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wrightsville beach,#2Consumer Comment
Mon, May 03, 2010
Same thing happened to me (although I approved the payment on the account). I paid my balance almost to zero and then received a letter dated the following day stating that my account was closed due to information found on my Equifax credit report.
This card seems shaky at best anyhow. It started as Rewards660 which closed or shut down operations unexpectedly for a few months... After 2 months in limbo, cardholders are told that they were bought out by MetaBank/Indigo? All seemed odd... No initial notices were sent to cardholders. Rewards 660 cards did not work and payments could not be made for about 60 days before Indigo officially took over and sent out new cards. What kind of financial institution operates that way? Now I can only assume that they have too many open accounts (especially in this economy and considering the high credit risk of the average cardholder) and are attempting to lower the amount of working capital needed to operate. Of course if they close accts of the risky cardholders (who likely have their cards maxed out), those people will just walk away and won't pay another dime... so they close the accounts with low or zero balances.
Anyhow, just my opinion. In the letter i received I was told to contact Equifax because they closed my account based on info in my credit report. I did and guess what? They didn't even check my Equifax report and my score is above 600 with no negative marks in at least the past 12 months. Why would they open accounts for anyone, regardless of their FICO score (I believe mine was around 475 when I was approved) and then close the accounts of those with fair-good credit scores?