAs reporting that your accounts were closed by the creditor. Remember - if you don't succeed with your first call to BankOne, try again until you do. Once you've accomplished this goal (and you WILL accomplish it), pay off the accounts either through cash payment(s) or BTs to another card - even if you need to apply for a new one. Then keep the BankOne cards active by using them ever few months for minor purchases. Your ultimate goal is to have the FICO calculations continue to factor in the long, good history of the accounts. Now go get 'em and keep us informed of the good news that's sure to follow.
www.planetfeedback.com might work...CREDIT CARD COMPANIES DON'T LIKE NEGATIVE PUBLICITY!!! "THEY" SAY IN RETAIL... A "HAPPY" customer will tell a few friends and relatives that they had a good experience at a store... BUT an "UN-HAPPY" customer will tell 10-20 friends and relatives and even strangers on the street!!!
PFB GOES TO THE "TOP" Phone may or may not work... It is hard sometimes getting by a low level CSR or even their SUPERVISOR...
I appreciate the comments. I will get on the PFB angle right away and will let you know what happens. What a crock!
Not sure if this will help, but if you live in an area where there is a Bank One branch go in and speak with a bank rep. At least you will get a face to face meet with someone. My dad had checking, loans and credit lines with Bank One and at one point they closed his credit line. He marched into the local branch and spoke with a rep who seemed confused as well and make a phone call and the cl was reopened. Not sure if this is a trend in the cc industry. Sounds like they are running sometime of software that predicts if a customer is a bad risk before they are a bad risk.??? I remember last year my brother in law paid off a Fleet cc (5K) with his bonus check. He let it sit at zero balance for about 6 months. Fleet mailed him a letter stated that he was a bad risk due to too many accounts with open balances. Now Fleet mails him pre-approval (so they say) apps every 2 weeks. Plain goofy on how these cc treat good customers. Best regards, Mirage
Re: Re: Bank 1 closed a20 year old account USING CREDIT IS NOT A CRIME...AT-LEAST IT DIDN'T USED TO BE A CRIME!!! GEORGE ================= It is now:It's murder on the consumers.
Husband called and spoke to customer service this morning. He was told that he had well over $140K in revolving debt and this was too high and that is why they closed it. If he gets rid of 100K within next 3 months he can call and get it reopened. Who the hell do they think they are??? They said if we made a quarter of a million dollars we could have it reopened. Hillarious, most of our debt is mortgages for investment property!! They are saying if we made what it cost to buy a property (a debt payable over 30 years) in a year we would then be okay!! Hokey! My husband is like, well it is a lot of debt, I understand why they closed it, blah blah blah. This is really pissing me off. We use these cards in our business and are just now getting company credit, Lowes, Home Depot, Office Depot. No VISAs yet. What type of customer do they want?
JUST MOVE ON.... I got TICKED-OFF when CHASE "JACKED" me to 16.24% so I "JACKED" them... They are PAID IN FULL and CLOSED I might get a new card to replace it...I might not...
I know, I know... I am still going to have him do the PFB thing. But still, makes you feel like you are just a leaf in the wind.......
If your debt is mortgages. then why is it showing up as revolving? mortgages are installment, not revoloving.
Well, I agree with George. Just move on. I would first speak with a credit analyst at a prime card issuer to pave the way rather than risk a wasted inquiry. Explain your situation and see what they say. This way you have a "go to" person during and after the app process. The OTHER choice is to apply COLD with a new issuer since the notation that your accounts have been closed probably haven't hit the reports yet and won't yet affect FICO.
What kind of hit to fico should I expect? Re Revolving & mortgages: your guess is as good as mine.. My husband is putting together info for the pfb letter so we will see... fletch.
