Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain!

[cireone]

This should be a lesson for all of us right now. No new applications until mid next year. Very scary.

I really only got 1 account open since August. None since then. So for them to make that excuse to close my account is really puzzling. Funny, because I dont know whether to feel angry or not about the whole thing.

[RivasGlo]

What

Hooters? Thats like insane... IDK all creditors are freaking out...

We here didnt expect GEMB to do this and now Hooters?

[hjm331]

IFunny, because I dont know whether to feel angry or not about the whole thing.

You don't need a Hooters card when you got cards with BOA and Citi.

[Meya]

True! Also, its not like its love lost because I never heard anyone talking about redeeming points and benefits anyways. Its just a rebuilder card that gave out nice limits once upon a time.

[hjm331]

Exactly!

[Brian23]

I hope the same doesn't happen with me and my Hooters. That's craziness that they're doing that to their established customers.

On the brighter side, I've only been with Cap One for 2 months (and haven't received any credit steps notice, they started me out with the 300 limit, and I have paid my 2 months in full before the due date. Today, I thought I would be adventerous and call the back door number and see if they could show some love and sure enough, she increased my limit to $600 now.

CapOne is absolutely the BEST! And I am glad to have them back in my wallet.

[hjm331]

Congrats! It's always great hear about CLI's! CLI's always make my day.

[Meya]

Way to go on your cli, please add it to this thread
http://www.financeglobe.com/SocialNe...ght=report+cli

[postbkcy13]

We just got a letter in the mail today (12/13/08) stating that our Aspire Visa was "Terminating its Program" but the account will continue to have an account maintenance fee until the balance is paid off. However this termination will not take affect until 12/24/08 so they are still able to asses an annual fee of $99 to our account before terminating it. Why should we have to pay an annual fee if the program is being terminated.

We were doing so well with rebuilding our credit after a chap 13 bk and now this happens. We were never late on any payments and got credit limit increases every year on the anniversary date and have been with them for 3years. We have other credit cards that we are maintaining but i'm affraid that this may put a negative remark on our credit report.

Has anyone else had this happen?

[charonh]

How long have you guys had the account, its definitely not you'alls fought that they are terminating the program, but sense either way it will show as a closed account, I would call them and close it before they assess the annual fee, why pay for a service that will not be available to you? Just my personal thoughts? I read somewhere that the credit bureaus were aware of issues such as these with certain banks and were considering them accordingly score analyses (when scoring credit).

[ColoNative]

How long have you guys had the account, its definitely not you'alls fought that they are terminating the program, but sense either way it will show as a closed account, I would call them and close it before they assess the annual fee, why pay for a service that will not be available to you? Just my personal thoughts? I read somewhere that the credit bureaus were aware of issues such as these with certain banks and were considering them accordingly score analyses (when scoring credit).

We are living in unprecidented times, things like this are going to continue to happen for the short term I think.

[hjm331]

Postbkcy13, if I were you, I'd close the Aspire card and apply for a card from Capital One card. If you have three 3 years of perfect history with that card, it's more than enough to get your approved for a Capital One or HSBC card. Those cards are also good rebuilding cards and don't charge you ridiculous fees.

[postbkcy13]

Just before we got the letter I actually did apply for the Capital one card and got the 7-10day message but was approved for 300cl. I was thinking that I was ready for a step up and my history had warranted that. I will use this card wisely.

This was just a shock to us and we knew that banks were lowering limits but closing completely hadn't happened to us until now. Here are the cards that my husband and I have:

Target 200cl
Aspire 1050cl
Applied Bank 750cl
Credit One 350cl
Premier Bankcard 300cl (first one after my bankruptcy)
Capital One 300cl
Kay Jewelers 880cl
Rewardzone Mastercard 320cl (just increased a big ole 20bucks 10/08)

Best Buy 500cl (my card is the program B which does not allow increases, you actually have to apply to get out of the program B, silly)

Orchard 400cl (one increase in 03/08 from 300 to 400)
Household bank only lets you have 3 cards with them.

I think I will call and close the account and just be done with them.

[hjm331]

Postbkcy13, you have more than enough cards to rebuild your credit. Feel free to close the Aspire card without any regrets and take of your other cards. You will see the Capital One card grow as long as you meet their simple guidelines.

[Meya]

Exactly! You are going to experience what I did, I remember when I posted all my accounts up and I remember cap 1 being $300, well they are waaay over the other ones and have been beneficial toward my finance experience. Aspire, I can understand that we have to rebuild somewhere, but you have nice cards, kick them to the curb with no corners.