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zelda
Posts: 1
Registered: ‎07-27-2009
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Credit cards closing accounts and offering to open NEW ones!!!

I am frustrated with credit card companies 'cleaning their own house' and closing accounts due to 'inactivity'.  I've had this happen twice in the past 3 months - Discover and Chase.  When I call to get it reinstated they state they are sorry, but it's bank policy and want me to open a new line of credit.  Don't think so.  Any advice out there?
Senior Contributor
score_building
Posts: 3,552
Registered: ‎01-10-2008
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Re: Credit cards closing accounts and offering to open NEW ones!!!


zelda wrote:
I am frustrated with credit card companies 'cleaning their own house' and closing accounts due to 'inactivity'.  I've had this happen twice in the past 3 months - Discover and Chase.  When I call to get it reinstated they state they are sorry, but it's bank policy and want me to open a new line of credit.  Don't think so.  Any advice out there?


sorry you were caught off guard but the rule of thumb is 'use it or lose it', there's no advantage for a ccc to keep an acct open if you do not use their card. 
for many issuers even a small purchase every few months can help prevent closures for non use.  if you want an acct. to remain open you have to use it.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
WannaHouse
Posts: 1,080
Registered: ‎06-08-2008
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Re: Credit cards closing accounts and offering to open NEW ones!!!


score_building wrote:

zelda wrote:
I am frustrated with credit card companies 'cleaning their own house' and closing accounts due to 'inactivity'.  I've had this happen twice in the past 3 months - Discover and Chase.  When I call to get it reinstated they state they are sorry, but it's bank policy and want me to open a new line of credit.  Don't think so.  Any advice out there?


sorry you were caught off guard but the rule of thumb is 'use it or lose it', there's no advantage for a ccc to keep an acct open if you do not use their card. 
for many issuers even a small purchase every few months can help prevent closures for non use.  if you want an acct. to remain open you have to use it.

 

 

I agree. You need to use those cards every month to pay for gas, bills, etc. Then, when you get paid, pay them off. This will keep them actively used, and should not get closed.


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Credit cards closing accounts and offering to open NEW ones!!!


WannaHouse wrote:

score_building wrote:

zelda wrote:
I am frustrated with credit card companies 'cleaning their own house' and closing accounts due to 'inactivity'.  I've had this happen twice in the past 3 months - Discover and Chase.  When I call to get it reinstated they state they are sorry, but it's bank policy and want me to open a new line of credit.  Don't think so.  Any advice out there?


sorry you were caught off guard but the rule of thumb is 'use it or lose it', there's no advantage for a ccc to keep an acct open if you do not use their card. 
for many issuers even a small purchase every few months can help prevent closures for non use.  if you want an acct. to remain open you have to use it.

I agree. You need to use those cards every month to pay for gas, bills, etc. Then, when you get paid, pay them off. This will keep them actively used, and should not get closed.


I know of no card that requires monthly use to remain open. HSBC is the worst and they will close you in a heartbeat if you do not use their card once every three months. I use mine every other month and there is no problem.


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