Just wanted to know if anybody else who holds an ASPIRE Visa credit card has received notice yet about them going under and closing all accounts.My wife has had one for 3 years, never missed a payment, had credit increased 3 times and carried an average daily balance of just over $75.She received a letter stating her account has been terminated as of 12/1/08. She called them and was informed that all ASPIRE card holders were being closed but would not say why. Has anybody heard about this.
Yes, I have heard other people say the same thing. I had a card but closed it so I didn't receive anything but a few other people I know received a letter saying that either the account was closed or that they limit was put down to $100.00.
ASPIRE is being very "closed mouth" about this. However, this seems to have been a long time in coming. Compucredit owns ASPIRE and back in June the FTC filed suit against them and Jefferson Capital which is debt collection agency and a subsidiary of Compucredit.If the FTC prevails against them there is a good chance that they would owe hefty fines and may be required to pay back consumers. Since they basically survive on fees, they may feel that they could not. So closing of the accounts may be their way to keep their main company going. In normal circumstances they may have tried to "sell off" this division to another bank, but right now no other bank is going to touch a company that is basically made up of the sub-prime market.You will notice that they also own several other brands of cards including Majestic and FreedomCard. I would suspect that these account holders may find the same thing happening in the next few months.
I just received this same letter today (9-19-08). I have never missed a payment, never been late on a payment and have also had my limit increased numerous times. I tried to call for an explanation but was told to call after 3P.M., as they were doing maintenance. I suppose if everyone is saying they aren't giving an explanation, it won't do ME any good to call Aspire either. This ticks me off! All I know is, it better not affect my credit score!
ASPIRE Visa cards, did you get notice? 
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