Credit Tips: Problem with Monogram Credit Card Company

Posted On: April 1, 2005

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Post subject: problem with Monogram Credit Card bank

Catie
Date: 11/29/2000 9:26 pm CDT

I’m having a problem with Monogram Credit Card bank.
Last april they issued me a Ward’s department store card with a 500 credit limit. To be honest, My credit is not perfect- . I already had a Providian Visa Card with a 1000 limit- I had been working on getting my credit straightened out. (I still am)
Any way, I have never maxed out the Wards card and have always been on time with my payments. I have never been late on any of my other credit accounts either since I have been trying to get my credit fixed. Well-in Oct. they suspended my charging privleges. The reasons stated were
-average# of months tradelines have been open (true)
- % of balance for revolving trades (true)
This is the one I just can’t believe!
-worst current payment status for trade lines reported in last 6 months.
How can that be if I have made all my payments on time?
When I called them all they would say is that a computer makes these decisions and that there was not a human there that could help me.
I intend on paying this card off and cancelling it next month. Does the fact that they suspended my privileges
show up on my credit report? Also I have recieved a line increase on my visa since this has happened so my report surely isn’t that bad. Catie

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GEORGE
Date: 11/29/2000 10:00 pm CDT

MAY SHOW UP AS “ACCOUNT CLOSED AT CREDIT GRANTOR’S REQUEST”

Send a letter certified return receipt requested.

OR GO TO YOUR LOCAL STORE IF THEY HAVE A PERSON THAT IS A LOCAL STORE CREDIT MANAGER…TALK FACE TO FACE.

GOOD LUCK.

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BLE103
Date: 11/30/2000 7:23 am CDT

George forgot to tell you that having an account closed by credit granter is viewed very negative to other lenders.I never heard of that kind of reason for getting a suspension of credit privilages.That’s a new on me.

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Tim
Date: 11/30/2000 1:54 pm CDT

I stumped here Catie. Contrary to what the rep told you there is a human that is responsible for the computer program which blacklisted your card.

Also , some banks have provisions that kick in when your credit limit is increased by other banks. “They have a right to cancel or suspend if you have too much credit, too high credit , or to much in relation to your income.”

Check your original “account terms” for this provision.

Be persistent and call back and ask to talk to the president. Write letters to everyone that you can get a name on.

Also check your credit reports for errors.

Don’t give up on the bank, they make mistakes, too.

Good luck.

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BLE103
Date: 12/3/2000 2:02 pm CDT

Tim

There is a provision in most credit card agreements that goes like this”We have the right to increase or decrease your credit limit at anytime.If we do we will notify you by letter”.Now i never heard of too much credit but have heard getting a limit reduced to protect the creditor against potental losses because of having a high min-due payments with other creditors.If a person was making 30K a year how much in unsecured credit like revolving credit is too much?The reason why i am asking this because i got a total of 33 1/2K worth of credit limits.Is this too much?Anyone can respond too.I just wanted to know so that i don’t run into any reduction on my card accounts.

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