My question involves personal finance in the State of: Florida/Utah(I live in Florida and the bank is in Utah) I just found out my credit card issuer (Merrick Bank) cancelled my credit card yesterday.When I called I was told that it was because I have opened other accounts recently. I have had this card for years and have never been late/gone over limit/etc. I actually sent them over $1700 last month to pay it off in full. All other payments have always been more than minimum required. Usually 3-4 times miinimum. Not to mention they have given me regular credit line increases every 3 months. But now, through their actions, my credit rating will go down because the available credit is smaller while my debt stays the same. No phone calls/emails to talk about it. No chance for me to cancel new accounts to keep this one active. Not to mention instead of canceling my account they could have frozen it and/or lowered my line of credit. My concern is how it will look on my report. Mathmatically I know my credit score will take a hit and not to mention this account will show up as cancelled by creditor. To say the least I am amazed that they would cancel me after I have held up my end of our agreement only to get cancelled because I was granted credit from other sources. Also, I could understand if my card was maxed out; it wasn't even close. Or if my other accounts(new and old) are maxed out; they are not. Not even close. I have not had a late payment for over 5 years! Nothing negative. It seems as if the computer kicked my name out just because I have new credit which I have not even used. Bottom line.......can I sue and win if anything whatsoever shows up on my credit report as a negative from this situation. Thanks.
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When I called I was told that it was because I have opened other accounts recently. I have had this card for years and have never been late/gone over limit/etc. I actually sent them over $1700 last month to pay it off in full. All other payments have always been more than minimum required. Usually 3-4 times miinimum. Not to mention they have given me regular credit line increases every 3 months. But now, through their actions, my credit rating will go down because the available credit is smaller while my debt stays the same. No phone calls/emails to talk about it. No chance for me to cancel new accounts to keep this one active. Not to mention instead of canceling my account they could have frozen it and/or lowered my line of credit. My concern is how it will look on my report. Mathmatically I know my credit score will take a hit and not to mention this account will show up as cancelled by creditor. To say the least I am amazed that they would cancel me after I have held up my end of our agreement only to get cancelled because I was granted credit from other sources. Also, I could understand if my card was maxed out; it wasn't even close. Or if my other accounts(new and old) are maxed out; they are not. Not even close. I have not had a late payment for over 5 years! Nothing negative. It seems as if the computer kicked my name out just because I have new credit which I have not even used. Bottom line.......can I sue and win if anything whatsoever shows up on my credit report as a negative from this situation. Thanks.
