HELP! Bestbuy Card Cancelled without Authorization!

[s0ssos]

Originally posted by: kranky

Originally posted by: shortspanishguy
go to fatwallet.com and look at the finance section.

But don't post, just search. Posting new threads is frowned upon, from what I can tell. They will flame you for not searching and point you to a thread from 2001 where someone asked a very similar question.

haha. there's a thread for newbies. it's supposed to be flame-free (they give you reds over there. they can rate your post).
it's a very mean environment there.

 

[FoBoT]

please get your credit agreement out and type it into the OP , without us being able to review that with you, there isn't much we can do to help you

 

[Dulanic]

Wow.... Wow.... you did that to try and build credit? All you did was make your debt/limit ratio VERY high which will make most companies close your accounts. How much your balance is month to month is not even shown on your credit report except at that exact month... but nothing previous. You can leave a card at a $0 balance that would have helped your credit ALOT more.

 

[postmortemIA]

Originally posted by: Dulanic
Wow.... Wow.... you did that to try and build credit? All you did was make your debt/limit ratio VERY high which will make most companies close your accounts. How much your balance is month to month is not even shown on your credit report except at that exact month... but nothing previous. You can leave a card at a $0 balance that would have helped your credit ALOT more.

That is somewhat contradictory, because CC companies make their bux from people's debt. More debt=more interest with higher rates. If that is the case, then how come there are people with 20K in CC debt?

 

[thomsbrain]

trust me, that plan was so fvcking stupid that you guys would have trashed your credit scores in no time flat anyway.

 

[thomsbrain]

Originally posted by: altonb1

Originally posted by: Blaid

Originally posted by: Squisher

Originally posted by: Blaid
............. HSBC wont tell us anything..............

Huh? Why wouldn't they tell you?

What would be the point of keeping it secret?

I dont know....we called and asked for a manager and after about 30 minutes of crying and talking, the manager reinstated the card...

so problem solved...but..my enw question is, how do i build up credit properly?

Man Card Cancelled without Authorization!

HAHAHAH. that made my day!

 

[thomsbrain]

Originally posted by: postmortemIA

Originally posted by: Dulanic
Wow.... Wow.... you did that to try and build credit? All you did was make your debt/limit ratio VERY high which will make most companies close your accounts. How much your balance is month to month is not even shown on your credit report except at that exact month... but nothing previous. You can leave a card at a $0 balance that would have helped your credit ALOT more.

That is somewhat contradictory, because CC companies make their bux from people's debt. More debt=more interest with higher rates. If that is the case, then how come there are people with 20K in CC debt?

they are doing it with 10+ cards.

 

[spidey07]

Originally posted by: postmortemIA

Originally posted by: Dulanic
Wow.... Wow.... you did that to try and build credit? All you did was make your debt/limit ratio VERY high which will make most companies close your accounts. How much your balance is month to month is not even shown on your credit report except at that exact month... but nothing previous. You can leave a card at a $0 balance that would have helped your credit ALOT more.

That is somewhat contradictory, because CC companies make their bux from people's debt. More debt=more interest with higher rates. If that is the case, then how come there are people with 20K in CC debt?

I am so dissapointed with the myths that still loom on credit scores. It will cost you thousands of dollars per year if you don't dispel the "I heard" or "I thought".

this is your life folks. Read up and understand the system before applying for any credit of any kind.

http://www.fico.org/

Read everything, and specifically ignore any and all credit advice on ATOT.

 

[wetcat007]

Originally posted by: Blaid
hers what we thought.....if we purchase alot of stuff and then make monthly payments a little over the minimum each month for about 6 months, then pay it all off...we build our credit history...no?

would someone like to explain it to me..i would love to learn..and i appologize for the language in previous posts

I think making only minimum or near minimum payments hurts your credit score. Paying a credit card off in full every month looks good. If it is zero interest however I don't think it nessisarily looks bad to make smaller payments for a few products.

They can cancel your card for pretty much any reason. Buying stuff to simply try and build credit makes no sense.

 

[Pepsi90919]

Originally posted by: Blaid
they retain the right to f*** up our credit score? just because they want to? That seems like a BBB issue...and a huge legal matter...doesnt that seem a little f***ed up to you.

you fvcked up your credit score. what made you think spending well beyond your means was a good idea? you should be thanking them.

 

[cubby1223]

You're complaining about *that*! Please - I've had Capital One *uncancel* a credit card without authorization. I paid off the balance, cancelled the card, then mysteriously 10 months later I have a collections agency calling me up wondering why I hadn't paid my bill! Then the dumbnuts at Capital One only keep on file the previous 6 months of records, so they couldn't even figure out what the hell it was that "reactivated" my account, because for some genius reason they approve charges against a closed account... Yeah, I had a few reps hang up on me over my rage trying to figure out the logic.

Believe me, Best Buy is doing you a *huuuuge* favor by cancelling your card. You're purchasing way more than you are able to afford. Take it as a learning experience and don't do it again.