I received an email, saying that TD Bank and Samsung are ending their partnership. Did anyone else receive this email. I called to confirm this with TD Bank cs. They will be closing my and other user accounts. I'm upset I have 6 yrs of credit history being erased
There's no way it won't. Youre losing a line of credit that contributed to your credit to debt ratio. I didn't know places could even do this. Never heard of such a thing
I tried making a purchase tonight on Samsung and use some of my credit. When I checked out, I chose Samsung Credit, but it then took me to Affirm. I contacted Samsung CS via chat and they said they stopped allowing people to use TD as of Dec 4th.
If they go with Affirm it'll be the end of Galaxy phones for me.. Yes I can get a card and buy one that way but for how many years I've had my account and the number of phones I've purchased. They have to know they are going to lose good customers.
Has anybody contacted their Attorney General about this? I can't find anything out there about credit companies closing an account in good standing that is active. It doesn't seem to even be a thing!
Honestly, if Samsung doesn't care enough about their customers to transfer the accounts to another issuer, I may just buy everything from Best Buy going forward. Nah, how are they going to make people take a hit in their credit like that and expect us to stay loyal to shopping on Samsung.com. nope.
Not only will my total credit limit decrease, but an installment loan increases your "credit mix" score because it's not a credit card. That's a double hit just to close it. Then they expect us to apply for another issuer? Nah. That's another hit. My credit is good, but it was better when I first applied, so I may not even get the same limit I had. ANOTHER hit.
I concur that this should not be allowed without Samsung making an effort to transfer our lines of credit to their new partner. I think that my samsung credit line with TD makes up for about 10% of my credit line, so my credit score will take a major hit! I feel as though we should look into the legalities more. I need to contact some law firms and inquire about starting a class-action lawsuit. The impact of Samsung's decision seems strong enough to classify us as injured parties in a civil case. I'll see if I can find any fine print in any agreements I signed allowing Samsung to do so, and will post with any updates. Same if I get good feedback from a law firm regarding the matter.
