Credit Cards

[monkeybutt]

I received a letter on Friday stating that my Visa would be cancelled either due to 1. serious delinquencies or 2. inactivity.

Obviously I didn't have any delinquencies whatsoever as all my cards are a $0 balance and my credit score is over 700 with no issues.

But then I checked the inactivity on this card and it has only been 6-7 months since I stopped using it...less than 1 year?  This is my oldest card, plus best APR and limit.

Any ideas?  Maybe this is a sign because BoA is the worst bank next to Citi.

[LS2982]

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monkeybutt wrote:

I received a letter on Friday stating that my Visa would be cancelled either due to 1. serious delinquencies or 2. inactivity.

Obviously I didn't have any delinquencies whatsoever as all my cards are a $0 balance and my credit score is over 700 with no issues.

But then I checked the inactivity on this card and it has only been 6-7 months since I stopped using it...less than 1 year?  This is my oldest card, plus best APR and limit.

Any ideas?  Maybe this is a sign because BoA is the worst bank next to Citi.

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Did they already close it?

Have you called in to talk to them about it?

[monkeybutt]

I wanted to get some intel before I called them.  It still looks open online but I haven't tried to use it yet.

[LS2982]

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monkeybutt wrote:

I wanted to get some intel before I called them.  It still looks open online but I haven't tried to use it yet.

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I'd go ahead and use it, if it declines call them and sound angry about it!

[trumpet-205]

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monkeybutt wrote:

Any ideas?  Maybe this is a sign because BoA is the worst bank next to Citi.

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More and more lenders are closing inactive cards, not just BofA. Barclays specifically stated on T&C that its card may be closed for 6 months of inactivity.

[Koop10010]

Personally, If it was a card I wanted to keep open I wouldn't let it go more than 3 months without some kind of activity.  I think 6 months is kind of the standard where you're at risk for closure due to inactivity.  If you want to keep it open I'd definitely suggest trying to make a couple of transactions with it and calling if it's denied.  Just make sure to use it at least every 3-4 months from now on.

[MarcinXP]

Or do what I do: I have cards that I dont want to use cause they outgrew, but I hate to close because its no AF and it has decent limit. I have a CAPONE that has $750 limit and they refuse to PC to something with rewards but since there is no AF, I use it for Netflix $7.99 every month. As soon as it posts, I pay it and that is that. It sits in the drawer and gathers dust until CAPONE realizes that they need to compete for my business and not the other way around like it used to be.

[LS2982]

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MarcinXP wrote:

Or do what I do: I have cards that I dont want to use cause they outgrew, but I hate to close because its no AF and it has decent limit. I have a CAPONE that has $750 limit and they refuse to PC to something with rewards but since there is no AF, I use it for Netflix $7.99 every month. As soon as it posts, I pay it and that is that. It sits in the drawer and gathers dust until CAPONE realizes that they need to compete for my business and not the other way around like it used to be.

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I agree!!!

[CreditScholar]

Just put a recurring monthly charge through it and you'll be fine. That's what I do with my BofA card, and they haven't closed or AAed me.

[CreditCrusader]

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monkeybutt wrote:

I received a letter on Friday stating that my Visa would be cancelled either due to 1. serious delinquencies or 2. inactivity.

Obviously I didn't have any delinquencies whatsoever as all my cards are a $0 balance and my credit score is over 700 with no issues.

But then I checked the inactivity on this card and it has only been 6-7 months since I stopped using it...less than 1 year?  This is my oldest card, plus best APR and limit.

Any ideas?  Maybe this is a sign because BoA is the worst bank next to Citi.

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Look at this from their perspective: They extend you credit, you fail to use it for over half a year.

I don't mean to direct this personally to you, but a lot of CCCs don't issue cards just to keep our utilization low or look nice in our wallets. If there is no AF and no usage, there really is no motivation to keep you as a customer since, by definition, they aren't making money from your business.

Just something to keep in mind before declaring someone "the worst bank next to Citi"

Fair disclosure: I am not a BOA customer in any form...in fact, they wouldn't give me a credit product if their financial lives depended on it because of a BK7 on my report.