The Children's Place Received a Letter Stating they were Closing my Account Internet

Hi there in South Carolina,

I too experienced the same exact thing from The Children's Place - my account was closed on the same exact day as well!  April 7th, 2010.

My account was never delinquent, I had $1000 spending limit and had only spent $70.  I've had my balance get as high as $450 but always paid it down, never late!  So when my account was magically closed and I had to find out during the attempt of an online purchase, I was furious.

But, as the previous rebuttle had indicated - these companies can do what they want, when they want and it's unfortunately 100% Legal.  They can research their current card holders and decide to give them the boot at anytime due to the fact we may be considered high risk, etc.

I've had credit issues in the past along w/some fraud w/my sister in law using my identity so I too am in the middle of rebuilding my credit so this does not help that rebuilding process at all!  I luckily have a home but, it's so hard to rebuild your credit when creditors can cut you at anytime even though you've been doing so good.

So honestly, dont try to reapply because they're deny you this time around.  If anything, you can try again in a year but only if your credit score has increased and if there are no additional delinquencies.

While I loved thier clothes for my little one - I'm taking my business somewhere else!  Don't get discouraged - your on the right path and if you continue to rebuild your credit, in a few years you'll be at a better place and score with your credit. Just keep up with your payments and do not apply for anymore credit/loans for another 6-12 months.

Why people think that Credit Card companies are doing something illegal or it is some RipOff if a company closes a line of credit?  In fact for them to notify you in advance(or at least on the day), that is more than other companies do.  As some will close the account and then notify you a few days later.

I want to know first of all is this legal.

- Yes 100% legal.

Secondly. Why are they closing an account that is in good standing and and shows no deliquencies...

- Because with banks re-evaluating their credit card accounts, they no longer feel that you qualify under their new standards.  Since you said you are "rebuilding" your credit, we can guess that you have had delinquencies or other issues in the past.  Where when you opened your account they didn't care, but now they do as they don't want to take as many risks.  This is not your money, they are extending you a line of credit.  So if they no longer want to extend you this line of credit, for what ever reason, they have every right to do that.

I'm disputing this with Equifax

- What exactly are you disputing with them?