Members Nevrazell Posted March 30, 2010 Members Share Posted March 30, 2010 My credit card was cancelled today. I have had this card for 18 years. I was never late on a payment. They said in their letter, that they cancelled the card from lack of use.I had last used the card in july of 2009.After emailing the company They basically said "account's closed, did you want to open a new one?" Has this happened to anyone else?I can't believe they would just cancel the card without warning me first. Anyways, what card would you guys recommend I replace it with?Ic Citibank good? Or Capitol One? Thanks Link to comment Share on other sites More sharing options...
Members Ron Burgandy Posted March 30, 2010 Members Share Posted March 30, 2010 Reopen it and buy some stuff of course. Go on a spending spree and fix the economy before someone else does. Only you can prevent our demise Link to comment Share on other sites More sharing options...
Members kanamvar32 Posted March 30, 2010 Members Share Posted March 30, 2010 I've heard this happening to others as well. Sucks that it was for an account you've had open for so long. Anyways, I havent had any issues with my American Express Blue card. I'd definitely recommend it if you already have a Visa or Mastercard since Amex isn't as universally accepted. Just find a card with the best cash back/rewards option and get it. Link to comment Share on other sites More sharing options...
Members HKSblade1 Posted March 30, 2010 Members Share Posted March 30, 2010 Part of the govts way of telling the credit card cos to clean house Friend of mine said they do this to {censored} FICO score or some {censored}. Just glad I only have one I have to use for car rentals, airfare and biz. Learned a long time ago not to play the CC game. Their hand is worse than ever and they get to use all the wild cards. Late once? rate changes Dont use the card? they chg a svg fee or close it They can raise rates at any time regardless of credit history. They did on another I paid off. Then when I paid it off, they sent me a bill for $6 for a one day balance. If I refused to pay that, they added $30 late fee... yeah when it was just paid off! Other ones change the due date, and don't tell you. I had an auto draft that pulled the $ to pay and they changed the Due Date and wanted to chg me a service fee of $29. I said WTF!!!!!!!!!! {censored} those things! You'll need at least 1 though! Link to comment Share on other sites More sharing options...
Members Grubgoat Posted March 30, 2010 Members Share Posted March 30, 2010 They did you a favor. Link to comment Share on other sites More sharing options...
Members Shask Posted March 30, 2010 Members Share Posted March 30, 2010 Good riddance Link to comment Share on other sites More sharing options...
Members NinjaRaf Posted March 30, 2010 Members Share Posted March 30, 2010 This happened to me once, but I had like 4 CCs at the time, so I didnt really care... Link to comment Share on other sites More sharing options...
Members DeadNight Warrior Posted March 30, 2010 Members Share Posted March 30, 2010 I wish they'd cancel one of mine (and the balance to go with it). Link to comment Share on other sites More sharing options...
Members NinjaRaf Posted March 30, 2010 Members Share Posted March 30, 2010 I wish they'd cancel one of mine (and the balance to go with it). This. Link to comment Share on other sites More sharing options...
Members mikey383 Posted March 30, 2010 Members Share Posted March 30, 2010 Friend of mine said they do this to {censored} FICO score or some {censored}. Just glad I only have one I have to use for car rentals, airfare and biz. Learned a long time ago not to play the CC game. Their hand is worse than ever and they get to use all the wild cards. Yep. Your credit score just took a hit. Yeah, open a new account, with their NEW interest rates, NEW terms and conditions, and all that {censored}. Or just bail and tell them to {censored} off. I got rid of all my credit cards 2 years ago and haven't looked back since. Yeah, it sucks for certain things, but if I really need something and don't have the cash for it, I've always found another way. Link to comment Share on other sites More sharing options...
Members donsimon76 Posted March 30, 2010 Members Share Posted March 30, 2010 I had 2 closed last year. I hadn't used them in an age. I still have 2 that I actually use so it wasn't a problem and my credit score never flinched. I can understand card companies not wanting to have to maintenance a million card accounts that they haven't made a dime on in half a decade. It does cost these companies for inactive accounts because of mailing mandated yearly account agreements, anytime they move a period in the agreement, etc. What does one account cost them? Very little but add up all of the credit cards that are just sitting in a nightstand drawer somewhere. (Disclaimer: I do work for a bank but not in the credit card division) Link to comment Share on other sites More sharing options...
Members isvoid Posted March 30, 2010 Members Share Posted March 30, 2010 good thing your dick doesn't have teh same policy or does it :poke: Link to comment Share on other sites More sharing options...
Members charveldan Posted March 30, 2010 Members Share Posted March 30, 2010 "Prefered customer".:facepalm::facepalm: Link to comment Share on other sites More sharing options...
Members scottdh Posted March 30, 2010 Members Share Posted March 30, 2010 Yep. Your credit score just took a hit. Not necessarily - if the cc company reports it as "closed by consumer" (happened to me), it will not affect your credit score. You should call and ask how they report these account closings. Link to comment Share on other sites More sharing options...
Members NinjaRaf Posted March 30, 2010 Members Share Posted March 30, 2010 Either way, if they close your account, you lose that credit history...which REALLY sucks. So all those 18 years of great credit history is gone... This is what happened to me. I closed an account that was active for 4 years, and lost all the history from that account Link to comment Share on other sites More sharing options...
Members mhenson42 Posted March 30, 2010 Members Share Posted March 30, 2010 Capital one closed one of mine. They sent me a letter that said they'd cancel it in 90 days, unless I took action to keep it open. I just let them close it though. Never had a problem getting credit so no big deal. The funny thing is now they send me credit card offers in the mail about 3 or 4 times a month. Link to comment Share on other sites More sharing options...
Members RupertB Posted March 30, 2010 Members Share Posted March 30, 2010 They did you a favor. +1 People have reported banks canceling their cards even though the cards were used regularly and their accounts were in good standing. These were people who paid their bills in full each month, depriving the bank of the opportunity to make money on their rolling balance; the meat & potatoes of the CC industry. Bottom line, they weren't making money off of you. If you must have a card, get one from the bank where you have checking, savings, etc. accounts. Link to comment Share on other sites More sharing options...
Members olgluefoot Posted March 30, 2010 Members Share Posted March 30, 2010 I only pay my minimums on one of my cards (because im broke) Visa {censored}ing loves me right now haha. But ill have it paid of in full in the next 4 months. Then they will more than likely close me out for non use Link to comment Share on other sites More sharing options...
Members .homewrecker. Posted March 30, 2010 Members Share Posted March 30, 2010 Yep. Your credit score just took a hit. Yeah, open a new account, with their NEW interest rates, NEW terms and conditions, and all that {censored}. Or just bail and tell them to {censored} off. I got rid of all my credit cards 2 years ago and haven't looked back since. Yeah, it sucks for certain things, but if I really need something and don't have the cash for it, I've always found another way. How did his credit score take a hit? If it's closed by a consumer (which is more than likely what they filed it as) than he's fine, though he won't have any credit history with that bank anymore he's score will be fine. Link to comment Share on other sites More sharing options...
Members .homewrecker. Posted March 30, 2010 Members Share Posted March 30, 2010 Either way, if they close your account, you lose that credit history...which REALLY sucks. So all those 18 years of great credit history is gone... This is what happened to me. I closed an account that was active for 4 years, and lost all the history from that account This, it's a bigger hit losing that 18 years of history. Link to comment Share on other sites More sharing options...
Members RSBro Posted March 30, 2010 Members Share Posted March 30, 2010 I had a Chase one that they just did that to. I have/had two with them, and this one was just a backup, and hadn't had activity in at least a year or so, so they nixed it. Once I pay off my Chase one, I'm getting a Discover. Link to comment Share on other sites More sharing options...
Members scottdh Posted March 30, 2010 Members Share Posted March 30, 2010 Either way, if they close your account, you lose that credit history...which REALLY sucks. So all those 18 years of great credit history is gone... This is what happened to me. I closed an account that was active for 4 years, and lost all the history from that account Not immediately. Generally, all your credit history information, good or bad, remains on your report for seven years. So the account information, with opening and closing dates, *should* remain there for quite a while. Link to comment Share on other sites More sharing options...
Members hcprimerib Posted March 30, 2010 Members Share Posted March 30, 2010 2 rules for keeping a credit card: 1) use it for a purchase, no matter how small, every 2 months 2) never carry a balance. pay it off before the end of the 1st cycle Link to comment Share on other sites More sharing options...
Members jenksdrummer Posted March 30, 2010 Members Share Posted March 30, 2010 I paid off my last credit card yesterday (interest charges left over from previous month) - and after closing my credit cards (to lock in a stupid-low interest rate) over a year ago, I don't miss them. The only thing they were good for was accumulating more debt and paying someone else for the privaledge, daily, to hold the debt. Link to comment Share on other sites More sharing options...
Members this is paul Posted March 30, 2010 Members Share Posted March 30, 2010 I used one of mine two days ago that I hadn't used in almost a year, I was just waiting to get flagged or denied. Link to comment Share on other sites More sharing options...
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