Exactly, because I remember when I used to get visa/mastercards in the mail, but it maxed with old debt that they want you to pay off and would report it to the CB as you pay. I remember this clearly as day, even though I trashed them:fun:

HJM, you are correct, but at the same time, I wonder if other creditors who review your account will recognize this since they are all familiar with what Mervyn's is doing. Until then, I think I would agree with hjm, I would close my account so that it will say closed by consumer instead.

Hey Kiejon9, my sister just got off the phone with them also and they told her the same thing, they just did not state when. They also told her that all unpaid balances will be turned over to collections.............hold on, don't panic, she said the collections will not put anything bad on your Cr if you are paying (as usual), they are there to take actions against those who choose not to pay. This sounds crazy, I would think that GEMB would deal with this issue until it is over.

I think I knew what was on her mind when she said this. She said she is going to call back Monday and talk to someone else to see if they all say the same thing. I told her to call the back door number and speak with a senior rep since they are the ones who have higher knowledge of accounts. What do you guys think?

Usually they will set up some sort of operation to allow cardholder's with balances to continue to pay on the balance with the same terms and conditions. FCNB (First Consumers National Bank) and NextBank both had something similar. FCNB was shut down by the OCC, they used to have a Visa and MasterCard called Secured And More and they were basically the bank set up by Speigel and Eddie Bauer. It reports to the bureau as FCNB/Master Trust.

I would also close the account by consumer before they shut it down. That is what I did with my GECCC (GEMB) Best Buy card in 2002 when Best Buy ended their relationship with GECCC and went with Household.

HJM, you are correct, but at the same time, I wonder if other creditors who review your account will recognize this since they are all familiar with what Mervyn's is doing. Until then, I think I would agree with hjm, I would close my account so that it will say closed by consumer instead.

Hey Kiejon9, my sister just got off the phone with them also and they told her the same thing, they just did not state when. They also told her that all unpaid balances will be turned over to collections.............hold on, don't panic, she said the collections will not put anything bad on your Cr if you are paying (as usual), they are there to take actions against those who choose not to pay. This sounds crazy, I would think that GEMB would deal with this issue until it is over.

I think I knew what was on her mind when she said this. She said she is going to call back Monday and talk to someone else to see if they all say the same thing. I told her to call the back door number and speak with a senior rep since they are the ones who have higher knowledge of accounts. What do you guys think?

I have always said though that Discover is very strict with the CLI's. I'll bet they will give her an automatic CLI in a few short months though.

Well, word on the street is that Discover gives CLI's every 6 months but it seems like they are a big fan of consumers who make their payments on-time because they have this meter on their account management page where if you make 6 on-time payments, you will earn 1% percent of your interest back. We are in no rush for a CLI and we will let it age until they issue us a CLI without having to pull a hard pull.

Will Network I Just Got Off The Phone And I Was Told My Acc With Be Closed Some Time In Late Dec Or Jan Report As Closed By Creditor Will This Hurt My Credit

You should call and close it now so it would report as "closed by consumer".

The sales associate at Mervyns said that she would have thought that they transfer the mervyns accounts to another retailers credit card but not this time. They are just going to close the accounts. Maybe GEMB does not wnat to continue a relationship withthe failed retailer.

Will Network I Just Got Off The Phone And I Was Told My Acc With Be Closed Some Time In Late Dec Or Jan Report As Closed By Creditor Will This Hurt My Credit

Thanks for the reply ColoNative! It really helped!

No problem, I guess we will have to wait and see what really does happen. Thanks for fixing the quote in my post, I cut half of it off so it didn't post correctly.

Thanks for the reply ColoNative! It really helped!

I'll update as soon as I get the news from her.

My mother likes her Discover card but she's not using at as a "daily purchases" card because she has a BT sitting on it. Discover wanted to pull a hard inquiry for the CLI at activation so we said no thanks.

I hear you, that was the reason she got the card if I recall correctly. That seems strange that they already pulled her bureau, you'd have thought they would give it to her. I remember when I got my BofA and Chase Visa many years ago, I asked for a CLI upon activiation because I lied and said I needed more for a balance transfer-and they did it. I have always said though that Discover is very strick with the CLI's. I'll bet they will give her an automatic CLI in a few short months though.

Hey Colonative, what if the card holder already have a WalMart card, do they just close the account? Another thing I was thinking about, I was wondering if Mervyn's were going to still be available on line. I know Montgomery Ward is online, I assume to cut the overhead costs. The only thing is that they do not sell the same items that they sold before. It looks more like a Fingerhut store now.

That is a good question, but because of what Mervyn's was, I am wondering if they will issue a JC Penney. But, you already have one of them. I know that when Macy's and May Co. merged, even if you had a Macy's and lets say a Robinsons-May or Meier and Frank or Foley's etc. they turned those cards into a Macy's as well. But I think GEMB is different, mostly likely if you already have a JC Penney or Wal-Mart, the Mervyn's account will just be closed.

Montgomery Ward: A catalog company bought the name and logo only, it is not the same Montgomery Ward that used to exist; and I agree, the website only has a few items and the Montgomery Ward name should have just been laid to rest. They seem to be doing well though, but I doubt we will see an actual brick and morter Wards again. I don't think the same thing will happen with Mervyn's because it didn't have the national coverage that Ward's did, so there would be less interest in doing the website thing.

Mervyns expected to announce liquidation of all stores following Chapter 11 bankruptcy

http://www.newser.com/article/d93sd11g1/mervyns-expected-to-announce-liquidation-of-all-stores-following-chapter-11-bankruptcy.html

Yes this is all true! Just the other day, my sister went into Mervin's to pay her bill that was due the same day. They told her that she could not pay in the store, she would have to pay on line or mail it in. Now she is going crazy because she thinks that the payment is not going to post the same day. When it comes to making payments that close to the due date, I really don't know what to tell you besides, "What the heck is your problem!" IF they convert it or close it, I wish the best for all because I used to love going to Mervyn's and rack up on my kids school uniform. they were pretty cheap in comparison to other dept stores.

Hey Colonative, what if the card holder already have a WalMart card, do they just close the account? Another thing I was thinking about, I was wondering if Mervyn's were going to still be available on line. I know Montgomery Ward is online, I assume to cut the overhead costs. The only thing is that they do not sell the same items that they sold before. It looks more like a Fingerhut store now.

Montgomery wards properties were bought by Direct Marketing Services Inc. and sold online about 70% of what the old brand did(i have an account with them and bought a computer monitor from them too)but the last two years as cost gone up and profits went down they were put on the auction block and sold to Swiss Colony,sellers of overpriced junk. All Montgomery wards is now a carbon copy of seventh avenue offering practically the same items and goods.

Keep us posted!

I Think I Am Going To Call Gemb About My Mervyns Card