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Putting my 11 cards to rest until March-UPDATE- I cannot do this.

Super Contributor

Putting my 11 cards to rest until March-UPDATE- I cannot do this.

This month I've decided to let zero balances report to the CRA's on all my cards.   Next week, after I PIF the cards, I am givng them all a rest and use cash only.  Do I risk not getting CLI's and closures for inactivity? 
Message Edited by DI on 12-30-2009 08:53 AM
Message 1 of 65
64 REPLIES
New Contributor

Re: Putting my 11 cards to rest until March

Unlikely DI but anything is possible.....just giving your cards are rest for say 6 to 8 months you should be ok. Anything beyond that you run the risk of them looking a bit closer on an AR then giving you a CLD or even a closure due too inactivity. I still received my regular Saks every three month increase of $300 and it has been resting for about 7 months now.  So I give my cards only a 6 to 8 month rest nothing beyond that or you risk closure or CLD's. But that's just me.....good luck to you.Smiley Wink

DI wrote:
This month I've decided to let zero balances report to the CRA's on all my cards.   Next week, after I PIF the cards, I am givng them all a rest and use cash only.  Do I risk not getting CLI's and closures for inactivity? 

 

Message Edited by JoJo74 on 12-14-2009 02:16 PM
Message 2 of 65
Super Contributor

Re: Putting my 11 cards to rest until March


JoJo74 wrote:
Unlikely DI but anything is possible.....just giving your cards are rest for say 6 to 8 months you should be ok. Anything beyond that you run the risk of them looking a bit closer on an AR then giving you a CLD or even a closure due too inactivity. I still received my regular Saks every three month increase of $300 and it has been resting for about 7 months now.  So I give my cards only a 6 to 8 month rest nothing beyond that or you risk closure or CLD's. But that's just me.....good luck to you.Smiley Wink

DI wrote:
This month I've decided to let zero balances report to the CRA's on all my cards.   Next week, after I PIF the cards, I am givng them all a rest and use cash only.  Do I risk not getting CLI's and closures for inactivity? 

 

Message Edited by JoJo74 on 12-14-2009 02:16 PM

Thanks JoJo74

Message 3 of 65
Senior Contributor

Re: Putting my 11 cards to rest until March

using cash = no rewards Smiley Indifferent
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 4 of 65
Super Contributor

Re: Putting my 11 cards to rest until March


score_building wrote:
using cash = no rewards Smiley Indifferent

I know right.   But going into a new year, I don't want to deal with credit cards during the first quarter. Also, I want to wait until the new credit card laws take  effect.  

Message 5 of 65
Moderator Emerita

Re: Putting my 11 cards to rest until March

You don't have an HSBC/ Orchard bank card, do you? If you want to hang on to it, you'll have to use it more often, as in every other month. Store cards are OK, or at least the BB store card is.

Not even worth putting cell phone bills, etc on them, huh?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 65
Super Contributor

Re: Putting my 11 cards to rest until March


haulingthescoreup wrote:
You don't have an HSBC/ Orchard bank card, do you? If you want to hang on to it, you'll have to use it more often, as in every other month. Store cards are OK, or at least the BB store card is.

Not even worth putting cell phone bills, etc on them, huh?

Yes, I have the GM HSBC card.  That is the main card that I do not want to use.  I do not like its payment process.  

Message Edited by DI on 12-14-2009 05:18 PM
Message 7 of 65
Established Contributor

Re: Putting my 11 cards to rest until March


score_building wrote:
using cash = no rewards Smiley Indifferent

 

Don't let a couple of percentage points of 'rewards' dictate your financial well being.  Careful shopping will win back most of those rewards in lower cash costs.  CASH IS KING, always has been, always will be. 

 

And do you really need 11 fully active cards each and every month?  Seems like overkill.

Message Edited by Watchmann on 12-14-2009 05:55 PM
Message 8 of 65
Senior Contributor

Re: Putting my 11 cards to rest until March


DI wrote:

haulingthescoreup wrote:
You don't have an HSBC/ Orchard bank card, do you? If you want to hang on to it, you'll have to use it more often, as in every other month. Store cards are OK, or at least the BB store card is.

Not even worth putting cell phone bills, etc on them, huh?

Yes, I have the GM HSBC card.  That is the main card that I do not want to use.  I do not like its payment process.  


If you do not use an HSBC issued card (HSBC/Orchard/Household/Direct Merchants/etc.) for three consecutive months you have a very high probability that you will find it closed, possibly with no notice to you, when you try to use it in month four. HSBC has a hair trigger in this regard and if the account is closed there is no reinstatement. If you want the account back you will have to reapply and start over from scratch. It is best to use all bank cards at least once per quarter and store cards once per six months. That said some store cards will still be open after not being used for years. The bank cards are the real problem. Bank card issuers do not like long periods of disuse.

Message 9 of 65
Senior Contributor

Re: Putting my 11 cards to rest until March

I had noticed that by not using my Lowes card, they hadn't updated since October.  I got an increase of 1500 & want it to post, so I went there, bought a box of firelog starters...in 2 days it showed up & I PIF.  It should post on the 18th. 

 

What you have to do to play the game!!! Smiley Indifferent



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 10 of 65