Print Story Oh, for fuck's sake
Money
By gazbo (Wed Jul 12, 2006 at 05:31:44 AM EST) (all tags)
I'm buying a new computer.  Well, the parts from which a computer will be built.  Because I'll be using it for work (I often work from home) I asked if I could buy it through the company to save £100+ on VAT.  No probs!


So I used the company CC and had it sent to the company address to save any fraud problems.  I got the confirmation email that the order had been accepted.  Then the confirmation email that payment had gone through.

And then an email saying that for added security I needed to fax them or email them some ID - driving license or passport.  I call shenanigans on their claim that payment had been accepted!

The boss gave me his driving license (not without understandable grumbling - but the order was in his name), and at lunchtime I took a photo of it and mailed it off.  What a nuisance!  But at least it's done now.

When I got back into the office, the boss explains that the bank (HSBC) had rung up to say that due to suspicious activity (well, what's the chance of a tech company buying computer parts?!), the card had been cancelled.  She reeled off the orders, and my boss confirmed that actually they were fine, and she confirmed that they would go through.

But still, the card's been cancelled.  Have a nice day.  You'll get a new one in 5 days.

Cue frantic searching to find out what suppliers are using that card for monthly payments, and phoning them to let them know that payments may fail.

Well, I guess I'll be paying VAT from now on.

< phoar, what a scorcher | BBC White season: 'Rivers of Blood' >
Oh, for fuck's sake | 23 comments (23 topical, 0 hidden) | Trackback
A similar scenario happened to me by lm (4.00 / 1) #1 Wed Jul 12, 2006 at 05:40:22 AM EST
Well, it was a personal card and the account wasn't cancelled, merely frozen. It still pissed me off so much that I stopped using the card altogether. I had been using this card for all of my purchases so that I only had to make a single payment each month. Now I use a different card for that and my formerly frozen card merely collects dust.

If it wouldn't affect my credit rating, I'd cancel the card. But (a) customer requested cancelations lower your credit score in the US and (b) canceling the account would raise my debt to available credit ratio and lower my credit score. I'd be whacked twice for a single action.


There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
get a new card and cancel the old one by StackyMcRacky (4.00 / 1) #12 Wed Jul 12, 2006 at 06:48:15 AM EST
i read that customer requested cancelations don't hurt your score, but bank requested ones do.

it's all voodoo.

[ Parent ]
It's not voodoo by lm (4.00 / 1) #15 Wed Jul 12, 2006 at 07:39:38 AM EST
I'm getting my information from a former instructor (Benjamin Hanania) of mine at a community college that literally wrote the book on credit repair. But pretty much any recent book on how credit scores work will tell you the same thing. It is true that the credit bureaus all keep their actual formulas proprietary, but the people doing research into the area have seen scores before and after various actions were taken and have a good sense for what activities have what affect on a score.

A bank initiated cancelation won't hurt your score unless it is cancelation for cause. Many times banks will stop offering specific types of cards and cancel the accounts of thousands of customers all at once. Other times accounts can get cancelled because of mergers. These types of closings do nothing to your credit score in and of themselves. The only consequence they have is the extent to which the cancelation affects your total outstanding debt and total outstanding credit limit. A cancelation for cause (late payment, consistently exceeding the credit balance, etc.) by the bank will reduce the credit score.

But a customer initiated cancelation will always lower your score regardless of the reason. It may be that it also affects your outstanding credit line in such a way that the total impact is negligible. It could also be that an individual has so many credit cards that removing one or more from the picture increases the credit score by more than the customer initiated cancelation reduces the credit score. But, all other things held equal, the act of a customer initiating the closure of an account always negatively affects the credit score.

The other interesting thing I learned is how pervasive a person's credit score has become in the US. Not only does it affect how much credit you can get at what rates but it affects such things as how much your liablity insurance costs. Most liability insurance underwriters will pull your credit score based on the premise that if you're not careful with money, you'll not be careful driving your car.


There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
[ Parent ]
Suze Orman zombie says so too. by ad hoc (4.00 / 1) #16 Wed Jul 12, 2006 at 08:02:46 AM EST
insurance using credit rating is lame by StackyMcRacky (4.00 / 1) #17 Wed Jul 12, 2006 at 09:40:14 AM EST
if you odn't use credit and just pay cash for everythign, you don't have a particularly good credit score.  a friend of mine got bitten with that - higher rate due to "poor credit"

[ Parent ]
I suffered from this as well. <n/t> by greyshade (4.00 / 1) #19 Wed Jul 12, 2006 at 01:51:21 PM EST
nasty trick

"The other part of the fun is nibbling on them when they get off work." -vorheesleatherface
[ Parent ]
Yeah, it's funny by ucblockhead (4.00 / 1) #20 Thu Jul 13, 2006 at 06:32:17 AM EST
I was shocked to discover that "pays his balance every month" lowered my credit score.
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[ucblockhead is] useless and subhuman
[ Parent ]
of coruse it would by StackyMcRacky (4.00 / 1) #23 Thu Jul 13, 2006 at 09:18:57 AM EST
they cant' make any money off you that way!

[ Parent ]
Did you have them shipped to the office or home? by ObviousTroll (4.00 / 1) #2 Wed Jul 12, 2006 at 05:43:51 AM EST
Boy, that's bizarre.


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Faith, and the possibility of weaponized kissing?
To the office by gazbo (2.00 / 0) #6 Wed Jul 12, 2006 at 05:57:54 AM EST
I might've understood had they been sent to my home.

I recommend always assuming 7th normal form where items in a text column are not allowed to rhyme.

[ Parent ]
So, let me get this straight. by ObviousTroll (4.00 / 2) #18 Wed Jul 12, 2006 at 09:53:59 AM EST
A credit card order for Parts ordered by $COMPANY, shipped to $COMPANY and billed to $COMPANY were rejected as fraudulent.

Wee!

The only idea I have left is that you ordered by phone and someone balked at a male voice ordering parts with a card made out to female type person.

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Faith, and the possibility of weaponized kissing?

[ Parent ]
You know by Bob Abooey (4.00 / 1) #3 Wed Jul 12, 2006 at 05:46:58 AM EST
Even though they screw up and make it a paine in the arse from time to time, I rather like the fact that the CC companies at least try to be proactive WRT fraud.

Warmest regards,
--Your best pal Bob

Just like GWB and Iraq! by lm (4.00 / 2) #9 Wed Jul 12, 2006 at 06:06:38 AM EST
Great minds think alike.

There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
[ Parent ]
ObTaxAvoisionNeverPays (nt) by DesiredUsername (4.00 / 2) #4 Wed Jul 12, 2006 at 05:49:24 AM EST


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Now accepting suggestions for a new sigline
In keeping with prior diaries by TPD (4.00 / 2) #5 Wed Jul 12, 2006 at 05:52:53 AM EST
they were probably wondering what this 17 (or at least <21) year old was doing buying a computer on the companies credit card ;)

why sit, when you can sit and swivel with The Ab-SwivellerTM
Fraudster! by nebbish (4.00 / 1) #7 Wed Jul 12, 2006 at 05:58:39 AM EST
That'll learn you!

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It's political correctness gone mad!

Fraudster? by gazbo (4.00 / 5) #8 Wed Jul 12, 2006 at 06:01:36 AM EST
Oh, that site where white-collar criminals keep in touch with each-other.

I recommend always assuming 7th normal form where items in a text column are not allowed to rhyme.

[ Parent ]
Bunch of monkeys by Cloaked User (4.00 / 2) #10 Wed Jul 12, 2006 at 06:23:34 AM EST
I've had card payments put on hold due to them being unusual and high-value enough to trip a possible fraud warning, but I can't imagine any reason at all for pro-actively cancelling the card, assuming that they haven't detected a lot of transactions in a short space of time. Given that you were looking to save about a ton, you can't have been making that many purchases.

Meh; I don't know why I'm surprised - it's not like I didn't already know that HSBC are a bunch of incompetent idiots.


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This is not a psychotic episode. It is a cleansing moment of clarity.

Indeed by gazbo (4.00 / 1) #11 Wed Jul 12, 2006 at 06:26:36 AM EST
A total of about £950, now I think of it, and not even scattered around different shops.  ~£800 at one shop, ~£100 at another.

Bunch of arse.


I recommend always assuming 7th normal form where items in a text column are not allowed to rhyme.

[ Parent ]
Look on the bright side by Rogerborg (4.00 / 3) #13 Wed Jul 12, 2006 at 06:50:26 AM EST
It'll be your boss who gets a visit from the BPI's Homeland Security detachment because you put a DVD-burner in it.  You economic terrorist.

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Metus amatores matrum compescit, non clementia.
What probably threw them by komet (4.00 / 4) #14 Wed Jul 12, 2006 at 06:59:12 AM EST
was that you placed the online order from your computer at home, so to the retailer it looked like the HTTP connections were coming from the IP address of the government's anti-paedophilia proxy server.

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<ni> komet: You are functionally illiterate as regards trashy erotica.
Triping credit rules by ucblockhead (4.00 / 1) #21 Thu Jul 13, 2006 at 06:36:30 AM EST
When we first started using the credit line for our home improvement, every transaction seemed to trip their "fraud detection", requiring a human-to-human conversation with an agent, because, of course, using a home-improvement loan at Home Depot, paint stores, or to buy carpet is incredibly suspicious (unlike the single check large enough to buy a new car made out to the general contractor using his personal name as the payee, which caused no comment whatsoever.)
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[ucblockhead is] useless and subhuman
Tripping, goddamnit (nt) by ucblockhead (4.00 / 1) #22 Thu Jul 13, 2006 at 06:39:39 AM EST

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[ucblockhead is] useless and subhuman
[ Parent ]
Oh, for fuck's sake | 23 comments (23 topical, 0 hidden) | Trackback