What If… The Other CC Companies Do What Chase Did?

If you read the previous post about me firing Chase, then you probably also have read how a lot of people are getting similar notices from various financial institutions about closing accounts.

I’ve gotten a few for various reward accounts that I’ve left alone. These were accounts that I got “bonus money” for opening up. Now, the financial institutions are panicking the other way (during the boom, they gave money away; during the bust, they want it all back).

So, what will I do if more – even ALL – of my credit cards get cancelled? I mean, I did dare them to do it.

Well, for starters, I will laugh at them.

Mrrrr? Pookah is not playing for human entertainment. Why are you amused?

I’m fortunate. S.O. and I are at Pookah Finances 201, and heading into 301. We’ve worked hard to prepare for this situation so that it will have minimum impact on us.

Broken down by steps:

  1. I will laugh at them, preferrably on the phone. Estimated time: 10 minutes. Estimated Cost: $0.02.
  2. I will fill out the form letter I created for Chase (substituting in the appropriate institution and account information), and send it to them certified mail, return receipt. Estimated time: 5 minutes each. Estimated cost: $7.00 each.
  3. Once I’m down past my 2-3 credit cards (one for utilities and other recurring payments, one for general use/online purchases, and one for emergency expenses), I will apply for PenFed membership. (Clark Howard’s website message boards have good information on how to do this.) Estimated time: 10 minutes. Estimated cost: $40.00 one-time cost to qualify for membership.
  4. If I need a second or third credit card, I either open an account at a local bank (and make my applications there), see if I qualify for another credit union through family members (USAA is a possibility – my father honorably served), or research further if needed. Estimated time: N/A (probably less than 1 hour). Estimated cost: N/A (probably less than $50).

Eventually, the main credit card companies will start sending me unsolicited advertisements again. I will respond with a bill for my $50 processing fee per occurrence. At this point, plans get nebulous, because I’m very sure that the credit card companies will ignore my bills. So then it becomes a question of how profitable (time and money) it is for me to take them to small claims court. Here. Locally. That will greatly depend on our situation at that time. However, it does give me OPTIONS. Not being in debt is all about having options. Like living life the way you want to, within your means. Note that I’m not a lawyer. I would consult with one before going to court. But with this plan, and our efforts at living life like Pookah, we have the option to do it… or not.

Oh. My human is plotting world domination again. Back to sleep.

In any case, this will give us some short-term dings on our credit scores. But we are otherwise unaffected by it.

2 Responses to “What If… The Other CC Companies Do What Chase Did?”

  1. PookahBoss says:

    Thanks! I’m adding that one to the list.

    — PookahBoss

  2. Bertha says:

    One option for a local credit union is Coastal–they’ve got a lot of services and good rates on their credit cards. You can check their website for membership eligibility requirements if you wind up shopping for a local CU.

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