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
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.
Samsung obviously does not care about the impact closing the account will have on credit scores and their customers. I now have reason to move over to Apple
This is unacceptable! My credit history will take a hit. Never will I ever open an account/cc that is recommended by samsung or through samsung. I'm starting to think I should switch brands, too. This is just a bad joke!(i received the letter today, too)
Got the same letter, I just made a purchase Dec 1 for a galaxy book 5, they sent the letter the next day, I just opened it. So I added to my balance and payments and now I will be hit, I used affirm before but if I remember they charge finance charges and I always paid off my Samsung balances before they hit...I have other credit cards I can use but I enjoyed using my Samsung account with no finance charges... I guess it will be a long while before I buy another device
