After owning a JCPenney card for the last 8 years, I had to cancel it today. Why? Because they felt the need to decrease my balance. Heck, the limit was only $200 anyway. They say that I was a day late with my last payment. I was, I admit. However, to drop my limit to $50 was unjust. I refused to go on a probationary preiod in order to work my way back the original $200 line. Rather than do that, I'll just do without. I'm saying goodbye to my only Credit Card. I gave JCP 8 good years of ontime payments (never late 1-time before this), and this is how they repay me?!?!...Screw 'em. I can't believe this!!!
May I ask what their probationary period is? They did the same thing to me, the reason I haven't used it in years. I really really want to close it, but as it's my oldest TL I can't afford for my scores to tank before I buy my new truck.
She said 6 months with ontime payments. Then after that, my account will be reviewed for a possible limit increase. Only to $100. Then again after 6 months...another $50...Screw that. $50 every six months just to get back up to $200...yeah right.
Lenders are under pressure right now to lower credit exposure. The economy is forcing them to be very careful about whom they lend money to, and they are quick to lower/cancel credit lines if you make even the smallest mistake. Look for a lot more of it in the future. If you have credit lines you're not using, they very well may be lowered or completely go away soon.
I love JcPenneys.....they always have GrEaT SaLeS! But what a bunch of cheapskates. No wander why they are reporting lower sales. Who can buy anything with a whopping $50 credit limit? WHohoooo, all socks are on me.
The wife says Sears is putting out better prices than Wal-Mart these days and doing it on better quality clothing too.
Sloy, nobody has mentioned, (nor have you addressed) how this is going to be reported. 30+ days late? ????
I would rethink your strategy. If JCP is your only cl I would keep it open until you are able to finish any credit repair and open up other cls. Don't let emotion put you in a worse position than you already are. Have you had a chance to PFB them or talk to a supervisor?
I agree with previous posters. Don't close accounts needlessly. Available credit and longevity of accounts is very important. Don't get emotional with credit card companies - it's like "wrestling with the pig". You'll just end up tired and muddy and the pig, meanwhile, is having fun. You no more have a "relationship" with a credit card company than you have a relationship with your neighbor's barking dog. You can beg, threaten, take self-improvement classes, work on your relationship skills, bark back, do tricks, and even reason with the dog but it still barks. Such is the way of credit card companies except I've never seen a four-flushing, double-dealing collie. On second thought, I must apologize to dogs and animals of whatever persuasion for even suggesting a comparison. Woeful
Lenders are under pressure right now to lower credit exposure. The economy is forcing them to be very careful about whom they lend money to, and they are quick to lower/cancel credit lines if you make even the smallest mistake. Look for a lot more of it in the future. If you have credit lines you're not using, they very well may be lowered or completely go away soon. too much ============== And for this the customer should get fleeced for loans and insurance rite. The END ************************* LB 59
Pay them off completely to a zero balance and then throw it in a drawer or safe and forget about it for a couple of years until they decide they either aren't making money from you anymore and up you CL or they either close the account. I know the latter part could be risky because you don't want a creditor to close an account but by just paying them off, I'd have the satisfaction of knowing they are wasting paper and money to mail me a statement every month! Tac
