Credit Card Company

I have borrowings from 2 credit cards. Not that I really need the money, I just take advantage of the promotional 0% APR and deposit the borrowed money to earn some interest. I always make the minimum payments on time and meet all requirements. Today I suddenly got a letter from the credit company which I have less outstanding with, saying that they have closed my card because the proportion of balances to credit limits is too high. Do they have the right to do this? I've done nothing wrong. How does this affect my credit report? Is it the same impact as closing the card by myself? If not, what should I do?

Credit card companies do that at times.

The same thing happened with my B of A card, I was in perfect standing with them, but they closed me out due to a change in my credit score. The change was because I bought a house!

There was nothing I could do about it. So I paid them off and canceled the card.

It's a good thing that you take advantage of the 0% interest. You save a LOT of money that way. I do the same thing with balance transfers.

2007-06-28 21:38:45 by wendy

Watch and listen as I call my credit card company and ask for a lower interest rate.

My last payment was due and paid on the 6th of August. When I went to view my next statement online, it has the next payment due on August 27th! Can the credit company arbitrarily move my due date up and make me pay twice in the same month? I pay this card off in full by the due date each month.

Usually it isn't arbitrary - usually they disclose it to you in some tiny written notice you probably threw away.

Under the upcoming change in laws called the CARD act, they will be required to give you at least 21 days to pay your bill. I'm guessing they are moving their due dates up in anticipation of this new law.

Call them up and see if you can choose a different closing date.

Otherwise, here is a trick you can use to trick their system into thinking no payment is due. Buy some stuff, using your credit card, that is worth more than the amount due. Then return it within a couple of days, asking for a credit against your account. Their computer will think the credit applies to previous, not current month, activity and will reduce the amount it is looking for as a payment for this month. this just buys you a little bit of time, as the money will still be due the next month, but is a way to avoid finance charges if you can't pay in full by the due date.

Just be careful to pick a store with a liberal return policy, and don't do anything that has restrictions on returns or restocking fees.

2009-08-12 08:51:24 by Bethany E

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A must-have for the camper or backpacker
11 useful functions
Size of a credit card

I have many inaccurate reportings on my credit report. I'm wondering if I should send a letter to each credit agency with the accounts that are inaccurate, or should I send a letter to each individual credit card company?

I know the credit agency will forward the disputed info to the credit company, but I don't know how they handle a dispute letter that has say 10 disputed accounts on it.

When you find something incorrect in your credit report, you should alert, in writing, both the credit bureau who provided the report and the information provider. This is the process to dispute credit report information.

If you have statements or cancelled checks that support your claim, include copies of them with your statement(keep the originals for records). In your statement, include your name, complete address, the information you are disputing, and the reason the information is not accurate. It will be helpful to include a copy of your credit report with the disputed information highlighted.

Send your credit report dispute via certified mail with return receipt requested. This way you not only have proof that you sent the dispute, but also that the credit bureau received your dispute. Keep a copy of the letter along with any enclosures you sent.

The Credit Bureau Responds To Your Dispute
The credit bureau has 30 days to investigate your dispute and respond to you, in writing, with the results of the investigation. Any data you provided about the inaccuracy of the information will be forwarded to the original information provider. The information provider is then required to investigate and respond back to the credit bureau.

Once the investigation is complete, the credit bureau will provide you with the results, along with a free copy of your credit report if the dispute resulted in a change. You can request that the credit bureau send a correction notice to any company that accessed your credit report within the past six months.

If there is inaccurate information in one credit bureau’s version of your credit report, it’s likely that the information will be inaccurate on the other two bureaus' reports as well. You should check all three credit reports to be sure that the information in each is complete and accurate.

Resources
Sample Credit Report Dispute Letter

Dispute Addresses for the Three Major Credit Reporting Agencies

Equifax
P.O. Box 7404256
Atlanta, GA 30374

Experian
P.O. Box 2002
Allen, TX 75013

TransUnion
P.O. Box 390
Springfield, PA 19064

2008-11-20 09:29:45 by MO

Price: $17.95

My company credit card is showing on my personal credit report. As most of you know, the credit card company asks for your social security# when you are issued a company card with your name on it. I am an employee only & have no personal responsibility to the debt. Even though the account is in excellent standing, it makes my credit-to-debt look sky high! How do I get it removed from my personal credit report?

http://wiz.sc/credit-report is a good site to go to, to get credit report advice. they could probably help you i fixing the credit report ad take off the company card.

2008-06-03 05:51:07 by malteseheart

I recently paid off two credit cards that I had for three years. I want to keep both cards open to improve my credit rating and to show history. I cut both cards so I can't spend occasionally. How long does credit companies keep inactive cards open?

Some are so brain dead that they keep sending you '0 balance' statements for years ... some may write to you after 6 months or so...

NB> I've heard that Credit Cards impose an 'inactivity fee' .. so you had better watch out :-)

2008-04-27 08:24:06 by Darkchild80