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In The Media

Are You Thinking About Cancelling Your Credit Card Account for the Worst Reason?

by Larry Chiang on January 12, 2017

By Larry Chiang
Common for people to get roped into paying X automatically every month. 
Pretty common to pay for something that turns out to NOT be worth it. 
Extremely common to attempt to cancel the relationship, only to have the charges stick. This pattern is a leading cause of “chargeoff”

Okay, so what is below is against normal common sense. As a credit expert, I’m going to explain and reveal mistakes a Stanford law grad (and friend šŸ™‚ made. He’s a blogger and he’s pretty open about his credit score experiences so I AM NOT REVEALING ANYTHING private. He tweeted it. Let’s call him “Mike” because that’s his name. 

Larry Chiang (@LarryChiang)
For the Mike Arrington hosted party, sat #06June2015, this is my party gift (yup, I hashtagged it #PObox15298
 Michael Arrington (@arrington)
8/26/12, 12:18 PM
My Evil Undead Credit Card: via @Uncrunched

Okay so Mike had a bogus charge that was accruing even after a chase account had been closed. 

[you should re read that above paragraph, because that’s how the American credit system works]
Many credit card consumers call exasperated. And then cancel their account in frustration. 
Bad and very bad. 
Bad = phone calls. 
Very bad = cancelling the account that is linked to the bogus monthly charges. 
CEO of Duck9, Larry (@6502838008)
#poBox15298. It’s a protocol & set of steps AND an address. FCRA! mail = *the law* but replying to a tweet/text/email/phone call is OPTIONALā€¦

Good = leverage the 
@6502838008 protocol. A protocol is a set of steps to dispute and win via the USPS mail. #poBox15298 is Fair Credi Reporting Act, FCRA! 

Written mail gives your dispute a prayer. 
Bitching by phone is nothing but air!
Blogged from my iPhone 8 that Steve Jobs texted me at (two iPhone 4’s where @6502838008 texted back and forth šŸ™‚ This pattern is a leading cause of “chargeoff”. A “chargeoff” is a bad debt that hits your FICO score for more than 50+ points. 

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