Beware of Barnes & Noble credit cards - Toyota Yaris Forums

CtrlAltDefeat · 04-14-2009, 12:07 AM

My mom got a Barnes & Noble credit card but didn't use it. After a year, Barnes & Noble canceled the card and reported it to the credit bureaus as "Canceled by creditor" which is the same thing entered when a person doesn't pay their bill and the creditor cancels the card. It's a black mark on her credit. When she asked why they even reported it at all they said that "they weren't making any money off her" so they canceled it. Canceling it is OK by me and my mom, but reporting it to the bureaus is underhanded and hateful. I figure I would let everyone I can know about this so they can be warned about it, so I'm letting you all know!

rningonfumes · 04-14-2009, 12:22 AM

Be sure to report it to all three major agencies. I would have threatened them for dinging the credit ratio too. Threatened as in legal action. As for other cards, be careful of your card companies all of a sudden decreasing your credit limits. 1k on 4k limit is good, 1k on 2k limit is suddenly disastrous.

supmet · 04-14-2009, 01:57 AM

I kinda doubt its the "same thing" as getting cancelled with outstanding debt. You say its a black mark but did it affect her credit score?

Also, running a credit card company isn't free. They printed you a card, made you an account in their system, probably sent you monthly statements, etc - and they never made a cent off of you. I'm guessing a lot of credit card companies would do the same if you got a credit card through them and never used it. With that said, if I was running the company, I probably wouldn't report to credit bureaus, just because like you said it seems hateful, and would probably hurt barnes&nobles in the return customers department.

CtrlAltDefeat · 04-14-2009, 02:18 AM

Quote:

Originally Posted by supmet

I kinda doubt its the "same thing" as getting cancelled with outstanding debt. You say its a black mark but did it affect her credit score?

Also, running a credit card company isn't free. They printed you a card, made you an account in their system, probably sent you monthly statements, etc - and they never made a cent off of you. I'm guessing a lot of credit card companies would do the same if you got a credit card through them and never used it. With that said, if I was running the company, I probably wouldn't report to credit bureaus, just because like you said it seems hateful, and would probably hurt barnes&nobles in the return customers department.

Yea i understand the reasons they canceled her... the complaint here is they reported it at all... I can't be sure if its the same or not, but that's what my mom said...

Kioshi · 04-14-2009, 12:46 PM

Im watchin gmy credit card companies closely every week. AMEX hasn't f-ed around w/ me. WAMU aka CHASE has/had. I dont think they will cancel you credit card if you have any amount of debt though, they are losing money regardless whether it hurts your score or not.

YarisSedan · 04-14-2009, 02:39 PM

I had a bank of america credit card with a 10k limit. I was going to ask for a increase to 15k. Since my debt to credit ratio is high with my car loan. more than 50 percent debt to credit ratio. They like to see less than 50 percent. So thinking to myself easy way to boost my credit score is simply get a credit increase and therefore my credit score will go up. I have had my bank of america card for maybe 7 years. I always pay my balance in full. Every month so its always zero. And i spend atleast a grand a month and pay it off.

A month later i went to check my balance online and i find out my credit has dropped to 5k. They cut my credit limit in half. I called and then they said because of the economy now they are lowering the credit limit of lot of thier customers to limit thier risk. I explained i have no reason to be of risk since i have alawys payed my balance in full and nver missed a payment. Then i asked the lady why i would get penalized by just asking for a credit increase. They said they are reviewing a lot of accounts but since my inquiry they speed up the process and over reviewing my account they feel that i only need 5k worth of credit based on my income. But if i like i would ask for a credit increase again. But if i even tried what next they drop my credit to 500 dollars?

2 weeks later i got a preapproved credit from discover card. for 21 thousand. I signed i and now my credit score has jumped almost 40 points.

04-14-2009, 12:07 AM	#1
CtrlAltDefeat I ♥ Yaris View User's Garage Drives: Black 08 LB MT & red 97 Miata Join Date: Oct 2008 Location: Indianapolis IN Posts: 1,313	Beware of Barnes & Noble credit cards My mom got a Barnes & Noble credit card but didn't use it. After a year, Barnes & Noble canceled the card and reported it to the credit bureaus as "Canceled by creditor" which is the same thing entered when a person doesn't pay their bill and the creditor cancels the card. It's a black mark on her credit. When she asked why they even reported it at all they said that "they weren't making any money off her" so they canceled it. Canceling it is OK by me and my mom, but reporting it to the bureaus is underhanded and hateful. I figure I would let everyone I can know about this so they can be warned about it, so I'm letting you all know! __________________ The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. - Bertrand Russell

04-14-2009, 12:22 AM	#2
rningonfumes Drives: Yaris Sedan 5MT Join Date: Oct 2008 Location: SoCal Posts: 865	Be sure to report it to all three major agencies. I would have threatened them for dinging the credit ratio too. Threatened as in legal action. As for other cards, be careful of your card companies all of a sudden decreasing your credit limits. 1k on 4k limit is good, 1k on 2k limit is suddenly disastrous. __________________ Last edited by rningonfumes; 04-14-2009 at 12:34 AM.

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04-14-2009, 01:57 AM	#3
supmet Banned View User's Garage Drives: 2007 4 Door Yaris Join Date: Jan 2009 Location: Southern California Posts: 1,357	I kinda doubt its the "same thing" as getting cancelled with outstanding debt. You say its a black mark but did it affect her credit score? Also, running a credit card company isn't free. They printed you a card, made you an account in their system, probably sent you monthly statements, etc - and they never made a cent off of you. I'm guessing a lot of credit card companies would do the same if you got a credit card through them and never used it. With that said, if I was running the company, I probably wouldn't report to credit bureaus, just because like you said it seems hateful, and would probably hurt barnes&nobles in the return customers department.

04-14-2009, 12:46 PM	#5
Kioshi Heart Up! Vitz Drives: トヨタ Vitz Join Date: Jun 2007 Location: Fremont, CA Posts: 2,582	Im watchin gmy credit card companies closely every week. AMEX hasn't f-ed around w/ me. WAMU aka CHASE has/had. I dont think they will cancel you credit card if you have any amount of debt though, they are losing money regardless whether it hurts your score or not.

04-14-2009, 02:39 PM	#6
YarisSedan Drives: 08 Yaris Sedan Join Date: Oct 2008 Location: California - Bay Area Posts: 2,773	I had a bank of america credit card with a 10k limit. I was going to ask for a increase to 15k. Since my debt to credit ratio is high with my car loan. more than 50 percent debt to credit ratio. They like to see less than 50 percent. So thinking to myself easy way to boost my credit score is simply get a credit increase and therefore my credit score will go up. I have had my bank of america card for maybe 7 years. I always pay my balance in full. Every month so its always zero. And i spend atleast a grand a month and pay it off. A month later i went to check my balance online and i find out my credit has dropped to 5k. They cut my credit limit in half. I called and then they said because of the economy now they are lowering the credit limit of lot of thier customers to limit thier risk. I explained i have no reason to be of risk since i have alawys payed my balance in full and nver missed a payment. Then i asked the lady why i would get penalized by just asking for a credit increase. They said they are reviewing a lot of accounts but since my inquiry they speed up the process and over reviewing my account they feel that i only need 5k worth of credit based on my income. But if i like i would ask for a credit increase again. But if i even tried what next they drop my credit to 500 dollars? 2 weeks later i got a preapproved credit from discover card. for 21 thousand. I signed i and now my credit score has jumped almost 40 points.