OCCU closed my account!

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DA SLY 1
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OCCU closed my account!

Postby DA SLY 1 » Thu Feb 27, 2014 1:33 pm

All the hype on myfico about getting the duck card is all for not. I applied and approved for 20k cl , I used it only once back in January... A few weeks ago I could log in but everything including credit limit was blank...I know now that the account is closed and I would be receiving something in the mail with reason....something about there risk assessment?..idk.....what will happen to CB reporting? Are they going to delete this from my CB? what about the hard pull? would they delete that too? would this affect Aaoa?...This was just a big mistake apping for this card....live and learn :confused:
NFCU Flag Visa Sig $11k *| AMEX BCE $6k*| Discover It $2.5k *| Citi TY Preferred $3.5k *|
Chase Freedom Visa $500 *| Lowe's $3.5k *|
Bank of Hawaii Rewards Platinum Visa $3.8k *| Hawaii USA FCU Platinum Visa 3k *| Firestone 1.8k *| OCCU Beaver Visa 20k *|

FICO EQ- 747- FICO EX - 727 - FICO TU 737


MemberSince99
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Postby MemberSince99 » Thu Feb 27, 2014 3:01 pm

I'm sorry that happened to you. Apparently OCCU from what I can gather reading the stories over-extended themselves or just made a huge mistake, and let non-members get cards. Then this year for whatever reason they pulled back, by making up stories how some cards had been "compromised" and then shutting off cards and stonewalling people who called about it. Weeks later, they finally admitted that nothing had been compromised (except their integrity - the liars) and they were closing accounts based on "risk assessment" even though they admit there is nothing negative about the accounts they are closing. Basically they want members of the credit union if you read between the lines and know the story. But they lied right to the end.
I'm sorry it happened to you but consider yourself better off to be rid of these people they are not trustworthy. I don't know about them deleting the tradeline and inquiry I read one account on FICO saying they would and others saying they would not.
Personally when I read the horror stories I just closed the damn thing I never had any trouble but I decided I didn't want to do business with a company like this.

thom02099
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Postby thom02099 » Thu Feb 27, 2014 3:17 pm

Sorry to hear of your woes there. Hard lesson learned about following the pack at "that other place". They do tend to get on the bandwagon for certain cards and it's sort of like a feeding frenzy in shark infested waters! One of the cautions for applying with some of these smaller, regional issuers. Someone like IberiaBank or Simmons First, they're going to be a bit more selective in their granting of credit, and thus are more stable.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

CC Deville
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Postby CC Deville » Thu Feb 27, 2014 3:45 pm

I wouldn't be surprised if they close all non-OCCU member Duck/Beaver cards. All credit unions have a narrow scope of membership requirement. State credit unions can be as obtuse as needing to be a resident of the state (such as Boeing Employees Credit Union) or very specific (live/work/attend school/worship in a specific county, city etc or work for specific companies). Credit unions are not allowed to just let anybody join let alone offer a credit card to non members. When I saw the buzz on MyFico about the stupid Duck card I remember thinking to myself that it was too good to be true, that non members could apply and look what happened.

Now, that is not anybody who applied for Duck/Beaver cards fault, it is OCCU's fault. They should really be sued over this to be honest.

From what I have read they are going to mask the inquiry for the account, but I didn't read anything about deleting the trade line. I would wait to see if they indicate what they will do in the letter. If they do not delete the trade line I would write to them requesting that they do and follow up with disputing the trade line with the credit bureaus.

Don't be too hard on yourself. It is easy to get carried away with those yahoos on MyFico. I remember wanting to join PSECU several years ago because people were fawning all over PSECU's free credit score and 20/20 Visa/Line of Credit product. Just like with OCCU, PSECU quickly got word that people had found a loophole in joining the credit union and closed it.

MemberSince99
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Postby MemberSince99 » Thu Feb 27, 2014 5:00 pm

It's pretty much major BS what happened to people with this. The lesson I took away from it is I will stick with the big prime names from here on and I will never touch a CU again, period. I don't care what they offer, this left a poor taste in my mouth.

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otter
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Postby otter » Thu Feb 27, 2014 5:20 pm

I still have mine, but I wonder for how long...

Once I get another 5 digit trade line, I'll close unless they beat me to the punch.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
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Postby MemberSince99 » Thu Feb 27, 2014 5:57 pm

I'm not defending them at all this is the shoddiest I've heard of people getting treated in this area, and there frankly is no defense for how they've handled this, but I doubt a lawsuit would be successful. They do have the right to cancel anyone's account at any time for any reason, just as you have the right to close at any time for any reason. What they did is lousy but it's not against the law and I would not bet anything that a lawsuit would be successful for it.


I just hope anyone who is thinking about doing business with them reads how they've treated some of their customers and asks themselves if this is a company you want to do business with.

CC Deville
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Postby CC Deville » Thu Feb 27, 2014 7:31 pm

MemberSince99 wrote:It's pretty much major BS what happened to people with this. The lesson I took away from it is I will stick with the big prime names from here on and I will never touch a CU again, period. I don't care what they offer, this left a poor taste in my mouth.


It really is. And the fact that they aren't being honest about it makes it even worse. Just come out and say it, "opps we made a mistake, sorry. We have to close your account but we will remove the trade line and inquiry no fuss no fowl." I've never had a credit card with a credit union but I have had several loans with Pentagon FCU and have been happy with the way they were/are handled. I also like the lower rates. My first experience with a credit union was awful though and it did leave a bad taste in my mouth. I prefer big banks for checking, credit cards and mortgage but I will continue to use the credit unions for auto/personal loans and money market savings.

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otter
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Postby otter » Thu Feb 27, 2014 8:47 pm

CC Deville wrote:It really is. And the fact that they aren't being honest about it makes it even worse. Just come out and say it, "opps we made a mistake, sorry. We have to close your account but we will remove the trade line and inquiry no fuss no fowl." I've never had a credit card with a credit union but I have had several loans with Pentagon FCU and have been happy with the way they were/are handled. I also like the lower rates. My first experience with a credit union was awful though and it did leave a bad taste in my mouth. I prefer big banks for checking, credit cards and mortgage but I will continue to use the credit unions for auto/personal loans and money market savings.


It is ironic that a credit union which bills itself as "nice" has acted so nasty...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MrMosby
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Postby MrMosby » Thu Feb 27, 2014 9:13 pm

Interestingly I've always opted for big banks. My gut says because of the oversight the problems that occur at big banks are much less per capita than at smaller institutions.

I think the media just loves to blow the fiasco's out of the water with things like the London Whale, Robo Signing, etc. But in the big picture these Megabanks have so many customers and money the occurrences are likely relatively minute.

I may be wrong though.
Everyday Preferred $45K | Amex Platinum NPSL | Citi Hilton HHonors Reserve $45K | Delta Platinum $30K | Chase Sapphire Preferred $64K | Citi Hilton HHonors $45K | Discover IT $25K



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