Author Topic: Failed attempt #1: credit card cancellation  (Read 16091 times)

Offline Truik

  • Perpetual Student
  • Moderator On Leave
  • Survival Demonstrator
  • *
  • Posts: 2908
  • Karma: 65
Re: Failed attempt #1: credit card cancellation
« Reply #30 on: December 27, 2009, 10:46:19 AM »
Well one day I open my statement to read it(yes I ALWAYS check my statement) & noticed that my credit limit had been raised to $2500.00 :o
This had not been authorized by me so I called Sears & asked them what was going on. Their response was that since I was "such a good customer" they had raised my limit for me. My response to this was "please lower my limit back down to $500 & never raise it up again without my authorization"!
When the lady asked why I told her that $500 was enough & that if I needed more I would tell them to raise it.
She said "but Sir, you can have $2500 right now". To which I responded "I can't pay $2500 in one payment so I don't need that much".

Correct me if I'm wrong, but, don't lenders also take into consideration the credit limits on any CC's you have when considering you for a loan? For instance, if you had the $2500.00 limit at the time you were looking for a mortgage (for example) then that $2500.00 would be held against you as "debt potential" and thereby reduce the amount of potential funds you could get from the mortgage lender.

I don't know if "debt potential" is the correct term but I remember my CC limits being held against me when I was shopping for my mortgage.

It was like saying the more credit I had, the greater potential for ringing up trouble! (I suppose if I had taken out a mortgage and then went and maxed out all my credit cards, it would affect my ability to pay the mortgage.)

But it is a definite consideration, right?




Offline Capt Cook

  • Survivor
  • ***
  • Posts: 141
  • Karma: 8
Re: Failed attempt #1: credit card cancellation
« Reply #31 on: December 27, 2009, 10:51:08 AM »
Truik, I believe that is how it was some years ago, to my knowledge.
I don't know how they do it these days but with the Federal Gov't sticking their noses in bank business I'm sure it is totally ass-backwards now!

Offline “Mark”

  • Dedicated Contributor
  • ******
  • Posts: 1382
  • Karma: 57
  • Freedom lovin' Canadian
Re: Failed attempt #1: credit card cancellation
« Reply #32 on: December 27, 2009, 12:20:19 PM »
Your available credit does count significantly towards your credit rating. It's not just the amount of credit, but also the ratio that you're using. If you're using most of your available credit, you will be considered high risk.

Offline Ann

  • Survivalist Mentor
  • *****
  • Posts: 362
  • Karma: 16
Re: Failed attempt #1: credit card cancellation
« Reply #33 on: December 29, 2009, 06:11:14 PM »
It was draining, and I think that is what they strive to do, drain you down and make you give in so that you walk away with your head down, unable to finish the job. 

Don't call them...send them a letter...in writing...by signature receipt...fax it to them as well...most sites also have a way you can cancel over the internet if you have an account you can log into.  When the call, all you have to say is "my letter states my request...good day."  If they continue to talk, simply hang up on them.  Don't give them the opportunity to yell or argue, just hang up.

I did it.  You can too.


Offline Cave Dweller

  • Survivalist Mentor
  • *****
  • Posts: 431
  • Karma: 25
Re: Failed attempt #1: credit card cancellation
« Reply #34 on: December 29, 2009, 07:28:14 PM »
Don't call them...send them a letter...in writing...by signature receipt...fax it to them as well...most sites also have a way you can cancel over the internet if you have an account you can log into.  When the call, all you have to say is "my letter states my request...good day."  If they continue to talk, simply hang up on them.  Don't give them the opportunity to yell or argue, just hang up.

I did it.  You can too.


Pay the fifteen bucks and send them one of these.
http://www.legalzoom.com/legalforms/certification-of-cease-and-desist.html

Offline Truik

  • Perpetual Student
  • Moderator On Leave
  • Survival Demonstrator
  • *
  • Posts: 2908
  • Karma: 65
Re: Failed attempt #1: credit card cancellation
« Reply #35 on: December 29, 2009, 07:33:28 PM »
Pay the fifteen bucks and send them one of these.
http://www.legalzoom.com/legalforms/certification-of-cease-and-desist.html

For the price of a stamp, you can send them this and it is still legally binding:

----------------------------

Debt Collector’s Name
Address
City, State Zip

Re: Account Number

Dear Debt Collector:

Pursuant to my rights under federal debt collection laws, I am requesting that you cease and desist communication with me, as well as my family and friends, in relation to this and all other alleged debts you claim I owe.

You are hereby notified that if you do not comply with this request, I will immediately file a complaint with the Federal Trade Commission and the [your state here] Attorney General’s office. Civil and criminal claims will be pursued.
Sincerely,

Your Name

----------------------

However, you should know it rarely works and it doesn't keep it off your credit report even if they DO stop contacting you. Also, it is only for residential accounts.

Offline Cave Dweller

  • Survivalist Mentor
  • *****
  • Posts: 431
  • Karma: 25
Re: Failed attempt #1: credit card cancellation
« Reply #36 on: January 01, 2010, 11:05:03 PM »
For the price of a stamp, you can send them this and it is still legally binding:

----------------------------

Debt Collector’s Name
Address
City, State Zip

Re: Account Number

Dear Debt Collector:

Pursuant to my rights under federal debt collection laws, I am requesting that you cease and desist communication with me, as well as my family and friends, in relation to this and all other alleged debts you claim I owe.

You are hereby notified that if you do not comply with this request, I will immediately file a complaint with the Federal Trade Commission and the [your state here] Attorney General’s office. Civil and criminal claims will be pursued.
Sincerely,

Your Name

----------------------

However, you should know it rarely works and it doesn't keep it off your credit report even if they DO stop contacting you. Also, it is only for residential accounts.
Even better, thanks.

Offline Stein

  • Dedicated Contributor
  • ******
  • Posts: 1853
  • Karma: 66
Re: Failed attempt #1: credit card cancellation
« Reply #37 on: January 06, 2010, 12:15:10 PM »
I had the same fun two years ago.  It pissed me off because I came to the conclusion that the harder they fought, the more they had benefited from my stupidity in the past - thus they didn't want to loose me.

Have fun with it:

I want to close the account.

Sir, what will you do for an emergency like a vehicle breakdown?

What is your net worth?

What?

I don't take financial advice from people with a net worth under $1M.  Does this describe you?

Offline Truik

  • Perpetual Student
  • Moderator On Leave
  • Survival Demonstrator
  • *
  • Posts: 2908
  • Karma: 65
Re: Failed attempt #1: credit card cancellation
« Reply #38 on: January 07, 2010, 04:51:21 AM »
I had the same fun two years ago.  It pissed me off because I came to the conclusion that the harder they fought, the more they had benefited from my stupidity in the past - thus they didn't want to loose me.

Have fun with it:

I want to close the account.

Sir, what will you do for an emergency like a vehicle breakdown?

What is your net worth?

What?

I don't take financial advice from people with a net worth under $1M.  Does this describe you?

That makes perfect, logical sense. Gotta remember that.

 ;D