Disney Visa Issue

[SOBDOSNV]

Has anyone else had issue with their Disney Visa lately? I just got a letter and they are canceling my account. When I call them about this, I get the run around about how Experian notified them of an increase in my credit card balances. So I called Experian and they said they do not notify credit card companies of this. So I call back Chase and spend like an hour on the phone but got nowhere with them. Now mind you, I am not a "credit risk" to them. I don't understand why they would cancel my card when I use it, pay on time and have a very good credit score. Anybody have any ideas? This is real frustrating as I have canceled other cards due to increase in interest rates they have been passing on. So was down to only have a couple of open ones and was planning a trip in Dec to DW.

 

[DawnM]

Very odd. No, I have not had any of the problems others have listed with the Disney Visa. No idea why. They make no money off of me. I pay it off on time and in full each month. My APR is still at 12% too.

Make sure you cash out your rewards before they cancel you.

Dawn

 

[HeyIt'sMe]

That is so weird. The only change to my Disney Visa was an interest rate increase - like everyone else it seems!

Have you checked your credit reports lately? Maybe someone has been opening credit cards in your name and running up the balances. You can get a free report one time a year from each of the credit reporting agencies (Experian, Equifax and TransUnion) at www.annualcreditreport.com.

 

[nowellsl]

Wow, this stinks! I've never had a problem with Chase and I have several of their cards. They have access at any time to your credit report - have your balances increased significantly? Has your score declined? If it were me I would definately be pulling my credit report to see if something weird was going on. Did you have any rewards points? If you did and you will now lose them I would be raising heck with them!

All the credit card companies are cracking down hard right now! So far I haven't had any cancelled except one I hadn't used in a couple of years, so no big deal to me. My rewards cards are changing big time so I don't know if it will even be worth using them anymore... I guess they're still better than nothing. Good luck getting to the bottom of it, but you probably won't get any honest answers... it seems they are randomly doing this to many people.

 

[TiredX2]

Has anyone else had issue with their Disney Visa lately? I just got a letter and they are canceling my account. When I call them about this, I get the run around about how Experian notified them of an increase in my credit card balances. So I called Experian and they said they do not notify credit card companies of this. So I call back Chase and spend like an hour on the phone but got nowhere with them. Now mind you, I am not a "credit risk" to them. I don't understand why they would cancel my card when I use it, pay on time and have a very good credit score. Anybody have any ideas? This is real frustrating as I have canceled other cards due to increase in interest rates they have been passing on. So was down to only have a couple of open ones and was planning a trip in Dec to DW.

If you canceled other cards, then the percentage of credit being used would have gone up. I wonder if that is what they are talking about?

 

[DizzyStitch]

I was told that opening or closing cards can have an impact on your credit. I used to do this to get rewards. I had issues with my insurance company even because I had open and closed too many cards. Now the ones remaining I just left open. No issues on paying off stuff either. I suspect it is just a generic formula they have to weed out credit risks and sometimes people get caught that have done nothing wrong except take advantage of some freebies. Good Luck

 

[Green Tea]

Very odd. No, I have not had any of the problems others have listed with the Disney Visa. No idea why. They make no money off of me. I pay it off on time and in full each month. My APR is still at 12% too.

Make sure you cash out your rewards before they cancel you.

Dawn

They still make money off of you. They don't issue cards out of the goodness of their hearts.

 

[SOBDOSNV]

Thanks for everyones reply. I have a monitoring site for my credit and I pulled my report from Experian, who they said contacted them. Overall I have a credit score at 767. I canceled a card or two, with balance on them, due to increase in interest. But the balances aren't very high, less than 50% of available. And this card is less than 50%. And yes their response has been less than acceptable. I have talked to 5 different people 3 of which are "supervisors" and get a differrent answer from them all. And one out & out lied to me. She said Experian notified them that my outstanding balances had gone up. When I contacted experian, they said they don't contact credit companies. And this same lady said they couldn't pull a report, another lie. They pull a report every month to make sure you are paying your bills. This used to be how they monitored your credit for instance. Now they just raise rates and cancel people for no reason. Don't want this to be a political thread, but the congress will stuck it to us with the credit card protection act or whatever it's called. Oh let's not enact it till Jan 1 so they have time to really stick it to us. Oh well, anyone know if there is anything I can do about this?

 

[GRUMPY PIRATE]

don't think there is anything you can do. I have a very high credit rating (800+) and disney visa raised my interest from 5.9% to 12% in one move.

several other credit card have had the amount of credit lowered (I admit I havn't used the in almost a year, no balance)

I was watching a "credit card expert" on CNN. she did say that if you are using over 1/3 of your available credit on any one card, that companies now consider that "excessice" (whatever that means) and it can effect your credit rating.

As well as what a previous posters said about cancelling them. It automatically increases the percentage of your credit used if you cut some cards, and the amount of credit of the cancelled card is deducted from your total credit available, thus increasing your percentage of credit used.

every since the bill was passed, the credit card companies seem to be scrambling to get their cards in order before the legistation goes into effect.

the consumer can really do nothing..except remember what company treated them badly, and evaluate doing business with them in the future.

 

[Kayka]

This is real frustrating as I have canceled other cards due to increase in interest rates they have been passing on. So was down to only have a couple of open ones and was planning a trip in Dec to DW.

Canceling credit cards can affect your credit rating, especially if you are carrying a balance.

Short version: You have 4 cards with $2,500 limit each. Combined you have a credit limit of $10,000.
Say you carry a balance of $2,500 split between a couple cards.
Your debt is equal to 25% of your overall credit limit.

Then you cancel two cards because the rates are too high and you don't want to use those cards anymore. You lowered your overall credit limit $5,000. You still owe the same $2,500. You still pay on time. However your credit - debt ratio has changed. Now your debt is 50% of your credit limit and that can flag you as a higher risk (on paper)

 

[SOBDOSNV]

I agree with that part about doing business, but you never know who you will be doing business with. With all the buy outs and such. It just makes me sich that they treat people this way that have done business with them and bailed their sorry butts out last year. Should have let them all go under and started over. Only problem is, they wouldn't have all gone under and we've have a few that were even bigger than they are now.=more power! It's sad that Disney advertises for these types of business. I know, it's BUSINESS.

 

[SandrA9810]

I recently opted out for a APR increase, but Citi told me, that my account would stay active till the current card expires, and I can still use the card at current terms. Then when the card expires in july, I will just have to make my payments to pay the card off. The limit is only 300$, so it's not like I can cause much trouble with it, nor should it affect the score much.

My suggestion would to send a certified letter to them. Calls can only get you so far.

 

[mrsklamc]

The credit card companies seem not to believe that there really are those of us who will 'take our ball and go home.'

Just fine with me! As DH says, they can pound sand. (I don't even know what that means.)

 

[mrsklamc]

In our case, DH paid our Amex late one night with a bank account we had closed, in order to move to a credit union with a 4.5% interest rate. He IMMEDIATELY realized his mistake and called AMEX, who said there was nothing he could do to reverse the payment. He said, well there's no money there and I want to pay you. SO, he had to enroll ME in the online system and IMMEDIATELY paid the bill.
Because the first payment did not go through, we received a letter stating that ALL purchases will be accruing interest at 27% for one year until we make 12 consecutive, on time payments-because of one accidental mouse-click, that did NOT result in an unpaid bill.

 

[chyam]

Personally I am through with credit card companies, they have stuck it to almost everyone, and alot of times it seems randomly, I have never been late, and never maxed any of my cards out, they started balance chasing, me and as it was paid lowered my limits, By Jan. 1st I will be cc free! I believe as another poster said that the bill congress passed gave these cards plenty of time to stick it to many of us. I refuse to pay interest rates that are higher than a loan shark! They took millions from all of us (taxpayers) and then stuck it to the customers that were doing right by them, and in turn they raised our rates, and our minimums, even if we were paying on time and more than the minium. This at a time when people are struggling.