Credit Cards Center Credit cards from our partners
Reply
New Contributor
Posts: 53
Registered: ‎03-14-2013
0

Credit Card usage and company closing

Just curious...

 

Do credit card companies CLOSE your line of credit if you dont always put big balances on them?? like i have my merrick and Discover that i use all the time, BUT was just approved for an FNBO, Citi Simp., and Chase Freedom....

 

If i dont use them on a regualr, will they close me out? I like having my utl% down and then cards help that out.

 

Any advice?

Filed Chapter 7 09/02/2015 - 341 meeting 10/02/2015, Just patiently waiting until discharge so i can start start over!
New Contributor
Posts: 53
Registered: ‎03-14-2013
0

Re: Credit Card usage and company closing

No takers?? LOL

Filed Chapter 7 09/02/2015 - 341 meeting 10/02/2015, Just patiently waiting until discharge so i can start start over!
Community Leader
Super Contributor
Posts: 30,978
Registered: ‎02-07-2013
0

Re: Credit Card usage and company closing

charge something small ever so often gum,gas,whatever and you will be fine

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
New Contributor
Posts: 53
Registered: ‎03-14-2013
0

Re: Credit Card usage and company closing

Thanks for the reply.  noted!!

Filed Chapter 7 09/02/2015 - 341 meeting 10/02/2015, Just patiently waiting until discharge so i can start start over!
Valued Contributor
Posts: 1,627
Registered: ‎09-15-2012
0

Re: Credit Card usage and company closing

As myjourney noted, the most common reason for closing an account is inactivity. Most issuers close cards if they aren't used very so often, but just how often differs between lenders. Big or small balances don't seem to matter, just some use. It seems to be more of a fraud mechanism than anything else. So use the cards that get you the highest rewards, and put the others in that sock drawer. Pull them out one every few months and you'll be good to go.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Valued Contributor
Posts: 1,627
Registered: ‎09-15-2012
0

Re: Credit Card usage and company closing

I meant fraud prevention mechanism.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Valued Contributor
Posts: 1,599
Registered: ‎08-30-2011
0

Re: Credit Card usage and company closing


wahoojack13 wrote:

Just curious...

 

Do credit card companies CLOSE your line of credit if you dont always put big balances on them?? like i have my merrick and Discover that i use all the time, BUT was just approved for an FNBO, Citi Simp., and Chase Freedom....

 

If i dont use them on a regualr, will they close me out? I like having my utl% down and then cards help that out.

 

Any advice?


Sounds like you've got a couple of "go to" cards, ones that you use the most frequently.  The other cards, like others have suggested, can simply be rotated in to your usage on occasion, to keep them active and current.  There's reports here of folks SD'ing cards for months, then pulling them out and using them, then back into the SD...with no adverse action.  I think most of us have our favourite cards to use and then rotate the rest as needed, depending on the purpose of the card. 

EX = 834 EQ = 846 TU = 834 as of 09/2016
Retired and Retiring Cards!
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Credit Card usage and company closing

some will sometimes reduce your limits cause your limits greatly exceeds your normal spending (if you have 20k card and only use 1-2 a month) but decreases like these are rare.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Posts: 1,865
Registered: ‎09-20-2011
0

Re: Credit Card usage and company closing

Just use them once every three months or so and you'll be fine.

Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Credit Card usage and company closing


boomhower wrote:

Just use them once every three months or so and you'll be fine.


I like to annoy Target Cashiers for this =)

 

Target Prepaid Amex Smiley Wink

 

You can load it from a credit card for $5 upto $1000 with any number of credit cards, I load up $5 from each of my 20 cards just for fun, then use it to buy $100 of groceries =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.