Credit Card Closed?

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SAF0922
 
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Credit Card Closed?

Postby SAF0922 » Sat May 02, 2015 4:39 pm

I've had a Best Buy Gold MasterCard for probably about 5 years(not sure exactly), has a 300 credit limit and I use it pretty often but for the most part I never let the balance go over 150(half my credit line) I have never missed a payment and usually pay more then my minimum. Today I went to use my card at the grocery store and it was declined. I was in shock because it shouldn't have been. I pulled out my phone and looked at the account online and it said my available credit was almost 4 times the amount I was trying to charge. So I called customer service and was told they have decided "they no longer want me as a customer" when I questioned why and when this was decided or why it said online I had available credit, none of my questions were answered, and I was told I would get a letter in the mail in 4-6 weeks. Um, excuse me?!?!

So my questions are, has anyone ever heard of this type of situation and also what will this do to my credit score? How will it be reported on my credit? We are desperately trying to improve our credit to refinance our car loan and buy a house so I am going to be extremely mad if this hurts me in any way since I feel I've done nothing wrong and was responsible credit customer.


darkguy2
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Re: Credit Card Closed?

Postby darkguy2 » Sat May 02, 2015 5:25 pm

Sadly that is how it works. At any time a creditor can decide they no longer want to lend you money. I assume this was your only card?
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

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CarefulBuilder14
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Re: Credit Card Closed?

Postby CarefulBuilder14 » Sat May 02, 2015 6:27 pm

Doesn't that card have a $59 AF?

And you're unhappy it's closed?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

gabo864
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Re: Credit Card Closed?

Postby gabo864 » Sat May 02, 2015 8:30 pm

darkguy2 wrote:Sadly that is how it works. At any time a creditor can decide they no longer want to lend you money. I assume this was your only card?



Wow I had no idea this could happen. What are the most common reasons why a creditor may cancel someone's credit card?

darkguy2
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Re: Credit Card Closed?

Postby darkguy2 » Sat May 02, 2015 9:41 pm

gabo864 wrote:Wow I had no idea this could happen. What are the most common reasons why a creditor may cancel someone's credit card?


Here are two articles that talk about it:

http://www.creditcards.com/credit-card-news/when-can-credit-card-issuer-close-account-1267.php

http://credit.about.com/od/closeacreditcard/tp/5-Reasons-Credit-Card-Issuers-Cancel-Credit-Cards.htm
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

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lobbythis
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Re: Credit Card Closed?

Postby lobbythis » Sun May 03, 2015 12:27 am

CarefulBuilder14 wrote:Doesn't that card have a $59 AF?

And you're unhappy it's closed?


Agreed. $59 AF, $300 CL and had it for 5 years? Hmm. I'm sure they closed you for reasons not discussed here since you say you actively use it and supposedly pay it off. Something else has triggered their risk dept.

My BB card is fine with regular CLI's at 6 month intervals and I don't even use it often.

takeshi
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Re: Credit Card Closed?

Postby takeshi » Mon May 04, 2015 8:57 am

SAF0922 wrote:So my questions are, has anyone ever heard of this type of situation and also what will this do to my credit score?

Immediate impact would be to your revolving utilization and you can calculate the change. We can't tell you that you'll see a change of X points.

SAF0922
 
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Re: Credit Card Closed?

Postby SAF0922 » Mon May 11, 2015 6:07 pm

No I've never paid a annual fee. I have several other credit cards this was not my only card, and to be honest I don't really care if I don't have the card anymore, its obviously not a major loss, my concern is my credit being hurt when I feel ive done nothing wrong, That and im just annoyed/pissed because of the situation, I feel as the card holder I have done everything correct and even though they have the authority to close my account when ever they chose, I feel as if I should have done something. I'm also aggervated that this has been going on for a month and they still will give me no information. I only foud out about this because I was using my card and it was declined, I should have been notified before my account was closed, a letter should have been saying "as of XX/XX/XXXX you account will be closed, etc"

A lawyer I talked to said that since my account was originally issued by another bank, who bought out my account it is possible I don't meet the new banks requirements for an account but still they should have to tell me that.

So far no damage to my credit

flan
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Re: Credit Card Closed?

Postby flan » Mon May 11, 2015 9:46 pm

SAF0922 wrote:
A lawyer I talked to said that since my account was originally issued by another bank, who bought out my account it is possible I don't meet the new banks requirements for an account but still they should have to tell me that.


Nope. They only thing they have to tell you is if they did it. They can close the account for any reason, or no reason, as long as the reason isn't a prohibited one (race, religion, sex...). It's pretty likely they (or, rather, their computers) have decided that you're a poor credit risk, and closed your account accordingly. You haven't told us enough to know what their reason might be. Carrying a balance for years might do it.



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