- We have decided to close the account for the following reasons
- too few accounts paid as agreed compared to total accounts
- Average length of time since bankcards opening is too short
A: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 repaying loans (like an auto loan or a student loan, or a mortgage). This is called having "a thin file". It doesn't mean you have done anything wrong. It’s 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.
Labels: Account Closure
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