So my Summit racing speed card gets cancelled

["Turbo-T"]

For those not in the know, it's basically a charge card that's ran by GE money bank but good for buying things thru Summit.

I've had it 4-5 years, always paid it on time and don't owe anything on it...in fact last purchase I made was paid off 4 months ago....so now I get a nice letter in the mail saying the card has been deactivated and the account closed...can't call them because the voice on the other end says the same thing then hangs up...only way to get an explanation is to write to them.

Still not sure why this is....has anyone had anything similar like this happen to them?

 

[Roc87]

Maybe because you hadn't used it in 4 months and had a zero balance? I had received my MBNA card and had not activated it until I was getting ready for a trip to LA, only activated it for a "Just in case". When I called them they suggested I used it, otherwise it may be cancelled. I told them if they wanted to get rid of a customer that continually paid on time, and had a great credit score that would be their mistake and I'd gladly take my business elsewhere, haven't received a cancellation notice yet... Never know, they are only in it for the people that have balances and get stuck by paying only the minimums.

 

[SS_Sean]

Another thing to remember is many banks are clearing their books of accounts, reducing the maximum loan amounts on accounts, and so on, so forth. I have had several (three I think) creditors notify me they were reducing my credit limits even though I have VERY good credit. I can't say I really mind. The fiance and I am working very hard at paying off all credit. F those crooks!!!

 

[dr_frankenstein]

yea they did that to my summit card too....... i figured they just couldnt afford to keep the cards.

A.j.

 

[Dabigguy]

I have been keeping a pretty healthy balance on my cards, sure,I pay a little in interest, but it frees up my cash so when/if the banks fail I will not have to count on the FDIC to have money left over from bailing everyone else out !!!!

 

[Little6pack]

I have been keeping a pretty healthy balance on my cards, sure,I pay a little in interest, but it frees up my cash so when/if the banks fail I will not have to count on the FDIC to have money left over from bailing everyone else out !!!!

VERY GOOD THOUGHT BUT THE ONLY PROBLEM IS IF YOUR CASH IS IN THE BANK & THEY CLOSE THE DOORS YOU HAVE TO WAIT FOR FDIC TO FUND THEM. COULD BE DAYS! HOW DO YOU GET YOUR CASH?

UNLESS YOUR USING BANK OF MATRESS?

 

[Louie L.]

I have used mine for about 2 years and always buy enough to get the no intrest for 1 year. Ive done that 3 times and paid it all off before the intrest is due. Hope they don cancel mine.

 

[imjoesnuffy]

Mine was cancelled too.

I've had mine for about 2 years as well. Used it just for the no interest deal as well. Been carrying zero balance and haven't used it in over 9 months. Letter stated after a credit review, but my credit score is over 720???

I'd say GE money just trying to reduce inactive cards, no sweat.

 

[Dabigguy]

I've been saving Mason jars for years !!!!! ....and I have lots of land to bury them in !!!

I've done research on the 1929 great depression and 1350 banks went under in 1930, 2300 in 1931, 1500 in 1932, and 4000 in '33. Thats 9000 banks 4 years after black friday. Banks scare be because of this!

 

["Turbo-T"]

Ok....well I just hope they're not trying to say it's due to something no my behalf, other than not using the card all the time. I was planning on reusing it, hope I can get it reactivated...if not I'll have to save my pennies for years to buy more car stuff.

 

[Dabigguy]

Nah, most credit card companies are reducing or stopping lines of credit. With the economy like it is, they don't want people to run up credit cards and then file for bankrupcy.

 

["Turbo-T"]

Well maybe that's a good thing. Maybe I won't be getting anymore of those "you've been approved for a Visa/Master card/Discover/American Express" junk mails I used to always get.

I just was hoping it wasn't something I did to cause them to cancel it. I hope they'll reopen it, I'd like to use it again.