Credit card cancellation...

Discussion in 'Rants and Raves' started by ZX9RCAM, Aug 12, 2017.

  1. Bozz10mm

    Bozz10mm TGT Addict TGT Supporter

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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: Aug 12, 2017
  2. ZX9RCAM

    ZX9RCAM Over the Rainbow bridge... TGT Supporter

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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.
     
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  3. Bozz10mm

    Bozz10mm TGT Addict TGT Supporter

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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.
     
  4. ROGER4314

    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
     
  5. Bozz10mm

    Bozz10mm TGT Addict TGT Supporter

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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.
     
  6. ZX9RCAM

    ZX9RCAM Over the Rainbow bridge... TGT Supporter

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    This is my fear, obviously.

    I also thought that "applying" for a card would affect my credit in a negative fashion.
     
  7. ZX9RCAM

    ZX9RCAM Over the Rainbow bridge... TGT Supporter

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    I've not paid a penny in interest in as long as I can remember.
    As I stated, they pay me.
     
  8. Bozz10mm

    Bozz10mm TGT Addict TGT Supporter

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    Once, no. But two times in a year, yes. Even then, it will eventually rise back up.
     
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  9. ZX9RCAM

    ZX9RCAM Over the Rainbow bridge... TGT Supporter

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    Well then, I may have to open another account I won't use, lol.
     
  10. Southpaw

    Southpaw Sucker MC TGT Supporter

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    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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