I charged something on the card. The transaction was normal. My opinion has waivered between closing the account while I can still speak to an account representative and make sure the account says "closed by consumer". or Waiting for my account to get purchased by a more reputable company. I have a slight concern that my account may not get bought and the account may be "closed by credit grantor". My opinion is that the account is more likely to be bought if activity continues as normal. This is just my opinion. Jim
I'm still "HOLDING OUT"...something has to happen before MARCH 31st...I THINK...I can't see the O.C.C. or THE F.D.I.C. HOLDING ON FOR 6 MONTHS!!! My worry is that my account may be sold to PROVIDIAN!?!?!?!!?!
I decided to ride it out to the end. I keep using the card quite a bit and e-paying most of it off shortly after the purchase. I let them earn a tad bit of interest. I've been averaging $1k-$2k per month on the card and haven't slowed down since the craziness has happened. They were my first card that approved me while repairing my credit, at 24.99%. A few months ago they reduced me to 9.9%. I'm hoping that when/if *someone* buys them up, I'll end up with a prime card.
Well, I have just left my card in the sock drawer with a 0 balance since November on it....I'm taking the chance that it will be bought by someone good, but it won't hurt me if it just gets closed...I have too many accounts as it is, and I want a St. Farm card someday, so I will have to close something.
GEORGE has a good point.I certainly hope that the Nextcard accounts are not bought by a subprime lender like Providian. If so, I will probably close the account and obtain more credit at the Credit Unions. It just seems to me that a reputable company would have an opportunity to purchase accounts very inexpensively that have a proven record of on-time payment. The accounts that are not in good order will probably be closed as no lender would want them. My account is in good standing and I will charge each month until the uncertainty is resolved. Jim
Keeping a sense of humor here... If Capital One buys my $6,500 12.9% apr Nexcard account and adds it to my $10,000 9.9% apr. Platinum card... I will write a letter to the Exec office asking to combine cards into one $16,500 9.9% apr. card. Unfortunately my credit limit will still only show $5,000. My high balance back in the 1990's on the Platinum card. Please don't let the new lender be Capital One or Providian. Please... Jim
The website recorded my purchase yesterday when I logged on. Everything looks normal. This whole Nextcard mess reminds me of the S&L debacle in the 1980's. At that time, the Feds were constantly merging weak undercapitalized banks with bad loans into healthier banks. While anything can happen, my guess is that a new bank will be servicing the Nextcard accounts in good standing soon.
Got my $50.00 WAL*MART GIFT CARD today... Get all the rewards NOW BEFORE IT'S GONE...I assume that no credit card company will assume the "DEBT" of their rewards program...
