topic Re: Cap one closed in Credit Cards

Cap one closed

Jnbmom — Thu, 21 May 2020 22:38:01 GMT

Well it seems to continue for DH. First synch and comenity closed a few accounts now it's cap one's turn.

This was his cap one MasterCard 10K formally the synch Walmart card. In all honestly though he hadn't used it since the conversion , so I am not too surprised at all, but I do think lenders are getting a little nervous as well.

I still have mine so I can either use it or expect the same fate . Decisions, decisions 😂😂😂

Re: Cap one closed

simplynoir — Thu, 21 May 2020 22:50:10 GMT

If this was just his CapOne Walmart card I would be inclined to agree on them closing the card due to non-use but you mentioned two other lenders cutting ties with him as well. Is there anything in his profile that would be a cause for concern?

Re: Cap one closed

Jnbmom — Thu, 21 May 2020 22:57:33 GMT

@simplynoir wrote:
If this was just his CapOne Walmart card I would be inclined to agree on them closing the card due to non-use but you mentioned two other lenders cutting ties with him as well. Is there anything in his profile that would be a cause for concern?

Nope nothing has changed . Scores are even a bit higher now. Nope synch closed for non use over 12 months same with overstock .

No negatives have been added, no lates and utilization still under 6%, literally nothing has changed nothing.

Re: Cap one closed

CreditCuriosity — Thu, 21 May 2020 23:13:03 GMT

happened to someone else today or yesterday as well with same card

Re: Cap one closed

Jnbmom — Thu, 21 May 2020 23:14:39 GMT

@CreditCuriosity wrote:
happened to someone else today or yesterday as well with same card

Thanks . Honestly with lack of use it doesn't surprise me and I really think lenders are tightening up with the circumstances.

Re: Cap one closed

Aim_High — Thu, 21 May 2020 23:48:03 GMT

@Jnbmom wrote:
Well it seems to continue for DH. First synch and comenity closed a few accounts now it's cap one's turn.
This was his cap one MasterCard 10K formally the synch Walmart card. In all honestly though he hadn't used it since the conversion , so I am not too surprised at all, but I do think lenders are getting a little nervous as well.
I still have mine so I can either use it or expect the same fate . Decisions, decisions 😂😂😂

Sorry for DH! Yes, I think many lenders are cutting back or tightening up in different ways.

Always good to think about your accounts as "use them or lose them" even though some lenders are quicker to act than others. I have cards I haven't used in a couple of years that are still open, but I have banking accounts with those lenders also.

Re: Cap one closed

JR_TX — Thu, 21 May 2020 23:29:17 GMT

Dang! Sorry to hear @Jnbmom

Actually spent a good portion of the day thinking of what to buy from walmart.com just for the spend as I'm on the same boat! Haven't used it even way before the transfer!!

Re: Cap one closed

M_Smart007 — Thu, 21 May 2020 23:34:12 GMT

@Jnbmom wrote:
@CreditCuriosity wrote:
happened to someone else today or yesterday as well with same card
Thanks . Honestly with lack of use it doesn't surprise me and I really think lenders are tightening up with the circumstances.

@Jnbmom, I believe you are 100% dead on!

Re: Cap one closed

AllZero — Fri, 22 May 2020 00:44:29 GMT

That is unfortunate.

It appears you and DH are doing great credit wise. You're able to shrug off tradelines that aren't that useful to you. Onto the next approval and sign up bonus! 😃

Re: Cap one closed

AverageJoesCredit — Fri, 22 May 2020 00:56:52 GMT

Sorry Mom. I think its time to list every card DH isnt using or hasnt for extended period of time and you guys can place wagers on next up. Im too worried about life to care if a cc closes on me.

Re: Cap one closed

Jnbmom — Fri, 22 May 2020 00:59:07 GMT

@AllZero wrote:
That is unfortunate.

It appears you and DH are doing great credit wise. You're able to shrug off tradelines that aren't that useful to you. Onto the next approval and sign up bonus! 😃

Yes fortunately we have a decent amount of credit available and it won't our overall utilization . It's time to go through our cards again and use them a little for cards we want to keep and close cards we don't really use or want . I was never a fan of cap one anyway that's why the only card we had was from the synch transition.

Re: Cap one closed

Jnbmom — Fri, 22 May 2020 01:00:15 GMT

@AverageJoesCredit wrote:
Sorry Mom. I think its time to list every card DH isnt using or hasnt for extended period of time and you guys can place wagers on next up. Im too worried about life to care if a cc closes on me.

@AverageJoesCredit

Doing this as you typed 😂 Yes all in all more important things to think about these days .

Re: Cap one closed

bassethoundmom — Fri, 22 May 2020 01:38:45 GMT

They closed my account today too. I've had it for 7 years and has always been in good standing. I'm so annoyed because it dropped my score.

Re: Cap one closed

Jnbmom — Fri, 22 May 2020 02:12:09 GMT

@bassethoundmom wrote:
They closed my account today too. I've had it for 7 years and has always been in good standing. I'm so annoyed because it dropped my score.

@bassethoundmom

Sorry was it the Walmart card and how long since you used it ?

Re: Cap one closed

M_Smart007 — Fri, 22 May 2020 02:27:33 GMT

@bassethoundmom wrote:
They closed my account today too. I've had it for 7 years and has always been in good standing. I'm so annoyed because it dropped my score.

I am guessing that it dropped your score due to Utilization?

Sorry for your closure

Re: Cap one closed

bassethoundmom — Fri, 22 May 2020 03:45:12 GMT

It was the Walmart card and I hadn't used it in a long time. I think my score dropped because of utilization and overall age of accounts went down. I'm worried now about my other bigger accounts I never use.

Re: Cap one closed

Iusedtolurk — Fri, 22 May 2020 05:02:32 GMT

@Jnbmom wrote:
Well it seems to continue for DH. First synch and comenity closed a few accounts now it's cap one's turn.

This was his cap one MasterCard 10K formally the synch Walmart card. In all honestly though he hadn't used it since the conversion , so I am not too surprised at all, but I do think lenders are getting a little nervous as well.

I still have mine so I can either use it or expect the same fate . Decisions, decisions 😂😂😂

I have noticed a slight increase lately of members stating that their credit accounts are being closed for non-usage and as someone who just lately started paying attention to credit I can only surmise that in the past you could have an account and not use it for years and it was no big deal.

As the climate has obviously changed I imagine it would behoove anyone who has accounts they haven't used in years (if they want to keep those accounts for scoring benefits (age, utilization etc) ) they should start showing some activity.

Re: Cap one closed

AverageJoesCredit — Fri, 22 May 2020 12:15:53 GMT

@bassethoundmom wrote:
It was the Walmart card and I hadn't used it in a long time. I think my score dropped because of utilization and overall age of accounts went down. I'm worried now about my other bigger accounts I never use.

Your score wont drop because age of accounts drop. Closing a csrd wont affect aaoa for maybe 10 years give or take. Easirst solution for any account/card thst hasnt been used in a long while is to USE it. Honestly, we can blame lenders for alot but not using a card for 2 years or however long rests squarely on us. In a day and age of internet, we are just a click away from usage

Re: Cap one closed

jamesdwi — Fri, 22 May 2020 13:04:16 GMT

Guess I am thankful, that during the pandemic, I have used Walmart grocery delivery as our main source of groceries, prices are decent and there $11.99 a month unlimited deliveries billed to my Walmart card, were usually smooth, just be sure and turn off substition on items you need. Had them replace a $5 box of ready to bake dinner rolls, with 5 loaves of frozen Garlic bread. Ended up giving 3 away.

Re: Cap one closed

Anonymous — Fri, 22 May 2020 14:41:55 GMT

@Iusedtolurk wrote:
@Jnbmom wrote:
Well it seems to continue for DH. First synch and comenity closed a few accounts now it's cap one's turn.

This was his cap one MasterCard 10K formally the synch Walmart card. In all honestly though he hadn't used it since the conversion , so I am not too surprised at all, but I do think lenders are getting a little nervous as well.

I still have mine so I can either use it or expect the same fate . Decisions, decisions 😂😂😂
I have noticed a slight increase lately of members stating that their credit accounts are being closed for non-usage and as someone who just lately started paying attention to credit I can only surmise that in the past you could have an account and not use it for years and it was no big deal.

As the climate has obviously changed I imagine it would behoove anyone who has accounts they haven't used in years (if they want to keep those accounts for scoring benefits (age, utilization etc) ) they should start showing some activity.

It's always been quite common for lenders to close cards for non-usage (sometimes with a warning, "use by XXXX or we will close", but often not). Some lenders are quicker than others, and certainly Cap One was one of slower ones, two years being common whereas others might close in less than a year (at one point Barclays specifically said it could be closed for 3 months of non-use, but don't think they actually did that).

It's possible that some lenders are now acting more quickly, leading to a possible uptick (but I am not sure there really is one, we have often seen them come in groups like this).

I just put a $1 charge on my 22 year old QS. See if that helps (they previously cut the CL because I wasn't spending enough, even though it was used)