Help - how do banks share the info they keep on you?

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Joined: Sun Oct 28, 2012 5:30 pm
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Help - how do banks share the info they keep on you?

Postby citikircc » Sun Oct 28, 2012 5:35 pm

I just called one of my card issuers to get a replacement card. Because they hadn't heard from me since they issued it, they asked a lot of questions.

I had a score of 720 but now the card issuer, who is also my mortgage holder, knows that I have been laid off from my primary job.

What are the possibilities? Can they share this with the credit bureaus? Can my other cards reduce my limits and/or cancel me?

Should I call back and ask that the credit card be cancelled at my request, immediately?

Any advice extremely appreciated. I hope I didn't just make a huge mistake.

Thank you

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Postby Robrus1 » Wed Oct 31, 2012 10:10 am

I wouldn't cancel your card if I was you. As long as you're paying your bills on time that's all they care about. I don't think they'd share the fact that you lost your primary job with other credit agencies. Can your other cards reduce your limits and or cancel you? Yes they can do that any time for any reason, but it wouldn't be because you lost your primary job, it would be because you aren't paying on time, aren't paying at all etc. As long as they get their money, and get it on time, you shouldn't worry about it. I don't really think they share personal info such as job status, they care about fico scores, payment history etc.
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Postby circle_k » Thu Nov 01, 2012 10:12 pm

I've had cards when I was out of work and nothing was ever cancelled, just don't run up a bill you can't pay and you'll be fine. I'd keep all the cards for now for lower utilization. When you do get a good job and qualify for some really great cards, then you're old cards become less important but for now, I'd just keep everything. What I do is put a small charge like $10 to $20 on cards I'm not using maybe every 6 months or so, just charge a McBurger or something and that keeps the card active and reporting a positive history. Cards get cancelled because they haven't been used in a few years before they get cancelled for lack of income.

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