topic Re: Credit Card Closed - Inactive in Credit Cards

Credit Card Closed - Inactive

Anonymous — Sat, 19 Nov 2016 02:59:33 GMT

Kind of a strange situation. Before I get started, please don't say "any issuer can close a card if you're not using it" or "any issuer can close any card for any reason" because yes, I promise I am aware.

Anyway this is more for informational purposes.
I called wells fargo and elan to ask them if they'll close my cards simply due to no use. Both of them said they will never close one that wasn't initiated by the consumer.
So far, wells fargo has held up their end of that bargain but elan closed mine July 1st. Reports as "closed by consumer" so it doesn't appear it's a negative closure but it's still slightly annoying they did what they said they wouldn't. Just be careful out there.
That was my oldest and I know it'll remain on my CR for about 10 years after closure but still. Just a heads up that it can happen even if you're assured it won't

Re: Credit Card Closed - Inactive

Anonymous — Sat, 19 Nov 2016 04:12:20 GMT

I assume you called just to check on their practice regarding closure due to non use when you said "...to ask if they'll close...", right? That doesn't sound like you are actually closing it. Maybe ELAN misunderstood your call? Maybe they'll reactivate it if you still want it active?

Re: Credit Card Closed - Inactive

Anonymous — Sat, 19 Nov 2016 04:22:21 GMT

Sorry if that was unclear. I asked them this around may or june of 2015 so they didn't think I was asking them to close it that day.
Good thought, though.

Re: Credit Card Closed - Inactive

NRB525 — Sat, 19 Nov 2016 06:21:34 GMT

So to recap what I think I heard you say, you have your longest-lived CC and don't use it anymore, and you would like the bank to keep the card open for you forever, with them spending money to send you a new card every few years, keeping at least an online statement so you can see that there are no charges, and for them to monitor to see if anyone else is fraudulently using your card to protect your credit, while you are not using it to send at least a little of swipe fees their way?

And they aren't holding up their end of the bargain because they closed it because of non-use?

The bank was in the right to close the card.

Re: Credit Card Closed - Inactive

Anonymous — Sat, 19 Nov 2016 06:30:51 GMT

Obviously I understand why it was closed and I am fine it's closed. The only point was they said they wouldn't and did. I've seen your posts for years you're smarter than that man.

Re: Credit Card Closed - Inactive

Anonymous — Sat, 19 Nov 2016 07:35:28 GMT

There were changes with the Fidelity card and Elan in July. Is this what you're referrring to op?

Re: Credit Card Closed - Inactive

Anonymous — Sun, 20 Nov 2016 00:39:06 GMT

Thanks for sharing your experience OP!

Re: Credit Card Closed - Inactive

Anonymous — Sun, 20 Nov 2016 02:04:28 GMT

No worries. I don't want people to think of it as complaining and it if came off that way then sorry.

Re: Credit Card Closed - Inactive

Anonymous — Sun, 20 Nov 2016 16:52:11 GMT

I'm curious as to why you couldn't have just used it once every six months or so (like most of the more knowledgeable MyFicoers suggest) rather than not use it all to see if the rep was right.

Re: Credit Card Closed - Inactive

NRB525 — Sun, 20 Nov 2016 17:40:21 GMT

@Anonymous wrote:
Obviously I understand why it was closed and I am fine it's closed. The only point was they said they wouldn't and did. I've seen your posts for years you're smarter than that man.

Well, they said that a year ago. Corporate managers change, and new cost cutting initiatives appear, so one of the ways to cut CCC costs is jettison unprofitable customers. I'm not trying to go negative on your post, just providing a perspective from the banks side for you and others to think about.

Promises from a corporation need need to be in writing or else they are not promises. Plenty of other folks have been either perplexed or disappointed after talking with a CSR, and the CSR was not correct.

Re: Credit Card Closed - Inactive

Anonymous — Sun, 20 Nov 2016 17:54:16 GMT

Sorry that happened, PWD. Hope things work out well for you, and thank you for sharing the information.

Closure or even decreasing the line for nonusage has become more prevalent with a number of banks recently, given the reports on here of people receiving CLD or closure when not using a card. A few people have reported a substantial CLD after only 4 or 5 months of non-use on a card.

It can be challenging to know what a lender's exact tolerance level is for nonusage, especially when you are told that everything would be fine as in your situation.

I use each of my cards once per month for a small purchase and while no one knows for certain, most likely it is establishing a steady, even pattern within their computerized alogorithm system.