Comments on: Can Credit Card Companies Close Your Accounts Without Warning? How Does It Affect Your Credit Score?

By: bud68

bud68 — Mon, 13 Jul 2009 02:41:14 +0000

Yes they can close your account “just like that.” To keep an account open, you need to use it once or twice a year, minimum.

By: Ms. Angel..

Ms. Angel.. — Sun, 12 Jul 2009 21:15:59 +0000

yes they can, read your terms and agreement you received when you applied and accepted the credit card. All credit card usually work different. Or contact them at their 1-800 #.

By: WP Robot for Wordpress

WP Robot for Wordpress — Sun, 12 Jul 2009 14:24:50 +0000

Each account is a potential borrower that they have to worry about funding. If you don’t use your account, they will close it and give your slot to someone else.

By: Steve L

Steve L — Sun, 12 Jul 2009 08:09:32 +0000

You can talk to the credit card company However considering the current times I don’t know if it will get you the answer you want. The answer to the first question is yes they can

By: bdancer2

bdancer2 — Sun, 12 Jul 2009 07:23:08 +0000

Yes, they can close your account. In fact, I’m surprised it stayed open 18 months if you never used it.
Closing the account will only afffect your score if you are carrying balances on other credit cards. About a third of your score is based on the ratio of credit card debt to limit. When you close an account, you lower the limit. Thus making the debt percentage larger. Carrying balances of more than 30% will hurt your score.

By: Stealth

Stealth — Sun, 12 Jul 2009 01:56:27 +0000

Canceling a credit card can ding your credit because part of your credit score is based on something called a debt-to-credit ratio. When you cancel a credit card, you lower the amount of credit available to you, making that ratio look bigger (and more risky) to creditors..
15 percent Length of Credit History: “In general, a credit report containing a list of accounts opened for a long time will help your credit score. The score considers your oldest account and the average age of all accounts.”
35 percent Payment History: “Having a long history making of payments on time and no missed payments on all credit accounts is one of the most important items lenders look for