Ye Olde Paper Trail
Date: Thu, 03/18/2010 - 19:08
Something interesting happened to me today; I thought I'd share. I'm about 45 days late on a $45,000 credit account to BofA. Today I got a letter from *Discover Card* canceling my account with them. I had had it open for about 5 years but had only used it a small number times, and not since a few years ago.
The letter said the account was being closed because (1) they considered it an inactive account, but more importantly (2) "a past and/or present delinquent credit obligation as reported by [credit reporting] agency."
Observation: When I have applied for loans in the past, I've had to take a lot of time rounding up my financial history in the form of stacks of paper, old statements and various types of official proof of this and that. Yet, amazingly, within a month and a half of missing a payment on one account, my financial interests are now so suddenly finely tuned in to my status that credit in a totally different account is cut off before I can say "collusion." Huh.
That I don't need/shouldn't use this credit account is hardly the point. I actually had hoped to keep a credit account current and open so as to build back my credit history after this debacle is over with. It's just another instance that when the banks have you, they *have you*. I'm now waiting for other shoes to drop--no vaccum-sealed problems for me...
The letter said the account was being closed because (1) they considered it an inactive account, but more importantly (2) "a past and/or present delinquent credit obligation as reported by [credit reporting] agency."
Observation: When I have applied for loans in the past, I've had to take a lot of time rounding up my financial history in the form of stacks of paper, old statements and various types of official proof of this and that. Yet, amazingly, within a month and a half of missing a payment on one account, my financial interests are now so suddenly finely tuned in to my status that credit in a totally different account is cut off before I can say "collusion." Huh.
That I don't need/shouldn't use this credit account is hardly the point. I actually had hoped to keep a credit account current and open so as to build back my credit history after this debacle is over with. It's just another instance that when the banks have you, they *have you*. I'm now waiting for other shoes to drop--no vaccum-sealed problems for me...
Well, you can consider this an effect of the changing laws. Bank
Well, you can consider this an effect of the changing laws. Banks can now actually consider your account as inactive if you are not using the card frequently and close it. :(
Wonder if there's a provision that one's credit won't be affecte
Wonder if there's a provision that one's credit won't be affected if someone has their account closed due to inactivity. Seems only right......
