I was sitting here today looking at my wallet full of unsecured credit cards and then I came to my Nextcard Visa. I usually pull it out around this time of the month because I have been using it to pay my cable and telephone bills online to show activity on the account. I got the lousy $640 limit / $500 deposit card last March just as I was beginning my credit repair. Since that time I had completely paid off their deposit and fees and was using the card for the phone and cable bills. I've asked them three times to unsecure the account (once via PlanetFeedback) and they've said no every time. I called them to close today. The rep asked why I wanted to close the account, I told him: Target Visa $6,000 unsecured Citi Platinum Select $9,000 unsecured Citi Dividend Platinum Select $5,000 unsecured Providian Gold Visa $9,149 unsecured Providian Gold MC $3,500 unsecured Capital One MC $1,050 unsecured Household MC $1,000 unsecured Orchard Bank MC $975 unsecured He didn't care -- poof "your account is now closed, sir." I know I should have kept it open until March, but it felt really good to close it. Household and Orchard are next on their expiration dates (April and May I think) unless they come through with something huge.
Yeah. I actually did tell him I wanted to get my $500 back from them and not the FDIC. He didn't laugh.
It's not just a question of "who", it's mainly a question of "if". Close your NextCards accounts today, if you'd like to eliminate the possibility of a negative "closed by credit grantor" notation on your credit file. Not to mention, making room (ratio-wise) for better credit. As we all know, the income-to-available credit factor is an important one when setting limits for new cards or reviewing applications for credit increase. Saar
Is it reallistically an "IF" question?? Dang, I have been holding out to see what happens, too! -Cliff
I can't really "see" the F.D.I.C. taking over... "CLOSED BY CREDIT GRANTOR" ??? Did I miss any payments? Was I late? Did I go over-limit? NO NO NO "ACCOUNT CLOSED BY CONSUMER" is the correct statement... CAN THEY REALLY REFUSE TO KEEP IT OPEN???
If they cease to exist, yes. Or worse - as in the x.com experience - all credit/overdraft accounts were one day "closed by credit grantor" and sold to a CA, that has promptly placed collection entries on people's credit reports. Saar
I still have the 9.99% Wife 18.99% after 9.99% for 2 months & 1 day...FINALLY got it reduced to 12.99%...
George, You're not alone. Nextcard declined my limit increase yesterday while BofA gave me a big increase. Just likeyou said NextCard is going to put in my sock drawer. No bonus, no rewards,no cash back. Definitely socks drawer. Ron.
It could be that Nextcard is denying increases to everyone just like they stopped doing balance transfers. Probably would be better not to ask for one now. They have to make the numbers look good for the OCC. By the way the OCC ordered Nextcard not to grant any unsolicited line increases.
daveberk, I thought they approved me 2 increase early and last year and they probably approved me this time especailly Christmas time. I got a lot of line increase from others except NextCard. Look Like NextCard going down. Ron.
Saar, NextCard is my next to longest aged account, and I'm not getting approved for any substitutes to make up for losing the CL on my ratios(too many new accounts). I have a 0 balance on it, but I really hate to close it... Is there a realitic chance of negative info on my CR if I keep it open? I have an excellent record with them.
