Aug 09
I recently got this letter…can some1 tell me what it means?
We have decided to close the account for the following reasons
-too few accounts paid as agreed compared to total accounts
-total available credit on bankcard is too low
-Average length of time since bankcards opening is too short
We have decided to close the account for the following reasons
-too few accounts paid as agreed compared to total accounts
-total available credit on bankcard is too low
-Average length of time since bankcards opening is too short
So you have an account that is being shut down. The bank has to give you a reason for their decision. Even if the reasons are so generic (or might not even apply to you). The reasons you listed are really simplistic. You can take them literally.
The credit card company or bank is closing your account. By law they must tell you why. Based upon the letter, they are closing your account either because:
a.) you have been late with some payments – that is what is meant by “not paid as agreed”, or,
b.) you haven’t had a long history using credit cards or loans. This is called having “a thin file”. It doesn’t mean you have done anything wrong. Its just that the credit card company can’t use their prior experience with you to know if you will pay them back. With the economy in such bad shape, many banks are doing this, to reduce their chance of having an account go bad.