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Old 12-25-2008, 12:02 PM
 
Location: Charlotte, NC
2,193 posts, read 4,448,163 times
Reputation: 1072

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So I've joined the club with everyone else too on credit card changes. I logged in today to look at one of my credit cards to update my address on it and I found out to my surprise that it say Account Closed!!
I never got a notice or anything regarding it! When I called they said it was due to inactivity. It had only been about 4-5 months since I have used it.

One thing is, it had a much larger credit limit than most of my other cards. (This had about 12K limit on it). I never used it or had a need for it.

But I wonder how this will affect my credit score. I know the debt ratio gets affected but we don't carry a balance on our cards, so in that way it shouldn't matter. But I have a feeling my score gets a hit bc it's closed by the credit card company.

So what should I do, should I try to reopen it or let it go?
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Old 12-25-2008, 12:14 PM
 
3,720 posts, read 4,439,256 times
Reputation: 4741
Quote:
Originally Posted by sheenie2000 View Post
So I've joined the club with everyone else too on credit card changes. I logged in today to look at one of my credit cards to update my address on it and I found out to my surprise that it say Account Closed!!
I never got a notice or anything regarding it! When I called they said it was due to inactivity. It had only been about 4-5 months since I have used it.

One thing is, it had a much larger credit limit than most of my other cards. (This had about 12K limit on it). I never used it or had a need for it.

But I wonder how this will affect my credit score. I know the debt ratio gets affected but we don't carry a balance on our cards, so in that way it shouldn't matter. But I have a feeling my score gets a hit bc it's closed by the credit card company.

So what should I do, should I try to reopen it or let it go?
Are you sure it's not closed because they issued you a new card, which would mean a new account? I logged into my account and it was closed but when I looked at my online statement I noticed a brand new account number.
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Old 12-25-2008, 12:47 PM
 
Location: Wishing It Was Wisconsin
534 posts, read 1,388,554 times
Reputation: 875
My husband and I have Visa cards(same number, just in our own names). My husband never uses his, mine is used maybe once a month. We mainly use our Discover card. Just a few places don't take it that we go to, so that's why we have the Visa's.

Anyway, his was closed without any notice. The thing that pissed us off is that they wrote we had too many mortgages as the reason. We have one house and one mortgage. My husband called to make sure this wasn't going on our credit report, they said it wouldn't. So far it hasn't shown up. What we don't get is why they couldn't have just put "inactivity" for the reason. The guy said that the mortgage thing was all they could come up with..whatever.

It doesn't suprise me that credit card companies are doing this. There is too much risk.
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Old 12-25-2008, 03:51 PM
 
328 posts, read 775,886 times
Reputation: 195
I hope Discover closes my account. They will not reduce my interest rate eventhough I have excellent credit. Go figure.
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Old 12-25-2008, 06:52 PM
 
4,247 posts, read 9,152,577 times
Reputation: 1452
Unless you need it, I'd let it go.
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Old 12-25-2008, 08:52 PM
 
48,519 posts, read 81,013,914 times
Reputation: 17978
here are many cards that wil do this if you don't use tehm for a couple of months. There are also many that are doing this more now because they don't want the expense of keeping a acount that they make no money on. Things are just changing as they cut back.
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Old 03-20-2009, 11:10 AM
 
1 posts, read 2,286 times
Reputation: 10
I bought a water softener 8 years ago I had it for 2 months I got cancer and called them and told them the problem they said they would come get it and credit me.they did 8 years ago but never credited me for it now after 8 years they just closed My account on Jan 1 2009 so I guess that means after 8 years on my credit I have another 7 years till it will be taken off something is bad wrong

Last edited by Jericokaty; 03-20-2009 at 11:20 AM..
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Old 03-21-2009, 11:53 PM
 
Location: Sacramento
2,568 posts, read 5,838,497 times
Reputation: 1905
Quote:
Originally Posted by Jericokaty View Post
I bought a water softener 8 years ago I had it for 2 months I got cancer and called them and told them the problem they said they would come get it and credit me.they did 8 years ago but never credited me for it now after 8 years they just closed My account on Jan 1 2009 so I guess that means after 8 years on my credit I have another 7 years till it will be taken off something is bad wrong
No it is 7 years since the first delinquency. Dispute it with the credit bureaus.
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Old 03-21-2009, 11:56 PM
 
Location: Sacramento
2,568 posts, read 5,838,497 times
Reputation: 1905
I had a card closed last month that I hadn't used in 10 years. It has nothing to do with the cost of maintaining the card open. It has to do with the risk of people charging up cc when they loosed their jobs or can't pay their bills for other reasons.
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Old 03-23-2009, 07:03 AM
 
3,627 posts, read 12,402,826 times
Reputation: 2682
Quote:
Originally Posted by homeowner35 View Post
I hope Discover closes my account. They will not reduce my interest rate eventhough I have excellent credit. Go figure.
I have been through that too. I have had the darned thing since 1985 without an issue too.

And they keep sending those checks I would NEVER use to get 0% or 1.99% for a few months which I wish were NOT in the mail at all.
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