I finally got a letter from Nextcard denying my credit line increase and I can't understand it. The reason is:- "NEXTCARD PAYMENTS RELATIVE TO TOTAL AMOUNT DUE PAST 4 MONTHS". Try to make sense with that one. I keep my account current and I always payment on time. They made up some excuse to deny me my request. Ron.
Re: lame excuse from Nextcard!!!!!! Translation: your payments during the last 4 months were too small, consideraing your outstanding balance. Small payments are indeed known to to reduce internal CCC scores. Or, if you want the real reason: "We're broke. The regulators are after us. To survive, we need to charge subprime APR even from prime customers. Balance Trasfers are strictly prohibited. And we certainly cannot afford to grant credit line increase at a time like this." Saar
The problem is they think your payments are too low compared to what you charge. How much times the minimum do you pay?
That's why I am taking the advice of others here on the board. I am paying off this card and closing it. Most certainly before my first full year is up. Best regards, Mirage
Re: lame excuse from Nextcard!!!!!! Saar, I didn't use the card for the big purchase and last four times I used for the grocery and the restaurant. I didn't use it that much since the card has no cash back rewards or other rewards. Ron.
Lizardking: at this point I am in the rebuilding phase of my credit. I am afraid that Nextcard might not be able to find a solid bank to buy their business. From what I understand Nextcard has huge losses and mostly from fraud. I really do not want a "account closed by credit grantor"on my CR or my account bought by a CA. If there was some way to determine if a Citibank or even a Cap 1 would buy Nextcard then I would feel better. Am I wrong for thinking this way? Best regards, Mirage
Re: lame excuse from Nextcard!!!!!! Not at all. Those are valid concerns, and the likelihood of them being bought by a prime bank does not outweigh the high risks involved in a X.com-like ending. You did the right thing. Saar
