Credit card cancelled by issuer without notice for no reason

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lifeofchair
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Credit card cancelled by issuer without notice for no reason

Postby lifeofchair » Sun Nov 06, 2011 10:27 am

So I'll try to give the relevant details briefly. 21-year-old college student, opened my first revolving account with a citi platinum visa for students in 2008.

Since then I've managed my credit fairly well I would say -- have missed 1 payment on another issuer's card two years ago which I immediately got resolved and other than that the only issue was having a fairly high debt:credit ratio for a few months. I opened a couple of new cards a couple months back (Chase freedom and Amex Zync) and was given higher CLs on each (well, as far as I can judge at least for the Amex based on the approved spending I've done).

Last time I checked my credit history/score (right before applying for these two cards) it wasn't ideal but definitely was on it's way to improving (I think the most negative would have been that the longest history they had only went back to 08).

So back to the original visa from Citi. I had an issue with them having an old address on file for that account and had great difficulty having them update it (called multiple times, each time confirming that the problem was fixed when it wasn't). And in the meantime the card had expired but I would never receive a new one even though CSR said it had been taken care of. Didn't bother me too much because I didn't really use the card anymore.

But anyways, the other day I decided to go ahead and fully pay of the balance (had a couple hundred lingering on it). Then decided to try to call Citi once more to get a new card sent to me. This time, however, they told me that my credit card had been cancelled. I got put through to an account manager who told me she could put in a form to reopen after I explained to her that I could think of no reason for this happening (I have less debt and higher income than I ever have). She called back a few hours later and said that it was declined.

So, not really sure how I should proceed from here. I'm mostly worried about how their canceling of my account might affect my credit report? If it would negatively impact, would I have any means of disputing this with the credit bureau? Also didn't want to pull my credit report yet because I'm not sure if any of these factors would even show up yet (and I don't want to waste a hardpull). Any advice would be greatly appreciated! (Sorry for the lengthiness)


Nbknxf2
 
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Postby Nbknxf2 » Sun Nov 06, 2011 8:03 pm

Get a copy of your credit report immediately. Your request is not considered a hard pull. Look for anything that might have contributed to them closing your account. If there is nothing obvious, call again and ask for a reason the account was cancelled.

When was the last time you used the card?

lifeofchair
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Postby lifeofchair » Tue Nov 15, 2011 6:35 pm

I definitely haven't used the card in the past 6 months or so since they never got me my replacement card. I probably didn't use it before that for 9 months at least -- so it's definitely been well over a year since I've used the card.

How should I pull my credit report? Already used my annualcreditreports for the year. If it matters, the letter I received from Citi said that it was my debt-to-income ratio specifically as seen on Equifax. I'm wondering if the cancellation has to do with my student loans (which will be paid off in full as soon as I graduate in a few months).

DoingHomework
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Postby DoingHomework » Thu Nov 17, 2011 4:27 pm

Wait until you graduate and get a job. When your income goes up you should be fine.

But bear in mind that negatives usually last about 7 years. If your entire history is only 3 years, you probably are going to need to wait at least a couple of years if you already have negatives, whether they are your fault or not. If the only problem is the debt to income ratio then the only solution is to increase your income.

lifeofchair
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Postby lifeofchair » Fri Nov 18, 2011 11:01 am

Thanks for the tips! I think the debt-to-income issue should go away quickly -- I'm already working my career-job, I think it has to be the student loans that are eating up that ratio (these will be paid in full by June). I'm more concerned with the negative effects of them closing my account (my longest-standing revolving one at that). I plan to check my credit report soon (was concerned since I've gotten a couple new cards in the past few months). Not sure what possible remedies I might have?



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