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Aspen Credit CradTermination of Card Program

Ok.. I just got my letter from Aspen Mastercard..Just like the one I got from Tribute Mastercard..Account closed due to card program closed..Which Card is next? Anyone else get the same ?? We really need to take a stand with all these companies..Anyone agree?

Responses

  • As
    astropurr Sep 25, 2009

    I just got my notice from Aspen, same as what you described -- account closed because program was closed and transferred to another creditor. I've had my card 3 years, had several credit limit increases, never paid late or paid less than the minimum due. Does anyone know what's up with this company? And will the involuntary closures harm our credit ratings?

    0 Votes
  • Ap
    apengotme Sep 25, 2009

    Yes it will hurt your credit it reduces the amount of credit you have and you have had this card for quite sometime and now that card won't be sued when figuring your credit score. I am in the same situation as you. I was at dinner had just paid the card off and wanted to pay for my dinner. WOOPS DECLINED.

    0 Votes
  • Fo
    fotini Sep 26, 2009

    Same thing happened to me and I just made a large payment on the card. This company just charged me a $75.00 annual fee on the last statement and gave me credit line increase 2 months ago and now they close my account. Ghis is becoming common place with these type of credit card companies. I am very upset by this.

    0 Votes
  • Ki
    kimason79 Sep 26, 2009

    Same here. I have this card for years. Not in the mood to pick another card but now I have none.

    0 Votes
  • Je
    jesussaves42 Sep 26, 2009

    I received a letter from them just the other week .
    they had just settled a settlement and was suppose
    to put the remaining money left over on my card,
    I was trying to figure out how they was going to do
    this since my card has been expired for a year now

    0 Votes
  • De
    dealtent Sep 26, 2009

    Yup, me too. I got the notice this morning that my account was being closed and transferred, though I have always pasid on time or early, and have always paid more than the minimum.
    Is this because they're closing the Aspen card altogether, or are they continuing operations and just screwing us?
    Personally, if they are closing card operations, there ought to be an addendum attached to all our credit bureau statements that THEY closed ALL accounts, even those in good standing. I will add this statement to mine.
    http://buttonstore.com

    0 Votes
  • Pi
    pitnpup Sep 27, 2009

    I am in the same position, went to make a purchase and clerk says i am sorry your card is declined i said try it again I have plenty of available monies (credit) again declined, I called only to find out that the card account was closed and that i should be receiving notice I asked ok so who is going to issue new cards to us they told me that it is up to this new creditor who has taken over but they could not give me their names. I always paid on time and always had wonderful credit with them, I guess now I am screwed, there should be a law against this and if a card company is going to sell out to another then if you have excelent credit a new card from the new company should be issued to you with the same available credit after all this new company is now taking our payments!

    0 Votes
  • Ti
    tintdude3 Sep 27, 2009

    Got the same letter and response on the phone with them just yesterday. This is ridiculous! Ive had this card for four years... never late, paid more than minimum, and they increased me all the time. This was the highest credit limit card I have! I used this card to purchase stuff for my buisness. Im now screwed. I wonder, if this will hurt my credit score... should I even pay off my balance? What is going to happen with this new creditor?

    0 Votes
  • Xx
    xXAmyXx Sep 27, 2009

    I too received a letter from Aspen stating my account had been closed immediately and after Oct. 24, 2009 it would transfer to Compu Credit, So I guess since so many ppl have experienced the same thing they must have canceled the card program altogether. Like so many others I had my card for 3 yrs., made ALL my payments on time, and had several credit increases, So I am wondering if anyone knows if we will get new cards from CompuCredit?? or will we just continue paying our accounts with no line of credit??

    0 Votes
  • Kn
    Knoeidia Hill Sep 28, 2009

    Ok I just recieved a letter from Aspen card service that my account was closed . So I called them and they said it has nonething to do with you more with the economy, and I asked the new company going to send me another card she said no . But I have to keep paying on a card that I no longer have . really what next...

    0 Votes
  • As
    aspen29 Sep 28, 2009

    This is my second credit account being closed due to "Card Program Termination". Very Frustrating!!! I still have 2 others HSBC and Capital one, if they go under I'm in trouble, I'm currently working on my credit so I can get pre-approved for a mortgage and take advantage of the tax credit, but now I'm down to 2 revolving credit lines... Solutions anyone???

    0 Votes
  • Je
    jena30rf Sep 29, 2009

    I am lucky that I had just made a fairly large purchase so, I didn't have alot of available credit on my card, however, they are not issuing any more cards and Compucredit has taken over and if you go to www.myaspencard.com, its a WHOLE NEW WEBSITE!!! You can make payments and look at your billing and why in the WORLD would you make a brand new website and then close everyones accounts??? I am still looking, but I don't know the legalities of something like this. I can't seem to find their terms and conditions...so if anyone on here still has them, can you post them? And anything that I find out on legal info, I will post here as well.

    0 Votes
  • Dr
    DrscottW Sep 29, 2009

    OMG... Same thing... Never imagined it could actually hurt my credit score... Is that true? Going to contact credit agencies and inquire about the imact (if any)... They di d have the WORST customer care in the world thought. Won't be missing that a bit...

    0 Votes
  • Yo
    yolola Sep 30, 2009

    compu credit and first bank and trust are partner banks. imagine that and the feds accused Compu credit of deceiving customers. check out the article from usa today.

    http://www.usatoday.com/money/perfi/credit/2008-06-10-credit-cards_N.htm

    that was a year ago.

    0 Votes
  • St
    stehants Oct 04, 2009

    credit card have the right to cancel you it's in there term i also is closed

    0 Votes
  • Ma
    Mad in S.A. Oct 06, 2009

    I am really unset, my credit limit went for 200.00 to 1, 200.00 I have been making payments each month. I was so happy that I finally had a credit card with a good limit attached to it. All of a suddden I RECIEVE A NOTICE THAT THE CARD WAS BEING CANCELLED. THIS REALLY PUTS MY CREDIT RATING IN A BAD STATE. I HAD WORKED SO HARD TO ESTABLISH A GOOD RATING WITH ASPREN, SOME TIMES PAYING $200.00 PAYMENTS, JUST TO KEEP THIS CARD IN GREAT STANDINGS. I SURE WISHED ANOTHER COMPANY PICKED UP THERE ACCOUNTS...WELL
    WE WILL JUST HAVE TO BEND OVER AND TAKE THIS

    0 Votes
  • Dm
    Dmarie002 Oct 08, 2009

    Has anyone else had problems setting up their new website account with ASPEN? I tried 9 times, double checking all my info, it wouldn't work. So, I called customer service, they told me to call in a phone payment then, they would waive the phone payment fee. That was a TOTAL lie, I made a payment of 108.oo via their phone system and got a confirmation # for such. When I checked my bank account 2 days later it only showed a withdrawl of 72.00 from ASPEN. I called them and explained the situation, they said now your account is late and over the limit. I fought with 5 reps and supervisors there. I know what I paid and confirmed on the phone and want the payment posted as being paid on time. They said NO over and over again, this company is going under and they are going to try and screw us over as much as they can get away with it. I've since contacted the Attorney General with this compliant. Keep your eyes wide open and report these rip offs if they try to scam you too.

    0 Votes
  • Pk
    pkenn Oct 12, 2009

    so...we are Not getting replacement cards from the new bank?

    0 Votes
  • Cs
    csd Oct 13, 2009

    I got my notice of cancellation a couple of weeks ago. I too have paid every month on time and paid two to 3 times the minimum to keep it in good standing and improve my credit score. When the card is cancelled it doesn't matter who cancels, it effects your score because you score goes based on total available credit vs amount owed. So basically if they cancelled the card and you don't get a new one from Compucredit...your credit score just dropped a bunch. We all just got screwed. They did this just before the new federal laws go in to effect in January.

    0 Votes
  • Ti
    Tiff05 Oct 14, 2009

    This is crazy mainly because none of us did any thing to deserve it! My story is the same as everyone else, I always paid on time and my account was always in good standing. However, I'm wondering if there is anything the company (Aspen) can do or report to the credit bureaus to adjust our credit ratings-because this is crazy. I've never witnessed such nonsense.

    0 Votes
  • Ge
    getgoodcreditasap Oct 14, 2009

    Yea they canceled but they are still probably giving others with bad credit cards. See the things these companies do is target people with bad credit. You dont have bad credit anymore because you learned from ur mistakes and continued to pay so then they cant make any money off of you. See they issue the card not to really help you rebuild ur credit but to screw u when you make the same mistakes in the past and charge you ridiculous rates. All the people who had they're cards canceled were people who paid on time. Yea it should be illegal, but you signed the contract and courts are very reluctant to invalidate contracts. This will affect your credit rating because it lowers the amount of revolving credit that you have. For instance I had two cards. My credit rating went from 702 to 639 in a month because of these people. I didnt even know till I went to get financed and was denied. Sad feeling. Anyhow its best to get rid of those crappy rebuilder cards and get real cards once you have rebuilt your credit. Dont apply for two many at one time or you will lower your score. But i got a Chase mastercard to replace the aspen the credit limit is only 500 vs the aspen 1000, but six months of ontime payments and bc its a real bank your credit line will dramatically increase. Then in another year get another major credit card. Three is all you really need to sufficiently build your credit. Good Luck.

    0 Votes
  • Jt
    JTD Oct 21, 2009

    Compucredit which is buying Aspen is simply cleaning house and trying to reduce losses when it acquires Aspen's accounts. Credit with these sleazy companies is a cat and mouse game. You need to stay one step ahead of them not the other way around. When you step on a bunch of ants you don't kneel down to apologize. That is their perspective sad but true. Before you apply for any card google their name and see if the word scam pops up or go to the [redacted]. I have an Aspen account but I monitor it via telephone and now the net every few days I checked my account the day my bill was due to ensure my payment cleared and they had dropped my credit limit by 60% so I paid it off. We will see if they keep or drop me. All the companies even American Express are dropping clients and limits even those with great credit. You are more than your FICO score!!!

    0 Votes
  • Un
    UNAMOUS Oct 22, 2009

    Thank God, I am not the only one!! I have been with Aspen since 2005, faithfully paying my credit card. Out of the blue, they cancel my account and still demand money. That is not right, this needs to be a class action sue against this company. God does not like ugly!! They will pay. Everybody should not pay this company not one brown penny. THIS IS HIGHWAY ROBBERY!!

    0 Votes
  • As
    AspenHolder Oct 27, 2009

    Like the rest of you my credit card has also been cancelled. It has nothing to do with us, or our ability to pay. It is because Aspen is a sub prime card, and they are now illegal. Basically, these cards allow people with poor credit to obtain even more credit, and in the end, get deeper in debt. Not really the smart way to go about rebuilding credit, though obviously I used this method.

    Yes, of course they want you to pay off the balance though they are going out of business. You charged that amount on the card didn't you? Therefore, it's your debt. Stop with the mentality that you shouldn't have to pay since your account is closed. This is the same thought process which caused you to end up with a sub prime credit card.

    Sure our credit scores will be affected (very minimally) by losing the available credit ratio. But let's be honest here... how many of you really even had available credit on that card? Very few I'm sure. In which case it will not affect your credit at all, unless you stop paying it.

    In the end, I am grateful this card has closed my account. It appears on the credit report as them closing it and not me (better for a credit rating), and it gets me out of carrying a sub prime card on my report. Of course I will pay off the little I owe on the account, as that's my duty as a person with debt.

    -1 Votes
  • Do
    DonnaLynnPa Oct 28, 2009

    I say class action if they continue to charge an account maintenance fee. That is a crock if you ask me. There is no account to maintain.
    Maybe the attorney general needs to be contacted.

    1 Votes
  • Do
    DonnaLynnPa Oct 28, 2009

    I would also like to know if anyone else's balance went UP after making more than the minimum payment. It did not do this when the account was open. Are they still charging us interest as well as the account maintenance fees?

    1 Votes
  • Db
    DB83 Nov 05, 2009

    I agree about the lawsuit, I can not believe they are still charging a maintenance fee. I have tried to talk to managers are numerous occasions, and the people on the phone always say there is never one available.

    Well I have filed a formal complaint with the BBB in the city that Aspen is in. I would advise all of you to do the same thing and maybe they can stop this nonsense.

    0 Votes
  • Je
    jen1288 Nov 12, 2009

    better check your credit report, mine shows that i have TWO accounts with aspen, with the exact same credit limit, exact same balance. but with different acct numbers... the other one starts with a 7 that's not a real credit card #...anyway it makes it look i owe them double what i really owe them...and my report says this account was closed at MY request, not becuase they went bankrupt and closed the acct because of fault of their own...

    0 Votes
  • Jd
    JDMC Nov 14, 2009

    Screw 'em. I've made my last payment to them. They are now charging me a 10.00 a month "maintenance fee" - For what? A statement, they say. They have a 16.58 charge posted to my account for a purchase made 2 weeks after the card was cancelled. I asked them what it was for and how was I able to charge when the card had already been frozen. "Sorry, I can't access that particular information". Let them come after me or better yet, let them sell all their sorry debts off to junk debt buyers. Those guys are too easy to beat in court. I'll do whatever I can to cover my rear with the credit reporting agencies but will not throw another dime into Aspen's toilet!

    0 Votes
  • Db
    DB83 Nov 19, 2009

    I tried making my payment today on their website, and now they are charging your credit card which is supposed to be closed a 9.95 fee for paying online. That never used to be the case. I am not going to pay them anymore either, and I recommend contacting the BBB in Aspen's area, maybe the more people that complain it will force them to stop this crap.

    0 Votes
  • Bn
    bncybul Nov 23, 2009

    I cancelled this card in Feb. The next month I get a $75.00 annual fee charge. Five phone calls to India later they subtracted $62.50. Now that I'm transfered to some other company, they try to charge me a $9.95 web payment fee. I owe these guys less than $400.00 dollars and they are nickle dimeing me to death. So pay them through the mail or be prepared to anti- up an extra ten bucks. Bo

    0 Votes
  • Tt
    ttp Nov 27, 2009

    I received my notice after it had taken affect.Like so many other people I always paid on time and had received credit line increase and with out warning it had ended. They stated that ther creditors had pulled out

    0 Votes
  • Te
    TeenaS Nov 28, 2009

    I am tired of being harassed by them.. I paid on time and they have added even more money to the account. I don't know if I should pay them another dime.

    0 Votes
  • Qu
    QUARTKNEE4 Dec 01, 2009
    This comment was posted by
    a verified customer
    Verified customer

    I made a $800.00 payment in early September, knowing that in 5 days before my car insurance was due and I had to buy 2 books for school. When I went to buy the books, the card was declined. Aspen said this will not damamge our credit scores, so that made me less upset. BUT NOW, they are continuing to charge us a $10.00 maintenance fee per month, for a closed account (that we didn't choose to close) and now they are charging $9.95/month to pay online. This is ridiculous. When you call them, all the customer service people say is "I understand"...ugh.

    0 Votes
  • Cs
    CSDes Dec 17, 2009

    They are no longer funding any cards. That is what I was told. They just raised my credit limit...charged me to do that, and charged me a huge annual fee, then the next week closed the card account and said I still owe all the money. What A Scam. Can't get in touch with any customer service. If they are going to cancel the card account, then they need to remove the charge to up my credit limit, the annual fee and the interest charged to do so.

    0 Votes
  • Tj
    TJAZ Dec 20, 2009

    I am the same as all of you...paid on time for years and more than minimum. i just tried to go on the website and the server is no longer found?? Anyone have any info?

    0 Votes
  • Mi
    MIke Nelson Dec 21, 2009

    I had a $1, 200.00 limit too and had the card open for about 3 years. I had 3 other cards and i paid two of them off and intended on just keeping the Aspen card. I made a $500.00 payment and attempted to make a purchase and the purchase was declined. of course, i contacted Aspen. I found out what all of you also found out! This is very frustrating. This morning i attempted to access the new and improved website and now the site doesnt even exsist anymore.

    0 Votes
  • Se
    sexyjj Dec 23, 2009

    I am in the same position as all of the rest of you, I dont think it is right and now they want us to pay them back. If I wasnt a mature adult I wouldnt even pay but I dont want to hurt myself. They charged me the annual fee which I feel was wrong because they knew they were closing and continue to charge the monthly fees and etc.

    ***My suggestion is to start paying the card off monthly thru your bank bill payment, example I have B Of A and I set up the acct to pay Aspen monthly so I dont have to go thru their website and pay that extra $9.95***

    We all have gotten very comfortable with having this card for years, and they took advantage of us got what they wanted and now claiming to not have money, yea right their paid.

    0 Votes
  • Ch
    chris1111 Jan 13, 2010

    i think they stink. i paid my payments on time and more then the minimum due and then they just close it but yet i have to keep making the payments. also they keep charging an account maintenance fee. how is that fair to charge a fee on an account thats closed? the government needs to stop these idiots ripping us off.

    0 Votes
  • Ri
    richinsarasota Mar 11, 2010
    This comment was posted by
    a verified customer
    Verified customer

    Same experience, with some additional information for you all. I was charged $25 maintenance on an account that had been closed too. I had been charged for multiple months before I caught this scam. My account had a zero balance when they closed it, by the way. When I attempted to get the money back, it was agreed but I never received it. I decided to call, on principle, and request payment. The person from India stasrted asking me tons of personal information questions which had little to do with my simple inquiry on a closed account. I asked to speak with his manager, but was told that there wasn't anybody I could talk with. I refused to get off the phone, got this person's employee # (their personal information is not given out--even after I had given way too much information considering we were talking about a closed account) and insisted that I should talk with a superior. I was told a higher-up would call within 4 days. Since this was a Thursday, I was thinking Monday, but they bought more time by informing me it was 4 BUSINESS days and that it might not be until the following Wednesday. Actually, I did receive a phone call, but on Thursday. I informed the "account manager" that I had been attempting to fax a request for payment to them for the past 10 or so days, and that their fax machine was not working. He said this was the first he had heard of this. I faxed to the exact same number while he waited to get it (aparrently they actually had the machine after all), and VOILA, it went through. The thing was, my wife, the attorney who I had threaten them and who made this happen (legal threats), noticed that the number receiving the fax was a different number than I had faxed to. They have the capability to receive faxes when they have to. The funniest thing was that this manager (also from India) called me and started asking me account verification questions (SS #, Address, Etc. I said, " YOU DO NOT NEED ALL THIS PERSONAL INFORMATION TO TALK WITH ME ABOUT A CLOSED ACCOUNT--ESPECIALLY SINCE YOU CALLED ME!!! It's different when you call them-they would need to verify. So my wife scared them into accepting my faxed request for my refund check (they had previously told me to eeither fax or mail them all this personal information in a request, and I refused to mail. We shall see if I ever get my $25 bucks. Charging maintenance fees on closed accounts and keeping annual fees appears to be part of their business model. Best of luck to all. Be sure to document your correspondences, get employee numbers, keep your fax attempt receipts. Hopefully a class action lawsuit is coming. Please keep me in mind for that!! [email protected] [protected] I don't know if there is any connection, but I am having a recurring problem with identity theft. I wonder if this is related...

    0 Votes

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