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Valued Member
wahoojack13
Posts: 46
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?

Gardening Goal thru April 2014. HELP ME STAY ON TRACK!




Valued Member
wahoojack13
Posts: 46
Registered: ‎03-14-2013
0

Re: Credit Card usage and company closing

No takers?? LOL

Gardening Goal thru April 2014. HELP ME STAY ON TRACK!




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myjourney
Posts: 25,552
Registered: ‎02-07-2013
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Re: Credit Card usage and company closing

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

"Intelligence plus character--that is the goal of true education"
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Valued Member
wahoojack13
Posts: 46
Registered: ‎03-14-2013
0

Re: Credit Card usage and company closing

Thanks for the reply.  noted!!

Gardening Goal thru April 2014. HELP ME STAY ON TRACK!




Valued Contributor
SnackTrader
Posts: 1,566
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) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Credit Card usage and company closing

I meant fraud prevention mechanism.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
thom02099
Posts: 1,323
Registered: ‎08-30-2011
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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. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Established Contributor
distantarray
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
boomhower
Posts: 1,863
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
distantarray
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 :smileywink:

 

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

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