I did have the Plat Plus MC 10.99% product as of yesterday.. Recieved a call from them and I returned it, not knowing what it was about....Turns out that I have TOO MUCH debt load 62% utilized from my other cards..and they said they dont like this...that they are forced to CLOSE my account today!!..Never late, never over, never anything...always way more than the min....i still owe them $3,500..my CL was $9,500....what a joke this bank is....last time it was pulling Hard Inq's when i made a purchase....hope everyone elses luck is better than mine, w/this bank.......if i did want this card back , just for ratio purposes, i dont know if its possible? good luck!!..... Tony V
MBNA is the only prime lender who jacks up APR and closes accounts for no other reason than high utilization. But whenever you're offered a 0% BT rate, it would only make sense for you to be in high utilization. MBNA's system is anti-consumer. I'm determined not to do business with them. Saar
In my book, the crooks operating First USA and Fleet have never been Prime lenders. Or, as Doris K. has so eloquently put it, First USA is a subprime lender catering to the prime market. Saar
Sorry to hear that =( Direct Merchants Bank, closed mine also and I still oew them....They still bill me directly with statements, I hope they never send me to Collections...NEVER LATER =)
Is Juniper really prime? I'm not asking it just because they're owned by Aspire, a company that charges 39.99% APR from subprime customers; I'm asking it because the current APR for their so-called prime product is Prime+9.24 (!) https://www.juniper.com/app/japply/lp/TnCs.jsp?prodidreq=CCVPS00343 Saar
So CLOSE a bunch of accounts and THAT WILL MAKE THEM A "TON" OF MONEY!!! CLOSE 100% OF THE ACCOUNTS~~THAT WILL MAKE THEM EVEN MORE MONEY!!!
I went on-line to schedule my payment for my MBNA LOC account yesterday and notice verbiage next to my "available balance". I've never seen this before, in this area it usally states what dollar amount i have available. It stated that " based upon credit approval"!!! I called and asked Customer Service and they stated that every check I write or BT, MBNA does a review of the account and decides whether to grant auth or not. My utilization is at 82%. Are they getting ready to shut me down?? The rep said no, but did say if anything is different on my credit report(score change, drerog, too many cards, high utilization, or if pizza is my favorite food) they would not let future checks go through??? This company sucks!!
After what happened to NextBank, Providian, and Capital one (car loan biz), seems credit-card companies are taking extreme measures to reduce any exposure of their portfolios to BK/Charge-off/30,60+ day lates. I think it is going overboard, but they are obviously worried given the economic conditions, Fed regulations, and who knows what else.
Well ... this brings us to the next question. If they close your account because your utilization is 62%, does that mean it will state "Closed by credit grantor"? Yes - If so, does that lower your score? If it does I wouldn't take it laying down. I'd sue their butts for "Frivolous Account Closure".
It "SHOULD" be~~"ACCOUNT CLOSED BY CONSUMER" because there was "NO CAUSE"... CLOSED FOR "CAUSE" has to be late, over-limit, bounced checks, collection, BK, (and in the case of AMEX BLUE...A CREDIT BALANCE)... If you CAN'T BT it all GONE...it will HURT your F.I.C.O. score (because your available balance is ONLY for "OPEN" accounts)...
I'd sue their butts for "Frivolous Account Closure". --------------------------------------------------------------------------------- DO IT!!!
Saar- Juniper isn't affiliated with Aspire. Aspire is owned by CompuCredit- credit is extended through a relationship between CompuCredit and Columbus Bank & Trust (a unit of Synovus). Juniper was started by Richard Vague (founder of First USA) and his merry band after BankOne booted them out. I think Juniper, when it started, was doing something with CB&T, but now has a bank charter of its own (Juniper Bank). -mj
Chase raised my rates due solely to utilization. I ran them up to max anyway. Eight months later I BKed on them. And, as Breeze noted, at the time I filed, I had never been late. On anybody. The problem these companies face is that they don't want to lend money to people who are going to default. And since they can't verify income or cash flow, they can only infer that from behavior. 62% utilization is bad. It could not have been that bad a few years ago or you would not have received the card in the first place. Which means that you are sinking into the hole. They don't know why you're sinking into the hole, they just know that you are, and that you don't seem to be stopping. If you owe 50% of your gross salary on revolving debt, you are in bad shape and you should look very closely at what you're doing. That's a debt level that's very hard to pay back. This might be a useful warning sign for you. On the other hand, they might just suck.
