Credit
Card Companies Are Closing Unused Accounts ...Click Here for the whole article
06 Jan 2009 11:00 AM PST
Several GRS (Get Rich Slowly( readers have written lately with the same credit card problem — but
not the one you’d expect. Perhaps in an effort to cut costs,
credit
card companies are beginning to close their customers’ unused accounts.
Nicole shared a typical experience:
I’m 26 and have a solid 8-year credit history. Despite really wanting to get rid of some of my old credit cards that I never use, I've held on to the accounts since they help my credit history.
I just got some bad news about my oldest credit card. Because I
haven't charged anything on the account in 13 months, the account has
been suspended and closed. I called and was told by several people that
there is nothing I can do about it. It's as if the years I've had the
account for and the fact that I've always paid what I owe means
nothing. And for my past loyalty they're willing to potentially
make me take a major hit on my credit score.
I feel like I'm being penalized for doing the right thing. Other
than writing a strongly worded letter to Capital One and asking my
other credit card companies to increase my limits, is there anything
you can think of that might help me to minimize the hit on my credit
score?
Every time I hear about some action taken on the part of the Credit Card /Banking Industry I get the feeling that I am being herded like sheep are herded deeper and deeper into a no-win situation. Forget about Win-Win!
There has got to be an awakening on the part of Hispanic and all American consumers to this debt/credit cycle.
I would suggest and this is not my idea but it is a very good one that we all start doing business locally.
That means Bank at a local Credit Union Bank, get your coffee at a neighborhood coffee shop not Starbuck's. You need a hammer go local not at Home Depot.
This make a major impact because your dollar stay with Main Street NOT Wall Street. You will see this strategy more and more as we move into this economic recession/depression. I invite your comments/ options
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