I did my AOR about a month ago and one of the cards was the FNB Omaha Link with 6,000 reward points good for a $50 GC.
I was deferred then approved for the card with a $3,900 limit. I get the card in the mail, make my first purchase for $1.99 then drop it off with the rest of my CCS that I don't use often.
Later I get a letter from them saying they are closing my account because of excessive inquires. They send this via regular mail, make no other attempts to contact me. This leaves me rather peeved as I could have been traveling with only this card and have been completely stressed and embarrassed because it would have been declined!
I contact them about being able to redeem my 6,000 point offer and they say nope, the bank closed it, so any points are also gone too. The rep also say no way to reactivate once it's been closed.
Now, I'm just wondering what I can do from this point, I do plan on writing a letter of complaint, not that there is much they can do for me I guess, but I certainly feel screwed out of a $50 GC. I had about 16 other cards that I was approved for during the AOR and none of them have revoked their cards on me and the whole experience has been rather disappointing (the call hold times, the canceling the card with little notice).
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
small banks are notorious for taking action like this. reward points are just that , "points" that have no value until redeemed, ans cannot be redeemed on closed accounts not open in good standing.
There is no right to be able to keep a cc, the issuer has every right to stop doing business with you. they sent you notice of closure.
all in all, i see nothing the bank did wrong here. it sucks, but looks proper.
I had the same experience with them in the last month. I was carrying a FNBO visa and an AMEX. It was rather annoying to get declined from a couple of merchants, particularly when one was an important bill that I could have been SOL on real quick. Curious, my adverse action came from ICS and not one of the typical credit agencies. Where did yours come from if you don't mind saying?
FNBO allowed me to pull an $11k BT and then closed my account. The account shows up as closed by issuer on my CR, but I don't think I've lost too many points over that if any at all. They suck!
Is anybody going to try to push back a little with these folks? How can "too many inquiries" be grounds for closing an acocunt? I'm just wondering how they are getting away with that in the T&C of the accounts.
I don't have one of their cards, but I think to be stubborn I would at least report them to the BBB, Congress, and push it through their arbitration clause.
"Too many inquiries?"
How can they even say that with a straight face?
Them accepting an application, granting an account, and closing the account damages you by adding an inquiry. They have supplied proof of the damages--too many inquiries can cause an account to be closed and benefits to be lost.
I agree with NorCal, but when you agree to have an application submitted you also agree to having a hard pull on your record. This being the case, them closing the account is pretty much the same effect as them denying you the card. After they have denied you through the application process it is not like the inquiry on your record magically vanishes.
NorCalSci I am willing to wager it is legit grounds to close to your account. This would be there defense. If we know you had all that credit we would never have approved you for a new card. App-o-Rama is a way to trick issuers into issueing you credit they normally would not issue you because by applying for all that credit at once we did not have an accurate picture of your current credit to income ratio's.
With that being said I applied or FNBO credit card in my mini App-o-Rama back in Fed(12 cards) and I was approved for $25K. I have had no adverse action at all from FNBO and I am currently have just under $200K in 0% BT showing up my credit reports of which $18750 is from FNBO.
I agree to some extent, but the problem is in the "future inquiries." When you open an account are you agreeing to not apply for any more credit, ever? Or if a certain amount is "allowed" exactly how much is allowed?
If one of the terms of an FNBO VISA card is that you essentially cannot apply for a BofA, Citibank, or FirstUSA VISA card in the future, or you cannot apply for an American Express card, why wouldn't those other institutions object to the practice and why would anybody get the card in the first place?
dolmar said:With that being said I applied or FNBO credit card in my mini App-o-Rama back in Fed(12 cards) and I was approved for $25K. I have had no adverse action at all from FNBO and I am currently have just under $200K in 0% BT showing up my credit reports of which $18750 is from FNBO.
When the issuer grants you credit they pull your report and base decision on it. The whole trick of doing an AoR is to fool them about how much credit you have available. So then all of sudden your profile changes because of the AoR and a bunch more available credit and higher balances suddenly show up when they do a soft review of you. Would they have given you the card if they knew all this? I think myFICO says the average person applies for credit once a year, so suddenly having a bunch of inquires show is very out of the norm. I got 10 cards in my AoR and no adverse actions, Maybe the number was low enough or maybe my income supported the lines. All I know is it's tough to blame the issuers when it's us who are playing a game with them EDIT: While I was typing this I see Dolmar posted basically same thing
It is just a game/business. You sound like you are taking it too personally. Part of the "rules" to the game is you don't lie about your income to Am.Ex and max out your lines and you don't do extreme BT binging with FNBO credit cards. Now you've learned and you'll be better next time.
That is why I think FW is so valuable. I've learned other people's rules and so far I haven't had a card forcibly closed. Well...I have had BoA closed but that was to boost the credit line on a card that was more profitable anyway.
a cc issuer can close your account for ANY reason...they could close it because it wasnt profitable. They could close because you made only a BT and didnt use it for purchases. They could close bc you just wanted the signup bonus. They typically wont be so candid to actually tell you those thing, but they can certainly cancel your card for any reason (except very limited prohiited reasons, like your race etc).
so complaining they closed it for too many inquiries is going to fall on deaf ears.
maddybeagle said:Read the adverse action thread... Agreed.
wouldnt bother with them if you are playing AOR games.... That's one approach. Another is to apply days or weeks before and include a BT of no more than $11K with the app. Both my experience and every report I've seen on FW says that the 0% stays in place.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
