Juniper cancelled my card!!

[Brendon]

So here's the story. I have been very diligent with my credit since bk. In fact I am closing on a refi on my home with a 5.125% interest rate on Jan 6. I am very pleased with my progress. I opened a cc account with Juniper soon after dismissal with a 3,000 limit. I haven't used the card in 2 years so they sent me a letter stating they were closing the account "to help me manage my CC accounts better". I guess they did me a favor, the int rate was too high to actually use. This is a perfect example of them not making money so they just took their ball and went home....

I love it!

[AngelinaCat]

Yeah, you hadn't used the card, so they took it away. Congrats on the refi!

[Flamingo]

This is happening to quite a few people as creditors are reviewing accounts and credit reports and either closing accounts or lowering limits. I had the same thing occur with me with a Dress Barn account which survived my Chapter 13 (zero balance card at time of filing) and had for six years thereafter. It was closed this past fall due to "BK on my records" even though they raised the limit twice during that time for me and even gave me a new number last spring when I misplaced the card. I had not used the card for over a year and when I went to use it for a Xmas purchase, the account was closed. A phone call revealed why. Your account was closed as a result of the same review process in this economy probably due to the BK on your records and a combination of you not using the card in a two year period and having a somewhat large credit limit that you can access. It posed a risk to them.

The bad thing about this is that the account was closed by the creditor which is another ding on your credit reports. It will show as such ("account closed by creditor").

[Logan]

I have 4 credit cards and a Dell card and I use each one every month to avoid having my accounts closed. I have automatic payments (cell phone etc.) come out of 2 cards, I use 1 for internet purchases and one stays in my wallet.

I don't know if it makes a difference but that's how I do it.

Logan

[Brendon]

I didn't apply for the card until after the bk, so don't understand why that would change now. I don't see a point in using a card just to use it, so I don't use it. Over 2 years out of bk, the only debt I have is less than $4k on student loans and a mortgage.. No car, no cc debt and have still managed to keep my FICO's above 720. This is all doable to anybody who files!!

[StartingOver08]

[QUOTE=Brendon;228485]I didn't apply for the card until after the bk, so don't understand why that would change now. I don't see a point in using a card just to use it, so I don't use it. Over 2 years out of bk, the only debt I have is less than $4k on student loans and a mortgage.. No car, no cc debt and have still managed to keep my FICO's above 720. This is all doable to anybody who files!![/QUOTE]


I think you have done a terrific job of re-establishing yourself! You have a fantastic new rate on your refinance - congratulations! You have you debt way under control. In fact, I think the best evidence of your doing well is the fact that Juniper, a subprime card, canceled you! They did not see any opportunity to make big bucks off you and like you posted - 'they took their ball and went home.' My feeling is this: having subprime cards on your credit does not help you anyway in the long run. This closure by Juniper typically has a short term effect as you had a zero balance when it was closed (different than if you owed them money). It sounds like you are over the hump and you should be glad that Juniper feels they can not dupe you into spending money with them! Congratulations!

[magyar123]

Juniper lowered my wife's $1000 limit card limit to $850. Reason - she hardly ever uses it - they don't make any money through merchant fees.

[Flamingo]

Having a BK on your records puts you at risk of any creditor at any time closing your account whether it was open prior to or after the BK. It's just that you are a higher risk whether or not your credit score is good. We are over two years past our Chapter 13 discharge and have scores in the 790s and still had an account closed due to the BK on our records recently. It is just the economy right now and the way creditors are to anyone who may appear to be any risk whatsoever or have open credit that can be used if there is a job loss or drop in income. These events are also happening to folks with good credit but lots of available open lines (i.e., home equity accounts) where the accounts are either being closed or the credit line reduced so in the event of a job loss or other situation, that credit line or extra credit cannot be utilized.

You've done an excellent job of reestablishing yourself but whether or not any of of us like it that have come through BK and work hard to reestablish credit, that BK can haunt you on your credit reports for 7 to 10 years, depending on the Chapter filed, and also longer than that due to public records and on the records forever of the creditors listed in the filing. Just keep up the good work and ride out this economy

[relief13035]

I would love to hear how Flamingo & Brendon have accomplished such GREAT credit scores post-BK. Congratulations!

[Flamingo]

I would love to hear how Flamingo & Brendon have accomplished such GREAT credit scores post-BK. Congratulations!

By making every payment on time (including Plan payments, utilities, etc.) since filing to the present, having a Visa (former WAMU) and Mastercard (Orchard Bank) and two department store cards opened after filing on which we either pay in full when used or let a small balance run and pay more than the minimum payment way ahead of the due date, refinancing and paying off our Chapter 13 one year early giving us more opportunity to have good things on our credit reports, and also by keeping an eye on our credit reports after discharge which has been a challenge for us due to continuing errors appearing even over two years after discharge. Both our scores are in the 790s but the BK is still on our reports until 4/09 and does still work against us at times despite the good score. BK is BK.

[Brendon]

Just as Flamingo said, I have not been late on any single payment made since the bk. I have used credit cards, but either paid them off or paid significantly more than the minimum payment every month. My mortgage, utilities, student loan are all paid on the 1st day of the month, not waiting until they are due. It's not easy but very doable. We have a monthly "budget meeting" and know where every dollar is going BEFORE it is spent. I have paid off cars, my wifes credit cards, (she didn't file) significantly paid down student loans (only $3500 left!) and will start paying off my mortgage!! In 10 years I plan to own this house of mine outright.

Everyone says debt is a tool, but it just put me in a boatload of trouble. I will no longer depend on credit to live. It's all about proper planning and a little luck from major emergencies.