Thursday, December 13, 2012

Can I Sue My Jeweler For Rescinding My Line Of Credit?

Question: Is there any legal action that I can pursue if my account was closed without me knowing? I had a line of credit through a jewelry retailer for about five years now. The last time I used the line of credit was maybe three years ago. On November 19, 2012, I requested an increase in anticipation of a purchase valued at $9,000.00. The increase in credit was approved and new credits cards were issued. I went to the retailer today to make my large purchase only to find out on December 9, 2012, my account was closed without my knowledge, permission, or even given me any notification. I was informed my account was closed due to having no recent transactions. More so the line of credit could not be reopened and I would need to complete a brand new application en-order to re-establish a new line of credit. I was given no clear reason why I wasn't notified that my line of credit was closed. In addition, literally last month my increased was approved and three weeks later my account was closed. I feel the company did not properly disclose there credit practices to me and closing my account without any notification is just unacceptable.

Answer:  You probably can but why bother?  The action saved you from having to buy the lady some more wasteful bling.  Check out your credit score and see if it has changed.  That may explain the action of the jeweler. 

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