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Cap one closed

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Jnbmom
Credit Mentor

Re: Cap one closed


@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.

EXP 780 EQ 791TU 795
Message 11 of 35
Jnbmom
Credit Mentor

Re: Cap one closed


@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.Smiley Wink


@AverageJoesCredit 

 

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

EXP 780 EQ 791TU 795
Message 12 of 35
Regular Contributor

Re: Cap one closed

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. 

MyFico's:
June 09: TU 591, EQ 526, EX 576
June 10: TU 647 EQ 643, EX 661
March 12: TU 700 EQ 700
Message 13 of 35
Jnbmom
Credit Mentor

Re: Cap one closed


@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 ?

EXP 780 EQ 791TU 795
Message 14 of 35
M_Smart007
Legendary Contributor

Re: Cap one closed


@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 closureSmiley Sad

Message 15 of 35
Regular Contributor

Re: Cap one closed

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.

MyFico's:
June 09: TU 591, EQ 526, EX 576
June 10: TU 647 EQ 643, EX 661
March 12: TU 700 EQ 700
Message 16 of 35
Iusedtolurk
Established Contributor

Re: Cap one closed


@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.

Message 17 of 35
AverageJoesCredit
Legendary Contributor

Re: Cap one closed


@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 usSmiley Wink. In a day and age of internet, we are just a click away from usageSmiley Wink

Message 18 of 35
jamesdwi
Valued Contributor

Re: Cap one closed

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.  


Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 19 of 35
longtimelurker
Epic Contributor

Re: Cap one closed


@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)

Message 20 of 35
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