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Credit card cancellation...

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  • ZX9RCAM

    Over the Rainbow bridge...
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    I got a letter from my bank telling me they were cancel to close one of my two credit cards due to inactivity. They also stated that, even if I were to start using it, it will still be cancelled.
    I had heard that one should not cancel credit cards, even if they were not used, because it helped your credit rating just having them, and this is my oldest card, with the highest limit.

    Anybody have any idea if this will affect my credit rating?
    Lynx Defense
     

    easy rider

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    Actually you need to use credit cards to better your score. I often tell young adults to get a credit card, use it for purchases around $50 and pay it off quickly once a month to boost their credit score.
     

    Moonpie

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    Gunz are icky.
    I've heard that as well.
    Probably B.S.
    Paying you bills on time is what builds your credit.
    They want you to have high balances.
     

    Bozz10mm

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    Happened to me 8 or 9 years ago. They basically said, "It looks like you don't need this card anymore, so we are cancelling it." And they did. Believe it was City Bank. Never liked City Bank any way.

    It will probably affect your credit score some. If you have a decent credit score, you'll get offers in the mail soon. Accept one with the highest credit limit and boom, your back in business. Use it every so often for small items to keep it active, but pay off the balance immediately. But applying for more than two cards within two years could temporarily lower your score again.
     
    Last edited:

    ZX9RCAM

    Over the Rainbow bridge...
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    Happened to me 8 or 9 years ago. They basically said, "It looks like you don't need this card anymore, so we are cancelling it." And they did. Believe it was City Bank. Never liked City Bank any way. If you have a decent credit score, you'll get offers in the mail soon.

    But why would I want to get offers, I think I had the card for 15 years and had never used it. I am just concerned it will hurt my credit score, other than that I couldn't care less.
     

    Bozz10mm

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    But why would I want to get offers, I think I had the card for 15 years and had never used it. I am just concerned it will hurt my credit score, other than that I couldn't care less.
    Credit scores are based on several factors. Total mount of available credit is one factor. Total amount of available credit used is another factor. You just lost a good portion of your available credit, and now the percentage of available credit used will go up. So it will affect your credit score.

    Just saying, if you want to raise it back up, just apply for another card and keep it active by occasionally charging a small item, then pay the balance in full.
     

    ROGER4314

    Been Called "Flash" Since I Was A Kid!
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    I let a small bundle of credit cards die and only kept those that offered good incentives or cash back. I suffered NO negative effects. The most important thing is that the bills that you pay are paid on time and if there's a problem, take care of it immediately!

    Flash
     

    Bozz10mm

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    Right. I didn't mean to imply that the credit score would drop 100 points. It will probably be modest. Paying on time is likely the biggest factor.
     

    ZX9RCAM

    Over the Rainbow bridge...
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    Credit scores are based on several factors. Total mount of available credit is one factor. Total amount of available credit used is another factor. You just lost a good portion of your available credit, and now the percentage of available credit used will go up. So it will affect your credit score.

    Just saying, if you want to raise it back up, just apply for another card and keep it active by occasionally charging a small item, then pay the balance in full.

    This is my fear, obviously.

    I also thought that "applying" for a card would affect my credit in a negative fashion.
     

    ZX9RCAM

    Over the Rainbow bridge...
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    Right. I didn't mean to imply that the credit score would drop 100 points. It will probably be modest. Paying on time is likely the biggest factor.

    I've not paid a penny in interest in as long as I can remember.
    As I stated, they pay me.
     

    Southpaw

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    Happened to me 8 or 9 years ago. They basically said, "It looks like you don't need this card anymore, so we are cancelling it." And they did. Believe it was City Bank. Never liked City Bank any way.

    About the same time I remember a friend complaining about AMEX dropping his $10,000 limit down to something in the hundreds of dollars for lack of activity.
     
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