Do cc companies automatically close dormant accounts

[Anonymous]

I read on here somewhere that Discover closed someone's account after 6 months of non-use. Can they really do this? I have a Platinum Discover card with a $17k cl. I have had this card since 1994 without having any late payments. I paid it in full in June because I am applying for a mortgage next year. Do I really have to use it or loose it?

[Creditaddict]

I dont' think it's a set rule, but why risk it, put a tank of gas on it every few months and you won't have to worry

[MidnightVoice]

Companies vary.  Mt gas card goes dormant after 12 months, and would need a credit review to reopen.

Best plan - either use it for gas, put on MyFICO charges or charitable deductions.  This keeps it going, and with the latter two choices you know exactly how much money to send them every month

[Anonymous]

CCCs make very little money in Consumer Interest compared with the 0 fee charged the merchant for accepting the card - no usage no payment to them - absolutely an 'unproductive account' - also factor in that they must maintain records, etc and they are losing money on you.

[Anonymous]

Yes the ydo but timeframes vary.  the discover the earlier poster was talkng about was one issued by HSBC not Discover.  Call Disc and ask.

[Anonymous]

Okay, I called Discover and they said after 18 months of non-use they close the account. The reason I don't want to use it right now is because I have a spending problem. Once I start charging I can't stop. One tank of gas will lead to me charging several hundred dollars worth of crap I don't need. This is why I am in $20k worth of cc debt. In June I finally got my balance on Discover down enough to transfer it to my Chase at a 3.99% interest rate until paid off. I did this by not making any charges since last December. I think I have finally got my spending undercontrol because I now understand the importance of a low dti ratio. Maybe I will transfer part of the balance back to Discover after I buy my home.  

[Creditaddict]

I would call Discover and tell them you would currently have 3.9 with Chase and you would like to move some debt to them, will they match it.  Discover a lot of times will try to match rates, the only thing is it's usually short term 5-9 months vs chase you probably are fixed for much longer if not for life?

[Anonymous]

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ladylpk74 wrote:

Okay, I called Discover and they said after 18 months of non-use they close the account. The reason I don't want to use it right now is because I have a spending problem. Once I start charging I can't stop. One tank of gas will lead to me charging several hundred dollars worth of crap I don't need. This is why I am in $20k worth of cc debt. In June I finally got my balance on Discover down enough to transfer it to my Chase at a 3.99% interest rate until paid off. I did this by not making any charges since last December. I think I have finally got my spending undercontrol because I now understand the importance of a low dti ratio. Maybe I will transfer part of the balance back to Discover after I buy my home.  

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Very good for you for identifiying your problem and being able to state it out loud. Call them to ask about how long for non use- then can you lock it in a safe or something and write on your calendar to just charge gas?

I understand where you are coming from, many, many, many years ago I didn't carry a checkbook. It took several years for me to trust myself w/ one.

Again, do you have a safe or something where you cannot get to it? Maybe you SO or DW/DH can lock it away for you?  I know to some this may seem like going to far, but people gotta do what they gotta do.

Message Edited by netpanther on 12-18-2007 06:49 PM