Just got a letter from Juniper. They're requesting documentation to keep my account open. I'll call and ask why, but I suspect it's a 90% utilization on another card at 0% (the letter stated high revolving balances).
All other cards are lower than 10% utilization. Total outstanding lines is about 20 for around 300k in CL.

Here's the thing- I don't even want the account anymore. I'm done using it for what is was worth to me, and don't see any reason to fax in all my documentation... so I'm thinking I might just call and close it before they do. I know that you aren't supposed to close an account, but in this case maybe I should since they might close it anyways.

What do you think- should I beat them to the punch??

skwiggey said:Chase jacked up wife's card from 5.8% to 28.99% on a balance of 11k, because of utilizing too much credit according to experian. No late payments or anything adverse on anything ever! B@STARDS

Chase thinks utilizing too much credit is adverse. Credit cards aren't good vehicles for carrying debt long term unless you have a promotional rate for a fixed rate over a fixed term. When you carry credit card debt that you can't pay off within 30 days you are vunerable to a rate jacking, the banks find it very profitable to jack the interest rates of people who have heavily utilized their credit because they know that most such people will be unable to pay it off.

btbrors said:Just got a letter from Juniper. They're requesting documentation to keep my account open. I'll call and ask why, but I suspect it's a 90% utilization on another card at 0% (the letter stated high revolving balances).
All other cards are lower than 10% utilization. Total outstanding lines is about 20 for around 300k in CL.

Here's the thing- I don't even want the account anymore. I'm done using it for what is was worth to me, and don't see any reason to fax in all my documentation... so I'm thinking I might just call and close it before they do. I know that you aren't supposed to close an account, but in this case maybe I should since they might close it anyways.

What do you think- should I beat them to the punch??


That was my approach with a different creditor...

link

SIS, if not B@STARDS, what would you call them?

I too had a card closed, FNB of Omaha. HAd an 8K CL, originally BT upon opening 8K, but then paid off 7K with the 1st statement, THEY suspended my account for 14 days until the check cleared, wtf? anyway, that was in early November. End of January, they closed it which I didn't know until I went to use at Home Depot. Called and was told that 5-6 inquiries within a 3 month period was discovered in an AR. nevermind I am in the low 700's, have only a 12% ratio on a total CL of $235K.

JERKS, I liked the card because of the full size pics you could put on it. (Not a great reason to get one though)

Thanks for your advice. However, I won't bother to spend my time for a possible legal action against Bank One. There are something else worth my time more. In fact, banks can raise/decrease CL without any given reasons. This happens a lot. In my case, at least they gave me a reason.

I don't care about the CL from Bank One. The account was new. I could always close it without harming my FICO too much. What I don't like is their business practice that affected my Citi account. Well, going forward, I just don't do any business with them. This is what I thought months ago. And what now? Bank One has merged to Chase, and I have had good relationship with Chase. This reminds me even in the real world there is no forever friend and no forever enemy. ROFL~ I would not stop using my Chase CCs just because of the merger.

Regarding the hard pull by Bank One due to the request of CL increase, later I learned most banks would do the same thing. So I take back my blame on Bank One. I will treat my experience as a lesson. We learn everyday, don't we?

SeriusBlack said:tazmania99 said:I had terrible experience with Bank One.
I urge you to contact the FTC and look into the possibility of legal action. What they did was not only illegal, it signficantly harmed your credit rating. As long as you have documentation to back up your claims, this would be an excellent test case for an attorney who wants to stop creditor abuse.

Your story reminds me of my own, when a creditor lowered by CL from $12,000 to $2,000 in a single day! Two weeks went by, why should I have to monitor my account daily to know everything is OK? Found out that high utilization on another cc caused it. Financially damaged my Fico for months, hours of phone calls later & several OL fees later, finally got it straightened out.

Ended up filing BK7; my trouble with the original cc company was about 1/2 the reason I had to do so.

When they take adverse actions for no reason they harm your credit report and score. It is not because you have done something wrong to them but because they want so. If you do something that harms someone else by accident, let's say you make a card accident and it ends up with a broken window, you will end up paying for this. They can go ahead and harm your credit report, make you look bad to other creditors, you will pay higher price and nothing. You may need to consult a good lawyer.

Ive read reports that it costs issuers over $190 per account per year to keep it open (marketing, statements, compliance, etc)

perhaps thats why they may be closing unused lines////

current relevance bump

bryanboy said:I have this thing about balance shuffling -- you know... shuffling around your balances each and every month to different creditors depending on the statement closing date so your credit reports reflect a <10% utilization.

National City closed my $15K Visa yesterday because of a balance transfer mishap with USAA.

I requested USAA about 2 weeks ago to transfer my $4K national city balance. The next day, I left my card at a gas station and reported it as lost. I specifically asked USAA about this and they said "the balance transfer will be cancelled due to the fact that it hasn't been processed yet and once the system asks for authorization on the old card, it will be declined." I even asked whether they can put it on the new card and they said I can only do it ONCE I RECEIVED THE REPLACEMENT CARD.

Fine, I thought.

So I paid $4K to National City out of my checking account.

Over the weekend/Saturday when checking my balances with National City, low and behold I have a -$4K credit balance.

The USAA balance transfer got processed -- so what I did was immediately transferred the $4K back from National City to USAA online.

Then yesterday when I called National City customer service to verify whether it went thru, they transferred me to their security department who told me my account has been permanently closed to due suspicious and high-risk activity.

I explained the balance transfer mishap and the lady said the BT back to USAA won't get processed and the funds will be on hold until they finish their investigation.

I literally choked over the phone -- I asked what was I supposed to do when I now owe it to USAA? The rude rep said I'm pretty much on my own.

I called National City Executive Resolutions Center/higher-ups/ivory tower yesterday and am dealing with a representative there. She will get back to me in the next few days. I also wrote a letter to USAA complaining the misleading information the rep told me.

National City is my FIRST credit card/tradeline. I got this almost 2 and a half years ago.

I started from a $500 unsecured card, then to $1K, $1.5K, $3K, $5K, $8K and just 2 months ago, $15K.

I have an impeccable history with them -- no lates, always made LARGE payments. There's also nothing derogatory on my credit. I noticed they pulled a copy of my transunion credit report yesterday as well.

At this point I'm still terribly shocked and frustrated.

I'm just wondering, how do you people knwo when they've pulled your report that quickly>