Consumer complaint received 2019-07-25
Company: FIRSTBANK
State: AZ
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
We have at First Bank several accounts including a credit card which is the subject of this compliant. First Bank closed this account citing federal laws enabling them to do this. This card has a limit of {$2000.00} and a balance of {$1800.00}. We have had this card for almost 4 years. In that time the payment has been past due only twice and only several days after the due date. This cards limit has never been overlimit due to a purchase. I can only figure out is that the balance was high and the statement was generated with interest being added to the balance making it be over the limit. When making my payments I always pay more than the minimum due. They closed this account citing these two issues and how I manage my checking account which has had overdrafts which I paid the fees for. Also they have never had to take a loss because of these overdrafts and I within 24 hours deposited or transferred monies to cover them. They did not take into account our mortgage with them which has never been past due, or the fact that we run a fair amount of funds thru our checking and savings monthly. This complaint is that due to the closing of this account, they reported the closing to the credit bureau which directly affected my husbands credit score lowering it 93 points. This has negatively impacted us extremely. First off we were going to sell our home and build another. This is an impossibility now as we would never be able to acquire another mortgage with a rating this low. Also it could affect any of our credit cards by having this low of a credit score, if they ran a yearly check of our credit we would not qualify for their card, even if we have never had a derogatory with any of them. Thus they may also choose to close any one of these cards and thus lowering the credit score even more negatively. This has directly and negatively affected both of us. It greatly impacts me as I have a XXXX XXXX and this puts a great strain on me. This credit reporting and the closing of this account is unacceptable. There is nothing that would constitute the lowering of our credit scores. This is the responsibility of First Bank as they are the ones who instigated the closing of this account causing the extreme negative credit score which they have admitted to me that were aware of the credit impact. My husband has given 110 % effort in establishing a good credit rating since he came to this country ( legally ). First Bank may have the right to close this account but they DO NOT  have the right to negatively impact our credit scores, especially since we are not delinquent and over limit. I am and have been abiding by the rules of First Bank regarding this credit card. I will continue to reach out to all avenues available to get our credit scores back to the prior score before the account was closed. I feel that they have illegally and with malice changed our credit scores and negatively impacted our lives, and personally caused me physical and mental distress. I will provide any and all documents requested for proof of the compliant.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation