Credit card cancellation...

[AustinN4]

https://www.bloomberg.com/news/feat...-cracked-the-perfect-fico-credit-score-of-850

 

[Army 1911]

Go talk to your local bank manager. Indicate that you feel the bank doesn't want your business and if it is cancelled you may be forced to look elsewhere for someone to fulfill your banking and credit card needs.

 

[ZX9RCAM]

Talk to someone high up the food chain. Explain to them that you've had it as a "backup", and never realized it really mattered how often you used it, but losing it right now is REALLY inconvenient, since you just took on a new project/job that you were intending to use that card for. Explain that since it's an expense account, you aren't sure how prompt they'll be on reimbursements, and that's why it's important to you to keep it isolated. That might trigger their greed enough to keep it active - just be sure to use it routinely. I have 3 cards, and I simply rotate which one I use each month. None of 'em carry a balance, and all have high limits.

Might work.
I use the one card because it gives me cash back.
I went to get another years ago, to just use for auto payment of bills, but they told me any other would not have rewards.
I didn't go anywhere else to look, as I like the ease of payment online through my account.

 

[mroper]

This day and age you can set up about any account to be paid automatically. I have one that i use for cable and phone bill and it gets paid automatically each month I get the cash back and dont have to worry about paying the bills late

 

[ZX9RCAM]

This day and age you can set up about any account to be paid automatically. I have one that i use for cable and phone bill and it gets paid automatically each month I get the cash back and dont have to worry about paying the bills late

I understand, but I would have to get a card from another institution than the bank I do business with, in order to get a card which pays cash back.

 

[AustinN4]

I understand, but I would have to get a card from another institution than the bank I do business with, in order to get a card which pays cash back.

So?

 

[ZX9RCAM]

There was no need for me to, so I didn't.

 

[RodKo40S&W]

I understand, but I would have to get a card from another institution than the bank I do business with, in order to get a card which pays cash back.

Doing business with one place means very little these days, as you can see from the letter cancelling your card. Using a credit card regularly does nothing about your credit score, it only keeps your account from being cancelled, as happened to you, which could. I have a half dozen cards that that I use because of varying rewards on what I buy. I use only four regularly, but I do put a purchase the other two every three to four months just to keep them from being cancelled, as they do have a significantly longer credit history. May I suggest checking out Credit Karma? I don't have a vested interest in them, but I did find them very helpful in finding answers to question about credit in today's society.

 

[karlac]

May I suggest checking out Credit Karma? I don't have a vested interest in them, but I did find them very helpful in finding answers to question about credit in today's society.

They required way much more personal information than I was willing to give out online a year or so ago, or even thought necessary ... much more than the credit reporting agencies themselves. Apparently you could mail it to them, but that doesn't change the security aspect, IMO.

I passed ...

 

[Southpaw]

They required way much more personal information than I was willing to give out online a year or so ago, or even thought necessary ... much more than the credit reporting agencies themselves. Apparently you could mail it to them, but that doesn't change the security aspect, IMO.

I passed ...

Also There score tends to be lower then your actual FICO score from the 3 credit reporting agencies that actually matter.

 

[TheDan]

They get no money from me, they give me generally $1000.00 a year in cash back.

Well there's your problem

 

[F350-6]

Doing business with one place means very little these days, as you can see from the letter cancelling your card. Using a credit card regularly does nothing about your credit score, it only keeps your account from being cancelled, as happened to you, which could.

I think there are more factors involved than just using it occasionally. I've got a card I haven't used in a few years, but have never been threated to have it canceled. I used to use it regularly, but then another card I hadn't used in a few years came up with a better reward program so I switched over and let the other one sit idle.

I do have a very good credit score though, so that might influence things. I also pay my cards off every month and reap the rewards benefits. Currently, the Citi 2% cash back card is winning.

 

[ZX9RCAM]

Well, after they cancelled that card with a $20k limit, it knocked my score down to 798.

 

[AustinN4]

Well, after they cancelled that card with a $20k limit, it knocked my score down to 798.

Deadbeat!

 

[Grumps21]

^^^^^^ exactly ^^^^^

 

[toddnjoyce]

Also There score tends to be lower then your actual FICO score from the 3 credit reporting agencies that actually matter.

So funny thing about that. FICO is a proprietary formula that can licensed from fair isaac, but is commonly assumed to synonymous with the Big 3 credit scores.

It’s not. Each of the big 3 have their own proprietary credit score formula. There’s also variations of the basic proprietary formula that can be employed.

If you’re ever denied credit, the letter won’t say your credit score is too low, it will list the factors (too many revolving charge accoutns, for example) that led to the decision and which agency reported them. You will be provided instructions on the letter how to correct any erroneous reports.

 

[mroper]

This is Kind of on subject. There is something call the MIB (medical information bureau) that consolidates Labs and other health reports if you are applying for Life insurnace you should get a copy of it.

 

[Tnhawk]

So funny thing about that. FICO is a proprietary formula that can licensed from fair isaac, but is commonly assumed to synonymous with the Big 3 credit scores.

It’s not. Each of the big 3 have their own proprietary credit score formula. There’s also variations of the basic proprietary formula that can be employed.

If you’re ever denied credit, the letter won’t say your credit score is too low, it will list the factors (too many revolving charge accoutns, for example) that led to the decision and which agency reported them. You will be provided instructions on the letter how to correct any erroneous reports.

My Equifax score is always 2-3 points than other scores.