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I realize I posted something a few days ago in the wrong place; I just started blabbering at the end of someone else's thread because someone's comments about their time as a credit card customer service representative got me started. I'll re-print it right here:

I just closed my "credit repair" card, Household (the first card that I got after bankrupcty, so I have a little warm spot in my heart for them - OK, not really) and it was a satsifying feeling.

The first person I spoke to said, "I see you have a long and positive history with us," and I said, "not really positive. The rate has been raised very high!" She transferred me to, I guess, retention.

This guy asked what they could do to get me to keep the card. He tried every suggestion in the book, like keeping the card just for emergencies or to keep my utilization low (don't need that - I have better cards with high limits now, totally empty.) When I told him what limit, rate, and annual fee status I have now with my two other cards (no annual fee) he just gave up and cancelled my account as requested.

But get this, he even tried: "I see you just paid the annual fee for another year of use," as a reason to keep the card. I said, "Oh yes, I'd like that refunded to my by check." He was not prepared for that!

I have had the card for four years and the $800 credit limit was not raised once. A year ago I went over the limit by EIGHT dollars and made a flurry of payments to try to correct the situation ($150 in payments in one month) and fought to get 1/2 of an overlimit fee refunded, and they punished me by raising my rate from 22% to 29%. HA! As if I'd want to keep this card. Oh yeah, the best he could to to tempt me was a 2% reduction in interest rate. DOUBLE HA!!! I think not. As soon as I get my check in the mail I'll enjoy cutting the card up and throwing it away.

*I know they'll send me the check because I closed two other, smaller Household cards in a similar fashion last fall just in time (within 30 days) to get the fee sent back to me via check. I hate paying annual fees.

Update as of today: I am about to call and close an Orchard card with a $59 annual fee. The fee is coming up in August and I feel it's ridiculous to pay that fee on a card with a $300 limit. I just paid them off and will call and I'm sure they'll go through the whole song and dance again.

To pre-emptively answer questions as to why I'd want to close accounts, it's because of: 1. the annual fees and/or 2. high interest rates, not to mention pathetically low limits. I have two other Mastercards with a combined credit limit of $7,400 and no annual fee, so it's a no brainer (oh yes, and those are paid to zero, so you see why I'm doing this.)

I just thought some people here would get vicarious pleasure as I close out my "credit repair" cards and begin climbing the ladder to better credit terms and an improved credit score. Dialing Orchard right now...
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Once again, HA!!!!!

She tried to get me to "continue enjoying the card until August" when they would "consider" waiving the $59 annual fee, and also they might review my credit periodically for the possibility of a credit line increase or a rate reduction.

I told her that right now I'm not worried about the rate (15%, the lowest of any of my cards) but that I don't want to pay ANY annual fee, since my two remaining cards offer 1. No annual fee, and 2. credit lines of $5,400 and $2,000.

The best she could offer me was to raise the credit limit to $400. Pathetic! (with the "possibility" that they'd waive that fee in August - more likely they'd just hope I'd forget about it, and that's why I'm cancelling now, for fear I'd forget about it till it's billed.)

So she went ahead and cancelled the card as requested. I guess their hands really are tied as to what they can offer.
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Congratulations

Annual fees are a good reason to close credit cards, even if they are your oldest accounts. The credit limits were so low that its loss of available credit won't have much effect. Your FICO probably will decrease some because they were your oldest accounts, but it will recover.

Debra
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Thanks for sharing. Closing a card sure can be a great feeling - YOU are in control, not those sharks!

I've only ever closed one CC, and I was amazed by how easy it was. It was a Capital One card, and the automatic phone system actually had an option for it. "Press 9" and it was done. No retention pitch, no CSRs at all. It was a student card with a limit of $1200, for which I had no need after graduating from college and getting a Discover with a $6000 line.

A friend also had a Capital One - with a ridiculous $200 limit - and closed it around the same time in the same way. It became a running joke between us - that Capital One was so terrible it was actually worthwhile for them to put account termination right into the phone system. :)

- Erik
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A friend also had a Capital One - with a ridiculous $200 limit - and closed it around the same time in the same way. It became a running joke between us - that Capital One was so terrible it was actually worthwhile for them to put account termination right into the phone system. :)


I realize I might be in the minority, but Capital One has been one of my better CC experiences. I have a fixed 4.99% rate on Purchases and BTs. The BTs get treated like a purchase and I get a grace period for those transactions.

Yes, not reporting a limit is an annoyance, but with planning one can create a solution.


Hohum
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I just thought some people here would get vicarious pleasure as I close out my "credit repair" cards and begin climbing the ladder to better credit terms and an improved credit score. Dialing Orchard right now...


Good for you- I think your demeanor says you have moved to a "better credit" perspective too :)



Hohum
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Good work! You are showing the CCs who has the Grapes! LOL

Keep up the progress on the road to credit recovery! Good luck!

bdgf06
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Thanks, guys. You're the greatest. I put my thanks in the "thanks" thread that I created by mistake, by mistake.

I get motivated by reading stories of other people sticking it to the bad guys (well, OK, the greedy guys, and I realize ALL of the CC companies are greedy, or shall I say, they're all in business and I'd be doing the same, were I in their position) so I thought others might enjoy reading about it. Sort of like a pep-rally atmosphere.

And I'm not gloating. I've been down in the bankruptcy trench and I've clawed my way out with the "hurtin' loser" cards and even lined their pockets with more overlimit and late fees than I care to admit (sometimes due to my own stupidity and sometimes due to hardship situations) and it's nice to kiss them goodbye and continue on in my journey to betterment. All of you (if you're trying to better your credit) can do it too! It's a great feeling!
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I just had to say congradulations on closing out your "credit repair" cards. I recall the feeling when I closed out my last secured account(s) several years ago.

Did you notice that Orchard and Household are the same company? <g>

- Lan
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Oh yeah, I did catch that. ;oD

By the way, where's the famous AJ? She (or he?) just busted my balls good on another board, making reference to this thread, but she didn't even stop by for any cake and punch. :o/ Strange, huh?
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You seriously must have nothing to do, AJ. And you're pretty prickly if you get in a lather when someone states an opinion (not directed at you or connected in any way to anything you've said, not to my knowledge, anyway) that differs from your own.

I don't know why this is so tough: Some people do consider investments liquid, and would rather keep them working and making money and take the chance that they'll have to be liquidated. That's all it comes down to.

A post was deleted, but I'll say here: Just last month I bought a new set of tires on a credit card and then paid the card off. Don't many people do the same thing? What's it to you if that money is "budgeted" and in what manner? Rhetorical question... I guess we all don't have strict budgets and if you'd like to believe all of us who don't are stupid and unprosperous, go right ahead...

I would never post all the details of my financial life and times here - it would bore everyone, for one thing, and I also consider it outside the scope. But be careful thinking you know a lot about a person from a half-dozen posts and a few random details.
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You seriously must have nothing to do, AJ. And you're pretty prickly if you get in a lather when someone states an opinion ....
What's it to you


dude! take a chill pill! looks to me like you're the one in a lather, which i don't wish on anyone.

be careful thinking you know a lot about a person from a half-dozen posts and a few random details.

i'm always intrigued when i see this comment and its ilk on here.

this is a loose conglomeration of thousands of invisible people who know each other *only* by what's posted here. as with all on-line communities, we get to paint our own portraits by what we post. the rest of us have to make some assumptions to fill in the details or we'd never get anywhere. if someone offering a suggestion makes an inaccurate assumption, it's corrected when and if it's relevant - "oh, you live alone in a research base in Antarctica for 6 months a year? maybe you DO need to spend those bucks on cable..." of course, there are plenty of exceptions, cranks and wackos who are mean and stupid, but they're a minority.

also, when we're emotional, it's easy to misread or overlook a post. for example, "people who jump out of planes without parachutes usually die" may be read by an anxious skydiver as "you're gonna die, you moron!" i've learned [the hard way] to *always* take a break before hitting Submit in indignation.

i think it's pretty easy to pick up on this little system by hanging around here for a couple of weeks. but it's not for everyone. if you feel your righteous indignation welling up right now, take a break and think about *whose* problem it is...

methinks thou dost protest too much...but please don't go away. you seem pretty smart and i appreciate your perspective.

BklynBorn

p.s. this is a 100% flame-free board. plenty of other opportunity for that on other boards. thank you for your cooperation.
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...it was from another board, that's why you didn't see it. No misreading going on, she and someone else just dished out a bunch of patronization.
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she and someone else just dished out a bunch of patronization.

You seriously don't understand aj.

Sometimes when I find myself getting frustrated or annoyed with a thread or a person I take a short break. Walk away for a while. It gives some perspective.

Nancy
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Yes, not reporting a limit is an annoyance, but with planning one can create a solution.

CapOne issues many sub-prime cards. Not reporting the credit limit is part of their business plan to hurt their customer's FICO scores such that they can continue to collect the annual fees. It is likely that most of their customers don't understand. I try to minimize doing business with companies who business plan is based on taking advantage of their customers lack of education. All credit card companies setup traps for the unwary. It is just that some of the tricks are more predatory.

The other side of CapOne deals with regular customers and has to compete for their business. It is not surprising that different customers have completely different experiences.

Debra
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CapOne issues many sub-prime cards. Not reporting the credit limit is part of their business plan to hurt their customer's FICO scores such that they can continue to collect the annual fees. It is likely that most of their customers don't understand. I try to minimize doing business with companies who business plan is based on taking advantage of their customers lack of education. All credit card companies setup traps for the unwary. It is just that some of the tricks are more predatory.


If not reporting the credit limit is part of a business plan to hurt their customer's FICO score, then it doesn't just apply to Capital One. Citibank and American Express have cards with similar features. Off the top of my head, American Express is the only card that has ever charged me an annual fee- I just stopped giving them my business, but I also don't consider them predatory. I find it interesting how hard American Express tries to get me back as a customer- 2 or 3 mail offers/month, plus the occasional phone call (I think most of the AE offers now exclude an annual fee, and I still pass) - 14 years is a long time



Hohum
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You seriously must have nothing to do, AJ. And you're pretty prickly if you get in a lather when someone states an opinion (not directed at you or connected in any way to anything you've said, not to my knowledge, anyway) that differs from your own.

The post you're responding to has been pulled, but from knowing AJ, I find it very difficult to believe that she was either in a lather or prickly or anything other than a) disagreeing with you, and b) giving cogent, well-thought out reasons for her opinion, and c) giving cogent, well-thought out reasons why your opinion was wrong, based on experience from this board and from her professional life. I can stretch to imagining some exasperation in her written tone, but my mind balks at a lather. I think she'd be more likely to be found skinny dipping in a pool of pirahnas.

Also, if you think what AJ said was a lather, well...stay far, far away from the LBYM board, and if you go there, don't be surprised if someone asks you why you hate America, okay? Even if all you said was, "I drink only whole milk."

If you do not agree with what someone says, then say so, and realize others have the same privilege. If this occurred on another board, then kindly discuss it there, and leave it off the CC board. We try to keep the flaming and ad hominem attacks here near zero. (I'm not saying you're guilty of this, but an ounce of prevention and all that.)

And I must say, that it seems to me that you're pretty prickly if you get this worked up (some might say, in a lather) when someone disagrees with you. If you state things in public on a message board on the internet, often if someone else feels it to be potentially hazardous to people who might read it and take it for truth, rather than an opinion, someone else (often lots of someone elses) will state what is, in their opinion, the truth. Even if you don't address it to a particular person, the nature of this medium is, everyone who listens can comment if they want.

What is right for different individuals varies, and that's why there are lots of different opinions expressed on the boards. And that's a good thing. People sometimes agree to disagree. And no kittens were harmed in the ensuing non-conflagration! :-)

It is difficult to communicate mood, body language, and expression through this medium--it is easy to misinterpret a message as much more aggressive or condescending or lots of other things. May I suggest that the next time someone disagrees with you, rather than attributing it to malice, you try to see if there are other interpretations that can be read from it (maybe mentally insert a smiley? I know I do, sometimes), and see if that helps lower your blood pressure?

Anyway, two Booa cents, do what you will with them. :-) I hope you stick around and didn't find this too offensive--it was not my intention to offend, but best laid plans and all that.


--Booa

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You seriously don't understand aj.

Evidently, if someone says that a course of action s/he is taking is dangerous, they are patronizing him/her.

Acme
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"I drink only whole milk."


Why do you hate America?

peace & shocked
t
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